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U!vltuR~t ('~-~~ ~wl~ Hurruwe~ anJ 1 ~n.lcr ~~~~cn:~i~t :~u~i :~K~rr a, tuilowc~ `
1. Pa)menf uf Principal and Interr~l. IiurruH~r ~hall prum~~~i~ ~1:1)' Nfll'll iluc thr pnncip:d u( a~iJ inirrr~l ~m the
indcb~edncss c~idcnr~d hy thc Nutr, prcpaymcn~ and latr rh:~-g~. .~. ~•ruvidcd in ~hc Note, and ~hc principal ut and imerrt~
on any Futurr Ad~•anrc~ cecured by Ih~~ tilurlgagc.
2. Fundc for Taxes and Insurance. Subjec~ to applirabic lav-~ c~r to a K•rilten waiver by l.cudc~, Bormwc~ ~hall pay
to I.rndcr an ~hc Jay monthly in~~allmrm~ ot principal and imcre~t arr pryahlr unJrr thc tiotc, unt~l the tiotc i~ paid m full.
a sum lhercin "Fun~la"1 cqual t~~ unc-Mcl[~h o( ~hc ycarl~• ~arr. an~l a±~c~timcntti which may a~tain priori~y ovrr thi.
hlortgagc, an~i gru~nd rrn~s on the Pmpeny, if am•, ph~~ ~,ne-tNCI(th ~,f ~earlp premiimi i~ctallmen~c f~r haiard in~u~ance.
plus onr-twel(th of ~earl}• prrmium installments iar m~,rtgage ~nsuranrr, ~i any, all a~ reacunahly e~~im~ted init~alh• and (rom
time to timc by l.ender on Ihc ba~iti of a~ses~mcmi and hill~ and rra~unahlc c~::~n:~trc thcreof.
TT~e F=und~ shall hc held tD 'JII in~lit~~lu~n I~IC I~P~X~~• ~~- :~~'!'n~}n~1 1~~ Whi~~h _~rN in~~~rrcl ~~~ m~ar:~nlpr~l h~' ;~ {'C~~P':~~ nf
~tatc ag~ncr 1 inrluding l.ende~ it Lender ~. such an inshtu~ion 1. 1 rnJer ~h~ll apph~ ~he Fundc to pa~ .:~id taxe~, a~.ec~men~+,
imur;~nc~ prcmiums and ground renh Lende~ may no~ chargc tar .~~ hatJing anJ apply~nK Ihc F=unds, a»al~~~~ng »id account,
or verif)ing and c~~mpiling taiJ asse~,menls and hillti, unlesc I.ender p:~~s Hcirruwer intere~t on 1he F~und~ and applicahle law
permitc I.ender tu make ~uch a charge B~~rruw~r :ind Lender ma}• agr~e in wnting at thr hme of erecuti~n of thi~
~lortg•rge that inlerc~t .~n Ihe Funds shall t-~ p~iJ t.~ Burmwer, :,nd unle~ti ~uch agreement iti made or applicahle law
rcyuirr~ such interest to hc paid, 1_enJer shall not hc rcyuircd t~~ pa)• Borruw~er :my imer~st or earnin~:t ~~n the Funds. Lendc~
~hall give to Borrower, without charge, an annual acrvunt~ng ~~f the 1=un~~ ~how;ng rred~ts an~ dehitc tc~ the f=und~ and the
purp~ne fi+r which each dehit tu the F=unds wa~ ma~r. "The Fund~ arr pledgrd ac add~ui~n;il ~e~urity tor the sumti ~ecured
b~~ thi~ ~\lartgage.
