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<br /> 78,," 001820 �
<br /> UxrnonM CovBx�xrs. Borrower and Lender covenant and agree as fotlows :
<br /> L Payment ot Principai and Interes4 Borrower shail promp8y pay when due the principal of and intemst on the
<br /> ' indebtedneas evidenced by the Nate, prepaymeot and late charges as provided in the Note, and the principal of and interest
<br /> 1 oa any FuRuro Advances secured by this Mortgage.
<br /> � , 2. I►ande tor Tuee and Insurance. Subject to applicable law or to a written waiver by Lender, Boaower shall pay �
<br /> s ' to T.ender on the day monthly installments of ptincipal and interest are payable under the Note, until the Note is paid in full.
<br /> j ! a sum (6erein "Funds") equal to onctwelfth of the yearly taxas and atsessmenu which may attain priority over this
<br /> � , Mortgage, and gmuad renta on the Property, if any, ptus one-twelhh of yearly pmmium installments foz hazard insurance,
<br /> � plus oa�+twelfth of yearly pnmium instaliments for mortgage insurance, if any, all as reasonabty estimated initially and from
<br /> { time to time by I.ender on the basis of assessments and bilts and reasonable estimata thereof.
<br /> TheBunds shall be he.ld in an instifution the deposits or accounts of which aro insured or guaranteed by a Federal or
<br /> state ageney (including Lender if E.ender is such an enstitution) . Leader shall apply the Funds [o pay said taxes, assessmenu,
<br /> '; insurance pmmiums and ground rents. Lender may not aharge for so holding and applying the Funds, analyzing said account,
<br /> i - or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable ]aw
<br /> permits Lcnder to make such a chaego. Borrower and Lender may agree in writing at the time of execution of this
<br /> � Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable Iaw
<br /> requires such interest to be paid, L.ender shall not be required to pay Borrower any interest or eamings on the Funds. Lender
<br /> shall give to Borrower, without ¢harge, an annual accountiog of the Funds showing cred"ets and debiu to the Funds and the
<br /> ; : purpose for which each debit to the Fuods was made. The Funds aro pledged as additional security for the sums secured
<br /> by this Martgagc.
<br /> ` i : If the amount of the Funds held by Lendeq together with the future monthly installments of Funds payable prior to
<br /> � t6e due datu of taxes, assessments, insurance remiums and round rents, shall exceed the amount r
<br /> s : P 8 equired to pay said taxes.
<br /> assessmenLs, insurance premiums and ground rents as they falt due, such excess shall be, at Borrower's option, either
<br /> ' ! promptly repaid to Borrower or credited to Borrower on monthty installments of Funds. If the amount of the Funds
<br /> ' held by Lender shall not be sufficient to pay taxes, assessments, insurance pmmiums ancl ground rents as they fall due,
<br /> ' ' Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br /> ,, t` by Lender to Borrower requesting payment thereof.
<br /> , ,t ' Upon paymeat in ful! of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br /> } held by 3xnder. If under paragraph IS hereof the Propecty is sold or the Property is otherwise acquired by Lender, Lender
<br /> � j ahall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Fuads held by `
<br /> Lender at the time of application as a credit agains[ the sums secured by this Mortgage.
<br /> { 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br /> � ; Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borzower
<br /> i ; under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
<br /> S principal on any Puture Advances.
<br /> �t , 4• Charges; Liens. Borrower shall pay a11 taxes, assessments and other charges, fines and impositions attributable to
<br /> : t6e Property which may attain a priority ower 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, �lirecfly to the
<br /> ,`� payee thereof. Borrower s6a1t promptly furnish to Lender all nodces of amounu due under this paragraph, and in the evmt
<br /> Borrower shall make payme�t dirncUy, Borrower shall prompdy furnish to Lender receipcs evidencing such paymenu.
