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UNtFOnt?t CovEN,?Nrs. Aorrower and Lender cavenant and agree as follows:
1. Pynneat of P~Incipal aod lnterat. Borrower shall promptly pay w~hcn due thc pri~ripal of and intcrest o~ the
indebted~eu evidenced by the Note. prepayment and late charges as provided in lhe Note, and the principal of and interesl
on any Future Advances secured by this Morlgage. -
2. Fuads tor Ta~ces aad Iawrance. Subject to applicable law .or to a written waiver by Lender. Borrower shall pay
to L.cnder on thc d~y mo~lhly installments of principal a~d interest are payable under the Notc. until the Nate is paid in full.
a sum (herein "Funds") equal to ooe-twelfth of thc yea~ly taxec and as.ussmentc which may attain priarity ovcr this
Mortgage, and ground rents on the Pmperty, if any, pI~K ano-twelith of ycarly premium installments for hazard insurance.
plus one-twel(th of yearly premium installments for mortgage.iosurancc, if any, all as reasonably estimated initially and fmm
time to time by l.ender on the basis of assessments and bills and reasonable estima~a thereof.
The Funds shall be held in ao inslitution Ihe deposits or accounts of which are insured o~ guara~teed by a Federal or
state agency (including Lender if Lender is such an institutioo). I.ender shall apply the Funds to pay said taxes, asussments.
insurance premiums and ground reots. I.ender may not charge for so holding and applying Ihe Funds, analyzing said account~
or verifying and rnmpiling said assessments and billc, unless Lender pays Bonower interest on 1he Funds and applicable law
permits Lender to make such a charge. Borrower and I.ender may agree in writing ai the time o[ execution o[ *.his
~ Mongage that interesl on the Funds shaU t~e paid to Borrower, and u~less such agreement is made or applicable law
requires such i~terest to be paid. Lender shall not be required to pay Barrower any interest ar earnings on the Funds. Lcnder
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the •
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for 1he sums secured
by this Mortgagt.
If tha amount of the Funds held by Lencier, together with the future monthly installments of FonJs payabk prior to
Ihe due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
assessments, insurance premiums and ground rents as thcy fall due, such excess shall be, at Borrower s option, either
promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sufticient to pay taxes, assessmcnts, insurancc premiums and ground rents as they fall due. f
Borrower shall pay to Lender any amount necessar?~ t~ n~ake up ~he Jeficiency v~rithin 30 days from the date notice is mailed f
by Lender to Borrower requesting paymem thercoF_
Upon payment in full of all sums secured by this Mortgage. I.endcr shall promptly refund to Borruwer any Funds
held by Lender. If under pacagraph 1R hereof ~he Property iz sold or the Property is othenvise acquired by t.ender. 1_ender
shall apply, no later than immediatcly prior to the +ale of thc Propcrty or i~s acquisition by I.ender. any Funds held by
Lender at the time of application as a crcJit against the sumc secured by this Mortgage.
3. ApplicWion of PaymeMs. Unless applicable IaM• proviJes otherw•ise. all payments reieived by l.ender unJer. the
Note and paragraphs 1 and 2 hereof shall be applicd by 1_endcr fint in p•ryment of amounts payable to Len~ier by Borrower
under paragraph 2 hereof, then to interest payablc on the Nutc, ~hcn to thc principal of the Note. anJ thcn to interest and
principal on any Future Advances.
4. Charges; Lk~. Borrowcr shall pay all ~:~xes, a~cr.ssmcnts and othcr chargcs, fincs anJ impositions attributable to
the Property which may attain a priority over this Mortgagc, and leaschold paymcMs or gmund rents. if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrowcr making payment, when due, directly to the
payee thereof. Borrower s6a11 promptly furnish to LenJcr all noticcs of amounts duc under this pa~agraph, and in the event
Borrower shall make payment directly. Borrow~cr shall promptly furnish to l.ender rcccipts cvidcncing such paymcnts.
Borrower shall promptly diseharge any lien u~hich has priority.mer thic Mortgage; proviJed, ~hat Bc~rrower chall not be
required to discharge any such lien so long as Borrow•er shall agree ia w•riting ta thc payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in g~xx1 faith conte+t such lien hy, or defend enforcement ~t s~kh lien in.
legal proccedings whieh operatc to prevent the enfunemcnt ol thc lien or [orfeiturc of the Property or any part thcreof.
