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t tt' 85--- 001767
<br />UNIFORM COVr•.Nw1s Borrower and Lender
<br />covenant and agree as follows:
<br />L Payment of Principal slid interest.
<br />Borrower shall promptly h
<br />P P y pay when due the principal of Ind Interest on the
<br />Indebtedness evidenced by the Note, prepayment and late charges as provided
<br />nt
<br />on any Future Advance%
<br />In the Note.
<br />secured by this Mortgage. and the principal and Interest
<br />2. Funds for Taxes and Insurance.
<br />Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable under the Note, until
<br />A sum (herein "Funds ") equal to Note
<br />the is paid in full,
<br />one - twelfth cif the yearly taxes and assessments which may attain priority over this
<br />.Mortgage, and ground rents on the Property, if an
<br />Plus onc- twelfth of yearly
<br />yearly premium installments for mot mortgage insurance, if if
<br />any. all as reasonably estimated ilmi initially and from time to time by Lender on the basis of assessments
<br />and hills and reasonable estimates thereof.
<br />The Funds shall he held in an institution the deposits
<br />or acenunis of which are insured or guaranteed by a Federal or
<br />state agency I including Lender it Lender Is such an institution) tender shall apply the Funds
<br />Insurance premiums and
<br />to pay said taxes, assessments,
<br />ground rents Lender may not charge for so holding and applying the Funds, analyzing said account.
<br />or verifying and compiling said assessments and bills, unless Lender
<br />permits Lender
<br />pays Borrower interest on the Funds and applicable law
<br />to make such a charge. Borrower and Lender may agree in applicable
<br />Mortgage that Interest
<br />willing at the time of execution of this
<br />on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to he paid, Lender shall not he
<br />required to pay Borrower any Interest or earnings an the Funds. Lender
<br />shall give to Borrower without charge, an annual accounting of the Funds showing credits and debits to the Funds and
<br />Purpose for which each debit to the Funds was
<br />by this Mortgage the
<br />made. The Funds are pledged as additional security for the sums secured
<br />[f the amount of the Funds held by Lender, together with the future monthly Installments of Funds payable
<br />the due dates of taxes, assessments. Insurance to
<br />prior
<br />premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />as%es.sneents. Insurance premiums and ground rents as they fall due, such excess shall be,
<br />Promptly repaid to Borrower
<br />at Borrower's option, either
<br />or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to taxes.
<br />pay assessments, insurance premiums and ground rents as they .fall due,
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days
<br />by Lender to Borrower
<br />requesting payment thereof from the date notice is mailed
<br />Upon payment In full
<br />of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph IN hereof the Propeny
<br />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
<br />Lender at the time
<br />by [.ender, any Funds held by
<br />of application as a credit against the sums secured by this Mortgage.
<br />3. Application of Payments.
<br />Unless applicable law pro vides otherwise. all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of
<br />under paragraph 2 hereof,
<br />amounts payable to Lender by Borrower
<br />ti
<br />then to Interest payable n the Note. then to the principal of the Nate, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all Ines assessments .Ind tither .haritc%. fines and Impositions attributable to
<br />the Property which may attain it priority over this 'Mortgage.
<br />and leasehold payments 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
<br />payee thereof. Borrower shall furnish
<br />promptly to the
<br />to Lender all notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts
<br />Borrower shall promptly discharge
<br />evidencing such payments.
<br />any lien which has priority n %cr this Mortgage provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shall agree in
<br />writing to the payment of the obligation secured by
<br />such hen e a manner acceptable to Lender, or shall in good faith contest such hen hy. or defend enforcement
<br />legal proceedings which operate
<br />of such lien m,
<br />to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />S. Hazard Insurance. Borrower shall keep the Improvements
<br />now existing or hereafter erected on the Property insured
<br />against loss by fire, 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 Lender
<br />rnay require; provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required ro pay the sums secured by this Mortgage.
