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UNi~ORU( COVENANTS. Borrowe~ a~d Lender cove~ant s~d ssrce u loliows:
L h~e~t of lt1~e1M1 ~i I^ht~f. 6orrowe~ shall promptly pay when due the principal ot and interest oo the
~~edna• evidenad by ~he Nae, prcpaymeat snd late chargcc ac Movided in the Note, and the principal o[ and inte~esl
on aoy Future Advances securod by this Mortsate.
Z. lh~i tor Taza s~i Giwn~cs. Subject to applic~bk law ~.r to a written wsive~ by I.ende~. Bocm~wet shaU pa7
to Leader on ~he day mauhly iostallmenls ot principal and in~~rcal a~c payabk unde~ the Note. uetil the Note is paid in tull,
a sum (herein "Fund~'~ equal to one-tweltth of the yearl~ ~as..Y and usessments which may attain priority over this
Mortp~. and ~round rena on ~be Propeny. if sny, plus one-tweltth of yearly premium installmeots for hazard insurance.
plus one-lweltth of yearly prcmium installments for mw~gage insunncc, if any. all as rcasonably estimatcd initially and tt~om
time to time by Lender on the buis ot assessmcnts and hills and rcasonabk estimata thercot.
The Funds shall be held in an institution the depos~a or accounts of ~rhich arc insured or auanntced by a Fcderal oT
:tate agency (including Lende~ if Lender is such an institution). 1_ender shall apply tfie Funds to pay uid taxes. assessments.
it-surance premiums and =round rc~ts• I.ender may nal charge for sn holding and applyina the Fund~. analyzin~ said accouo~
' or verifyin~ and compiling said assessments and bills, uoless Lender pays Botrower i~terat on the Funds and applicable law
permita Lrender to make such a cha~ge. Bor~owe~ and Lendtr may agrce in writing at the time ot executioo of this
Mortpae that interest on the Funds shall be paid to Borrowe~, and unlas such agreement is made or applicable law
requira such interest to be paid~ Lender shall not be rcquired to pay Borrower anx interat or earnings on the Funds. Le~de~
shall aive to Borrower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which tach debit to t6e Funds was mada The Funds arc plodged u additional security for tix sums securcd
by this Mortpae. ~ •
If the amount ot the Fuads held by Lender, togelher with Ihe future monthly installmc~ts oE Funds payabk priot to
the due dates of taxes. assasmeats. insurance prcmiums and ground rents, shall ezceed the amount required [o pay said taxes.
a~nnents. insurance premiums and ground rc~ts u they fall due, such excess shall be, at Borrower's optian, either
prompdy repaid to Borrower or ctodited to Borrower on monthly installments of Funds. If the amount of the Funds
beld by L.eoder shaD not be sulfcieat to pay tues. asxssments, insurance premiums and ground rcnts u they tall due,
Borra~rer shall pay to l.eader any amoynt nocessary to make up the deficiency within 30 days [rom the date notice is mailed
by Lender ts Borrower requesting payment theroof.
Upon payment ia full of all sums ucured by this Mor~gage, l.ender shall promptly re[und to Borrower any Funds
~ held by Lender. If under puagraph 18 herco[ the Property is sold or the Propeny ~s otherwise acquircd by Lender, Lender
shall apply. no later than immodiately prior to the sale of the Propeny or its acquisition by Lender, a~y Funds held bv
I.eoder at the time of application u a credit agaiost the sums securcd by this Mortgage.~
3. Application of P~o~e~ls. Unless applicable law provides otherwise, all payments rcceived by Lender under the
Note aad paragraphs 1 wd 2 hereof shall be applied by t_ender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. Wen to interest payable on the Note, then ta the principal of the Note, and then to interest and
pri~cipal on any Future Advanc~s.
4. Charies; Lie~. Borrower shall pay all ~axec, assessments and other charges. fines and imposicions at~ributable to
. tl~e Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any, in tt~e manner
provided under paragraph 2 hercof or, if not paid in such manner, by_Borrower making payment. when due, diroctly to the
payee theroof. Borrower shall promptly_ furmsh to Lenckr all notices of amounts due under this paragrzph. aod in the event
Borrower shall make payment directly. Borrower chall promptly fumish to Lender receipts evidencing such payments.
Borrower shall promptly dixharge any lien which has priority aver this Mortgagr, prdvided, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall ~grce in writing to the payment of the obligatiun securcd by
such lien in a manner acceptable ~o Lender, or shall in ga~d fai~h contest such lien by, or defend enforcement of such litn in.
lega! proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part theroof.
