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<br /> 78-- .
<br /> 002681
<br /> UNrnonM CoveNexrs. Borsower and Lender covenant and agree as follows:
<br /> 1_ Yayment oE Piincipal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br /> , ; indebtedneas evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br /> § on aay Future Advances secured by this Mortgagc.
<br /> � Z� Pamds ioe Tases and Insurance. SubjeM to applicable law or to a written waiver by Lender, Borrower shall pay �
<br /> � to Ixnder on the day monthly iastatlments of principal and interest are payable under the Note, until the Note is paid in full,
<br /> � a swa (herein "Funda'7 �q�1 to one-twelfth of the yearly taxes and asseasments which may attain priority over this
<br /> , Mortgage, and ground nnts oa the Property, if any, plus ono-twetflh of yeady premium installments for hazard insurance,
<br /> plus ono-twelfth of ytarly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br /> + time to time by Lender on the basis of assesaments and bilis and roasonable estimates thereof.
<br /> i T6e Funds s6a11 be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or `: '
<br /> ' ! atate agency (including Lender if Lender is such an institution ) . Lender shall apply the Funds to pay said taxes, assessments,
<br /> iaaurance premiums and ground rents. Lender may not charge for so hoiding and applying the Funds, analyzing said account,
<br /> ' j or verifying and compiling said assessments and bilis, unless Lender pays Borrower interest on the Funds and appiicable law
<br /> permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this j
<br /> � Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law ;
<br /> ? requires such interest to be paid, Lender shall not be required to pay Borrower any interest or eamings on the Funds. I.ender {
<br /> ' sha2] give to Borrower, wiihouL charge, aa annua! acconntiag of the Funds showing credits and debits to the Funds and the
<br /> ' purpose for which each debit to the Funds was made. 1'he Funds are pledged as additional security for the sums secured
<br /> ? by this Mortgage.
<br /> ' If t6e amount of the Funds held by I.ender, together with the future monthly installments 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, insurance premiums and ground renu as they fall due, such excess shall be, at Borrower's option, either
<br /> y prompdy repaid to Borrower or credited to Borrower on monthly instaliments of Funds. If the amount of the Funds
<br /> ; held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br /> ' I Borrower shall pay to Lender any amount necessary to make up tbe deficiency within 30 days from the dau notice is mailed
<br /> � by Lender to Borrower requesting payment thereof.
<br /> ' Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br /> held by Lender_ If under pazagrap6 18 hereof the Property is sold or the Properry is otherwise acquired by Lender, Lender
<br /> j shall apply, no larer than imatediately prior to the sale of the Propeety or its acquisition by Lender, aay Funds held by ;
<br /> Lender at the time of application as a credit against the sums secured by this Mongage. �
<br /> } 3- Appttcation of Payments. Unless applicable law provides otherwise, all paymenu received by Lender under the �
<br /> # Note and paragraphs 1 and 2 hereof shall be apptied by Lender first in payment of amounts payable to Lend'er by Borrower `
<br /> k under paragraph 2 hercof, t6en to interest payable on the No[e, then to the principal of the Note, and then to interest and
<br /> principal on any Future Advances.
