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UtttroR}t Covar+~~trs. Bomow~~r aad L.a~der covenant and a`ree u follows:
3+ ie~e~t e[ hi~clMl wi l~lerat. Borrower shall promptly pay when due the principal of and intercst on the
indebtedt~t evideooed by the Note, prepayinent and late chargec ac provided in the Note, and the principsl of ~nd inte~sst
aa any Future Advaaces secured by this Mortja=e.
2. l~Wi tsr Tss~s a~i Iwrree. Subject to applicat+k law or to a written waiver by Lender. Botro~?er shall pay
to Lender on the day monthly installments of principal ar~d intcrcct arr payable under the Note, until the Note is paid in (ull,
a su~ (herein "Funda'7 eqwl to one-twelfth ot the yea~i~~ tazc. and assessments which may attain priority over this
Morisase, and ~round rents on the Pt+operty, it any, plus oae-twelf~h of yearly premium installments for huard insurance.
plus oattweltth ot yearly premiwn installments for mongage insi~rancc, it aoy, all as reuonably estimated initially and trom
dme to time by Lender on the basis of asses.aments and hills and rcasonable atimata thercof.
'Ibe ~nds:hall be held in an institution the dsposia or •rccounts of which arc insurcd or guannteed by a Federal ot
state a~ency (including Lender if L.ender is such an institutionl. 1_ender shall apply the Funds to pay said taxes, asxssments.
insurance Prcmiums and ~ound rcnts. i_ender may not charge for sc~ holding and applying ~he Fundc. analyzing said account.
or veri[yin~snd compilinj said assessments and bills, unless Lender pays Borrower inte~est on the Funds and applicable law
petmits Lender to make such a charge. Borrower and C.ender may agree in writing at the time of execution of this
Mort~ase that interat on the Funds shall be paid to Borrower, and unlas such agreement is madt or applicable law
requires wch interest to be paid. Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. Lender
s6all pve to Borrower, withoui charge, an annual accounting of the Funds showing credits and debits to the Funds and tt?o
. purpau for which each debit to the Funds was made. The Funds arc plodged u additional security for the sums securcd
by this Mortpse.
If the amount o[ tha Fun~ held by Lender, together with the future monthly installments of Funds payable prior to
tlx due data of taxes, asseasments. imurance premiums and ground rcnts, shall excetd the amount rcquired to pay said taxa,
asseumenta, iniurance premiums and ground rcnts as they (all due, such excess shall bo, at Borrower's option, either
promptly rcpaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of the Funds
heW by L.ender shall aot be st~cieat to pay taxa, auessments, insurance premiums and ground rents as they fall due,
Borro~?er shall pay to I.tnder any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requatiag paym~nt thereof.
Upon payment in fuU of all suma secuced by this Mortgage, t_ender shall promptly refund to Borrower any Funds
held by Lender. If under pua~raph 18 hercof the Property i~ sold or the Propeny ~s otherwix acquircd by Lender, Lender
sball appty. rw later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv
I.eader at the time of application as a credit against the sums secured by this Mongage.
3. A~pikatfo~ ot Payoe~ts. Unless applicabl~ law provida otherwise, all payments reccived by Lender under the
Note and paragraphs I and 2 hercof shall be applied by Lender 6rst in payment of amounts payable to Lender by Borrower
under puagraph 2 hereof, then to interest payable on th~ Note, then to the principal of the Note, and then to interest and
principal on any Future Advancu.
4. C6ar=es; Lkns. Borcower shall pay all taxes, assessments and other charges, fines and impositions attributable to '
tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner
provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the
payee tberoof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments_
Borrower shatl prompdy discharge any lien which has prionty over this Mortgage; provided, that Borrower shall not be
rcquired to disc6arge any such lien so long as Borrower shall agree in wnung to the payment of the obligatiun securcd by
suc6 tien in a manner acceptable to L.ender, or shall in good faith contest such lien by, or defenJ enforcement of such Iien in,
legal proce~dings which`operate to pccvent the enforcement of the I~en or forfeiture of the Property or any part thereof.