If the amoiint of thr Funds hcld h~• Lcn.lcr. lugelhcr Hnh ~hr futurc mc~n~hl~• inti~allmrnts of Funds pa}'~blc pnor to
thc due Jales ~~f taze~, a~~cs~rnents, imurancc prcmium. and ~r~~unJ rcnt~, shall e~crcJ thr amount reyuircd to pa} iaid taxes,
assessmentc, insur:,nee premiums and gruund renh :it thr~• f~~l dur. such e~cr.~ .h:~ll be. .+t Bi~rruMCr'~ c~ptic~n, c~ther
prompdy rcpaid to Borrowcr ar crcdi~cd t~~ B~~rruwer un munthly imtallmrntc of F~iind~. If Ihc amuunl of thc l~unds
held by Lender ~hall not bc sufficient ta pay tarr~, assc~~mentc, imuranrr prem~umti an~t ground rent~ as the}• (all due.
Borrower shall pay t~ I.ender an~ am<~unt nerc~+ar~ tu m:~ke up the drfic~inc~ within 10 ~la~~ tram the date ne~hce is ma~leJ
b~~ Lender to Borri~wer rcyues~~ng pa~•mrnt thereot.
Upem payment in full of all sums sccured by ~ni~ M~.rtgagr. I rndcr shall promptly refund to BormN~er ~m• Ft~nds
held hj~ LenJer. If under paragraph 11t herr~~f ~he Propert~ ~~ ~uld ~~r Ihe Pru~xr~y is othervvi.c aiy~nred by Lcndcr, I.ender
shall apply, no later than immediatrl~ prio~ to the tiale uf the Prupeny ar its acqwtihc.n b~~ I_enJer, am Fundc held by
[_tnder :~t the ume of application as a credit against thc sum~ ~erure~i b}• thi. :~lortgage.
~. Application of Paymenls. Unlc~s apphcahlc law pm~ i~lcs ~~thcrv~ i«, all pa}~mcnit reccivcd b~• I.cndcr un~lcr thc
Not~ ~nd paragraphti 1 and 2 herei~( tihall FK applicd b}• 1 cn~cr fir~t in p~}mem of amaimis payablc t~~ Len~lcr hy Rarr~~wer
undrr p~ragrrph 2 hereof, then to ~ntrrrtit p:~}•ahle ~~n thr \utc. thrn t~~ tiic princip:d of the ti~~tr, anJ then ti~ interest and
principal on :+n}~ Futurr Advances.
~1. CharRes; [.iens. Borrowcr ~hall p~y all t:+s~~. :~.tir~+mrnts and i~thcr char~c~, finc~ a~d im~»it~ont at~nbut~hle to
the Property w•hich may aaain a prwrity over this ~lorlgage, and Ieasrhold pa~~ment< <~r ground rent~, if any, in Ihe manner
provided under paragraph 2 hereof ~~;, ~f not paid in iurh manncr. b} B~~rruwer making payment, ahen due, direclly to the
payee thereof. Rurrower shall promptly furnish to I.en.lrr all noticec nf amounlc due under thiti paragraF.h, and in the event
l3orroK~er shall make payment dnrrU~. HurruHCr .hall prompUy furni~h ti~ Leniler re~eiptti evidrncing such pa}'ments.
BorroHer shalt promptly dixharge any I~en ..hi~h has pr~on~}• ~~~cr thi. hlurtgagr; pruvided. th~t B~~rrower shall no~ be
reyuired tu d~scharge an~~ wch licn u. iong as t3:~rrow~r tihall agrre in Nriting t~~ thc pa~r.tent ot ~he .~hligaUun secured by
such lien ~n a manner acceptable to I.ender, c~r tihall in g~xxi faith cuntrtit wch licn hy, c•r ~lefen.l en(~•n:emem of such lien ~n,
legal prcxeedinQ. whirh operaie to prevent ihr enfurcement uf th~ lirn i~r turfenurr uf the Propert~~ or am part therei~f.
