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78-- ~ t; £? ~3 5 8 <br />tlxmaxM Covsxaxzs. Borrower and Lender covenant and agree as follows: <br />1. Payment of Prisclpal sod Interest. Borrower shelf gromptty pay when due- the principal of and interest on the <br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of earl interest <br />on any Future Advances s~ur~i by this Mortgage. <br />g, Ftrr>r~ €oa Taws asaH Issorance. Sabject to 2ggiisable law or to a written waiver by !:.ender, Borrower shall pay <br />to Leader anihe day monthly installments of pri~ipal and interest are gay=able undo the Note, until the Nate is paid in full, <br />a sttm (Iteeeitt "Funds'} equal to otter-~twe1€th of the yearly taxes and assessments which may attain priority over this <br />i~ittt~age, and ground rents_an toe Property; if any, plus oao-twelfih of yearly jtremittm instaUrttents-for hs~ard i--wu a.:cc, <br />~ - -~~:~'G.tt :~. y~ly p;~„ia;;t ~~~°'t~.-~u far m~~~ i~nsuranse; if anY, ~tI as raasnnably estimated initially and fttxn <br />rmrrte to time by Lander on the basis of asses3smets and bills sad reasonable rsi:mates thereof.. <br />The Funds shall be held in an institution the deposits ar aocottnts of which are insured or guaranteed by a Faders! or <br />state agency f inching Lenikr if Leader is such an institutian7. Lender sltaU apply the Funds to pay said taxes, asussme€Hs. <br />insaranett prerniupts and ground rams. Lender may net charge for so holding-sad applping the Funds, analyzing said aeaount, <br />ar verifying and aottipititrg said assessments and hilts, unless Lerttler pays Borrower interest on t'ne Funds a~ applicable taw <br />permits Lendee to make such a charge. Borro~xu and Lender !tray agree in writing ai the time of execution of-.this <br />Aortgage that interest on ttte Funds - shall be paid to Borrower, and unlrss such agrament is made or applicable law <br />requires sach intuest to 6e-paid, Lendu shall not be required to pay Borrower any interest or eatsurtgs on the Fug. Lendu <br />slrsli give to Borrower, withouE charge, an annual accounting of the Fends slurwing crtdits and debits to the Fonds and the <br />spurpose tar which each debit to the Funds was made. 'Eae Funds are pledged as additional sectnity for the stuns secured- <br />hy this Mortgage. <br />rr .t,: _.a,.,~ of try Funds held by Lender, together with dse future monthly installments of Funds payable prior to <br />tlu due dates o€ taxes, assessntmts, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, <br />assessmenu, insurance premiums and ground rents as they €all due, such excess shall be, at Borrower's option, either <br />gtvmptty repaid to Borrower or credited to Borrower an monthly installments of Funds. If the amount of the Farads <br />held by Lender shall not be suf8tdestt to pay taxes, assessments. insurance premiurns and grourxi rents ss they fall due, <br />Borrower shall gay to Leader any amount necessary to make up the dehcieacy within 3fl days from the date notice is mailed <br />by Lrader to Borrower requesting" payment thereof. <br />Upon payment is full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Ftmds <br />hdd by Lender. If tusdet paragraph 18 hereof the Pro~rty is Bald or the Property is otherwise acquired by Lenrlu, Ixndei• <br />shall apply, tto later than immediately prior to fhe sale of the Property ar its acquisition by I.endu, any Funds held by <br />Lender at the tune of application ss a credit agranat the sums secured by this Mortgage. <br />3. of Fay~asesds. Unless applicable law provides otherwise, ail payments received by I.ertder under the <br />Note earl paragraphs 1 and 2 iterecf shall be applied by Lender carat in payment of amounts gayahte to Lender by Borratver <br />under paragraph 2 hueof> then to interest payable an tlse Note, then to the principal of -the Nate; and then to interest and <br />principal on any Future Advances. <br />S. Charges; Lkns Borrower shall pay all taxes. assessments and other chscges, fines and impositions attrihutahle t€s <br />fltc Progeny which ms}' arrant a priority over this Mortgage, and itasehotd payments or ground tents, if any, in the tnantter <br />gravided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whttt due, dtrecdy to the _ <br />payee thereof. Borrowea shall gromgtty furnish tb Lender all notices of amounts due under this paragraph, and in the evem <br />Barrowu shall make payment directly, Borrower shall promptly furnish to L.'ttder receipts evidencing such Pnyntents. <br />Borrower shah pratngtIy discharge any lien which has priorii_ry aver this Mortgage; provided, that Borrower shall riot ... <br />trquired Ua d'tscFtarge arty s,+c.a fien so long as Borrower snail .agree in writing €a tbe gay~tent of tip obligation seaueti by <br />stub lirn in a manna aceegtaltle to Lender, or shall in good filth contest such lien by, or defend enforcement of such lien in, <br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of-the Property or arty !