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UNIFORM COVENANtS. 8orrower and Lender covenant and ag-ee as toiiows:
1. Paym~nt of PNnClp~l ~nd Int~nat. Bor~owe~ shall p~omptly pay when due the pnncipal ot and mterest on the
indebtedness evidenced by lhe Note, prepayment and lale charges as prov~ded ~~ Ihe Note, and the pnncipal ot and ~nlerest
on any Future Advances secured by thls Mortgage.
2. Funds to~T~x~~ and Insuranc~. Sub~ect to applicable Iaw or to a wntten wawer by Lender, 8orrower shall pay
~ to Lender on the day monthly installments ot pr~nc~pai and +nterest are payabte under the Note, until the Note is paid in full,
`. a sum (herein "Funds") equal to one-twetith of tl~e yea~ly taxes and assessments which may atla~n pnonty over this
Mortgage, and ground rents on the Properly, ~i any, plus one~tweltth oi yearly premwm ~nstallmenis for hazard msurance,
plus on~twelith ot yearly premwm ~nstallments tor mortgage insurance, it any, all as reasaonablyest~mated ~nit~allyand irom
time to time by Lender on ~he bas~s ol assessments and bills and reasonable estimates thereot.
The Funds shall be held ~n an institution the deposits or accounts of which are insured or guaranteed by a Federal or
state agency(inctud~ng Lende~ il Lender is such an institution). ~ender shall apply the Funds to pay said laxes, assessments,
~nsurance prem~ums and ~round rents. Lender may not charge for so holding and apply~ng the Funds, analyz~ng sa~d account,
or venfy~ng and comp~ling sa~d assessments and bills, unless Lender pays Borrower ~nterest on the Funds and appi~cable iaw
perm~ts Lende- to make such a charge. Borrower and Lender may agree ~n wnt~ng at the time ot exeCUlion ot this
Mortgage Ihat interest on the Funds shall be paid to Borrower, and unless such agreement is made or appl~cable taw
requ~res such ~nterest to be pa~d, Lender shall not be ~equired to pay Borrowerany ~nterest or earn~ngs on the Funds. Lender
shall g~ve to Borrower, w~thout charge, an annuai account~ng of the Funds showing cred~ts and deb~ts to the Funds and the
purpose lor whlch each debit to the Funqs was made. The Funds are ptedged as add~t~onal secunty for the sums secured
by th~s Mo-tgage.
It the amount ol Ihe Funds held by Lender, together w~th the tuture monlhly ~nstallments ot Funds payable pnor to
the due dates of taxes, assessments, insurance prem~ums and ground ~ents, shall exceed the amount required to pay sa~d taxes,
assessments, msurance premiums and ground rents as they tall due, such excess shall be, at Borravers opl~on, e~ther
promptly repa~d to Borrower or credited to Borrower on monthly mstallments ot Funds. II the amount o1 the Funds
held by Lender shall not be sutficient to pay laxes, assessments. ~nsurance prem~ums and ground rents as they fall due.
Borrower shall pay to Lender any amount necessary to make up the def~ciency w~th~n 30 days from Ihe date notice ~s ma~led
by Lender to Borrower ~equesting payment thereof. .
Upon payment m full of all sums secured by th~s Mortgage, Lender shall promptly refund ~o Borrower any Funds
held by Lender. If under paragraph 18 hereot the Property ~s sold or the Property ~s otherw~se acqwred by Lender, Lender
shall appiy, no later than ~mmediat4ty prior to the sale ot the Property or its acqu~s~tion by Lender, any Funds held by
Lender at the time of appl~cat~on as a c~ed~t aga~nst the sums secured by this Mortgage.
3. AppHcatfon of Payments. Unless appl~cable law prowdes otherw~se, all payments rece~ved by Lender under the
Note and parag~aphs t and 2 hereof shal! be appl~ed by Lender first ~n payment ol amounts payable to Lender by Borrowe~
under paragraph 2 hereot, then to mterest payable on the Note, then to the pnnc~pal of the Note, and then to interest and
pr~nc~pal on any Future Advances.
4. Charges; Uens. Borrower sha11 pay all taxes, assessments and other charges. fines and ~mpos~t~ons attnbutable to
!he Property wh~ch may alta~n a pr~or~ty over th~s Mortgage, and leasehold payments or gound rents. ~f any, ~n the manner
prov~ded under paragraph 2 hereof or. ~f not pa~d ~n such manner. by Borrower making payment, when due, directiy to the
payee thereot. Borrawer shall promplly furnish to Lender all notices ot amounts due under th~s paragraph, and ~n the event
Borrower shall make payment d~rectty. Borrower shail promptly lurnish to Lender rece~pts ev~denc~ng such payments.
Borrower shan promptly d~scharge any hen wh~ch has pnonty over th~s Mortgage: prov~ded. that Borrower shal! not be
requ~red to d~scharge any such I~en soiong as Borrawer shatl agree in wnting lo the payment o( the obl~gat~on secured by
such hen ~n a manner acceptable to Lender. or shall ~n goed tailh contes, sueh I~en by. or defend enforcement of such t~en ~n.
legal ~Sroceedings wh~ch operate to prevent the enfo~cement oi the lien or lorfe~ture of the Property or any part thereof.