S. Hazard Insur~nce. BorroNrr shall -,eep thr impru~ement. n~~w r~i~ting i~r hereafter ererted ~~n the Pn~Exrty ~ncured
absinst lucs hy fire, hazardz included within the term "e~trnde.l c~~verage'~. an~ su~h other hazardti a~ Lendrr may reyuire
.~n~ in surh amuunts and for such perialti ati 1_ender may rcyuire; pru~ideJ_ that LenJrr ~hall not reyuire that the anx~unt rf
sunc ~overage excerd that amuuM of co~erag~ reyuired IiT pac thr .um. .erurrd hy thi, M~irtgage.
The insurance carrier providing the imuranre tihall he cho~en b~• Bc.rru.+rr s~tbject t~ appro~~al by Lender: prmided,
that such approval ~hail not be imreasunahly wilhheld. All rremium~ ~m insurance pc.licies shall t.~ paid in the m:~nner
provided under paragraph 2 here~~f or, if not paid in such mannrr, hy Bi~rrc~wer mak~ng payment, w•hen due, d~rectiy to the
insurance carrier.
Aii insurance ~liciec and rene~als therei~f shall tr~ in form .~rcr~t.~bl~ ta Len~l~r and shall includr a~tandard morlK~R~
clautie in fav~r ~f and in f.~rm scceptable tu l.ender. i ~nder ,h.~~l h:~~r thc right :~~ hnld the p~~li:ir~ and rrnewalti therei~f.
and Borruwer shall Frumptly furnrsh to I.ender all renewal nutice~ an~l all reccipts c~f paid premiunz. In the e~ent of losc.
Borrowcr ~hall g~~•e prampt noticc iv the imur:inre r:~rncr ~si~ Lendcr. Lcn~lrr me~ niake pnk~t a( lus~ ~t n~~t made pr~~mptlt
b~• Hormwer.
Unless I.en~er and Born,wrr other..,~e agrcr in ~.nt~ng. in,uran~r pr~kerJe sh~ll be applied t~ rr~t„ratic~n e~r rep:+ir ~f
the Properl~ Jamage~l. pr~,viJed ~uch re+turatiun i~r r~pa~r is ec~~ni~mic.~ih (ravble and thc ~ecurit~ of ttii~ !~tnrtgagr i.
not thereby impa~red. !f tuch retituratiun or repair is n~~t ~iunumi~:~Il~ tra~ihlc ~~r i( lhe ccrunt~ nf th~ti ~t~rtg~~gc w~~uW
be ~mpa~red. Ihe ~nsurance prucee~ti tih:+ll he applir~l t~~ the ~umti xrure~l h} thit A1~rtgage. uith the erce~s, if am•, pa~d
to Burruwr. It the Propcr~~ i~ ahand.,ned M Nurr~,wir. ~~r ~t Bi,rrc,w~er L~~Iti t~~ reti{~,nd to I ender wilhi~ 30 da~~ tr~~m thr
~fate not~cc i, mailed b~ I.ender to Hormwer th:~t the i~isuran~r ~:irrier c~tter, tci ~rttle :~ ctaim f~•r mtiurancr henefit~, l ender
+. euth~nzed to ~ollect and appl) the imurancr prucreJ~ at LenJ~r~~ .~ptiun rithcr tu restur~ti~~n ur repa~r of lhe Properl~
ur to the ~unn ~ccured hy this Mortgagr.
linles~ I.endcr and BurroWCr „therw~tic .~grec in wriUnb. ~m ~u~ti apPlirat~.~n ~•f rr~kred~ t~ pnncipal .h:~ll ni~t crtcnd
ur p~~stpune tFx: due Jate of the m~~nthh~ imtallmemti rrferr~d t~~ in par.~~r.~ph~ 1 anJ '_ here~~f cir ch.~nge thr ami~uni cif
Luc#~ imtallrnent~_ If un~er paragraph Iti hereof ihe 1'ru~xrt~ i, acyuue:f h. I,endrr, :ill right, tiUe ar.d interest e~t B~rr~~wer
in ~nd to an~ ~muranre policies an~ ~n ~nd t~, thr pnx:eed~ thereot re.ult~ng fr~,m damagr to thr Property pn~~r t~,•thr salc
or acyuurtton ~hall ps~s to Lender tc~ the e~ten; uf the .um~ .eiure~ M thi, ~1~~rtg~g~ immedi~tely pner t~~ ,uch ,ale or
acywsilion.
