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<br /> Ur�troxHt CoveNwtvrs. Borrower and Lender covenant and agree as foLows :
<br /> = 1. Payment o[ Pr(nclpal aad Internt Borrower shail promptly pay when due the principal of and interwt on the
<br /> ' indelbtedness evidenced by the Note, prepayment and late charges as provided in the i�lote, and the principai of and intecest
<br /> � on any Future Advances sepured by this Mortgage. 4
<br /> � 2. Fonds for Ta=es aod Ineuiance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay f
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<br /> to Lender on the day monthty installmeuts of principal and inYerut are payable mder the Note, until the Note is paed in full,
<br /> $ sum (heroin '•Funds") equal 'to ono-tweffth of tha yearly ta�ces and assessments which may attain priority over this
<br /> r : MpRgage, and gcound rents on the Pmperty, if any, plus ono-tweifth of yearly premium installments for hazard insurance, ;
<br /> � plus one-twelfth of yearly pnmium installments for mortgage insurance, if any, aU as reasonably estimated initially and from _
<br /> � time to time by Leader on ffie basis of assessmeots and bills and reasona6le estimates t6ereof. �
<br /> + The Funds slfall be held in an institution the deposits or aacounts of which are insured or guaranteed by a Federal or �
<br /> � � state agency (including Lender if Lender is such an institution) . Lender shali apply the Funds td pay said taxes, assessments,
<br /> � insarance pnmiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br /> or verifying and compiling said assessmenu and bills, unless Lender pays Borrower interest on the Funds and applicablr law
<br /> = permits Lender to make such a charge. Barrower and Lentter may agree in wriUng at the time of execution of this
<br /> � Mortgage that interest on the Funds s6a11 be paid to Borrower, and unless such agreemmt is made or applicable law
<br /> j requires such interdt to be paid, I,ender shall not be required to pay Borrower any interest or eamings on the Fuads. Lcnder
<br /> ; sha11 give to Borrower, without charge, an annual accaunting of the Funds showing credits and debits to the Funds and the
<br /> " purposc foc which each debit to the Funds was made. The Funds are pledged as additional szcurity far the sums sxured
<br /> � by this Mortgage.
<br /> f If the amount of the Funds held by Lender, togethee with the future ruonthly instaliments 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 /> assessments, inaurance premiums and ground rents as they fall due, such excess shalt be, at Borrower s option, either
<br /> ! promptly repaid to Borrower or credited to Burrower on monthly installments of Funds. If the amount of the Funds
<br /> Held by I.ender st�ell nat be suS3ciwt to pay taxes, assessments, insurance premiums and ground rents as tfiey fall due.
<br /> ' � � Borrower shall pay to Lender aoy amount nuessary to make up the deficiency within 30 days from t6e date notice is mailed
<br /> � by Lender to Borrower requesting' payment thereof.
<br /> Upon payment in full of a11 sums aecured by this Mortgage, Lender shall prompdy refun�i to Borrower any Funds
<br /> j � held by Lender. If under pazagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> } T"'� s6all apply, oo later than imatediately prior to the saYe of the Property or its acquisition by Lender, any Punds held by
<br /> i � Lender at the time of application as a credit against the sums secured by this Nlortgage. ,
<br /> 3. Application of Paymenfs. Unless applicable law provides otherwise, all payments received by Lender under the �
<br /> � � Note and paragraphs 1 and 2 hereof shalt be applied by Lender first in payment of amounts payable to Lender by Borrower �
<br /> pp under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
<br /> - ,, 1� princigal on any Future Advances.
