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<br /> UN�ronnt Covet+�NTs. Borrower and Lendcr covenant und agrce as follows:
<br /> 1. Paymenf of Principel and Inhrest. Borrower shall promptly pny when due the principal of and interest on the
<br /> indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and inlerest
<br /> on any Fuwre Advanccs secured by this Mortgnge.
<br /> � 2. Fonda tor Tazes and Insurance. Subjcct to applicnble taw or to n written waiver by Lender, Borrower shall pay
<br /> ! to Lender on the day monthly installments of principal and interest are pnyublc undcr the Note, until the Note is paid in full,
<br /> a aum (herein "Funda") equal to one•twelfth of �he yearly mxes and assessments which may attnin priority over this
<br /> Mortgage, and ground rents on the Properly, if nny, plus one-twcltth o( yeady premium installments for hazard insurancc,
<br /> plus onc-twel(th of yearly premium installments tor mortgage insurance, if uny, all us rcasonably estimated initinlly and Erom
<br /> dme to time by Lender on the basis of assessments and bills und reasonablc estimates thereof.
<br /> The Funds shall be held in an institution the deposils or accounts of which are insured or guarantced by a Federal or
<br /> state agency (including Lender if Lcnder is such an institution) . Lender shall apply the Funds to pay said taxcs, assessments,
<br />� insurnnce prcmium; nnd ground rents. Lcnder may not charge for so holding and npplying the Funds, analyzing said account,
<br /> oc verifying and compiling snid nssessments and bills, unless Lender pays Borrower interest on the Funds and anplicahte �Aw
<br /> permits Lender to m�ke such a charge. Borrower and Lender may agree in writing at thc time of execution of this
<br /> Mortgnge that in�erest on the Funds shall be paid to Borrower, and unless such ngreement is made or applicable law
<br /> requires such inrerest to be paid, Lender shall not be required to pay Borrowcr any interest or enrnings on the Funds. i.ender
<br /> shall give to Borrower, without charge, an annual accounting of the Funds showing credits und debits to the Funds and the
<br /> purpose for which ench debit to the Funds was madc. 'Il�e Funds arc pledgcd as additional security for the sums secured
<br /> by this Mortgage.
<br /> If the amount of the Funds held by Lcnder, together with thc future monthly installments of Funds payable prior to
<br /> the duc dates of tnaes, assessments, insurancc prcmiums and ground rents, shall excced Ihe amount required ro pay said taxes,
<br /> assessments, insurance premiums and ground rents as thcy fall due, such excess shnll be, at Borrower's option, cithcr
<br /> promptly rcpnid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of thc Funds
<br /> held by Lender shall not be sufficient to pay taxes, nssessments, insurancc premiums and ground rents as they fall due,
<br /> Bonower shall pay ro Lender any amount necessary to make up the deficiency within 30 days Irom the date notice is mailed
<br /> by Lender to Borrower requesting payment �hereof.
<br /> Upon payment in full of all sums secured by this Mortgagc, Lender shall promptly refund to Borrowcr any Funds '
<br /> held by Lender. If under paragraph 18 hereof �hc Property is sold or the Property is otherwise acquircd by [,ender, Lender
<br /> shell apply, no latcr than immediately prior to the salc of the Property or its acquisition by Lendeq any Funds held by ;
<br /> Lender at the time of applicadon as a credit agninst the sums secured by this hfortgnge.
<br /> ; 3. AppBcallon of Paymenfs. Unless applicable law proviJes othenvise, all payments received by Lender under the
<br /> ; ; Note and paragraphs 1 and 2 hereof shall be applied by Lcndcr first in payment of amoimts payablc to Lender by Horrower
<br /> under paragraph 2 hereof, then to interest paynble on the Noic, then to thc principal of the Note, and then to intcrest and
<br /> � principal on any Futuro Advances.
<br /> ! 4. Chatges; Liens. florrower shall pay all taxes, asscssments and othcr charges, fines and impositions attributablc lo
<br /> � 1 the Property which may attain a priority over this Mortgage, and Ieazehold payments or ground rents, if any, in thc manner
<br /> � provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
<br /> ; � payee thcreof. Horrower shall prompdy furnish to Lender all notices of amounts duc under this paragraph, and in the event
<br /> ; Borrower shall make payment dircetly, Borrowcr shall promptly furnish to Lender receipts evidencing such paymenls.
<br /> . ; Borrower shall promptly dischargc nny lien which haz priority over this Morigagc; providcd, that Borrowcr shall not be
<br /> rcquired to discharge any such lien so long as Borrower shall agrec in writing to the payment o[ thc obligalion secured by
<br /> ` ; such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
<br /> ; legat proceedings which operate to prevent thc entorcemcnt of thc Iien or [orfciwre of the Propeny or any part thereof.
