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Unc~aw Cover~~rm. Born~wer and l.ender covtoant and a~roe u tollows:
1. ~~ewt ot lri~c}~I aMi lderaf. 8o~rowe~ shall promptly paY when due the principal ot aod interest oo the
~ndebtcdneas evide~ced by the Note. prepayment and late chargec ac provided in the Note, and the principal of and inte~est
on any Future Advances secured by this Mott~ase.
_. lti8~ tor 'I~~+s ~i I~aewea Subject to applica~k law ..r to a written waive~ by Lende~. BoeTOwer sha~~ PaY
to L.ender o~ thc day monthly i~stallmems of principal and intcrcat arc payabk undet the Note. untii the Note is paid in tull,
a ~um (I~erein "Fundt'~ oqual to o~e-tweltth of the yearl~• tax~~ and assessmeMs whicA may attain priority over this
Mort~ate. and ~round ronu on tbe Property. if any, plus one-twelfth of yeuty prcmium installmeots ior hazard insurance.
plus ooe-twelfth of yearly premium installments for mongage insurance, if sny, all u reuonably estimated initially a~d t~wn
time to time by Lender on the buis of auasmcnts and hills and rcasonabk a~imata ihercof.
The Funds shall be held in a~ institwion the deposit~ or ~ccounts of which are insured or guanntced by a Federal or
state ageocy (including Le~der if I~nder is such an it~slitutionl. 1_ender shall apply the Funds to pay said laxa. asseuments.
insurante ptemiums and g~ound rents. 1_ender may not charge ~or sc+ holding and applying the F~~nds. analyzing caid account,
or verifyin~ and compiling said assessments and bills, unlcss Lender pays Borrowe~ interat on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agrce in writing at the time o[ exocution ot this
Mortgage that interest o~ the Fu~ds shall be paid to Borrower. and unlas such agreement a made or applicable law
requira such interest to be paid, l.ender shall not be rcquired to pay Borrower any interest or earnings on the Funds. Lendtr
shall give to Borrower, without charge, an annual accounting of the Funds showing c~edits and debits to the Funds aod the
purpose for which each debit to the Funds wu made. The Funds arc plodged u additional security tor the sums secured
by this Motipge.
If the amount o[ thc Funds held by Lender, together with the future monthly installments of Funds payable prior to
t6e due data of tues. assessments. insurance prcmiums and g~ound rents, shall exceed the amount required to pay said taxes,
asse~ne~ts. insurance premiums and ground rents u they fall due, such excess shall be. at Bor~ower s option, either
pranpUy npaid to Borrower or credited to Borrower on monthly installments of Funds. If the amou~t of ~he Funds
held by Lender shall not be sulScieat to pay taxes. assessments. insurance premiums and ground rents as they fall due,
Borro~rer sball pay to Lender a~y amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower requesting payment thetoof.
Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly rcfund to Borrower any Funds
held by Lender. [f under puagraph 18 her~of the PropeKy i~ sold or the Property ~s othenvix acquircd by Lender, Lender
sbdl apply. no later than immediately prior to the sale of the Properiy or its acquisition by i.ender. any Funds held bv
L.eoder at the time of application as a credit against the sums securcd by this Mortgage.
3. Appiicatioe of Payoenls. Unless applicable law provides otherwise. all payments received by Lender under the
Note and paragraphs I and 2 hereof shall be applied by Ixnder 6rst in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. t6en to interest payable on the Note, then to the principal of the Note, and then to interat and
principal on any Future Advances. ,
1. C6artes; Iitas. Borrower shall pay all taxes, assessmrnts and other charges, flnes and impositions attributable to
tl~e Property which may attain a priority over lhis Mortgage, and leasehold payments or grouna rents, if any, in the manner
provid~d under pangraph 2 hereo[ or, if not paid in such manner, by Borrower making payment, when due, dircctly to the
payee thereof. Borrower shall promp~ly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnisb to Lender receipts evidencing such payments.
