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<br /> IUNrrorar.e Cavn~x.sprrs. Borrower and (cn&t covenant and agree as follows*
<br /> 1. Payaw:sst of rVsadj d dad iat*rest. Borrower shall promptly pay wrren' duc the principal Of geed int+.rreg raa the
<br /> indebmdnesa evidenced by the Note: prepaynxnt and lute sham ass provided in the Note. and ilse prIMW of and Interest
<br /> out any ',Future ,Advances secure,.] "r'. th - Mortgage-
<br /> 2. Ftusdls '',Dr Taxes !sad limaraasi e. 5ubjmt to applicabk law or to a written waiver by Lender. Harrower +hall pay
<br /> to Lewder on tht: day monthly enstallrrwnts of principal and interest are payable udder the late, until the Note is paid in full,
<br /> a gum therein "Funds-) equal to one.-tywelfth of the yearly taxes and as ments which may attain Xrriority over this
<br /> Mortgage. and ground rents on the Property, if any. phis one-twelfth of yearly pr°efWurn installment for Lazard insurance..
<br /> plus onc-twelfth of yearly premium installments for mortgage insurartee, if any, 211 as reasonably crtimated initially and from
<br /> time to time by Lender on the bash; of amts and bills and reasonable estim.tts thereof..
<br /> The Funds whall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br /> state agency On6ading Lender if Lcoder is etch an 't.nstitutinn)- Lender shall apply the Funds to pay said = es. AWAMrttcnts„
<br /> fnmuranoe pre:tniurns and grouted mate. Leader may not charge for so w4ding and applying the Funds. analyzing Said account.
<br /> or verifying and aarnpding srid assessrnents and trills. un asa Lender pays Borrower interest on the Funds and applicable law
<br /> permits Under to make such i charge. Borrorwex and Lender may agree in writing at the time of eitmutiOn of this
<br /> 7w ortgagte :hat interest m the Funds shalt be paid to Borrower. and unless sm:1 agreerrnerit is made or applicable law
<br /> requires such interest to be paid, ;,ender shall not be required to pay .Borrower any interest or earnings on the Funds. Under
<br /> r1xa.11 give to Rorrower, Withm't charge, an annual 2CCOmiting of the Funds showing credits and debits 1% )c Funds and the
<br /> puzpo5e for which each debit to tltc Funds was made. The Funds are pledged as additional security for the sums su:cumd
<br /> by taus Mortgage.
<br /> If the arnouni ~af the F^,ands °.rcld by Lender, top;etser with the future monthly installments of Funds payable prior to
<br /> the due dates of taxi-s. sramnse t',, insurance premiums and ground rents, shall exceed the amount required to pay said uxes.
<br /> ass mutts, insumict prcrttiurn-, and ground rents as they fall due, such excess shall be, at Rerrower's option. either
<br /> promptly repaid roc. Borrower cr credited to Borrcrarer on monthly Installments of Funds. If the amount of the Funds
<br /> held by Lender shall not be riflitacut to pay tooter, a znextts, insurancw premiums and ground resits as they fall dare.
<br /> Borrower shall pay to Lender achy amount necessary to make up the defleency within 30 days ('tone the date notice is mailed
<br /> bry bender to Borr(rrw(r tequcsaing'paymcrtt thtt'eof.
<br /> Upon payment in full of . Il sums secured by this Mortgage. Lubder shall promptly refund to Borrower any Fu n&
<br /> held by Lender. If under paragraph 18 hereof the Property is sold. or the Property is otltr.^arise acquired by Lender, Lender
<br /> shall apply, no later than .imtw,44tely prior to the save of the Property or its acquisition by Lender, any Funds held by
<br /> Leader at the time of applicatiot) as a credit against the sums secured by this Mortgage.
<br /> 3. Applicatlaws of llsayynef4tb. Unless applicable law provides otherwise, all payments received by Lender under the
<br /> Note sill pamgnvhs I and 2 ht:rvcf shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br /> under paragrapl, 2 hereof, then, to interest payable oil the Note, then to the principal of the Note, and then to interest and
<br /> pnneipal on any Fctiturc Advatrccs. '
<br /> 4, Charges; )Uerrx. Borrrwcr shall pay all taxes, assessments and other charges. fines and impositions attributable: to
<br /> the Property whic::h may attLin- a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the
<br /> payees thereof. Borrower shall promptly furnish to Lender all notices of amounts dire under this paragraph, and in the event
<br /> Borrower shall make payment directly„ Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br /> Borrower shall promptly discharge any lien which has priority over this Mortgage, provided..that Borrower shall not be
<br /> nequi:rd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br /> such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, o- defend enforcement of such lien in,
<br /> legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br /> 5. Hazard Insurance, Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br /> against loss by fare, hazards included within the term "extended coverage". and such other hazards as Lender may require
<br /> ,send in such arnounts and for such period-i as Lender may require, provided, that Lender shall not require that the amount of
<br /> such mvcrage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br /> The insurance coirier providing the insurance shall be chosen by Borrower subject to approval by i.rnder; provided,
<br /> that such approval 11 all not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> provided under paragraph 2 hereof or, if not pail! in such manner, by Borrower making payment. whin date, directly to thr
<br /> insurance carrier.