<br /> , 5. Harard Insurnnce. Borrower shall kcep thc improvemcnts now cxisting or hercafter crected on thc Properry insured
<br /> i against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br /> , I and in such amounts and for such periods as Lcndcr may require; provided, that LenJer shall not rcquire that the amount of
<br /> such covcrage excced that amount of coveragc rcquired ro pay thc sums sccured by this Mortgage.
<br /> 'Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br /> that such approvnl shall not be unreazonably withheld. All premiums on insurance policies shall bc paid in the manner
<br /> } provided under paragraph 2 hereof ar, if not paid in such manncr, by Borrowcr mnking paymcnt, whcn due, dircctly to the
<br /> insurance carricr.
<br /> � � All insurance policies and renewals thereot 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 Io hold the policies and renewals thereof,
<br /> ` ' and Sorrower shall promptly furnish to Lender ull renewal notices and all reccipts of paid premiums. In the event of loss,
<br /> 4 � Boaower shall give promp! notice to the insurence carrier and Lender. Lender may make proof of loss if no! made promptly
<br /> � by Borrower.
<br /> , Unless Lender and Borrower othenvise agree in writing, insurance procecds shall be applied to resroration or repair of
<br /> � : lhe Property damagcd, provided such restoration or repair is cconomically (easiblc and the security of this b1ortgagc is
<br /> t � not thereby impnired. If such ratoration ot repair is nol ewnomic•rlly feasible or if the security of �his Mortgage would
<br /> be impaired, the insurancc ptoceeds shall be applicd to thc sums sccured by this Mortgage, with thc excess, i( any, paid
<br /> � , to Borrower. It the Properry is abandoncd by Dorrower, or if Borrower tails to respond to Lender wilhin 30 days from thc
<br /> � date notice is mailed by Lender to Borrower that thc insurance carricr of[crs to setUc a claim for insurancc benefits, Lcndcr
<br /> � is aulhoriud to collect and apply the insurance procceds at Lendcr's option cithcr ro restoration or repair of the Property e
<br /> � or to the sums secured by this Mortgagc.
<br /> i Unless Lender and Borrawer otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> � or postpone the due datc of the monthly instnllments rcfcrred to in paragraphs I and 2 hcrcof or changc thc amount of
<br /> such installments. If under paragraph I8 hereo[ the Property is acquired by Lender, all right, title and interest of Borrower
<br /> in and to any insurancc policies and in aod to thc procecds thereot resuhing from damagc to the Property prior lo the salc
<br /> Ior acquisidon shall pass to Lender to [he extcnt of thc sums sccured by this Mortgage immediatcly prior to such salc or
<br /> � acquisition.
<br /> 1 6. Preservallan and llfaintenancc of Properly; I.caschalds; Condaminlums; Plnnned Unit llc��elopmenls. Uorrowcr
<br /> � shall keep thc Property in good repair and shall not commit waste or permit impairmcnt or deterioration ot thc Properry �I
<br /> and shall comply with the provisions of any lease if this Mortgage is on a Icaschold. If this Morlgagc is on a unit in a V
<br /> 4 condominium or a planned unit developmcnt, Borrow•er shall perform all o[ Dorrower's obligations under the dcclaration �
<br /> i or covenants creating or govcrning thc condominiam or planneJ unit devclopmcnt, Ihc by-laws and regulations of the `
<br /> 1 condominium or planned unit development, and constitucnl documents. I ( a wnJominium ar planned unit development G •
<br /> ridet is executed by 8orrower nnd recorded together with Ihis Mortgage, the covenants and ngreements of such rider � ^'�, �. . � ;+i ' '
<br /> shall be incorporetcd into and shall amend and supplcmcnt the covenants and ngrcements of this Mortgagc as if thc ridcr � � N ':
<br /> � wcro a part hereof. �j . � , S
<br /> ' 7. Prolecllon of Lender's Secudty If Dorrower fails to perform the cocenams and agrecments contained in this � J ;;.: ��
<br /> ? Mortgage, or if any action or proceeding is commenced which materially a([ects Lender's interest in the Properry, �� �` -
<br /> ' inc l u ding, bu t not limite d to, eminent domain, insolvency, code enforcement, or arrangements or procecdings involving a �` '
<br /> { bankrupt or decedent, then Lender at Lender's option, upon notice to IIorrower, may make such appearances, disburse such �
<br /> sums and take such action as is ncccssnry to protect Lender's intcrest, including, but not limited to, disbursemeni of �
<br /> rcasonablc attorney's fecs nnd enlry upon thc Property to make rcpairs. 1f Lcnder rcquircd mnrtgngc insurancc as a - �
<br /> condition of making thc loan securcd by this Mortgagc, Borrowcr shall pay thc prcmiums rcquircd to maintain such
<br /> insurance in eQect until such dme as lhe rcquirement (or such insurance terminates in accordance with Borrower's and
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