<br /> Borrower shal! promptiy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be `
<br /> required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation sccured by �
<br /> svch lien in a manner accep[able to Lender, or shall in good faith conrest such lien by, or defend enfomement of such Iien in, ',
<br /> legal proceedings which operate to prevent the enforcement of �he lien or forfeiture of the Property or any part thercof. < <;
<br /> 5. Ha�rd Insurance. Borrower shalt keep the improvements now existing or hereafter erected on the Property insured �;
<br /> ' againat loss by 6re, ha7ards included within the term "extended coverage", aad such other hazards as Lender may require
<br /> r;` and in such amounts and for such periods as Lender may require; provided, that Lender shall not require thut the amount of •^
<br /> such coverage excced that amount of coverage required to pay the sums secured by this Mortgage.
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<br /> � The insurance carrier providing the insurance shail be choxn by Borrower subject to approval by Lender, provided, `a��
<br /> ! that such approval shall nat be unreasonably withheld. AII premiums on insurance policies shall be paid 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 /> insurance carrier.
<br /> ' + All ins�ance policies and renewals thereof shall be in form acceptablc to Lender and shall indude a standard mortgage
<br /> ' clause in favor of and in form acceptabte to Lendec Lender shall have the right to hold the policies and renewals thereof,
<br /> and Borrower shall prompUy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
<br /> � Horrower shall give prompt aotice to the insurance carrier and Lender. Lendcr may make proof of loss if not made prompdy
<br /> by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to resroration or repair of
<br /> the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br /> not thereby impaired. If such restoration or repair is not economically feasii;le or if the securiry of this Mongage 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 Honower. 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 offers to settle a claim for insurance benefits, Lender
<br /> " is authoriud W collect and a 1 t6e insurance p P p�rty
<br /> � pp y proceeds a[ Lender's o tion either to restoration or re air of the Pro
<br /> C or W the sums secured by this Mortgage.
<br /> Unless Lender and Borrower otherwise agra in writing, any such application of proceeds to principal shall not eztend
<br /> or postpone the due dau of the monthly instatlments referrcd to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installmenb. If under paragraph 18 hereof the Property is acquired by Lender, all right, titic and interest of Borrower
<br /> -E in and to any insuranee policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br /> ,� or acquisition shall pass to L.ender to the eztent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquisition.
<br /> 6. Preservetion aud Malntenance of Property; Leasehotds; Condominiums; Planned Uoit Developments. Borcower
<br /> shall kap the Property in good repair and shall not commit waste or permit impairment or deterioration of the Propeny
<br /> and s6all comply with the provisions 6f any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br /> condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declnration
<br /> oi covenants creating or goveraing the condominium or ptanned unit developmeat, the by-laws and rcgulations of the
<br /> condominium or plamed unit development. and constituent documents. If a condominium or planned unit development �
<br /> ridet_is executed by Borrower and recorded [ogether with this Mortgage, the covenants and agreemenis of such rider
<br /> shall be inwrporated into and s6all amend and supplement the covenants and agreements of this Mortgage as if the rider " �- 4
<br /> were a, part hereof. ._ --
<br /> 7. Protectlon of Lende�a Secnriky. If Boaower fails to perform the covenants and agrecments cootained in this � �; � i
<br /> Mongage, or if any action ot proceeding is commenced which materiaUy affects Lender's interest in the Property, I s
<br /> iacluding, but not limited to, eminent domain,� insolvency, code enforcement, or arrangements or proceedings involving a -� r„,, ;'" �"
<br /> bankrupt or decedent,:then I:,ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
<br /> sams and take such actiop as is necessary to protect L.ender's interest, including, but not limited to, disbuisement of + ' ° �'=,::�
<br /> reasonable 'attomey's fxa and entry upon tl�e Property to make repairs. If Lender required mortgage insurance as a + � ��:i .,
<br /> condiGon of mskin the loan secured b this Mort a Borrower shall � '"�
<br /> 8 Y S 8e. pay the premiums requirod to maintain such n ,y� .
<br /> imurance in effect tmtil such time as t6e requirement for sach insurance terminates in accordance with Borrower's and
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