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<br /> 77- O07U05
<br /> Uuripot�[ CovenwNrs. Borrower and Lender covenaat and a�ree as follows :
<br /> 1. lsy�a�t ol l�I�cJ�al a�d I�. Borrower shall promptly pay when due the principal of and interest on the
<br /> indobtedoea� evidenced by the Note, pnpayment and late charges as providod in the Note, and the principal of and intercat
<br /> oa any Future Advaacea cecured by thic Mortsa�e.
<br /> � 2. F�� Nr Tat�s a�i Lwpuce. Subject to applicable Iaw or W a written waiver by C.ender. Borrower shat! pay
<br /> to l.ender oa t6e dry mouthly installmenu of principal and interest are payable under the Note, uatil the Note is paid in full,
<br /> a sum (Uorein "F�wd�") equai to one-twelfth of the yearly taxes and assessmeots which may attain priority over this
<br /> Mo+t�ya, aad trouod ren4 on t6e Property, if any, plus ono-twelfih of yeady promium inatallments for hazard inaurance.
<br /> plus 000-twdith of yearly premium inctallitunts tor rttortgs�e insurance, if any, all as reasonably estimated initially and from
<br /> tims to time by Leeder on t6e basis of acsesrments end billc and reasonable wtimates thereof.
<br /> "tLe Fuadc slull be he� in an inctitution the deposits or accounta of which are insured nr guaranteed by a Federal or
<br /> WLe a�ency (incltdin� Leader if L.ender is such an inctitution ) . Lender shall �n�ly the Funds to pay said taxes, asseasments,
<br /> iowrance premiums aud �round rcnts. (.ender may not charye for so holding and applying the Funds, analyzing said account,
<br /> or verifyins aad compilin� said asseccmentc and billa, unlecs Lender pays Horrower interest o� the Funds and applicable Iaw
<br /> permi4 I.ender to make cuch a char�e. Borrower and Lender may agree in writing at the time of execution of this
<br /> Mort�a�e tha[ interat on t2�e Funds shall be paid to Borrower, and unless euch agreement is made or appticable law
<br /> require� such interest to be paid, L,ender shall not be required to pay Borrower any interest or earnings on the Funds. L.ender
<br /> chal! pve to Borrower, wit6out charge, an annual accounting of the Funds showing credi[s and debits to the Funds and the
<br /> purpoae for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br /> by thic Mortp�e.
<br /> If the uhotu�t of the Fund� held by Lender, together with the future monthly installments of Funds payabte prior to
<br /> the due datec of taxec, aaseumentc, imurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> aaewnents, insurance premiums and �round rents as they fall due, such excess shall be, at Borrower's option, either
<br /> prompdy repaid to Borrower or credited to Borrower on monthly installments of Funds. [f the amount of the Funds
<br /> held by Lender shall not be sul6cieat to pay taxes, assessments, insurance premiums and ground rents aa they fall due.
<br /> Borrower t6a11 pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br /> by I.tnder to Horrower requesting payment thereof.
<br /> Upon payment in full of all sutns cewred by this Mongage, 1_ender shall promptly refund to Borrower any Funda
<br /> Ifeld by Lender. If under pursrap6 18 hereof the Propeny is sold or the Property is otherwise acquired by Lender, Lender
<br /> s6a11 apply, no later thxn immediately prior to the sale of the Property or its acquisition by C.ender, any Funds held by
<br /> Lender at the time of application ac a credit against the cums sewred by this Mortgage.
<br /> 3. AMtleafis� ot pay�e�e, tJnless applicable law provides othnrwise, all payments received by Lender under the
<br /> Note and paraQraphc 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br /> uoder par�raph 2 hereof, t6en to interest payab�e on the Note, then to the principal of the Note, and then to interest and
<br /> principal on any Future Advances.
<br /> 1. CY�es; I,kea. Borrower shall pay all iaxes, assessments and other charges, fines and impositions attributable to
<br /> the Property which may attain a priority over this Morteage, and leasehold payments or ground rents, if any, in the manner
<br /> provided uoder para�raph 2 6ereof or, if not pa�d in such manner, by Borrower making payment, when due, dicecUy to the
<br /> payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
<br /> Borrower shall mxke payment dirady, Borrower shall promptly furnish �o Lender receipts evidencing such payments.
<br /> Borrower cha11 promptly discharQe any lien which has pnoriry over this Mortgage: provided, that Borrower shall not be
<br /> required to dicchar�e any such lien sa lon� as Borrower shall agrce in wriung to the payment of the obligation secured by
<br /> cuch lien in a manror acceptaWe to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
<br /> le�al procadinss which operate to prevent the enforcement of the lien or forfeiture of the Property ur any pan theroof.
<br /> 3• 1imN lawra�ce. Bonower shall kcep the improvements now ezisting or hereatter erected on the Property insured
<br /> a�ainat loes by fire, hazards included within the lerm "extended coveragc", and such o[her hazards as Lender may require
<br /> aad in such amounu and for cuc;h periods as Lender may require; provided, that Lender shall not reyuire that the amount of
<br /> such covera�e exceed that atoount of coverage reyuired to pay the sums secured by this Mortgage.
