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<br /> <br /> <br /> <br /> 80 011t( <br /> <br /> 1,14rroxm Covrw,+:.rs. t3orroure,r : d Lr~Wer covenant and ags!ie uts follows: <br /> L Flit recant of Principal trod ltvtcrc•st. %rrower shall promptly pay when dare the principal of and interest on the <br /> indebmir:cas a vidtnc-c:l by ttrta ~::v-trr:tyrn nt and late charges as provided in the dote. and the principal of and intere+.t <br /> on avy Future Advancew ucccred i-v rent^r Mortgage. <br /> :t. Funds. for Times attei rawraurrl. Subject to applicable law or to a written wavier by Lendt:r, Borrower shatl pay <br /> to Lea&, on the day monthly trrg+.r,lI:ne r,t±,.s ail principal and interest are payable under tyre Note, until the Note is paid in full. <br /> ra %urn t'h+!rein "Funds') cd,ual In o; r.-t lft.h (-if the yearly taxes and atsscsvmcnts which may a'!ain priority over this <br /> T•forlllli,r_ anel ground rentt cm t;y,_ Pmper y, if any, plus one twelfth of yearly premium installments for ha.rard insurance. <br /> plus ors:-twelfth of ymzrly premiunt installments for mor.sage insurance, if any, all as reasonably estimated initially and from <br /> time to tirv_ 'tv Lender on the lbus:is of aasessmrnts and bibs and reasonable estimal:Ll thereof- <br /> V& Furrds shall bt held in an institution the depcxsits or accounts of which are insured or guarantted by a Federal or <br /> cute afr:ncv (including I.r..ader ill. Lendcr is such an institution)- Lender shall apply the Funds to pay said taxes, assessments, <br /> it sutw- prerrinnns and 1;. ,~und rents. L.endcr may nvt charge for so holding and applying the Funds, analyzing said account, <br /> or tic'-fying and cc+mpihnF :aid aL-v;cssments and bills, unless Lender pays Borrower interest on the Funds and applicable law <br /> ,t)crinits Lender to make .satc5 a charge. Borrower and Lender may agree in writing at the time of execution of this <br /> Mottiage that intercit or the Funds shall be paid to Borrower. and units such agreement is made or applicable law <br /> revuirtx such interest to bt laid. Under shall not be required to pay Borrower any interest or earnings on the Funds. Lcndcr <br /> shall give to Borrower, vdki*uf charge, an annual accounting of the Funds showing credits and debits to the Funds and the <br /> purpose for which t:ac.r de.• i. to the Faands was made, The Funds are pledged as additional security for the sums secured <br /> by this Mortgage. <br /> If the arrmunt cif the i:vndf-x held by Lender, together with the future monthly installments of Funds payable prix; to <br /> the, due dates of tars, usr4namcnts, insurmicr- premiums and ground rents, shall exceed the. amount required to pay said taxes, <br /> asse•:x Xnts, irsurstnce premiums and grouted rents as they fall due, such excess shall be, at Borrower's option, either <br /> promir,dy repaid tc Borrower or credited to Borrower on monthly installments of Funds. If the amount of the funds <br /> hold brr Lender shall nat. be sufficient to ;day taxes, assessments, insurance premiums and ground rents as they fail due. <br /> Borm ,er shall V Ay to Lender any amount necessary to make yap the deficiency within 30 days from the date notice is mailed <br /> by Leander to Borrower requinting payment thcreof. <br /> Upon Payment in full of all surns secured by this Mortgage, Lendcr shall promptly refund to Borrower any Funds <br /> held by Fender. If under parurgraph I& hem, if the property is sold or the Property is otherwise acquired by Lender, lender <br /> shall ap,•.fy, no later than immediately prior tc the We of the Property or its acquisition by Lender, any Funds held by <br /> Tinder at the time of aapp ir„ation as a credit against the sums secured by this Mortgage. <br /> 3, Application of Pryr•u•nts. Unlesx applicable law provi•.des otherwise, all payments received by Lender under the <br /> incite and paragraphs 1 and 2 hereof shall tv applied by Lender first in payment of amounts payable ;o Lerida by Borrower <br /> under paragraph A herect, then to interest rti;eyable on the !vote, then to the principal of the Note; and then to intcrest and <br /> principal on