<br /> All insurance ppc,,6.iei and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br /> and Borrower -shall prcrrnptly furnish to Lender all renewal notices and all receipts of paid premiums.. In the event of loss,
<br /> Itor-rower shall give prompt noticc to tl~t insurance carrier and lender. l.:nder may make proof of loss if not made promptly
<br /> by P orrow er,
<br /> Unless Lender aad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br /> the Property damaged, ;provided such restoration or rcpair.is economically femible and the security of this Mortgage i}
<br /> ahcreby impaired, if such restoration or repair is not economically feasible or if the security of this Mortgage would
<br /> bee impaired, the invr.vree proceeds shall be applied to the suers secured by this Mortgage, with the excess, if any. paid
<br /> o Burrower. If the Property is abandoned by Borrower, or if Borrow- faits to resrond to Linder within 30 days from the.
<br /> d at:c notice is rnaiicdl by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
<br /> it, authorized to o3llcrt and apply 1,4 insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or to the. turns ucc•urcd by this Mortgttpt.
<br /> . 1U ntess f.cnclcr and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> or postpone the il:a: date of the monthly installments referral to in paragraphs I and 2 hereof or change the amount of
<br /> roach instalirnents, If under paragraph 18 hereof the Property is acquired by Leader, all right, title and interest,of Borrower
<br /> in and to any insttra.race policivi and in arw-i wi the .proceeds thereof resulting from damage to the Property prior. to the sale
<br /> or iiequisition she rl p" to Lender to the extent of they sums ttecerred by this Slortgate immediately prior to such sale or
<br /> acgvir1itiot..
<br /> 6. Prrsrrvzd= and Malatsnance of Proprrtyt Leswtrhnidlit Condominiums-, Planwd Utah Ikerrtop` wvs. Borrower
<br /> rtiatll keep the I'r^perry in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br /> tend shall corrsplr with the provisions pf any Iealte if k1is Mortgage is on a.Icasehold, If this 1+torigagr is on A unit in a
<br /> condomit.. ,,ni of a planned unit develapment. Datrower shall perform all of Borrower's obtigaiionx under the declaration
<br /> of cavenaatt.s creating or gtoverning the condominium or plan-ed unit development, the by-laws slid mCulattiong of the
<br /> e,orndominium Of' planned unit derelupmcnt, and constituent documents, If a condominium or planned unit development
<br /> ;rider is executed by Borrower and recorded togge.hm, with this Mortpagge,. the: coversants and agreements of such rider
<br /> shall be irocorporuted into and shall arratnd and xupplensicnt. the covisrisats and agreements of this Mortgage as if the rider
<br /> were. n lrart hereof.
<br /> 'f. Prvteetl6m of XAv&rls rAeetarfty„ if Borrower fails to perform ttw covenants and tag►eetnents contained in this
<br /> Mortgait" or if any aeliorA or prorodics I.% pomownced which materially affects Leader's interest in the Property.
<br /> including. but not limited to. ertsi•nmrit docnalrb. 'lasolvency. code tnforcmient, or arrangements err proceedings involving a
<br /> bankrupt or de+:c&nt. tl`xo I cn('4,; at Leudees option, upon notice to Borttwer, may make such apnearafle". disburse such '
<br /> sums skid take such action ar is to eemary to protW Lieridees interest, irsclaading, but cwt limited to. disbursement of
<br /> reasonable atiormy`s fees r„tA entry upon the Properry.,to maker repair'. If Lender required mortgage imur.usce as a
<br /> condition ref mAkir7g the it,,m :*,car"sd by this Mortgage, Borrower thall pay the premiums required to mair+tain such
<br /> irisuraner. in 0'4:•n until such tttne as tht requirement for such. insurance terminates in lsecordance will, Bormwer% and
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