`art thereof. <br />5. idsavd itasarsnee. Borrower shall keep the improvements now existing or hereafter erefited an the Property insured <br />against loss by fire, hazards inchtded within the tarot "extended coverage„ and such other hazards as Lender may require <br />and in such amounts and far such periods as Lender may require; provided, that Lender shall not r<,quire that the amount of <br />such coverage exoced tits! amount of coverage required to gay the sums seamed by this Mortgage. <br />'i7re iasuranc:e cattier providing the insurance shall be chayrn by Borrower subject in approval by Lender, grovided,- <br />that such approval shall trot be tmreasoaaMy a~tlrheld. Ail premiums an insurance policies shall be paid in the rnansu <br />provided rt~er paragraph 2 hereof or, ii not paid in such manner, by Bormwu masking payment, when dur, directly to the <br />imrtratxe carrier. <br />AU insurance policits and renewals thereof shalt be in form acceptable to Lender and shall include a standard <br />clause in favor of acrd is €orm acceptable to Le>rder. Lender shall have the right w held the policies and renewals thereof, <br />and Barrav=;ar shall gronapdy furnish to header all renewal notices and all receipts of paid premiums. In the event of hiss, <br />Borrower shall give prompt aatice to the insurance carrier sad Lender. Lender may make proof of Ions if not made proritptly <br />by Borrower. <br />;,; Lettd~r ~d -rawu mherwisc egret in writing, irr~.:rrarxx prxeeds shit 6e applied to restoration or repair of <br />tbe Property damage!, provided such reswzstion at repair is ecenomicaUy feasible and the security of thi3 Mortgage is <br />net thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would <br />be impaired, the insurance groc~xds shall be applied to the sums secured by !Iris Mortgage, with the excess, if any, paid <br />ttt Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Ixnder within 30 days item the <br />date tmeice ig mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Leader <br />is attthariretl u; collect and appa'y tlx imt~~ proxeds at Lender's option eithu to restoration or reosir of the Property <br />or xt tbe swats secured by t2ds Mortgage, <br />Utdrsa Lender and Borrower otherwise agree in writing, any such applicadan of proceeds to principal shall n~ extend <br />or PttstPone the due date of the mffiuhly i. stallments referred to in paragraphs t acrd 2 herwf or change the smears! of <br />such irtstallrttents, If ostler paragraph i8 ;rectal thr Property is acquired by Lender, all right, title and interest ol! Btinovarr <br />irtaptlto any itrsarancr gaticies aril in acrd to the proceeds rMereof resulting from damage to the Property prior to the sate <br />ar acquisition sltaU pass to Lender to the extent of the sums severed by this ;Mortgage immediately prior to such sale or <br />acquisition. <br />(t. -Phan star at Fro~tty; few C ~ Pia®n~ ilrtit ~et'zloptnents. Bctriowxr <br />; the Proge€ty m gam repair a*+.t ~ net ernrtmir waste or permit impairment aF deterioration of the Pmperiy <br />earl-shag comply with tlu pxcwt~.~ eras of any lease if this :vlorrtgagb is on a leasehold. If this Mortgage is as a unit in a <br />condominiutit or a planned tacit deveFopment, Hotmwu shall perform all of Borrower`s obligations under the declaratioir <br />iir covenanffi creatitgg ~ governitrg tbe condominium or planned unit developtnerst, the by-laws and regulations of - the- <br />.. ceod.~ri:irtiualaa orplartaed unit'~nt,-arid constituent doc»ments. If a condrrminitnn of plantsed unit deve}agnient <br />rioter is rxecnneri ajt Barturoru s~ rtxarded triter with this i+ittiagagE, the t~rv€nana and agreements of s=.t<It rider.- <br />shaft. bx incorporztecl late and shall atnerrd and strgpiement the covenants and agreemcttts of this Mortgage as if the rider <br />kart a f=artl-.rieof. <br />r: Protection- at ~: If Berrrower falls #o gerfctnt the sovensnts and agreenxrtls amtairsed in this <br />Alortgago, ar if _kny scrims: nr gmoe~iug is coittuteneed a'tiieh-. titstcrially aH~ts Lendu's interest in #tte Prctperry, <br />inaiuding,:but-nor litttitad to; sminmtt domain. insolvency,-axe enforcement, or arrangemett~ ar ptrnxedmgs inVOlving.a <br />haakrugt of detxderet; !hats Lender at Lender's option, ttptw nofice to Borrowu, tray make sitt;Ir appearances, disburse such <br />sums earl take ate as is tiee~ trf protect Lender's interest. including, isut-net timit~l to; dtsbutsetttent of <br />r~ssonahk attorney's fees emey ttpan the PtvpertY to make. repairs. 1f Leader required mortgage insurance as a <br />condition of making the Ioass secua~ett by this Mortgage, Harrower shat! gay the premiums required to maintain such <br />inuuastee in effect untU -such titnr as tl~ requirat far- such insurance tertrtinates in accordance with Borrower's and <br />