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<br /> �g_ UU3132
<br /> U»rnoxM Coveivwtrrs. Borrower and Lender covenant and agree as foUows:
<br /> 1. Paymwt ot P�indpal and Intereat. Bortower ahall promptly pay whrn due the pri�cipal of and interest on the
<br /> � ' indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br /> ! , on any Futurc Advances secured,by t6ia Mortgage.
<br /> I Z. Fonds tor Ta�es and Inwrance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br /> to I.ender on the day monthly instaliments o€ principal and interest are payable under the Note, until the Note is paid in full.
<br /> R : a sum (hezein "Funda'� equal to onatwelfth of the yearly taues and assessmenu which may attain priority over this
<br /> t Mortgege, and ground nnts on the Property, if any, ptus one-twelhh of yearly premium instaliments for hazard insurance, � :
<br /> ? plus onatwelfth of yearly premium instellments for mortgage insurance, if any, all as reasonably estimated initially and from
<br /> � . time to time by Lender on We basu of assessments and bills and reasonable estimates thereof. �
<br /> + The Funds ahall be held in an institution the deposiu or accounts of which are insured or guaratiteed by a Federal or
<br /> $ atate agency (including Lender if Lender is such an institution) . Lender shall apply the Funds to pay said taxes, assessmenb,
<br /> � ; insurance premiums and ground rents. Lender may not charge for so hotding and applying the Funds, analyzing said account,
<br /> or verifying aad compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law '
<br /> t ` permits Lendet to make such a charge. Borrower and L.ender 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 law
<br /> � ' requires auch 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 charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> , : purpose for which each debit to the Funds was made. 'Ihe Funds are pledged as additional security for the sums secured
<br /> i by this Mortgage. �
<br /> j ' If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br /> the due dates of taxes, assessments, insurance premiums and ground rmts, shall exceed the amount required to pay said taxes, `
<br /> `. saseasments, inaurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either '
<br /> prompAy repaid [o Borrower or crediced to Borrower on monthly instailments of Funds. If the amount of the Funda _ },
<br /> held by Lender shall not be suf5cieat to pay ta�ces, assessments, insurance premiums and ground rents as they fali due,
<br /> Borrowe� shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed S �';
<br /> ; by L.ender to Borrower requesting" payment thereof. F
<br /> Upon payment in fult of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br /> � ' held by Lender. If under pazagrapb 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br /> � � : Leader at the time of applicatioa as a credit against the sums secured by this Mortgage. i
<br /> ` ' 3. Applicadon of Payments. Unless applicable Iaw provides otherwise, all payments received by Lender under the S `
<br /> i �;;
<br /> � : Note and paragraphs 1 and 2 henof shall be apptied by Lender first in payment of amounta payable to Lender by Borrower �
<br /> under ara a h 2 hereof, then to incerest f'
<br /> j P Br p payable on the Note, then to the principai of the Note, and then to interest and �
<br /> , a principal on any Future Advances. n
<br /> f : 4. Chatgea; Lieos. Borrower shall pay aIl taxes, assessmrnts and other charges, fincs and impositions attributable to r
<br /> j •. the Property which may attain a priority over this Mortgage, and leasehold payments or gtound rents, if any, in ihe manner 's�
<br /> provided under paragraph 2 herwf or, if not paid in such manner, by Borrower making payment, when due, directly to ffie
<br /> � ; payee thereof. Borrower shatl promptty fumish to Lender all notices of amounts due under this paragraph, and in the event
<br /> Bormwer shall make payment directty. Borrower shalt prompdy furnish to Lender receipts evidencing such payments. ' ' a ;
<br /> � Borrowu shal! prompdy disc6arge any lim ivhich has priority over this Mortgage; provided. that Borrower shalt not be ' � -�;
<br /> � s rcquired to disc6arge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ; S2;
<br /> �' such liea in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enfomement of such lien in, i � x
<br /> legal proceedings which operate to preveat the enforcement of the lien or forfeiture of the Propeny or any parE chereof. t' ' `� �:*r%
<br /> # 5. Auard Iroacance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured °
<br /> S ' against loss by fin, hazards included within the term "extended coverage", and such other hazards as Lender may require �
<br /> � + and in such amounts and for such periods as Lende� may require; provided, that Lender shall not require that the amount of k
<br /> such coverage excced that amount of coverage required to pay the sums secured by this Mortgaga �
<br /> � , The insurance catrier providiag the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> that such approval s6all not be uanasonably withheld. All premiums on insurance policiu shall be paid in the manner "
<br /> i provided under paragraph 2 hereof or, if aot paid in such manner, by Borrower making payment, when due, direcdy to the �
<br /> insuraace carrier.
