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Untroa~ Covawsr~s, Botrower and L.ei-de. coveosnt and s~roe as tollows:
~ i~qweN at hi~tlM1 ~N t~M~eM. Borrower shall pranptl~ paY when due tbe principal ot and interat oe the
indebtodnas evidenoed by the Note, prepsyment and late chartes ac ~xovided in the Note. and the principal ot and inte~es~
oa any FWuro Advaaca securod by thi: Mort~ase.
2. l~rwi tK 71~a~M a~i l~we~iee. Subject to applicabk law ~~r to a written waive~ by Leode~, eo~ ~i wy
to i.ender o~ the day monthly installmems ot principal and int~rcu an payabk under the Nde, until the Note is paid in tull.
a tum (Mnio "Fuad~'7 eqwl to one-tweltth of the yea~i~• u*~~ anJ assessments which may sttain priority over this
Mottsa~e. and ~cound renb on tbe Pooperty. if any, plus anc-twel(th of yeuty premium installments for hazard i~su~a~ce.
plus oue-twelfth of yearlr premium installments (or mort~ss~ee insurancc. if a~y, all as rcasonably atimated initially and iran
time to time by Lender on tbe bssis of assessmcnts and hills and rcasonabk a~imata thercof.
The Fu~ds shall be held in an institutic-n the depaita or ~ccounts of ~rhich sre insured or Suaranteed by a Federsl or
:tate asency (includins Leeder if Lender is such an ins~itutionl. 1_ender shall apply the Funds to pay uid Iaxes. assessments.
inwtaaoe premiutn= and ~ound rents. t_ender may neH charee tor ac~ holdins and applying the Funds. analyzin~ said account,
or vrrifyins sed rnmpilin~ said assessments and bilh, unkss Lender pays Borrower interat on ~he Funds and applicable law
permia La~der to make such a charee. Bo~rower and Lender may atrce in w~tina at the time ot execution of this
Mortp~e t6at interat on the Funds shall be paid to Bormwer. and unless such a~cement is msde or applicabk law
requira such interat to be paid. Lender shall no~ be required to pay Bo~rower any intercst or earnings on the Funds. Ler~der
:ball aive to Horrowe~. without charae, an annual accountina of the Funds showina credits and debits to the Funds and the
purpose for which tach debit to tbe Funds wu made. The Funds are plodged u additional security for ~he sums secured
by this Mottp je.
If tbe amou~t ot the Funds heW by Lender. together with the future mo~thly installme~ts of Funds payabk prior to
tbe due data of taxes. assasrtxats, ir~urance premiums and ground rents, shall exceed the amou~t roquired to pay said taxa.
asaaanents. iASUrance premiums and ground rents as they fall due, such ezcess shall be. at Bonower s op~ion, either
promptly repaid to Borrower or credited to Bormwer on monthly instaltments of Funds. lf the amouot ot the Funds
hdd bp Leoder sbap not be wtFicient to p~y tazes. as,sessments, insurance premiums and gtound rents as ihey fall due.
8orrower s6a11 pay to l.ender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed
by I.eade~ W Borrowec requatina WYment thereot.
Upon paymeot in full of dl sums ~ecured by this Mongage, l.ender shall promptly rcfund to Borrower any Funds
held by Leoder. It undu parajraph 18 hercof the Propeny ia sold or the Propeny ~s otherwise acquired by Lenikr, Lender
shall apply. no later Wan immediately prior to the sale of the Property or its acquisition by i.ender. any Funds held br
I.eoder at the time ot application u a cocdit against the sums secured by this Mortgage.
3. A~licatio~ ot l~eNs. Unlas applicable law provida otherwise, all payments received by Lender under the
Note and puagraphs 1 and 2 hercof shall be applied by I_ender first in payment ot amounts payable to Lender by Borrower
under parsgaph 2 hereof. then to intercst payabk on the Note, then to the principal ot the Note. a~d then to interest and
ptiocipal on any Future Advanca.
~. t,'6aRes; I3eas. Borrower shall pay all taxes, asxssments and other charges. fines and impositions attributable to
tbe Property which may attain a pnority over this Mortgage, and leasehold payments or ground rents, if any, in the manncr
provided under paragaph 2 hereof or, it not paid in such manner, by Borrower making payment, when due. diroctly to ihe
psyee theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this patatraph, and in the event
Borrower shall mahe payment direct{y, Borrower shall promptly tumish to Lender receipts evidencing such payments.
