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<br /> 78-,� �. 018 70
<br /> Uxrnoxt.t Covex,�tars. Borrower and Lender covenant and agree as followa:
<br /> ' 1. PaymenE oE Principal and Interest. Borrower shall promp8y pay when due ffie principal of and interest on the
<br /> ; ; indebtedneu evidenced by the Note, prepayment and Iate oharges as provided in the Note, and the princiga! of and inteces!
<br /> oa any Futan Advances secured kry this Mortgage.
<br /> i ; Z. Fonds for Tuea aud L�sueanco. Subject to applicable law or to a written waiver by Lender, Bocrower shall pay
<br /> � ! to Lender on the day monthly installments of principal and interest aro payable under the Note, until the Note is paid in full,
<br /> a aum (herein "Funde"y equal to ono-twelfth of the yearly taxes and asszssments which may attain priority over this
<br /> � ; Mortgage, and ground rents on the Property, if sny, plus ooe-twelfth of yearly premium installmenu fot hazard insurance.
<br /> j ; plas one-twelfth of yearly premium installments for mortgage inaurance, if any, all as reasonably estimated initially and from
<br /> time to time by I.ender an the basis of assessments and bills and roasonable estimates theroof. .
<br /> The Funds ahal.i be held in an institution the deposits or accounts of wfiich are insured or guarantetd by a Federal or , :
<br /> � atate agency (including Lender if Lender is such an institution) . Lender shalt apply the Funds to pay said tazes, assessmrnts,
<br /> i ` insuranca premiums and ground rents. Lender may not charge for so holding and apptying the Funds, analyzing said account,
<br /> '. or verifying and compiling said assesaments and bills, unlesx Lender puys Borrower interest on the Funds and applicable !aw
<br /> ; i permirs Lender ta make such a charge. Borrower and L.ender may agrce in writing at the time of execation of ffiis
<br /> Mortgage that interest on the Funds shait be paid to Borrower, and unlus such agrxment is made or applicable law
<br /> requires auch inteeest to be paid, Lender sha11 not be required to pay Borrower anv interest or earnings on the Funds. Lender
<br /> ' y : shalt give to Borrower, wit6out charge, an annuat accoanting of the Funds showing crediu and debits to the Funds and the
<br /> purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secund
<br /> by this Mortgage.
<br /> : j If the amount af the Funds held by Lender, together with the fumre monthly installments of Funds payable prior to
<br /> ' # ' the due dates oE taxes, assessments, inaurance premiums and ground rents, shall exceed the amount required to pay said taxes.
<br /> aaseaunents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br /> prompdy repaid to Borrowcr or credited to Borrower on monthly instalirnents of Funds. If the amount of the Funds
<br /> held by Lender shall not be su9icient to pay taxes, assessmenu, insurancc premiums a�d ground rents as they fall dua
<br /> Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notiee is mailed
<br /> by Lender to Horrower requesting payment thereof.
<br /> ` � Upon payment in full of all sums secared by this Mortgage, Lender shall promptly refund to Borrawer any Funds
<br /> , � held by I.endec If uader paragraph 18 heroof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> ahall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, aoy Funds held by
<br /> f ' Lender at the titne of application az a cndit against the sums secured by this Mortgage.
<br /> # 3, A lication of P
<br /> ; pp qymeots. Unless applicable law provides otherwise, alI payments received by Lender under the
<br /> Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounu payable to Lend'er by Borrower
<br /> ? ' under paragraph 2 henof, thrn to interest payable on the Note, then to the principat of the Note, and then to interut and
<br /> + ' principal on any Future Advances.