<br /> 7be iusurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br /> tLat auch approval sha11 not be unreasonably withheld. All premiums on incurance policies shall be paid in the manner
<br /> ptovided under para�raph 2 hereof or, if noi paid in such manner, by Borrower making payment, when due, directly to the
<br /> inwnnce carricr.
<br /> All iecurance policies aad rexwalc thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> clawe in favor of and in form uceptable �o Lender. Lender shall have the right to hold the policies and renewals thercof.
<br /> aad Borrower shall prompUy furnish a L,ender all ronewal notices and all receipts ot paid premiums. In the event of loss,
<br /> Boirower ehall yive prompt notice to the insurance carrier and Lendec Lender may make proot of loss if not made promptly
<br /> by Borrow�er.
<br /> Unleac Lender and Borrower otherwise agree in writing, insurance pra:ceds shall be applied to restoration or repxir of
<br /> [he Property dama�ed, provided suc:h restorauon or repair is economicalty feasible and the security of this Mortgage is
<br /> eot theroby impamed. If such rcstoration or repair is not cconomically feasible or if the security of this Mortgage would
<br /> 6e impairod, the insurance ptoceeds shall be applied to the sums secured by this Mortyage, wfth the excess, if any, paid
<br /> to Borrower. !f tlfe Proptr[y is abandoned by Borrower, or it Borrower fails to respond to Lender wrthin 3U days trom the
<br /> date mtict is mailed by Leader to Borrower that the insurance carrier otTen to senle a claim for insurance lxnefits, l.ender
<br /> is aut6oriied to collect and apply the insurance proceeds at Lender's option either to rdtoration or repair of the Property
<br /> or W tAe sumr secured by this Mortsa�e.
<br /> Unleas I.ender and Borrower otherwise a�rce in writing, any such applicacion of proceeds to principal shall not extend
<br /> or postpme the due date of the monthly instaltments referred to in paragraphs I and :. hereof or change the am�unt of
<br /> suc6 iuctallments. If wu{e[ pata�raph IB hercof the Property is xcyuired by L,ender. all right, tide and interest of Borrower
<br /> ia aad to any ineurance polic�a and in and to the proceeds thereof resulting trom damage to the Property prior to the sale
<br /> or uqui�ition shall p� W Leuder to the extent of the sums secured by this Mortgage immaiiatdy prior w such sak or
<br /> acquisitioa.
<br /> f. l�ervalw v/ MaiMe�sro of Pro�eriy: LeoceYollc; Cdadow�isiures: Plan�od Uait Devdopmen�. Borrower
<br /> shtll Iceep the Prvperty in sood repair and s6a11 not commit waste or permit impxirment or deterioration of the Property
<br /> and sh111 compl� with the provisiona of u:y :e:ue : f ::i� ...;, i�.y�c �o �u a �c�sciwi.i. Ii thi� hl.xtgage u uu a unit in a
<br /> contbmin�um or a pLnned ut�it development, Borrower ahall perCurm all of Borrower's obligations undtr the decl•rration
<br /> ar coveeants creuins or porernu� the condominium or planned unit devdopment, the by-laws and rcgulations of the
<br /> condominium or planoed unit development, xnd constituent documents. If n condominium or planned unit Jevelopment
<br /> iider is dcecuted by BoJro�ver and recordod together with this MortgaQe, [he covmants and agrcements of such rider
<br /> aiall be iscapora�ed into aod t6a11 amr,nd Ynd supplement the covenants and aQreements of this Mortgage xs if thc rider
<br /> werc a part bereof. .
<br /> 7. lNNelfr d I.�y�� 8�e�eYy. If Borrower fails to perform the covenants and syreementa contained in this ''
<br /> � 1�orf�ye. or if aay actioa or prooeediej is wmmenced wh�ch materiaUy affecu Lencfer's interest in the Proper�y,
<br /> i�eNdi�, 6mt sot 4mited W. esine�t domain, incolvency, code enfon;ement, or arnngements or proceedings involving a '
<br /> lrekropt or dsoedewt, t6ee l.ander at Leeder'c option, upon notice to Borrower, mxy make such appearances, disburse such w" �
<br /> wms and Wca wt� actioe as is neoe�sary to proeoct Lender'c interest, including. but not limited to, d�sbursemmt of
<br /> �eMoaa6ls wo�nsy's Eees ae/ entry upnn the Pro+perty to make repairs. If Lender required mortgage insurance as a
<br /> eeedKwa of ar1c� t�e lo�e �mcuted by tfus Mort�a�e, lioerower shall pay the prem�ums requ�red to maintain s,�ch
<br /> i�ra�oe 1e e�se.ti ustil wch time u die roqwremaft for such insurance terminates in ucordance with Borrower's and "
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