Borrower shall proonptly dixharge any lien which hu pnority over Ihis Mortgage; provided, that Botrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in v-ritmg t~ ~he payment of the obligaliun secured by
such lien in a manner acceptabk to l.ender, or sh•rll in good ta~th contest such lien by, or defenJ eoforcement of such lien in,
kgal proceedings which operate to prevent ~he enfurcement of the lien or forfe~ture o[ the Property or any part thercof.
S. Aazsrd laswa~ce. Borrower shall keep the improvements nov- existing or hereafter erected oo the Property insursd
against loss by 6rc, hazards included with~n thc term "extended coverage", and such. other hazards as Lender may requiro
and in such amounts and for such periods as Lender may requirc; provided, that Lencler shall not require that the amount of
such coverage eaceed that amount of coverage reqwred to pay the sums secured ~by this Mort6a6e.
'Ibe insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. provided,
that wch approval shall not be unreasonably withheld. All premiurh~ on insurance polic~es shall be paid in the manner
provided under paragraph 2 hereof or, iE not pai~ in such manner. by Borrower makmg payment, when due, directly to the
insurance carrier.
All insurance policies and renewals therrof shall be in form accepteble to Lenefer and shall include a standard mortgage
• clause in favor of and in form acceptable to Lender. Lende~ shall have the right to hold the policia and renewals thereof.
aad BorrQwer shall promptly furmsh to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss.
Borrower shall grve prompt notice to the insurance carrier and l_ender. LenJer may make proof of loss if not made promptly
by Borrower_
Unlesc Lender and Borruwer otherw~se agree in writmg, insurance proceed3 shall be applied to restoration or rcpair of
the Propetty damaged, proviJed such~re~torat~on or repa~r is economically feasible and the security of this Mortgage is
not thereby impaircd. If such restoration or repair is not econom~cally (casible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mottgage, with the excess. if any, paid
to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to rapond to I_ender within 30 days from the
date notice is mailed by I.ender to Borrower that the msurance carrier oHers to uttle a claim for insurance benefits, I.ender
is authoriud to collect and apply the insurance proceeds at I.ender's optiort either to restoration or repa~r of the Propertv
or to t6e sums secural by this Mortgage.
Unless l.ender and Borrower otherwise agree in wntmg, any such application of proceeds to pnncipal shall not extend
or postpone the due date of the monthly inslallments rcferred to in paragraphc 1 and 2 hereof or change the amount ot
sue6 installmeots. If under paragraph I8 hereof the Property is acyuireci by I.ender, ali nght, tiUe and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulung from damage to t6e Property pnor to th.: salt
or acquisition shall pass to Lender to ihe extent of thc iums iecured by this I~tortgage immediately prior to such sak or
acquisition.
6. Preservatioo and ~taintenance ot Property: Leasehulds; Condominiums: Plsnned Lait Deveiopmenfs. Borrovrer
shall keep the Property in good repair and shall not comroit yvastc or permit impairment or deteriotation of the Property
and shall comply with the provisions of any lease if th~s Mortgage ~t on a leaschold. If this Mortgage is on a unit in a
condominwm or a planned umt development, Borrower shall per(orm all of Borrower's obbgations undtr the declaration •
or coveoants creating or governing Ihe condominium or planned unit develupment, the bylaws and regulations of the
condominium or planoed unit development, and constituem document~. I( a conJominium or planned unit Jevelopment
nJer ~s eaecuted by Borrower and recorded togciher with ~hic Mortgage, the covenants and agreements ot soch rider
shall be incorporateJ into and shall amend anJ supplement the cuvenants and agreements of Ihis Mortgage as it the rider
were a part hereof. -
7. Protection ot l.endrr's Security. I( Bc.rroNer fa~lc tn perf~~rm the covenants and agreements contained in this
Mortgage, or it any action ur proceeding it commenced which materiall}~ affrc~s I.enJer's interest in the Propert~~,
including. bu! nol limrted to, emment domain. insnlvenc~~. c~xle en(orcement. or arrangements or proceedings invoh•ing a
bankrup~ or decedent. ~hen I.ender at Lender'. option, upon notiee to Borrower, ma} make such appearances, disburse such
sums ~nd ~ake suc#~ ac!ion a~ is nececsary tu pro~ect Lender's mterest. including. but not limited to, disbursement of
reasonable attomey's fees and entry upon ~hc Proper~y to makc rcpa~rs. If 1_ender requircd mortgage insurance as a
condit~on of malung the loan secureJ by th~s Mortgage. B~rrcv-cr shall ~ay the premiums requireJ to mainta~n such
insurance in efiect until such time as ~he reqmrement for ,uch insuran;e terminates m accordance with Borrower s anJ
B~~1K 348 PacE 467