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~.~T.
<br />Utvmoant Cavexktvrs. Borrower and Leader covenant and agree as follows: ~~~ ~~ ~ ~ '"
<br />i. Payment of Principal rind Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedrtess evide¢ced by the Note, prepayment and tale charges as provided in the No[e, and the principal of and intetast
<br />on any Future Advances secured by this Mortgage.
<br />2. Ftaada fw Taxes std Inarnace. Subject to applicable law or to a wreitten waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installmerts of principal and. interest are payable under the Note, unlit the Note is paid in full,
<br />a strm (herein "Funds"1 equal to o¢etwelfrh of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly premium installments foe mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />'She Funds she-1 be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal ar
<br />state agency (including Lender if Lender is sash an i¢stitutiony. Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and groundrents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Iznder pa}s Borrower interest on the Fimds and applicable law
<br />petrnits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Martgagz that interest on the Funds shall be paid to Borrowor, and unless such agreement is made or applicable law
<br />requires such interest fo be paid, Lender shall not be required to pay Borrower any interest or earnings on the Ftmds. Lender
<br />shall give to Borrower, without chargt, an annual accounting of the Funds showing credits and debits fo the Funds ar[d the
<br />purpose far which eacts dzbit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by thee Mortgage.
<br />Pf 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 rents, shall exceed the amount required to pay said texas,
<br />assessments, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option, either
<br />promptly repaid to Borrower of credited to Borrower on monthly installments of Fis_ If tits amount of *.t~ Funds
<br />held by Lender shalt not be 3afficient to pay taxes, assessments, insurance premiums and gnumd rents as they fall due.
<br />Da:roever shall pay to Lender a¢y amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borzower requesting payment thereof.
<br />Upon payrnent in full of al! sums secured by this Mortgage„ I.endzr shall laramptly re€und to Rorrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise ucgttired by Lender, Lender
<br />shall apply, no later than immediately prior to the safe of the Property or its acquisition bV Lender, any Funds held by
<br />Lender at the time of application as a crediF against the sums secured by this ?uiartg~ege.
<br />3. Applira@ion cf Pap^ments. Unless applicable law provides otherwise, ail payments received by Lender under the
<br />Note and paragraphs t and 2 hereof shall be applied by Lender first in payment of amounts payable to Lander by Borrower
<br />udder paragraph 2 hereof, rhea to interest payable on the Note, then to the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4, C°°rges; F3wss. Darrow~er shall pay all taxes, assessments and other charges. fines and impnsiunns attnbutabie to
<br />the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br />provided tinder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the
<br />pays: thereof. Borrower shall promptly furnish to Lender a!1 notices of amounts due under this paragraph, and in the event
<br />Dormwer shall make payment directly, Borrower shalt promptly furnish to Lender receipts evidetscing such payments.
<br />BatTawC[ shall promptly discharge any lien which has priority over this Mortgage; prnv~ded. that D=_+rrmvtr xhaH not he
<br />required to discharge any such lien w long as Borrower shall agree in writing to the payment at the oh. Nigatian secured by
<br />sueh'i~tt i€ a manr~- °~,:zptablz to Lzndzr, or shall in goad faith contest such lizn 1+y, ar defend enforcement of such lien in,
<br />legal p~er,~etafings~ v:hiCh opzrttte m larevent the enforcement of the lien nr forfeituce of the Prapavt,y or any part thereat.
<br />~Y'. ffazrrd 1[ts*mtxacz. Botrownr shall keep the improvements now existing or hcrcafter crested cr¢ itsc Prt+~rty :nsttred
<br />agai7*®rt lira E:y fttz, hur~rds included within the term "zxtended coverage". and strh other hazards as Lender may reuwre
<br />and ;av sut:h. atrout7ta and far such puriods ss Lendee may regatta: prnui:l<'d, that Lender +`.a1k aat..~;tri:=~ that ;fiz _ rnct:nt of
<br />*a=s~tt u.~,=.svzra„:; t';.r.~aee;l that amottr.t ot` cavzrage required to paY the sums secured lay iriili Mortgage. ..
<br />"S'1'n: inxurgr:ae ca. ~r „y,viding t;~ i=stsnan~n s3tail ~^ ci:asen 6y i<orrowet stt;>je;t t5 appxoval fy i.~ndc.: provided.
<br />khat atuch apf+rnvat shall not be uarrssoetabiy withheld. ASI preLttitum on in=uraWCe pr~'i;;-ice =-17ai1 !z priid za tl-~ ;Wanner
<br />gravtd~d "t'-de" P=ragraP}t 2 he~rectf or, if oat paid in such rrtautter, by Borrower making payment when due, Directly to the
<br />inauratsce carrier.
