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<br /> U:tviPaxM Covexwirrs. Bornower and Ledder covenant and :�gree as follows:
<br /> 1. �pyment of PrioaipW and Interesr. Borrow2r shall promptly pay when due the principal of and interest pn tht
<br /> { indehtednes8 evid�nced by the Note, prepayment aqd late oharges as providaci in The Nate, and the principal of and interq;
<br /> on ang Futuro Advances secured by this Mortgage.
<br /> I 2. Fmds for Tazes and Ineurance. Sub,ject ta applicable law or to a written wsiver by Lxndcr, Baerower sha1Z pay
<br /> to I.ender on the day monthly installments of principal and interesx are payablo under Che IWote, i�nti( the N4te is paid in full,
<br /> a autn (heitein "Funds") equ�l to ono-twelfCh of thr yearly caxes and assessments which may attain priatity over this '
<br /> Mortgage, snd ground nnta on the Pcoperty, if any, plus oae-twclfth oE yearly premium instullme:nts fo� hazard insucanee,
<br /> plus onatwelfth of yestly pcemium installmenu for cnortgage insurance, if any'. all as reasonably estimated initially and Cmm
<br /> dme to timC by Lsnder on the. hasis, af assessments and biils anci reasonabla estimates thcreo.f.
<br /> T6e Funds shall be held in an inscitution the deposiCs or secounts ot whieh are Fnsured or guaranter.d by a Federal or
<br /> state agency (including L.cader if Lendet is sueh an ibstituEion). Lendee shall apply the Funds to pay said taxas, assessmrnts,
<br /> ! in5uraace premiums and gcound rents. Lender may r�Ot charge- far sp hblding and applying ihe Funds, analyzing said account, '.
<br /> or verifying and compiling said assessments and bills, unless Lender pays Boreower inttrest op the Funds and applicable law
<br /> ; petm�u Ltnder to make such a charge. Sprrawer and L,ender may agree in writing af the time of eacecuYion of this
<br /> Mortgage that intereat on the Funds shall be paid to 8otrower, and unless such agreement is made or appl�cable 1aw
<br /> raquires such inrorest to be paid, Lender shall not tx required to pay Borrower any intcrest or earnings an tlie Funds. Lehder
<br /> sl�all give to Sorrower, without charge, an annual accounting of the Funds showing credi'ts and debiu to tihe Funds and the
<br /> { pu�pose for which each debit ta the Fuud's was made. 7'he Funds are pledged as add�tionat secori2y for the sums secured
<br /> by this MarKgaga
<br /> If the amou�t of t6e Funds hrld by Lender, to�ather with the futurc monthly installments af Funda payable Prior to
<br /> ihe due dates of taxes; axsessments, insurance premiums an�i ground rents, shatl ezceed thp amount required to pay said taxes,
<br /> ansessments, insu�ance pcamiums and ground. re�ts as they (all due, such excess sha41 6e, �t Borrower''s option, either
<br /> prompCly repaid tb Borrower or credited to Borrowec on monthly installments of Funds. If the amount of the Funds
<br /> held by Lender sha11 not be suf�cient to pay ra�ces, assessments, insuaance premiums antl ground renrs as they falt due,
<br /> Borrower shall pay to Lendor a�ty amaunt necessary 2a make up the de5ciency within 30 days from cha date natice is mailcd
<br /> i by Leader to Sorrower requestimg' payment thereof.
<br /> Upon payment iu fuil of all sums securod by chis Mortgage, Cendec shall prc>mptly refund to Borrowe� any- Funds
<br /> ' held by L.ebdec If under paragraph 18 hercnf the Property is sold or the Propeety is othe.rwise acquired by [:.ender, Lender
<br /> shell apply, na later than immediately prior tp tha s-a1e of Eha Yroperty or its acquisition by Lender, any Funds held, by
<br /> : ? L.ander at the timt ot applicauon as a credie against the sums secured by this hfott-gagc.
<br /> 3: Applicatlon of Payments. Unless applicable Iaw prmides otherwise, all payments received by LendeK uhder the
<br /> Note and paragraphs 1 and 2 hereof shall be applied by Lender first m payment of amounts payuble to Lend`er by Borcowee
<br /> � un8er ,paragraph 2 hercof, then to interest payable an the Noie, then W Ehe principal of the Note, anii then to interest and
<br /> principal oc� any Future Advances.