S. Huud Insurance. Borrower shall keep the ~mprovemems now~ existiog or hereafter erected on the Propetty insurod
against loss by 6re, hazards included within the term "extended coverage", and such other hazards as Lender may require
and in such amounts and fur such periods as Lender may require; provided, that Lemler shall not rcquire that the amount of
such coverage exceed that amount of coverage required to pay the sums secured ~by this MortgaEe.
'il~e insurance carrier providing the insurance shall tx chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unreawnably withheld. All prcmiuma un insurance policia shall be paid in the manner
providod under paragraph 2 hereof or, ~f not pai~ in such manner, by Borrower making payme~t, when due, directly to the
insurance carrier.
All insurance policies and renewals therrof shali tx in form acceptable to Lender and shall include a standard mortgage
clause in faver of and in form accep~able to l.ender. l.ender shall have the right to hold the policia and renewals thereof.
and Borrower shall promptly furnish to Lender all renewal nouces and all receipts of paid premium~. In the event of loss.
Borrower shall grve prompt nodce to the insuran~e carner and Lender. Lertder may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrow~er otherwise agree in w~nting, insurance proceeds shall be applied to restoration or rcpair of
" the Property damaged, provided such rc~toration or repair is economically feasible and the security of this Mortgage is
not thereby impa~red. I( such restoration or repair is n~~t economically (easible or i( ~he security of this Mortgage would
be impairtd, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the eacess, if any. paid
to Borrower. I( the Property is abandoned by Borrawer, or it Borrower fails ro respond to Lender within 30 days from the
date notice is maded by Lender to Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits. Lender
is authorized io collect and apply the in~urance proeeeJs at Lender's option either to restoration or repaer of the Propenv
or to the sums secured by this Morigagc.
~ Unless l.ende~ and Borrower otherwise agree ~n w~riting, any such application of proceeds to principal shall not extend
or postpone the duc Jate of the monthly instaHments refcrrcd to in paragraph~ 1 and 2 hereot or change the amount o(
such installments. It under paragraph 18 hereo( the Property is acyu~red hy l.ender, ali nght, title and interest of Borrower
in aod to any Ihsurance policia and in and to thc proceeds thereof resu{ting from damage to the Property prior to th~ sale
or acquisition shall pass to Lender to the eatent of the aums secured by this l~tortgage immed~ately prier 4o such sale or
acquisition. .
6. Presenalion and \laiotenance of Property; t.easeholds; Condominiums; Planned Unit Devebpments. Borrowcr
shall keeQ the Property in good repair and shall not com~pit y-~aste or permit impairment or deterioration of the Propeny
and shall comply~ K~ith the provisions of any lease ~f thn Mc~rtgagc ~c on a leaschold. t( this Mortgage is on a imit in a
condomin~um or a planned umt devclopment, Borrower shall ~rform all o( Borrower's obl~gations under •the deciarat~on
or covenants creaUng or governmg the condominuim or p{anned onit development, the by-laws and regulations of the
conJominium or planned unit develupment, and constituent Jocument~. I( a cunJominium or planned unit Jevelopment
rider is executed by Bozrow•er and recorded together with ~hn Atortgage, the covenants and agreements of sueh riJer
shall be incorporated into and shall amend and supplement the covenants anJ agreements of this Mortgage as if the rider
were a part hereof_
7. Protection of I.ende~s Secu~ity. If Barra~er fa~l~ ~~ perform the covenants and agreements contained in this
Mortgage, or i( any actwn ur ~+rc,cceding n commcnce~l abich materially afiects l.ender's interest in the Property,
mcluding. but n~~t hmited to, eminent domain. im~.lvency, c~-de rn(orcement, o~ arrangements or proceedings invoh•~ng a
bankrup~ or decedent. ~hen I.ender at I.enJer'~ option, upon n~uce to BorroNCr, ma~• make such appearances, d~sburse such
sums and take such ac~ion ati is nece~rar}~ tu prutcct Lender's mterest, incluJing, but not limited to, disbunsement of
reasonable auorney's fcc~ and cmry •up~~n thr Propcr~y to makc rcpairs. If Lcnder rcyuircJ mongage incurance as a
cond~t!on o( makmg ihe loan tiecureJ b}• thiti ~1„n~age. B~.rmucr shell pay the premiums reqwreJ to meintam such
imurance in rlTect untd such i~me as the ruyuirement fi~r tiuch msurance termin•rtes ~n accordanee wrth~ Borrower's and
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`'K347 Ps~E 359
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