<br /> ; 4. Charges; Liens. Borrower shall pay all taxes, azsessments and other charges, fines and impositions attributable to
<br /> ; the Property whiclz may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in tfie manner
<br /> � peovided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> payce thereof. Barrower shall promp[ly fumish to Lender al1 notices of amounts due uader this paragraph, and in the event
<br /> 7 Borrower shal! make payment dir�ectly, Barrower shall promptly furnish to Lender �eceipts evidencing such payments. `
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<br /> , ! Borrower sha11 ptompfly discharge any lien which has priority over this Mortgage; provided, that Borrower sha11 not be ^
<br /> � required 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 ro Lender, or shall in good faith contest such lien by, or 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 thenof. '
<br /> 5. Hazard Iasurance. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured �
<br /> � againat loss by Sre, hazards included within the term '•extended coverage", and such other hazards as Lender may require i
<br /> � and in suc6 acnounts and for such periods as Lender 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 securod by this Mortgage. y
<br /> "Ibe innurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> that such approvai shall not be unressonably withheld. All premiums on insurance policies shall be paid in the manner t
<br /> ` provided under paragraph 2 hereof or, if not paid in such manneq by Borrow�r making payment, when due, direcdy to the i�
<br /> , , insuraace cartier.
<br /> , { All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage i
<br /> � clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ;
<br /> j and Borrower shult promp8y furnis6 to Lender all renewal notices and all receip�s of paid premiums_ In the event of loss.
<br /> ; Sorrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Borrowen
<br /> Unleas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of '
<br /> the Property damaged, provided such restoration or repair is economically feasible and the sewrity of this Mortgage is
<br /> not thereby impaired. If such restoration or repair is not economicalty feasible or if the security of this Mortgage would
<br /> be impaired, the inaurance proceeds shall be applied to the sums secured by ihis 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 carrier ofiers to settle a claim for insurance benefits, Lender
<br /> is authorized to coIlect and apply the insurance proceeds at Lender's option either ta restoration or repair of the Property
<br /> ot to the aums secured by this Mortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to prirtcipal shall aot extend
<br /> ot postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change [he amount of
<br /> such installmenu. If under paragraph 18 hereof the Properry is acquired by I.�nder, alI right, title and interest of Borrower ,
<br /> in and to any insurance policies and ia and to the proceeds thereof resultiag from damage to t6e Property prior to the sale
<br /> ot acq�tisition shail pass to I.ender to the extent of the sums secured by this Mortgage immediately priw to such sale or
<br /> acquiaitioa.
<br /> 6. Pteservation and Maintenance of Property; Leaseholds; Condominiums; Planned Uoit Devdopments. Borrower
<br /> shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Propeny
<br /> �, � and shall comply with the provisions of any leese if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br /> condominium or a planned unit developmen[, Borrower shall perform all of Borrower's obligations under the declaration
<br /> or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of ihe
<br /> condominium or planned unit devdopment, and constiturnt documents. If a condominium ar ptanned unit development
<br /> rider u euecuted by Boaower and recorded together with this Mortgage, the covenants and agreements of such rider .,.„ ':
<br /> ahall be incorporated into and shall amend and supplement t6e covenants and agreemenu of this Mortgage as if the rider c— •- . ' ;s
<br /> were a part. hereof. , ;
<br /> 7. Protectlon' of Lender's Secad if Borcower fails to g ' �`
<br /> ty. perform the covenants and a reements contained in this � a�
<br /> Mo;tgage, or if any actioa or p;oceeding is commenced which materially affecu Lender's interest in the Property, :
<br /> induding, but not Iunited to, eminent domain, insolvency, code enforcement, or azrangements or proceedings involving a - x
<br /> badlcrupt or dxedmt, then I.ender sY Leader's option, upon notice to Borrower, may make such appearances, disburse such �N
<br /> sums and take anch action as is necessary to pmtect I.ender s interest, inclnding, but not limited to, disbursement of � � �
<br /> zeasamable attomey's fxa and eatry upon the Property to make repairs. If Lereder required mortgage insurance as a � ;"Y?^�
<br /> � - conditioa of,makiag thr loan secured by ffiis Mortgage, Borrower shall pay the premiums required to maintain such "� '" �� '-
<br /> �• � insurana ia eHect undl such time as the requiremrnt for such insurance terminates in accordance with Hormwers and
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