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UNI!'~M COVlNAl1T~. Borroaet aad Let~de• covenant and ajree u follows:
L~wht e~ lri~ciMi ~1 1Merat. Borrower shall prompti~• pay when due the principal of and interat on the
indebtedneu evidenoed by the Note. prepayment and late chargec ac p~ovidtd io the Note, and the principsl o[ and intereu
aa aay Future Advances secured bp this Mort~ase. ~
2. l1u~i ter Ta~us Mi Iwrs~ce. Subjat to applicat+k law ur to a written waiver by Lender. eoRO.~r ~,.u wy
to Lender or~ the day moothly installments of Qrincipal and intcrcct are payahle under the Note, until the Note is pald in lull. '
a:um (herein ••Fw~da'~ eqwl to one•twelfth of the yearl~• tasc. aod assessments which may attai~ priority over this
Mortiaje, and Sround rena on the Property, if any. R+lus one-twelfth ot yearly premium in~~allments for huard insunnce.
plus oae-twelfth of yearly premium installments (or mortgage insurancc, if any, all as reasonably estimated initially and from
time to time by Lender on tlfe basis of assucmcnts and hills and reasonabk atimata ihereof.
The Funds shall be held in an institution the deposit~ or accouots of w~hich are insured or guannteed by a Federal ot ,
stat~ a~ency (includina Lende~ if Lender is such an institution). I.er?der shall apply the Funds to pay said taxa. assessme~ts,
i~urance prcmiums and ~ound rcnts. 1_ender may not charge for so holding and applying the Fnndc. analyzin~ said account,
or verifyin~~nd compiling said assessments and bills, unlas L.endsr pays Borrower interat on the Funds and applicable law
permi~ Lender to make such a charge. Borrower and Lender may agree in writing at the time of exccution of this
Mort~aje tl~at interat on the Fuada shall be paid to Borrower, anA unlas such agreerrxnt is made or applicable law
requires such intercst to be paid. Lender shall not be rcquircd to pay Borrower any interest or earnings on the Funds. Lender
shall pve to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
_ putpo~e for which each debit to the Funds wu made. The Funds are pledged as additional s~curity for ~he sums secured
by this Mort~e.
If t6e amount o[ the Funds held by Ltoder, togelher with the future rnonthly instatlments of Funds payable prior to
the due data of tues, asseuments, insurance premiums and ground rcnts, shall exc~ed the amount requircd to pay said taxes,
usa~meats. ituunnce Prcmiums and ground rects u they tall due, such excess shall be, at Borrower's option, either
peomQdy repaid to Borrower ot credited to Borrowet on monthly installmcnts of Funds. If thc amount of the Funds
6Nd by Lend~r shall not be wt6cieat to pay taxes, asxssments, insurance premiums and ground rents as they fall due,
Borroaer s6a11 pay to L.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by L~eader W Borrower req~ustin8 paYment thercof.
Upoa paymeat in full of all aums tecured by this Mongage, l.ender shall promptly refund to Borrower any Funds
held by L,ender. If under puagraph l8 hercof the Property i~ sold or the Property ~s otherwise acquircd by Lender, Lender
thall apply. no later than immediately prior to the sale of the Propecty or its acquisition by i.ender, any Funds held bv
L.eader at the time of apptication as a credit against the :ums secured by this Mortgage.
3. A~IicaNm o[ Pqoesta. Unless apPlicabte law provides otFxrwise, all payments received by Lender undcr the
Note and paragnphs 1~nd 2 hercof shall be aPplied by Lender first in payment of amounts payable to Lender by Borrower
uader parasraph 2 hereof~ i6et? to interest payable on the Note, then to the principal of the Note, and then to interest and
principal qo nny Future Advances.
4. Ci~ar=es; Lkat. Borrower shall Pay all ~axes, assessments and other charges. fines and impositions attributable to
the Ptuperty wfiicit may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manntr
pravided under puagraph 2 hereof or. if not paid in such manncr, by Borrower making payment, when due. directly 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 furnish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
rcquired to dixharge any such lien so long as Borrower shall agree in wnting to the payment of the obligation ucurtd by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend en(orcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan thercof.