5. ~~ti ~p~T BotRow~r shpll keep tF~ improvements now existing or hereafter erectt~ on the Property insured
against losspy.fre,~zards it~luded witt~~n thc {erro "e~ctended coverage", a~d such other hazards as Lender may require
and in such anloun~s and fbr suc~ periods as ~.ender may require; provided, that Lender shall not require that the amount of
such cover~e~t i~teebd that amount of cov~erage required to pay the sums secured ~by this Mortaage.
'The insurance carrier providing tht insurance shall be chosen by Borrower subject ta approval by Lender, providtd,
that such approval shatl not be unreasonably withheld_ All premiums on insurance polic~es shall be paid in the manner
' provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
li insurance carrier.
i All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage
~ ctause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thsreof,
~ aad Borrowet shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make pr~f of loss if not made promptly
j by Borrower.
E Unless Lender and Borrower otherwise agree in writ~ng, 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 (easiblz or if the security of this Mortgage would
be impaired, the insuranc~ procceds shall be applied to the sums secured by this Mortgage, with the excess, if an}•, paid
to Borrower. If the Property is abandoned by Borrower. or if Borrowet fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ofTtrs to settle a claim for insurance benefits, l.ender
ia aut6orized to collect and apPly the insurance proceeds at Lender's option either to restoration or repair of the Pmpert~•
or to t6e sums secured by this Mortgage.
Unless Lender and Borrower otherv~ise agree in wnting, any such application of pra:eeds to principal shall not extend
or postpone the due date of the monthiy installments referred to in paragraph~ I and 2 hereof or change the amount of
suc6 installmeats. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any tnsurance policies and in and to the proceeds thareof resulting from damage to the Property prior to th~ sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
~ 6. Presenatioo and Maintenance of Property; Leas~ehulds; Condominiums; Pi~naed Unit Devebpments. Borrowcr
~ shall kcep the Propert}• in good repair and shall not comroit yvaste or permit impairmen! or deterioration of the Property
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~ and shall comply~ with the provisions of any lease sf this Mortgage ~c on a leaschold. If this Mortgage is on a unit in a
~ condominium or a planned unit developmenl, Borrower shall perform all of Borrower's obligations under the declarahun
~ or covenants creadng or governing the condominium or planned unit develupment, the by-laws and regulations of the
condominium or planoed unit.develo~,ment, and constituent docume~«. If a condominium or planned unit Jevelopment
t rider is executed by Borrower and recorded together with ~hic Mortgage. ~he covenants and agreements of such rider
; shall b~ incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ri~ier
" were a part hereaf.
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` 7. Protection of Lende~'s SecurSty. !f Bc+rrower fails t~~ pcrform the covenants and ag~eements contained in this
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~ Mortgage, or if any action ur proceeding i~ commrnceii which materially afTects I.ender's interest in the Property.
~ including. but nat lim~ted to. em~nent domain. ins~lvency, code enf~r~emem. ar arrangements or proceedings invol~ing a
~ bankrupt or decedent, then I.ender at Lender'~ option, upon nohce to Borrow~er. ma} make such appearances, dishurse such
~ sums and take such action as is nece~sar}~ to prMCCt Lender's interest. including. but not limited to, disbursement ~f
~ re~so~able auomey's fces and en~ry up~~n thc Propcrt}• to makc rcpa~rs. lf Lcnder reyuired mortgage inwrance as a
~ cvnd~tion of mak~ng the loan ~ecure~i b} this Mor~gagr. B~~rrr.wer sh.i{{ ray~ the ~remiums requireJ to mainta~n such
~ insurance in e(fect until such time as ~he reyuirement for wch insuran,e Ierminates in :iccordance with Borre~w~er'~ and
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