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<br /> �� U01411
<br /> UxrnonM Cov$xwxrs. Borrower and Leader covenant and agree as fotlows:
<br /> 1. Payment of Pdncipd aod Inferes4 Sorrower shall promptly pay when due the principal of and interest on the
<br /> indebteduese evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br /> on aeiy Future Advances secured by this Mortgaga
<br /> r` 2. Fmd� for Tap and L�surance. Subject to applicable law or to a written waiver by Lender, Boaower shall pay
<br /> �` to Ltnder on the day monthly installments of principal and interest aze payable under the Note, until the Note is paid in full.
<br /> ; a aum (6enin "Funds") equal to one-twelfth of the yearly taxes and assessmenu which may attain prioriry over this
<br /> lwfortgage, and ground rents on the Property, if any, plus one-twelhh of yeaely premium installments fot hazard insurance,
<br /> plus oao-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially a�d from
<br /> time to timaby Ltnder on the basis of assessments and bills and reasonable estimates thereof.
<br /> i The Funds shall be held in an institution the deposiu or accounts of which are insured or guaranteed by a Federal or
<br /> �' state agency (including Lender if L.ender u such an instimtion) . Lender shall appiy the Funds to pay said taxes, assessments,
<br /> insurance premiums and ground rents. Lender may not charge for so hoiding and applyiag the Funds, analyzing said account,
<br /> or verifying and compiling said assessmenu and bills, unless I,ender pays Borrower interest on the Funds and applicable law
<br /> permiu Lender to make such a charge. Borrower and L.ender may agree in writing at the time of execution of this
<br /> Mortgage that interest on the Funds shall be paid to Bonower, and unless such agreement is made or applicable law
<br /> requires such interest to be paid, Lender shall not be required to pay Barrower any interest or earnings oa the Funds. L.ender
<br /> shalf give to Borrower, without c6arge, aa annuai accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose for which each debit to the Funds was made. T'he Funds are pledged as additional security for the sums secured
<br /> by this Mortgage.
<br /> If the amount of the Funds held by Lender, together with the future monthly instaltments of Funds payable prior to
<br /> the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> A�v•�*+ents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either
<br /> prompdy repaid to Bormwer or credited to Borrower on monthly installments of Funds. If tlie amount of the Funds
<br /> held by Lender shall oot be sufficient to pay taxes, assessments, insurance premiums and ground renu as they fall due,
<br /> Sorrower shall pay to Lender any amouat necessary to make up the deficiency within 30 days from the date notice is mailed
<br /> by Lender to Borrower requesting' payment thereof.
<br /> Upon payment in full of al1 sums secured by this Mortgage, Lender shall prompdy refund to Borrower arty Funds
<br /> held by L.ender. If under paragraph 1S hereof the Property is sold or the Property is otherwise acquired by Lender, Lender �
<br /> shall apply, no later ffian immediately prior to the sale of ihe Property or its acquisition by Lendeq any Funds held by
<br /> ' � L.ender at the time of application as a credit against the sums secured by this Mortgaga
<br /> { 3. Appllcatlon of Paymenta Unless appiicable law provides otherwise, all payments received by Lender under the
<br /> ; hfote and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br /> y under paragraph 2 heroof, thea to interest payable on the No�e, then to the principal of the Note, and [hen to intwest and
<br /> " principal on any Future Advances.
<br /> 4• Cl�arges; Lieos. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br /> ' the Property which may attaia a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br /> � provided under paragaph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcfly to the
<br /> � payee thereof. Bonower shall prompfly furnish to Lender aIl notices of amouats due under this paragraph, and in the event
<br /> k Borrower shall make paymen[ directly, Borrower shall promptly furnish to Lender receipts evidencing such paymenu.
<br /> Borrower shall prompfly discharge any lien which haz priority over this Mortgage; provided, that Borrower shall not be
<br /> ` � reyuired to discharge any such lien so long as Borrower shall agree in writing to [he payment of the obligation secured by
<br /> q 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 /> f legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br /> � 5. Hazard Inso�ance. Borrower shali keep the improvemenu now existing or hereafter erected on the Property insured
<br /> � a$sinst loss by fin, hazards induded within the term "extended coverage", and such other hazards as Lender may require
<br /> j � and in such amounts and for such periods as [.ender may require; provided, that Lender shall not require that the amount of
<br /> , such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br /> . F The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> f that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> ` provided under paragraph 2 hereof or, if aot paid in such manner, by Borrower making payment, when due, direcUy to the
<br /> insurance carrier.
<br /> All insurance policies and rmewals thereof shall be in fortn acceptable to Lender and shall include a standard mortgage
<br /> clause in favor of and in form acceptable co Lender. Lender shalt have the right to hold the policiu and renewals thereof,
<br /> and Honower shall prompUy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
<br /> Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Bonower.
<br /> Unlesa Lender and Bor�ower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br /> the Ptoperty damaged, provided such restoration or repair is economically feasible and the security of this MoRgage is
<br /> not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br /> be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br /> to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> date notice is mailed by I.ender to Borrower that the insurance canier offas to settle a claim for insurance bene8ts, Lender
<br /> is suthoriud to collect and apply the insucance proceeds at Lender's option eit6er to restoration or repair of the Property
<br />� or to the sums secured by this Mortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />� � or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />�, S such installments. lf under paragraph 18 hereof t6e Property is acquired by Lender, all right, title and interest of Borrower
<br />° in and to any insurence policies and in and to the proceeds thereof resutting from damage to the Property prior to the sale
<br /> E � or acquisition shall pass to Lender to t6e extent of the sums secured by this Mortgage immediately prior to such sute or
<br /> acquisition.
<br /> 6. Prmervadon a� Maintenance of Property; Lea4eholds; Condominiums; Planned Untt Developments. Bonowcr
<br /> ahall keep the Property in good repair and shall not commit waste or permit impairmeat or deterioration of the Property
<br />` , � and ahall comply with ffie provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br /> condominium or a planaed unit development, Borrower shall perform all of Bormwer's obligations under the declaration
<br /> or covenaats creating or governing the condominium or planned unit development, the by-Iaws and regulations of the
<br /> condominium or planned unit development, and constiment documents. If a condominium or planned unit development
<br /> _ rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider
<br /> shaL be incorposated into and shall amend and supplemrnt the covenants and agreements of this Mortgage as if the rider "
<br /> were a part hereof.:
<br /> , 7. Profecffon o[ Leoder's Secudty. If Borrower fails to perform the covrnants and agreements contained in this �
<br />�' Morlgage, or if any acUon `or proceeding is commrnced which materially affects Lender's interest in the Property,
<br />'� includi but aot liaoited to, eminent domain, insolvenc , code enforcement, or arran emenu or
<br /> �8. y g proceedings involving a
<br /> s ` baakmpt or decederit; then Lender at Lmder's optian, upon notice to Borcower, may make such appearances, disburse such
<br /> aums and 'take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of
<br />'. � reasouable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
<br />�� � � � coadition� o£ maicing � the � loan secured by � thia Mortgage,- Bortower shall pay the premiums rcquired to maintain such
<br /> , .� i�rance in eSect until such time as the requirement for such insurance terminates in accotdance with Borrowei s and
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