S. Har~rd Insunwce. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property insured
against loss by firc, hazatds 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 Lender shall not reguire that the amount of
s:~eh coverage exceed that amaunt of coverage required to pay the sums secured ~by this Mort6age.
'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to apQroval by Lender, provided,
t6st wch approval shall noi be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner
; provided under paragraph 2 hereof or, if not paid in such manner, by Borrower mak~ng payment, when due, directty to the
~ insurance carrier.
i All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morigage
~ clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policiu and renewals thereof.
and Borrower shall promptly furnish to Lender all re~ewal notices and all receipts of paid premiums. ln the event of loss,
Borrower shall grve prompt notice to the insurance carrier and l.ender. Lender may make pra?t of loss if not made promptly
~ by Botrower.
~ Unias Lender and Borrower otherw~se agree in writ~ng, insurance proceeds shall be applied to restoration or repair of
~ the Property damaged, provided such restorat~on or repair is economically feasible and the security of this Mortgage is
not thereby impairtd. If such restoration or repair is not economically feasible or if the s~curity of this Mortgage would
be impaired, the insurance procceds shall be applied to the sums secureJ by this Mortgage, with the excess, if any. paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
dat~ notice is mailed by Lend~r to Borrower that ~he insurance carrier oRers ta seule a claim for insurance benefits, Lender
is authorized to collect and apply the insurance procteds at Lender's aption eith~r to restoration or repaer of the Propertv
or to the sums securad by this Mortgage.
Unless Lender and Borrower othen.ise agree in writing, any such applica~ion of pra:eeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraph~ I and 2 hereof or change the amount of
suc6 installmeats. If under paragraph 18 hereof the Property is acyuir~d by Lender, all right, title and interest of Borrower
in and to any Insurance policies and in and ~o the proceeds thereof result~ng from damage to the Property priot to thc sale
or acquisition shall pass to Lender to the ex[ent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Preserratioo and Maintenance of Properi~: Leaschulds; Condominiums; Planned Unit Developmeets. Borrower
€ shatl keep the Property i~ good repair and shall not comnpit yvaste or permit impairment or deterioration of tho Property
~ aad shall comply with the provis~ons of any lease if thu Murtgage ~s on a lcasehold. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall perfo~m all of Borrower's obligations under the declaration
~ or covenants creating or governing the condominium or planned unit development, the by-12ws and regulations of the
~ condominium or planoed unit develo~,ment, and constituent documenit. If a condominium or planned unit development
~ rider ~s executed by Borrower and recorded together with ~his Mortgage, ~he covenants and agreements of such rider
~ shall be incorporated into and shall amend and supplement the covenan~s and agreements of this Mortgage as if the riJe:
` were a Part hereof.
~ 7. Protation of Lender's Securfty. If Borrower fails t~ perform the covenants and agreements contained in this
~ Mortgage, or if any action ur proceeding ~c commence.i which malerially~ afiectt Lender's interest in the Property,
~ including, but not limited to, eminent domain. insolvenc}. cude enfarcement. ar arrangements ~r proceedings invol~ing a
~ bankrupt or decedent, then Lender at l.ender's option, upon notice to Borrower, ma} m~ke such appearances, disburse such
sums and iake such action a3 ~s necessar~• tu proiect l~ender's ~nterest, including. but not lim~ted to, disbursement of
reasonable attomey's (ces and eniry upc~n thc Proper~}~ to makc rcpairs. I( (.cndcr reyuircd mortgage insurance as a
condition o( making the loan secureJ b}~ th~s MortRage. B~rrr.NCr sh.~ll pa}~ Ihe premiums require~l to mainta~n such
insurance in effect until such time as ~he reyuirement (or wch insuran,e terminates ~n accordance with Borrower's and
~ _ ~ 6~'~361 P~GE 954
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