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<br /> Ur?�oxM CovEtK��rs. Borrowcr snd L,ender covenant and agrce as fpllows :
<br /> ' l. Prymeot of Pdncipql and Iufereat Borrowcr shall pcompUy pay when due the principal of and interest on the
<br /> , indebtedneas evidenced 6y the Nate, prepayment aad late .chargcs as provided in the l�lote, and the principal of and intere94
<br /> i on any Future Advances secuted by ffiis Mortgago. �
<br /> � 2. Foads for Tazes pnd Imuran�ce. Subject to appticable law or Yo a writtrn waiver by Lender. Barcower shall pay
<br /> � to Lender an the day monthly instatlments of prinaipul and interest ara payable under Che N.ote, until the Note is paid in fuq,
<br /> � a sum jherein "Funda'7 equal to one-twelfth of tho yearly taxes and assessments whic6 may attain pe[oritp over this
<br /> Mortgage, and ground rsnts oa the Property, if any, pius one-twelfth of yearly premia�m installments for hazard insurance,
<br /> ; plus one-twclfth of yearly premium instellments for mortgage insurance, if any, all ay reasonably estimated initially and from
<br /> time to time by I.ender an the basis of as3psments and bills and reasonable rstimates thereof.
<br /> ' j Ttae Funds shall be held in an institution the deposits or actounts of which are insured or guaranteed by a Federal or
<br /> + atatC agency (iacle�ding Lender if Lender is such an institution) . Lender shall apply the Funds to pay said tayces, assessmenu,
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<br /> ' � inSurance premiums and ground rents. I:ender may not charge for so holding and applying the Funds, analyzing said account,
<br /> ; i or vsrifying and compiling said assessments and bills, uoless Lender pays Boerower interest on the Funds and applicable 1aw
<br /> permits Lender to make such a charge. $oernwer and Lender may agree in wriYing at Che time o[ execution of this
<br /> Mortgage thaC interest on the Funds shall brt paid ro Borrower, and unless such agreement is made or applicable law
<br /> a requires such inierest to be paid, Lender shall not be required to pay Borrower any interest or eamings en the Funds. Lender
<br /> � shall give W Barrower, without charge, an annual ac¢ounting of the Funds showing credits and debiu 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 suma secured
<br /> � by tEiis Mortgage.
<br /> � If the amount pf the Funds held by Lendeq together with the future monthly installments of Funds payable prior to
<br /> % the dua dates of taxes, assessments, insurance premiums and ground rents, shall oxceed the amount required to pay said taxes.
<br /> ' assessments, insurance premiums and ground renu as they fall due, such eacess sha14 be, at Borrower`s option, ehher
<br /> � promptl,y repaid to Borrower or credited to Sorrower on monthly installments o€ Funds. If the amount of the Funda
<br /> - ; 6eld by Lender shall not be su�cimt to pay raxes, assessments, insurance premiums ancY ground rents es they fati due,
<br /> � Borrower shall pay to I�nder any amount necessary to make up ehc deficiency within 30 days from the date notice is mailed
<br /> by Lender to Borcower nquesting' payme�rt thereof_
<br /> Upan payment in full of all sueas secured by this Mortgage. Lender shall promptly cefunel to Bocrower any Funds
<br /> held by lender_ If under paragraph 18 hereof the Prapeny is sold or the Property is o4herwise acquired by Lender, Lender
<br /> shall apply, no later than immediaYety prior ta the sale of the Praperty or its acquisition by Lender, any Funds held by
<br /> Lender at tho time of application as a ctedit against the sums secured by this Mongage.
<br /> j 3. Applicatioo of payments. Untess applicable law provides oTherwise, all payments reeeived by Lend.er under the
<br /> ; Note and paragraphs 1 and 2 hereoC shall be applied by Lender firxt in payment of amounts payable to L.ender by Borrowar
<br /> under patagraph 2 hemof, ihen to inzerest payable on the Note, rhen to the pri��cipal of the Note, and then to interest and
<br /> , � principal aa any �utnre Advances.
