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80- ,~+4178 <br />L`xtFOast CovEx.xxrs. Borrower and Lender covenant atffi agree as follows: ' <br />f. Payment of Principal and Iffiest Borrowu shall promptly pay when due the priat7pal of and interest on the <br />indebter'oess evidenced by the Note, prepayment and lat^, charges as provided in the Note, and the principal of a>~ interest <br />en any Fenure Advances secured by 2hrs Mortgage. <br />2. Fonds for Tares seed innr»rw Subject ru applicable law or to a written waiver by Leer, Borrowu shag pay <br />to Lender an the day monthly itutallmtnts of principal and interest are payable under the Note, until the Note is paid in fuB,. <br />a sum !heroin "Funds^) equal to ono-twetfrh of the yearly taxes and assessments whkh may attain priority over-this <br />Mortgage, and ground rents on the Property, if any, plus ate~twelftb of yearly premium installments for hazard innrrarce, <br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estirvaIed inhiatly and from <br />time to time by Lender on the basis of assessments and bills and reasonatrk estimates thereof. - <br />77te Funds shalt be held in an institution the deposits or accounts of which are insured ar guaranteed by a Federal or <br />stale agtuy (including Lender if Lender is such an imtitution 1. Lender shalt apply the Futtds to pay said taxes, assatttttnis, <br />insurance premiums and ground rents. Lender may not charge for w holding and applying tl:e Funds, analyzing said account, <br />or verifying and compi}ing said assessments and bilk, unless Linder pays Bortower interest on the Fttnds sad applicable law <br />permits Lender to make such a charge. Borrower arm Lender may agree in writing at the time of execution-of- this - <br />Mortgage that interest on the Ftmds shat( be paid to Borrower, and unless such agreement is made or sppiieabk law <br />requires such interest to be paid. Lender shall not 6e required to pay Borrower an}• interest or earnings on the Futtds. I.entier <br />shall give to Aorrower, without charge, an annual acwuming of the Funds showing credits and debits to the Fumis-and the <br />purpose far which each debit w the Funds was made. 'I1te Funds are pledged as additional security for the sums-secured <br />by this Mortgage. <br />Lf the amount o€ the Funds hdd by Lender, together with the future monthly installments of Funds payable prior to <br />the due dates vi taxes, assessments, insurance premiums and ground rents, shaft exceed the atnotmt regtired m pay said taxes. <br />assessments. insurance premiums and ground mats as they fall due, such t+icess shall be, at Borrowet'i option, either <br />promptly repaid to Borrower ar crtditad to Borrower nn monhly installments of -Funds. If the amount of the Fsinds <br />held by Lender shall not be sutFicient to pay to:es, assessments. insurance premiums and ground rents as they fait due, <br />Borrower shall pay to Lender any amount necessary m make up the deficiency within 30 days from the dart notice is mailed <br />by Lender to Horraw2r requesting payment thereof. <br />Upon payment in full of all sums secured 6}• this Mortgage, Lender shall promptly refund to Borrower any Fonds <br />held by Lender. (f under paragraph 78 hereof the Property Ix so#d or the Properay is otherwise acquired b}• Lender, Lender <br />shall apply, no later than Immediately prwr to the sale of the Property or its acyuisition by Lendu, say FUndsheld, by <br />Lender at the nine o[ application as a credit against the sums secured by this Mortgage. <br />3. Appiicalbn of Paytventy. Unless applicable law provides otherwise, all payments rtceiytd 6y i.ender under the <br />Note and pxragraphs t and 2 hereat shall he apphed by Lender first in payment of amounts payable to Lender by Borrower <br />under paragraph 2 hereof, then to Interest payable «n the tiete. then to the principal of the Note, and then to interest and <br />prinapat on anc Pmure Advances. <br />4. Charges; Llerss. Horrowtr shall pay all rases, essessmtnts and other charges, fines anJ impositions attnbulable to <br />the Preperty which may attain a pnarity over thu Mortgage, and !casehold payments or ground rents. if any, in the manner <br />provided under paragraph_ hereof ar. d not paid m such manner. by Harrower making payment. when dot. Jirtcdy to the <br />payee thereof. Bortower shall promptly furnish to Lender all notices of amounts dot under thss paragraph. and io the event <br />Borrower shad malt pa}•mem directl}-, 13rrrrouir .halt promptly iumrsh us Lender receipts evidencing such payments. <br />Horrowtr shall promptly discharge any hen w+nih has prtarl[y ever this =t•iortgage: prnv:Jed. that Borrower shall vet ht <br />rtgwred to discharge any such lien so long as Borrower shall ague m .. rir:n¢ U. the payment i+t rht abhgaUan secured by <br />such lien m a manner acceptable to Lender, ur shad in ga<vi feuth contra! such hen hy, er defend cnloretmen[ of sorb lien tn, <br />legal proceedirgs which optrate m prevent the tnRxcttnatt of the hen ar terltrture at the Prapem• nr any pan rhereef. <br />5. Hazard tnsanaee. llorrnwer ,ha!i keen thi. ~ntprevernents row rx:sung :,r htttattcr erected rm the Property Insured <br />against !ass by fire, hazards ;^c!u ~ •.