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UNIFORM COVSNAN7'3. Borrower and L.ender coveoant and agra as foUowa: '
1. Pa~aeat ot Priec~l asa lateraf. Borrower shall promptiy pay when due the principal of and intenst or? the
indebtednest evi~aced by the Note. pnpaymeat aad laee charges as provided in the Note. and the principa! of ~nd interest ~
on any Futur~e Advance.s secured by this Mortgage. ~
2. Fbnds Eor Ta:es sod Iowruca Stibject to applicable law or to a writtea wsive~ by Lender, Bocrower ahall pay
to Lender on the day monthty instdlments of principal and interest are paysble under the Not0. until the Note is paid i~ fuU.
~a aum (herein "Funds") equal to one-twelfth of the yeady taxes and assessments which may attain priority over this .
Mortgage. and ground rents on the Pnnperty. if any. plus oae-twelfth of yearly pnmium iastallments for hszard insurance.
plus onatwelfth of yearly premium iastallmenta for mortgage insurance. if aay, all as reasoaably estimated i~itiaUy aad from
time to time by Lender on the basis of asscuments and bills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which are instued or gwraateed by a Federal or
state agency (including Lender if I.ender is such an institution). Lender shall apply the Funds to pay said taxes, assessmeats. ;
insurance pnmiums and ground reats. Lender may Rot chuge for so holding and applying the Funds, analyzing said account~ ;
or verifying and compiling said assessmaats a~d bills, ualess Leader pays Borrower iniercst on the Fund~ and applicable !aw ~
permits Lender to make such a charge. Borrower aai I.ender may agree in writiag at the time of eacecution of this ~
Mortgage that interest on the Funds shalt be paid to Borrower. and ualess such agrxment is made or applicable law '
requires such interest to be paid. Lender shall not be cequired to pay Borrower any interest or eamings on the Funds. Lender
s~ali give to Borrower, without charge, an annual accounting of the Fuads showing credits and debits to the Funds and the ,
~wrpose for which each debit to the Fu~ds was made. The Funds are plodged az additional socurity for the sums secured
by this Mortgage. ~
If the amount of the Funds teeld by Lender, together with the future monthly installmeuts of Funds payable prior to ~
t6e due dates of taxes. assessments. insurance premiums and ground rents, shall excced the araount required to pay said taxes.
assessa~ents. insurance premiums and ground rents as they fall due. such excess shall b~. at Bormwer's option. either
promptly repaid to Bormwer or credited to Bornower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sufScient to pay taxes. ass~sments, insurance premiums and ground rents as they fall due.
Borrower shal! pay to Lender any amount aecessary to make up the deficiency within 30 days from the date notice is mailed
by I.ender to Borrower requesting payment thereof. . ;
Upoa paymeat in full of ail aums secured by this Mortgage, Lender $hall promptly refund to Borrower any Funda ~
held by L.ender. If under paragraph 18 t~ereof the Property is sold or the Property is otherwise acquired by.I.ender. Lend~r _
shall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender. any Funds held by
Lender at the time of application as a credit against the sums secured by this Mongage.
3. Appl~cat~on of Paymeots. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shaU be applied by Lender ~first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. C6arges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or gmund reats. if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. dirtcdy to the
payee thereof. Borrower shall pmmptly fumish to L.ender 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.
Bonower shall promptly discharge any lien which has priority over this Mortgage; provided, that Bonower shall not be
required to discharge any such lien so long as Borrower shalt agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
5. Hazard Insuraoce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire. hazards included within the term "extended coverage", and such other hazards as I.ender may require
and in such amounts and for such periods as Lender may require; provicied. that Lender shall not require that the amount of
such coverage eaceed that amount of coverage required to pay the sums secured by this Mortgage.
'Ibe iosurance carrier providing the insurance shail be chosen by Borrower subject to approval by Lender, pmvided,
; that such approval shall not be unreasonably withheld. All premiums 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 and renewals thereof shall be in form acceptable to Lender and shall include a standar~ morCgage
j clause in favor of and in form acceptable to Lender. l.ender shall have the right to hold the policies and renewals thereof,
b and Borrower 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 proof of loss if not made prompdy
' by Bonower.
~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or tepair of _
~ the Property damaged, provided such restoration or repair is economically feasible and t6e security of this Mortgage is
~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
~ be impaired, the insurance proceeds shall be applied to the sums secured by this Moctgage, with the excess, if any, paid
to Borrower. If the Psoperty is abandoned by Borrower, or if Borrower fails to respond to Leader within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insuranee benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Ualess Lender and Bonower othenvise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installroents referred to in paragraphs 1 and 2 hereof or change the amouat of
~ such installments. If under paragraph 18 hereof the Property is acquired by L.znder, all right, tide and interest of Borrower
in and to any insuraoce policies and in and to the Qroceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured by tbis Mortgage immediately prior to such sale or
acyuisition.
6. Presen~ation and Mainteaance of Property; Leaseholds; Condominium~ Planned Unlt Devdopmeofs. Borrower
shall keep thc Property in good repair and shall not commit waste or permit impairment or deterioratioa of the Ptoperty
" and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
` condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
~ or covenants creating or governing the condominium or planned unit development, tE~e bylaws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium or planned unit development
~ rider is executed by Boaower and recorded together with this Mortgage, the covenants and agrcements of such rider
F shall be incorporated iato and shall amead and supplement the covenants and agreements of this Mortgage as if the rider
~ were a part hereof.
; Protect;on of Lender's Secnrity. If Borrower fails to perform the covenants and agreementa contained in this
= Mortgage, or if any action or proceeding is commeoced which materially affects Lender's interest in the Property,
~ including, but not limited to, eminent domain, insolvency, code en[orcement, or arrangements or proccedings involving a
~ bankrupt or decedent, then I.ender at Lender's option, upon notice to Bonower, may make such appearances. dislwrse such
sums and take such action as is necessary to protect Lender's interest, including. but not limitod to, disbu~sement of
~ reasonable attomey's fee.s and entry upon the Property to make repairs. If I.ender required mortgage insurance as a .
~ condition of making the loan secured by this Mortgage, Borrower shall pay the premiuros tequirtd to maintain sach
~ insuraoce in effect until such time as the requirement for such insurance terminates in accordance wit6 Borrower's and
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