Borrower shall prompNy discharge any !ien which has priority over this Mongage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower sha11 agree in wr~~mg ~o the payme~t of the obligation securcd by
such lien in a manner acceptable to Lender, or shall in good faith c ni =st such lien by, or defend enforcement of such lien in,
legal proceedmgs which operate to prevent the enforcement o( ~he lien or torfeiture of the Property or any part thereof_
S. Hazard Insurance. Borrower shall kcep the ~mprovements nov-• existing or hereafter erected on the P~openy insured
against loss b}~ fire, hazards included within the term "extended coverage", and such other hazards as lender may require
and in such amounts and for such periods as Lender may require: provided, that LenJer shall not require that the amount of
such coverage exceed that amount of coveragG required to pay the sums secured by this Mort6aae.
"Il~e insurance carrier praviding the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval sha)1 not be unreasonably withheld. All premiums on insurance policies shal) be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carner.
All insurance Ewlicieti and renewals therrof shall be in form accep~able to Lender and shall include a standard mortgage
claust in favur of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrow~er shall promptly furn~sh to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss,
Borrower shall grve p-ompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrow•er other.v~se agree in writing, insurance proceeds shall be applied to restoration or repair of ~
the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically (easible or if the security of this Mortgage would
be impaired. the msurance proceeds shall be applied to the sums aecured by this Mortgage, with the excess, if any, paid
to Borrower. If the Propert}• is abandoned by Borrower, or il Borrower fails Io respond tn Lender within 30 days from the
date notice !s maiied by Lender to Borrower that the insurance carrier oRers to settle a claim for insurance benefits, Lender
is authorized w collect and apply the insurance proceeds at Lender's option either to restoration or repaer of the Pmpert~•
or to the sums ~ecureci by this Mortgage. ~
Unless l_ender and Borrower othervri~e :~gree ~n writing, any such application ~f proceeds to pnncipal shall not extend
or postpone the due date oi the monthly installments referred to in paragraphc I and 2 hereof or change the amount of
suc6 installments. If under paragraph IS hereot the Property ii acyuired by l.ender, all right, title and interest of Borrower
in aod to any~ tt~surance policies and in and to thc pro~eeds thereot resulung from damage to the Property prior to th~ sale
or acquisrtion shall pass to Lender to the extent of the sums secured by th~s Mortgage immediately prior to such sale or
acquisition. • • .
6. Presenalion ~od :~faintenance of Pr~-perfy; Leaseholds; Condominiums; Plsn~ed Unit Devdopments. Borrowcr
shall keep the Property in good repair and shall not com~pit y-aste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if th~s Mortgage ~c on a leaschold. If this Mortgage is on a unit in a
condominwm or a planned un~t development, Borrower shall perform aii of Borrower s obligations under the declaratiun
or covenants creating or governing ~he condommium or planned unit development, the by-laws and regulationx of the
condominium or planned unit Jevelo~,meni, and cons~i~uent documem~. If a condominium or planned unit development
rider ~s executed by Borrower and recorded ~ogether w~lh this Mortgage. ~he covenants and agreements of such rider
shall be incorporateJ mto and shall amend and supplcment the covenants and agreements of this Mortgage as if the rider
were a part Fereof.
7. Protation of Lenders Security. If B~rTOwer fail~ t~~ ~nr(c.rm the covenants and agreements contained in this
Mortgage, or if any action ~~r proceedmg ~~ cummrnced wh~~h ma~eriaUy afTec~c I.ender's interest in the Property,
includ~ng. but n.~t hmited to, eminent domain, inu~lvenc)~, code en(orcement, or arrangemenls or proceedings invoh•~ng a
bankrupt or Jecrdent. ~hen I.ender at Lender's op~ion, upon notice to Borrower, ma~ make such appearances, disburse such
sums and take such actiun ac is nece«ary tu pro~ect Lender's imerest, including. but not lim~ted to, disbursement o[
reasonable at~orney'ti lees and entry u~-n the Properly lo make repairc If Lender reyuireJ marlgage insurance ac a
condition uf rnak~ng thc loan ~ccureJ by this Mortgag~. Bi~rn:KCr sh.dl p;~y lhc prcmiums requireJ to mai~~ta~n such
insurance in rftect until tiuch time as the reyuiremenl (or ~uch m~s~ran;e ~erminate~ ~n :~ecordanee with Borr~~vver's and
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