>~ah;n the ;err.. "eatendcri t;,veragc ". and such oilier hazards as !.ender may nrequrrt <br />and m such amounts and for such pcrrexis a; I ender may require, pnnadiJ. gnat Lender chaff not rcyuire that the amount of <br />such cmzragc exceed Char ameutxt ,,t ersvzrage rrga:rtd !o van tt.,, s sec:: red o: t:;:s \iortgagt. <br />'Ihe insurance ~arntr pnnrding the Insurance sha;i M chexcn`by &+rmucr subtecl to approval hr 1xnJtr: provided, <br />[hat wch approval shall apt be unrexsonabh wnhheld. .ill prenaums on inwrmce poiic~is abaft be paid us the ntanvzr <br />provided under paragraph Z heron[ or, a not pa+d in wdr manner, by Horrowtr making payment, when due. Jircctly to the <br />insumnce carrier. <br />.Ali insurance polities uvd renewals thuent shall 6e m iprm acceptable aI I ender and shall include a scrndurJ mortgage <br />clause m favor of and m iurm acceptable fo Lender, l-ender .half husi the right n+ hold the polida and renewals thtrcot. <br />and $prrewer shall promptly furnish to Lcndcr atl rcnzual noucis anJ all rim:pts of paid irremmms. In the event ;rl loss. <br />Borrower sha:i slut prompt nonce to iht ursiuuncc carver auJ Lcndcr. Lcndcr are} make prone of loss rt not made prnmpth <br />by Bprrosver. <br />Unless Lender and Borrower othuwtic agree m u hung, inwrance przmttdc shaft he applied h, restoration or repair at <br />the Property damageJ, provided such ristoraUan or reparr s euemm+cally ic'avble and the security of th+s hiartgagt is <br />not thereby impavred. if such cestoratian or repau is not ecannmiudlp tca;inie or it the secunty of this Mortgage wou1J <br />bt mtpaucd. the insurance prxeeds shalt be apphed W the wins stcurid by this Monguge, ,nth the cuts, i( any, paid <br />ai Horrowtr. if the Property is abandoned h} Horrowtr, or it Borrower tails to resprnlJ to t enter wrihm 30 days iron the <br />date notice is made) by Lender to Borrower that the insurance currier c,lfen to scale :: iairn for inwrance benefits, Leader <br />is „u[honuai to caller[ ant apply the insurance proceeds at traders cpuon tuber hr risterauou or reparr tit the Pmperh- <br />or to the sums secured by this Mortgage. <br />Unless Lender :rod Burrower otherwise agree m waling, any snch appfieation uY proceeds ro pane: pal shall not estcnd <br />ar postpone the due date of the monthly ins[ailmenu ieferreJ a, in paragraphs 1 amt ' hercot or change the anwunt a( <br />such entailments. if under paragraph 18 hereof the Property :x acywreJ by Linder, ;JI right, title and interest of Borrower <br />in and m any insurance policies and in and Io the proceeds thereo[ resulting from Jamage to the Properly prior to the sale <br />or acquultion shall pass to l.tnder to the latent oi' the wins secure) by thn btongagc immed:atcly poor o+ such sale or <br />acquisition. <br />b. YrrservaQoa arzd Mafuteasnte of Property: Leaseholds; Condominiums; Planned Vnii I}tvelopmtnis. ftormwir <br />shall keep the Property in gaol repair and shall no[ commit waste or permit impairment or deterioration of the Property <br />and shat' comply with the provisions csf any' lease if rhea Mortgage a on a ItaseholJ. If Uw Mengagn s ~r:u m :I <br />condamitrium ar a planned time development, Horrowtr shall pert orm all of Borrower's obb.gauons under the declaration <br />or covenants creating or governing the condominium or planned amt development, the by-laws and regulations of the <br />canJominium or plashed unit development, and constituent Jocamenis. If a conJaminiom or planned unn Jestlopment <br />rider is executed by (lorrower and recorded together wuh this hlortgagi, the covenants and agreemcros of such rider <br />shall be incorporated into and shall amend and supplement the covenants and agreements o[ this Mortgage as d the nder <br />were a part hereof. <br />7. Ptoleedvn of Letsder'B Smedty. If Harrower fails ro perform the covenants ant agreements contained :n the <br />Mortgage, or if any action or precetding is commenced which materiall}• affects Lender`s intzrext in the Property. <br />including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements ar proceedings mwlvmg a <br />bankrupt or decedent, than Lender at Lendei s option, upon notice to Horrowtr, may make such appearances. Juhunt Bach <br />sums and take such action as is necessary to protect Lender's interest, including, but not IimiteJ to, Jisbursemznt of <br />reasonable attorney's fees and entry upon the Property to make repairs. lE Lender reyuireJ mortgage imurance as ., <br />condition of making the loan secured by this Mortgage. Horrowtr shall pay the premiums required m mainrtin ouch <br />irasueanet in et€tct uviii such time as [tre requirement for such inswrance ttrmin,tzs in accordance with Hnr:-awir•s and <br />