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<br /> 4. Charges; Lievs, $orrower shall pay a!1 tazes, assessments and other charges, fines and impositions attributable m
<br /> the Property which may attain a prioriry over this Mortgage, and leasehold payments or ground renu, if any, in the manntr
<br /> provided under paragraph 2 hereof or, if not paid in such manneq by Borrower making payment, when due, directly ro ffie
<br /> ' � ' payee thereof. Borrower s6all prompUy furnish to Lender al! notices of amounts due under this paragraph, and ia the event '
<br /> ' ; ; Borrower shall make payment directly, Borrower shafl promptly furnish to Lender receipts evidencing such payments. �
<br /> ' 1 � Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that B�rrower shall not be
<br /> ::�`, required to dischazge any such lien so Iong as Borrower shal! agrce in writing to the payment of the obligation secueed by
<br /> !� such lien in a manner accieptable to L.ender, or shalt in good faith contest such lien by, or defend enforcement of sucfi lien in,
<br /> # ' legal proceedings which operate to prevmt the enforcement of the lien or forfeiture of the Property or any part thereof.
<br /> ' S• Ha�rd Imu�aace. Borrower shall keep the improvements now existing or hereafter erected on the Properry insured
<br /> ` i` agaimt loss by fire, hazards included within the term ••extended coverage", and such other hazards as Lender may nquire
<br /> ��` and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
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<br /> such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br /> ' °r The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> � that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> , F- provided under pazagraph 2 hereof or, if not paid in such manneq by Borrower making payment, when due, direcdy to the
<br /> insurance carrier.
<br /> All insurance policies and renewals thereof shall be in form acceptabte to Lender and shall include a standard mongage
<br /> e(ause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br />� , and Bocrower shalt promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br /> i a' Bocrowv ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> ?` by Botrower.
<br />� �; Unless Lender aad Bonower otherwise agree in writing, insurance proceeds sha�t be applied to restoration or repair of
<br />; #; the Property damaged, provided such restoration or repair is economically feasible and the sewriry of this Mortgage is
<br />,., � not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br /> i j be impaired, the inaurance 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 iasurance carrier oNers to settle a claim for insurance bene6ts, Lender
<br /> j is authoriud to collect and apply the insurance procceds at Lender's option eithez to restoration or repair of the Property
<br />, t= or to t6e aums secund by this Mortgaga '
<br />'; r Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principat shall not extend
<br />;, �; or postpone the due date of the monihly instaUmenu referred to in paragraphs 1 and 2 6ereof or change the amount of
<br /> such installment� If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower
<br /> ` !` in and to any insurance policies and in and to the proceeds theroof resulting from damage to the Property prior to the sale
<br /> or acquiniflon shall pass to Lender to the extent of the sums secured by this Mortgage immediatety prior to such sale or
<br />, acquisition.
<br /> 6. Praervadon and Malntenance of Propecty; Lessehold� Condominiums; Ptanned Unit Developments. Borrower
<br /> shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br /> and shall comply with the provisions of any lease if this Mortgage is on a leaschold. lf this Mortgage is on a unit in a
<br /> condotninium or a plaaned unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br /> or covenants creatiag or governing the condominium or planned unit development, the by-laws and regulations of the
<br />� coadominium or planned uait developmen4 and constituent documents. !f a condominium or planned unit development
<br /> rider is executed by Borrower and remrded together with this Mortgage, the covenants and agrcements of such rider "'''
<br /> shali be incorporated into and shall amend and supplemmt the covenants and agreements of this Mortgage as if the rider
<br /> .,� 8 �c.h�. �
<br /> 7. ProtecUon oE Leade�e Secariry. If Borrower fails to perform the covenants and agreemenu contained in this
<br /> Mortgage, or if any " action or proceeding is commenced which materiatly affects Lender's interest in ffie Property,
<br /> iadnding, but not limited to, emiaent-domain, insolvency, code enforcement. or arrangements or proceedings involving a
<br /> banlcrupt or decedent, tfien I.ender atLendePs option, upon notice to Borrower, may make suc6 appearances, disburse such
<br /> sums, and take anch actioa as is necessary to protect Lenders interest, including, but not limited to, disbucsement of
<br />; 1 nasonable attomey's feea and entry upon the Property to make repairs. If Lender required mortgage insurance as a
<br /> , � eonditioa of maYing the loan secured by this Morigage, Borcower shall pay the premiums requirul to maintain such
<br /> � inaurance in eHect until such time as t6e requiremeat for such insurance terminates in accoxdance with Hormwers and
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