<br />The insurance carrier providing
<br />the insurance shall he chosen by Borrower suhlect 'a approval by Lender; provided,
<br />that such approval shall not be unreasonably withheld. All premiums on insurance
<br />provided ;carer
<br />policies shall be paid In the manner
<br />paragraph 2 hereof or, If not pall In such manner, h}
<br />Insurance carrier. Borrower making payment, when due, directly to the
<br />All clause intfavor of and in form acceptable t include it
<br />o Lender[! Lender shall to I hold
<br />and Borrower
<br />the renewals
<br />shall promptly furnish to Lender all renewal nonce% and all receipts of paid premiums. In the event of loss.
<br />Borrower shall give prompt notice to the Insurance
<br />by Borrower. carrier and I ender Lender may make proof of loss if not made promptly
<br />Unless Lender and Borrower otherwise agree In writing. Insurance proceeds shall he applied to restoration or repair of
<br />the Property damaged, provided such re6toration or
<br />repair Is economically feaslhte :mod the security of this Mortgage is
<br />not thereby impaired. I[ such restorauon or repair Is not economically feasible nr If the security of this Mortgage
<br />be impaired, the insurance
<br />would
<br />proceeds shall be applied to the sums secured by ihi% Mortgage, with the excess, if any, paid
<br />to Borrower. It the Property Is ahandoned b% Borrower,
<br />or If Borrower tads to respond to !.ender within 30 days from the
<br />date notice Is mailed by Lender to Borrower 'hat the Insurance
<br />carrier offers to settle a cIalm for Insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair
<br />or to the sums secured by this Mortgage. Propeny
<br />of the
<br />Unlesx Lender and Borrower otherwise
<br />agree In writing, any such application of proceeds to principal shall not extend
<br />or Postpone the clue date of the monthly installments referred to In paragraphs I
<br />such installments,
<br />and 2 hereof or change the amount of
<br />f1 under paragraph Ig hereof the Property is acquired by Lender, all right, title and Interest of Borrower
<br />in and totally Insurance policies and in and to
<br />the proceeds thereof resulting from 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
<br />acquisition.
<br />immediately poor to such sate or
<br />d. Prsservallon and ~Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br />shall keep the Property in good repair and shall not
<br />commit waste or permit Impairment or deterioration of the Property
<br />and shall comply with the provisions of any lease if this Mortgage
<br />is on a leasehold. If this Mortgage is on it unit in a
<br />condominium or a planned unit development. Borrower shall perform all of Borrower's oblig;uions
<br />or covenants creating or
<br />under thr, declaration
<br />governing the LOndtImuuum or planned unit development, the by -laws and regulations of the
<br />wndominium planned unit development, and
<br />rider hall Is a by Borrower and recorded f then itent documents. It a condominium ar planned unit development
<br />r with this Mortgage,
<br />'E
<br />I be incorporated the covenants and agreements of such rider
<br />al
<br />into and shall amend :old supplement the covenants and
<br />were suPpl
<br />a part herecr[.
<br />art hereof, ageements tit this Mortgage a% If the rider
<br />7, Protection of Leader's security, If Borrower fads to Ixrform the covenants and alzrcements Mortgage,
<br />if any action nr w commenced which materially
<br />a l
<br />it eminent d+lrng
<br />affect' I enderx i,ilcre%t inittheeprorper N
<br />ncluding, bur not limited u',. eminrnl domain. Insolvency, code colorccnlent, or arras etuent% r.
<br />i*ankrupi or decedent, then Lender it I cnder's nphon. g r prsxerdings Involving a
<br />It;' axn rou +:c L+
<br />'•Llolx and take such Ictlotl as Is gckessar 1" 1 Bmr—er. m,1% !,lake rill: Il ;1 (+pllalall%CG III%h1I1' %L' slich
<br />y protect I ender G Interest, , rludult;. r.ul not Lnureli
<br />rawiaahlc ;attorneys fees
<br />n list >uru loco[ .at
<br />and miry upon the PropeflY to ul+kc u• ors ft f I.nd+l
<br />.,,rn.f,uon of makng Ibl: loran 'cl,urc,l
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<br />h nxul.lrsr .IG
<br />y this ht, [[[gage, Rolrnxcr than pas the I.n•mnun+ Irquned nlanlre n w+h
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