<br /> ¢; 4. Charges; Lens. Borrower shall pay all taxes, assessmenu and other charges, fines and impositions attributabie to
<br /> � the Property whic6 may attain a priority over this Mortgage, and Ieasehold paymenu 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, directly to the
<br /> ; payee thereof. Borrower shall promptly fumish to Lender all nouces of amounu due under this paragraph, and in the event �
<br /> { Borrower shall make payment directly, Borrower shall prompUy furnish to Lender receipts evidencing such paymenu. ;
<br /> Borrower shall prompdy discbarge any lien which has priority over this Mortgage; provided, that Borrower shalt 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 maaner acceptable to L.ender, or shall in good faith contest such lien by, or defend enforcement of such liea in, ;
<br /> , a legai proceedings which operate to prevent the enforcement of the lien or focfeiture of the Property or any part thereof. ;
<br /> # 5. Hazard Ineuronce. Borrower shail keep the improvements now existing or hereafter erected on tha Property insared ;
<br /> } against loss by fire, hazards included within the term ` extended coverage", and such other hazards as Lender may rcquire j
<br /> { and in such amounts and for such periods as Lender may require; provided, that Lender shall not mquire tt�at the amount of 2
<br /> } such coverage exceed that amount of coverage required to pay the sums secured by this Mortgaga 4
<br /> � Tbe insurance carrier providing the insu�ance sha1l be chosen by Borrower subject to approval by Lender, provided, '
<br /> G that such approval shatl no[ be unreasonably withheld. Alt premiums on insurance policies shall be paid in the manner ;
<br /> ' ) provided under pazagraph 2 hereof or, if not paid in such manner, by Borrower making paymeot, when due, direcUy to the t
<br /> ' t insurance carrier. -
<br /> � All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage �
<br /> f clauu in favor of and in form acceptable to L.ender. Lender shall have the right to hold the policies and renewals thereof. ;
<br /> � and Borsower shail prompUy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, '
<br /> Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if nat made promptly
<br /> � by Borrowec
<br /> � Unless Leader and Borrower otherwise agree in writing, insuraoce proceeds shall be applied to restoration 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 feasible or if the security of this Mortgage would
<br /> 6 be impaired, the insurance proceeds shall be applied to [he 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 C.ender within 30 days from the
<br /> � date notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
<br /> is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> � or to the sums secured by this Mortgage.
<br /> Ualess I.ender and Borrower 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 /> i such instalimenu. If under pacagraph 18 bereof the PropeRy is acquired by Lender, all right, tiUe and incerest of Borrower
<br /> k in aad to any insurance policies and in and to the proceeds thereof resulting fram damage to the Property prior to the sale `
<br /> � or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or '
<br /> acquisition.
<br /> 6. Preeervatlon and Maintenance o£ Property; i.easeholds; Condominiums; Planned Unit Developments. Borrower
<br /> � shall Iceep the Property in good repair and s6a11 not commit waste or permit impairment or deterioration of the Property
<br /> i and slaall comply with the provisions of any lease if this Mortgagc is on a leasehold. If this Mortgage is on a unit in a
<br /> i condaminium or a planned onit development, Horrower shall pedorm all of Borrower s o6ligations under the declaration
<br /> or covensats creating or governing the condominium or planned uoit devetopm�nt, the by-laws and regulations of the �
<br /> + condominium or planned unit development, and constituent documents. If a condominium or planned unit development
<br /> � rider is executed by Borrower and ncorded together with this Mortgage, the covenants and agreements of such rider F . - ,
<br /> shall be incorporated inro and shall amend and supplement the covenants and agreements of this Mortgage as if the rider _
<br /> ` � were s part hereof. " `
<br /> 7. Protectloo of Lender's Secodty. If Borrower fails to perform the covenants and agreements contained in this � �
<br /> } MoKgage, or if my action or proceeding is commenced which materially affects Lender's interest in the Property,
<br /> iacluding, but not limited to, eminent domatn. insolvency, code enfomement, or arrangements or proceedings involviag a
<br /> ', � baalcrupt or decedent, then Lender at Leader's option, upon notice to Borzower, may make such appearances, disburse such ' * ,
<br /> sums and take such action as is necessary to protect Lenders inro�est, including, but not limited to, disbursement of ` ' -` '�
<br /> '' � reasonable attomey's fees and entry upon the Property to make rcpairs. If Lender required mortgage insurance as a _ •:.�a•
<br /> + wndition of maldng the loan secured by this Mortgage, Boaower shall pay [he premiums required to maintain such � '
<br /> `, jP •r�+,*�•�ce in eSect until such time as the requirement for such insurance terminates in accordance wich Bornower s and
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