<br /> ' � All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> �� clauu in favor of and in form acceptable to Lender. Lender sha�l have the right to hold the policies and renewals thereof,
<br /> , f� and Borrower shall promptly futnish to Lender all renewal notices and all receipts of paid premiums. In the event oF loss.
<br /> Bortower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> 1 ' by Borrower.
<br /> r ' Unless Lender and Botrower otherwise a ree in writin
<br /> , ; g g, insurance 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 economicalty feasible or if the security of this Mortgage would
<br /> � be impaired, the insurance procceds shall be applied to the sums secured by chis Mortgage, with the excess, if any, paid
<br /> � to Borrower. If the Property is abandoned by Bor�oww, or if Borrower fails to respond to Lender within 30 days from the
<br /> � � date nouce is mailed by I,ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br /> � is authorized to collect and apply the insurance proceeds at Lender's option either ro restoration or repair of the Property
<br /> �� or W the sums secured by this Mortgaga
<br /> t Unless I.eader aad Borrower otherwise agree in writing, any such application of proceeds to principal shatt not extend
<br /> • � � . br postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> �� sueh instailments. If under paragraph 18 hereof the Property is acquired by I,ender, all right, tiUe and interest of Borrower
<br /> , in and to any insurance policies and in and to the proceeds thereof resutting from damage to the Property prior to the sale
<br /> i� or acquisition shall pass to Lender to the eactent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquiaiGon.
<br /> �!' 6. Preservatlon and Maintenance of Pro -
<br /> x 3 shall' kee tha Pro ��'+ ��hotds; Condominiums; Planned Unit Developments. Borrower
<br /> p perty in good repair and shall not commit waste oc permit impairment or deterioration of the Property
<br /> 4' and shall comply with the provisions of any lease iF this Mortgage is on a leasehold. !f this Mortgage is on a unit in a
<br /> ., �= condomiuium or a planned unit developmen4 Borrower shall perform all of Borrower's obligations under the declazation
<br /> or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the �
<br /> condominium or planned unit developmrnt, and constitumt documents. If a condominium or planned unit development
<br /> ' rider is execuud by Borrower and recorded together with this Mortgage, the covenants and agreemcnts of such rider ' �;
<br /> s6all be inco rated into and shall amend and su lement the covenants and a reements of this Mort � `'�'
<br /> + � PP g gage as if the rider
<br /> k ; were a part hereof.
<br /> `� 7. Protectloa oP Lender's Secad if Horrower fails to rform the covenants and a =�jx� �
<br /> h• pe greements contained in this �, ,,; ,
<br /> Mortgage, or "if any action or proceeding is commenced which material(y affecu Lender•s interest in the Property, + �
<br /> '` including, dut not '17mite8 to, emineat domai7l, insolvency; code mforcement, or arrangements or proceedings involving a � ' ;
<br /> ' bankrupt or:decedent;.then Lender' at Lendet's option, upon notice to Borrower, may make such appearances, disburse such
<br /> , ,� aums aod take such , acaon as is necessary to protect Lender's interest, including, bui not timited to, disburaement of � G �k�
<br /> reswnable attorney'a feea and entry upon the Property to make repairs. If Lender required mortgage insurance as a ,.a"v � _;.
<br /> ;�„;� ' conditioa of making ffie loan secured by this Moetgage, Borrower shall pay the premiums required to msintain such
<br /> ; � ��uraax in effect until such time as the requitemeat for stuh insurance tcrminates in accordance with Borrower s aod
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