5. Hszan! Insurance. Borrower shall keep the ~mprovements now ex~st~ng or hereafter erected on the Property insured
aga~nst loss by fue, hazards ~ncluded w~th~n the term ~~extended coverage', and such other hazards as Lender may reqwre
and ~n such amounts and for such periods as Lender ~eqwre: prov~ded. that lender sha11 hot require that the amount of
such coverage ezceed that amount of coverage requ~red to pay the sum secured by th~s Mortgage.
The ~nsurance carrier prov~clmg the ~nsurance shall be chosen by Borrower sub~ect to approva! by Lender, prowded.
Ihat such approval shall not be unreasonably w~thheld All prem~ums on insurance pol~cies shalt be pa~d in the manner
prov~ded under paragraph 2 hereot or. ~f not pa~d m such manner, by Borrower mak~ng payment, when ~ue. d~rectly to the
msurance carrier. • - ~
All msurance pohc~es and renewals thereof shalt be m form acceptable to Lender a~d shall ~nclude a standard mortgage
ciause ~n favor of and ~r lorm acceptabie to Lende~. Lender sha11 have the nght to hoid the polic~es and renewals thereot.
and Borrower shall pramptly furrnsh io Lender atl renewal not~ces and all rece~pts of pa~d prem~ums In the event of loss.
~orrower sha11 g~ve prompt notice to the ~~su-ance carr~er and Lender. ~ender may make proof of toss ~t not mad~promptly
by Borro~ier
Unless Lender and Borrower othervv~se agree ~n writing, insurance proceeds shall be applled to restoration or repair of
the Property damaged, provided such restorauan or repa~r ~s econom~cauy feas~bie and the secunty ot th~s Mortgage ~s
not thereby ~mpa~red. If such restorat~on or repa~r ~s not econom~cally feas~ble or it the secunty of th~s Mortgage wobld
be ~mpa~red, the ~nsurance proceeds shall be appl~ed to the sums secured by th~s Mortgage, w~th the excess. ~f any, pa~d
to Borrower. If the Property ~s abandoned by Borrowe-, or ~I Borrower ta~ls to respond to Lender w~th~n 3~ days from the
date notice ~s ma~led by Lender to Borrewer that the ~nsurance carner otfers,to settle a cla~m for insurance benetits, Lender
~s author~zed to coltect and apply the insurance proceeds at Lender's opt~on e~ther to resto~ation or repa~r of the Property
or to the sums secured by th~s Mortgage.
Unless Lender and Borrov~ier othe-w~se agree ~n wr~ting, any such appl~cat~on ot proceeds to pnnc~pa~ shail not extend
or postpone the due date of Ihe monthly ~nstaliments reterred to ~n paragraphs t and 2 hereof or change the amount of
such ~nstallments. If under paragraph t 8 nereof the Property ~s acqu~red by Lender. ail r:ght. t~tle and ~nterest of Borrower
m and to any ~nsurance potiaes and ~n and to the procee~s thereof resuit~ng frcm damage to the Property pnor to the sale
or acqu~s~t~on shall pass to Lender to the extent of the sums secured by this Mortgage ~mmediatety pr~or to such sale or
acqwsition. ~
~ 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Plsnned Unlt Dsvelopments.
Borrower shall keep the Property ~n good repa~- and shail not comm~t waste or perm~t ~mpa~rment or deter~orat~on oi ihe Pro-
perty and shalf comply w~th the prov~s~ons ot any lease ~t th~s Mortgage ~s on a leasehold. If th~s Mortgage ~s on a un~t m a
condominlum or a~,~anned un~t development. Borrower sha11 pertorm all ot Borrower s obl~gat~ons under the declarat~on
or covenants creat~ng or goverrnng the condom~rnum or planned un~t development, the by-Iaws and regutat~ons ot the
condom~nium or p~anned urn1 development, dnd constituent documenis. It a condomm~um or planned unil development
r~der ~s executed by Borrower and recorded together w~th th~s Mortgage, the covenants and agreements of such nder
shail be ~ncorporated ~nto and shall amend and supplement the covenants and agreemenis ot th~s Mortgage as ~f the nder
were a part hereof.
7. Protsetion of Lenders SaCurity. It Borrower fai~s to pertorm the covenants and agreements conta~ned ~n th~s
Mortgage. or ~t any act~on or proceed~ng ~s commenced wh~ch mater~alty aftects Lende-'s ~nterest m Ihe Property.
mctuding, but not hmiled to, emment doma~n, msolvency. code enforcement, or arrangements or proceed~ngs mvolvmg a
bankrupt or decedent then Lender at Lenders opt~on, upon not~ce to 6orrower, may make such appearances, d~sbucse such
sums and take such action as is necessary to protect Lender's interes~ ~nciud~ng, but not limited to. disbursements of
reasonable attorneys tees and entry upon the Property to make repairs. If Lender requ~red mortgage insurance as a
condition of mak~ng ihe loan secured by th~s Mortgage. Borrower shalt pay the prem~ums requ~red to mamta~n such
~nsurance m ettect unt~l such t~me as the requ~rement lor such ~nsurance term~nates m accordance w~th Borrowers and
~ ` j '~ ~~'347 FAGE 16y4
annK
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