<br />Ali insurance palecies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and in farm acceptable to lender. lender shall have the right to held the palicizs and renewals thereof,
<br />attd Borrower shall promptly furnes6 to Lender rdl renewal notices and ail receipts of paid premiums. In the event o[ Ions,
<br />Borrower shalt give prompt notice uv the insurance carrier and Lender. Lender may make prnoi of ':ass if nut made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall 6e applied to restoration or repair a{
<br />the Property damaged, pmvidzd such tstoraton or repair rs ecanomicalty feasibiz and the security of this Mortgage is
<br />not thereby impaired. If such restoration or repair is not cconomicaliv feasible nr if the security of this Mortgage would
<br />6e impaired, the insurancx procads shall be applied to the sums secured by this Morgagz, with the excess, if any, paid
<br />to Bnrroyvzat_ !C the Pra,•t-.n, as aband::r,~s: by Borrows-r, or if Borrower r"ails ro respond to lender within 30 days from ilia
<br />data notice is mailed by Leader to Borrower that the insurance carrier ulFers to settle a claim for insurance benefits, lender
<br />Is aulltorizzd to collect and apply the insurance procerds mt Lender's option either to restoration or repair of the Property
<br />or ut the aun7s secured by this Mortgage.
<br />Unless Ltmeter and Borrcawer aihzrwise agree m writing, soy such application of proceeds to pnncipal shall oat extend
<br />or postpanz ttte due date of the tnunihiy iaslalimznts reterrod to ut paragraphs I and '_ hzreaf or change the amount of
<br />such instalintenta. If under paragraph tF3 heroot the Property is acquired by Lender, all right, title and interest of Rorrower
<br />In anti to any insurance policies and in and to the proczeds thereof resulting from damage to the }'roperty prior to the sale
<br />or aCquisuion s17a31 aria w Leader to lisp extent of the s¢~ sit;-tact t+v th< Me*tgae~e irr,u.tJiaCeiy prier e~ ucf; .a1z o:
<br />acgniattion.
<br />5. 'f`i: atlas arty +'fttinernanze of Prapetty: Leaselroitis; Condomininrna; Planned Unit S)evebpments. Borrower
<br />shalt kzep rite Property in good repair and shall not cortirnit waste or permit rntpain¢ent or deterioration of thG Property
<br />and sl7ali comply with [he provisions of any lease if this Mortgage is on a leasehold. tf this Mortgage is on a unit in a
<br />candaminitnn ar a platutzd unit deveioptneut, Borrower shall perform all oC Rorrower's obligations under the declaration
<br />or covenants creating or governing the condominium nr planned unit devdopnxent the by-taws and regulations of the
<br />candat¢i[[ium ar pSan[w.a3 u¢it develaprnent, and constituent dxuments. 1C a condominium or planned unit development
<br />•~ .._ ~n~ ~+ +,Y aonuwer add recorded together with this Marlgage, the covenunta and agreements of such rider
<br />shall be inzorporated idles and shaft amznd anJ supplement the covenants and agreements of this Mortgage as tf the rider
<br />were a part hzreaf.
<br />3, Pratatillatt of f.,ender'a 5ecwsiCy, If Borrower fails to perform the covenants and agreements s:untained in this
<br />Aiortgagz, ar S{ a¢y action ur proceeeling is mmmenzed which n7aariaily atfzcts lxndzr's interest in the Praps:rty,
<br />including, nut nut limited rn, emincm domain, instdvency, code enforcement, or arrangeiuenis ar pras:eedi¢gs involving n
<br />1laukrupf ar decedent, than lender at Lerntet's option, utwn notice to Rarrawcr, naay make sech aPS~ara.:ces. d,'shurse such
<br />tsttnts and titles such action ax is ¢eccasary to protect I.cndzr's interest, mclusting, but oat limited to, slisburctnent nt
<br />reussnta;zle. attarttey`R fare anti cony upon [tut Prupeny' to make repairs. if Ixndzr required mortgage insurance :ts a
<br />^~=#ti~-r• o -=~-=3Q ~`n?n s<=~'ttrc~ cy. tuts Mortgage, ;:~rtowar aha7[ ptiy cite prrmi!tms required to muiutain such
<br />....,.,....e..... ~.-.~[ vtttil Such 'wu=, as iii rrsyuirestunt for suih tnsurattae tarmmtties in .tccardanr:o with Durrrwer's and
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