5. Hazard Insurance. Bonow~er $hall kcep ~hc impmv~mcnts now exi.ting or hercaftcr crrrted on thc Propcrty insured
against loss h~ fire, hazards included within the term "~~tenJcJ roverage", and such other hazards as t.ender may rcquire
and in such amounts and for such periods aa Lender may•rcyuirc; pravideJ, that LenJer chall not requirc that the amount af
such coverage ecceed that amount of coveragr required to pa~• the sums cecurcd hy this Mortgage_
The insurance carrier providing the insurance shall be rhosen by Borrower subject to approval by LenJer, provided.
that such approval shall not be unreasonahly withhcld. All premium~ on insurance policies shall 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 carrier.
All insurance policies anJ renewals thereof ~hall tr: in forni acceptable to l.enJer and shall include a slanJard mortgage
~ clause in favor of and in form acceptable t~~ Lender. Lender .hall have the righi ta hold the policies and renewals thereof,
f
and Borrow~er shall promptly furnish to Lender all rencw~al notices anJ all receipts of paid premiums In the event of loss, _
~ Borrower sha~l give prompt notice to Ihe insurancc carricr anJ Lender. Lend~r may make prcx~t o[ loss if not made promptly
~ by Borrower.
Unless Lendcr and Borrower otherv?•itic agrce in writing, insurancc pnxccds shall bc applicd to restoration or repair of
the Property Jamaged, proviJed wch re~toration or r~pair is economicafl~~ feasiblc and the utiurity of this Mortgage is
not thereby impaired. If such restoration or repair is not crunumirally fcasihle or if the securiry oF ~his Mortg•rbr would '
be impaired. the insurance proceeds shall be applied to the sunts secureJ by this Mortgagr. wilh the exeess, if any, paid
to Borruwcr. 11 the Property is abandoncd h~• BorroWcr, or it Bormwcr fails to res~nJ to I_endcr within 3U days from the
~ date notice is mailed by Lender to Borrowcr that ~he insurance carrier otTen ~o seule a claim for insurance henefits. l~nder
is authorized to collect and appl~• the insurance proceeds at Lendcr's option either to restoration or repair of the Property
k or to the sums secured by this Mortgagc.
Unless Lender and Borrower otherwisc agree in w~riting, any such application of proceeds to principal ~hall not extend
or postpone thc duc date of the monthly installmcros rcfcrrcd to in paragraphs I and 2 hcrcof or changc thc amount of
such installmenta. I[ under paragraph 18 hereof the Propert~• is acyuired by Ixnder, all right, lide and interest of Borrower
~ in and to any insurance policies and in and !o thc proceeds !hcreof resul~ing from damage to the Property prior to the sale
or acquisition shall pass to Lender to the e~tent of ~he sums securcJ by this Mortg:~ge immedia~cly prior to such sale or
acquisition.
6. Presen•ation and Afaintenance oi Propcrt~~; Lcaseholds; ('ondominiums; Planned Unit Ikvebpmcnts. Borrowcr
shall keep thc Property in goad repair and shall not commii wastc or permit impairment or deterioration of ihe Property
` and shall comply with thc provisions of any lease if this ht~~rtgagc is on a Ic•rschold. !f this Mortgagc is on a unit in a
~ conJominium or a planned unit dcvclopmcnt, Borrawcr tihall Fx:rform all of Borrower s obligations under ~hc declaration
or covenants creating or governing the conduminium or plann~d ~mit developmcnt, the by-laws and regulations of the
; condominiunt or planned unit development, and constiti~enl .locuments. If a con~ominium Or planned unit Jevelopment
- rider is cxecuted by Borrower and recordcJ togcthcr wi~h this Mortgagc, the covenants and agrccmcnts of such ridcr
shall be incorporated into and shall amend anJ supplcment ~he covenants and agreements of this Mortgage as if the riJer
~ were a part hereof. ~
~ 7. Proteclion of Lender's Security. lf Borroaer fails to perform the covenan~s anJ agreements contained in this
~ Mortgage. or if any action or proceeding is cummrnced w•hich materially •rfiec~s Lender's intere3t in the Property,
including, but not limited to. eminent domain. insoh•encp. c~xie enforcement, ar arrangements or proceedings involving a
bankrupt or decedent, then l.ender at LenJer~ option, upon notice ~o Borrower, may make such appearances, dishurse such
sums and take such ac~ion as is necessary t.~ protect Lender s intrrest, induJing. but not limited to, disbursement of
reasonable attomey's fccs and emry upon ~he Propcny ~o makc rcpairs. If l.cnder requircJ morlgage insurancc as a
co~dition of making the loan secured by. this Morigage. Barrower shall pay the premiums requireJ tu maintain such
insurance in eRect umil such time as the requirement for sarh insurance ~crminatcs in accordance with Borrower's and
~ . . ' ' ~ $~429 949