6. Presenalion ~od ~tainlcnence o( Property: Lcasehuldti: (~ondominiumt: Planned l~nil 1)e~e~opmcnts. H~~rr~ucr
,hall keep th~ Pmperty in giN~d crpair and tihall ne~t commst wa~te ~~r permH ~mpairment or deteriorahun o( the Propert}
~nd shall compl} Nith thc pro~~i~iuns of an}• Ica~e ~f th~, ~t+~ngagr n~~n a Irat~•h~~ld. !f th~~ 11i,rt~ta~r ~~ ~~n .+ unu ~n :~
runJomimum ~~r a plar.ncd uriit .1~vc{~pm~m. Burm«cr ,h.~l{ F.crt~~rm all uf 13~~rr~,wcr's ~,bligations undcr thr drel~rat~~~n
ur covenamc crcating ur g~~vcrning thr c~md~~mimum ~~r ~I.~nncd unrt dr~•rl~~pmrnt, thr bp-law~ and reEuletium i~f thc
c~~n~l~~minwm or pl:~nned unit dcrclopn~cnL and ~~~mnturm ~t~xumcn~, I1 a cunJ~~m~nium or ~ la~ncd unit Jr~rl~~~rnrnt
n~1e~ ~• executcd h}• Horru•.:er and re~ordeJ t~~bcthcr ~ith ~h~. ~1~~rlgagc, thc rn~en~nt~ and agrecment, ut •.uch n~irr
ShsU bc incor~wratcd ~nto and th:~ll amcn~i :,n~t ~uppl~ment thr c~~~rna~i~ anJ .~grc~mc~t< <~f Ih~ti ~1~~rt~agr e~ i( thr n~irr
~erc a part hercof.
7. Proteclion of f.enders Security. 1! R~~rruuer fa~l. r~~ ~rf~~rm the caven:+nn anJ ;igreements <<~nr~ineJ ~n th~~
Mortgagr. ur if any action ~~r prcxceding i~ c~,mrnrncr.f uhirh matrrialh atirrl~ I~n.ler'ti mterr~~ in the Pm~xrt~.
incl~~d~ng. hut :~~~t hnuted to. emincnt domain, inu~l~rnc~. .~~dr ent~~rr~mrnt. ~~r ;:rr:ingcmentt rr ~rurcedinis ~nv~+l::n-; a
bankr;.~'t ur deccdent, then Lender at I enJer'~ e~pt~~~n, u~~n n~~tice t~~ B~~rmHrr, m;i~ meke ~uch ap~aranreti. ~fi~hurtie ~uch
Sum~ and take sueh act~~~n a~ ~s nece~,at~ tu prutr~t I.ender't interetit, in~lii~fing. hu1 nc~t hmiird t~~. Ji~hursemrm ~~f
reasonaMe attorney~'~ tcrs anJ cniry up~~n thc Prc~Fr_•ri~ t~~ m;~~,c rcp.~~r.. I( I.rndrr reyuirr~l mi~rt~agc in~ur~nrc a~ .~
cvnJih~•n of making thc luan ~ccure~l h~ ~hi~ ~1~•r!g.+~e. H„rr~,~.rr siiall ~at ihc ~remnin~~ rcq~~~rr~1 ~n rnai~t!,:tn tiuch
~nsurance in efTect unti) ~uch umr :~~ thr reyinrrment t~+r ,u~h ~nwrancc trrminatr~ in accordanre uith BormHCr', :~nd
. ',~~ `351. r~~f ~.966
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