<br /> 4a C6a�ges; I3ens, Borrower shall pay all taxes, assessments and other cMarges, fines and impositions actr+butable tu
<br /> We PrbpeRy which may attain � pYiority over ihis Mortgage, and leasehold payments or grqund renu, i€ any, in ihe manner
<br /> > � provided under paragraph 2 Hcreof ot. if not paid in suoh mannea, by Bacrower making payment, svhM due, direcUy to the
<br /> payte thereof. Horcower s6alf prompfly f�irttish to Lender alI nutices �f amounu clue und�r this paragraph., and io the evant
<br /> ' ; Borrower shall make payment directly, $orrower shall prompHy furnish to Cender toseipts evidencing swch payments.
<br /> � Borrower shafl pramptly discharge ariy lien which has priority over [his Mortgage; Provided, that B�rcowe� shaJl not be
<br /> ; j required Co dischsrge any such lien so lung- as Borrower shait agree in writi.ng to the paymenY of the otiligation secured by
<br /> such lien in a manner saceptablc to l.ender, or shatl in good faith contesc such lian by, ar defend enforcement of such lien in, '
<br /> ` legal proceedrngs which operate to prevent che enforcement of ihe lien or forfeicure of tHe Property or any part Yhzceaf.
<br /> , 5. Hazard losuronce. Boaower shall keep the improvements now existing or hereafter erected on the Property insured
<br /> � against loss by fire, 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 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 securcd by this Mortgage.
<br /> � The inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
<br /> i that such approval shall not be unreazonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> ' j provided under paragrap6 2 hereof or, if not paid in such manneq by Borrower making payment, when due, dimUy to the
<br /> f iasurance carrier.
<br /> - j All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> ; clause in favor of and in form acceptable ro Lender. Lendcr shall have the right to hold the policies and renewals thereof,
<br /> � and Borrower shall prompUy furaish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss,
<br /> Borrower shall give prompt aotice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Borrower.
<br /> j Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br /> e the Property damaged, provided such restoration or repair is economicatly feasiblc and the security of this Mortgage is -
<br /> i ; not thereby impaired. If such restoration or repair is not economicalty fcasible or if the security of this Mortgage would
<br /> ' f be impaired, the insurance ptoceeds shall be applied to the sums ucured by this Mortgage, with the excess, if any, paid
<br /> � to Borrower. If the Property is abandoned by Borrower, or if Horrower fails to respond to Lender within 30 days from the
<br /> , i date notice is mail�d by I,ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, L.ender
<br /> y is authorized to collect and apply t6e insurance proceeds at Lender's option eitlier to restoration or repair of the Property
<br /> � or to the sums suured by this Mortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> j or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br /> � such installments. If under paragraph 18 hereof the Property is acyuired by Lender, att right, title and interest of Borrower
<br /> in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propeny prior to the sale
<br /> ° ; or acquisition shall pass to L.ender to the extent of the sums secured by this Moctgage immediately prior to such sale or
<br /> ',, � acquisition
<br /> ;. � 6. Preeervatlon aod Malotenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br /> r � shall keep ffie Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br /> ' i aad shatl comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit i� a
<br /> ; j condominium or a planned unit development, Borrower shalt perform all of Borcower's obligations under the declaration
<br /> or covenants creating or governing the condominium or planned unit developroent, the by-laws and regutations of the �
<br /> ; ' � condominium or planned unit development, and constituent documents. If a condominium or planned unit development
<br /> ? rider is exxuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider �^�
<br /> ` � shall be incorporated into and shall amend and supplement the covenants and agrcements of this Mortgage as if the rider - �
<br /> � � wero a part hereof. � � ;
<br /> 7. Protecdon of LeodePa Securlty. If Borrower fails to perform the covenants and ag�eements contained in this I " '
<br /> � Mortgage, or if any action or procceding is commenced which materially affects Lender's interest in the Property, ,�
<br /> � including, but not limited to, eminent domain` insolvency, code rnforeement, or arrangements or proceedings involving a �
<br /> bankrupt or decedatt, then Lender at Lender's option, upon notice to Borroweq may make such appearances, disburse such , �;��
<br /> sums and ' take such action as is necessary to protect Lenderh interest, induding, but not limited to, disbursement of c
<br /> • i reasoaable attomey's fxs and mtry upon the Property to make repairs. If Lender required ' mortgage insurance as a
<br /> � ooadition of maltin t6e loan secured b this Mort a e, Boaowcr shall 'j"
<br /> ; 8 y B g pay the premiums rcquired to maintain such .
<br /> ,; � insurance in eHect unlil such time as the rcquirement for such insurance terminates in accordance with Borrower's and
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