<br /> ; " 4. Charges,• Idens. $orrower sha11 pay all caxes, assessments end other charges, fines and imposicions atCributablo to
<br /> the Propecty which may attain a prioriiy over this Mortgage, and leasehold payments os gr6und rents, if any, ia the manner
<br /> ' � provided under paragraph 2 hereof or, if not paid in sueh manner, by Borrower making paymtnt, when due, direcdy to the
<br /> ; payx fheeeof. Bortower sh�ll gromptly fumish to Lender all qotices of amounts due under this paragraph, and in the event
<br /> ' j Borrow�r shall make payment directly, Borrower shall prompdy Furnish to Lender raceipts cvidencing such payments.
<br /> � Borrower shall prompUy discharge any lien which has prioriry over this Ivfortgage; provided, chat Borrower shall not be
<br /> required to discharge any such lien so long as Borrower shall agree in writing to ehe payment of the obligation secured by
<br /> � sucfi lien in a manner acczptable to I.ender, oe shall in good faith eontest such lien by, or defend enfomement of such lien iu,
<br /> '� legai proceedings which operate [o prevent the enforcement of the lien or forfeiture of ihe Property or any part thenof.
<br /> ' � 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erec[ed on the Properry insured
<br /> + i against Loss by Sce, hazards included within the term "extended coverage", and such other hazards az Lender may require
<br /> � aad in such amounts and for such periods az 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 secured by this Mortgage.
<br /> : j The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> t6at such approval shall not be unreasonably withheld. All premiums on insurance policiu 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 /> inaurance carrier.
<br /> Atl insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> � clauae iR favor of and in form acceptable to Lender. Lender shall have the right to hotd the policies and renewals thereof,
<br /> : � and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br /> j Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of Ioss if not made promptly
<br /> by Borrarwer.
<br /> UnLess L.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br /> :� the Property damaged, provided such nstoration or repair is economically feasible and the security of this Mortgage is
<br /> not thereby unpaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br /> be impaind, the insurance proceeds stzall be applied to the swns secured by this Mortgage, with the excess, if any, paid
<br /> , f , to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> � date aotice is mailed by Lender to Dorrower that the insurance carricr offe:s to settle a claim fo� insurance bencfits, Lender
<br /> � is authoriud to collect and apply the iasurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or to thc sums secured by this Mortgage.
<br /> Unless I.ender aad Bortower 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 /> such installments. If under paragraph 18 6ereof the Property is acquired by Lender, all right, title and interest of Borrower
<br /> , � ia aad to any insurance policies and in and to t6c proceeds thereof resulting from damage to the Property prior to the sale
<br /> or acquisition shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquisition.
<br /> � 6. A�aervatlon and Maintenance of Propeety; Leaseholds; Condomintums; Ptanned Unit Devdopments. Borrower
<br /> s6a11 keep the Property in goad repair and shall not commit weste or permit impairment or deterioration of the Properry
<br /> and s6alI comply with the provisions of any lease if this Mortgage is on a leaschold. If this Mortgagc is on a unit in a
<br /> coadominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br /> or coveaants crea6ng or governing the condominium or planned unit development, the by-laws and regulations of the i
<br /> - condomiaium or planned unit development, and constituent documents. If a condominium or planned unit development
<br /> rider ' is �acecuted by Borrower and reeorded together with this Mortgage, [he covenanLs and agreements of such rider
<br /> shsll be inrnrporated into and shall amend and supplement the covmants and agreements of this Mortgage as if the rider � ;
<br /> were a parChereof. �i,r`�
<br /> 7. Yrotatlon of Lmde�s SecorHy If Borrower fails to perform the covenants and agreementa contained in this � . "� `� $
<br /> Mortgagc, or if any action or proce�ding i� commenced which materiatly affects Lender's interest in the Property,
<br /> iacluding, but not limited tq eminenf domain, insolvency, code enforcement, or arrangements or proceedings involving a ; , ��
<br /> baakrupt ordecedent; thea Leader aYLeuder•s option, upon notice to Borroweq may make such appearances, disburse such ' "�
<br /> sums and take such aMion as is necessary to protect Lendeis interest, including, but not limired to, disbursement of
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<br /> reasonable attorney's fas and entry upon the Property to make repairs. If L.ender required mortgage insurance as a � `_ '`v
<br /> � condition of making t6e loan secured by this Mortgage, Sorrower shall pay the premiums required to maintain such
<br /> '=i1 insuranx in eHect un4l such time as tl�e requiremmt for such insurance terminates in accordance wiih Borc+ower's and
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