any Futurc Adva-nom. <br /> 4. Ch;trger; Licos. Bcrrro-;:: s shall pay all :axes. asscs.ments and other charges, firms and impositions attributable to <br /> the FropmNy whic:. may auair.t a priority over 0iis.:vtortgage, and leasehold payments or ground rents, if any. in the mangier <br /> provided ttndcr pa.agra:,rh 2 hereof or, if not pwd in such manner, by Borrower making payment, when due, directly to the <br /> payee thereof. Burrower shall. promptly furnish to Lender all notices of amounts due under this paragraph, and in the event <br /> Borrower :,hall tnAe payment directly, Borrnwet shall promptly furnish to Lender receipts evidencing such payments- <br /> PaorTower shall promptly discharge any lien which has priority over this Mortgage; provided" that Borrower shall not be <br /> required to discharge any srtch lien so long as gortowcr shall agree in writing to the payment of the obligation secured by <br /> such lien in a manner acceptable to Lcndcr, or shall in good faith contest such lien by, or do-fend enforcement of such limn in, <br /> legal proceedings which opetate to prevent the enforcement of the lien or forfeiture of the Property or any.part thereof. <br /> 5. Hxxard Insu,rancr. Gortowcr shall keep the improvements now existing or hereafter erected on the. Property insured <br /> against lost by fire. hazards included within the term "extended coverage", and such other hazards as Lender may require <br /> and in suet) amounts and for sw:.h periods as Lender may require; provided, that Lender shall not require that the amount of <br /> such coverage exceed that amount of coverage required to pay the sums secured by this Mortlage, <br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: provided. <br /> that Stich approve; shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner <br /> provided under paragraph 2 hereof or, if riot paid in such manner, by Borrower making payment, when due, directly to the <br /> insurance carrier. <br /> All insurance noticies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage <br /> clause in favor of and in form acceptable to Lendcr. Lender shall have the right to hold the policies and renewals thereof,. <br /> and Borrower shall promptly furnish to Lcndcr all renewal notices and all receipts of paid premiums. In the event of loss. <br /> rs, rrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly <br /> by Borrower. <br /> Unlcsrt I_cnd;r and Borrower otherwise agree in writing, insurance proceeds shall be appl.ed to restoration or repair of <br /> the Property damaged, provided such restoration or repair is economically feasible and the sa,eurity of this Mortgage is <br /> not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would <br /> be irrtpaired, the insurance procced.s shall be.lpplied to the sums secured by this Mortgage, with the excess, if any, paid <br /> to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lcndcr within 30 days from the <br /> date notice is mailed by Lender to Borrower that the ;nsurance carrier'nffers to settle a claim for insurance benefits, Lender <br /> is authorized to coiled arid apply the insurance procced.s at Lender's option either to restoration Or repair of the Property <br /> or to the surns secured by this 1 ortgage. <br /> Unless Lender arid Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend <br /> nr postpmc ahc due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of. <br /> such irutzllrnents. It tinder paragraph 1R hereof the Property is acuutred by Lender, all right, title and interest of llorrowrr <br /> in and to any insurance policies and in at-d to the procceds thereof resulting from damage to the Property prior to the salc <br /> or acquisition :hall pass to Under to th extent of the sums secured by this Mortgage immediately prior to such sale or <br /> acquisition. <br /> 6. Vresenation and Mpc -nernigncc r)t Properly; llxs•xeholds; C'ondemialurnt; Phinned Unit Develep.inenta, Borrower <br /> shall keep the Property in go, r. repair and shall not d:omrn.t wasr,C or permit impairment or deterioration of the Property <br /> and shall comply w ith thz pre • ; ar:.t of any lease if this: Mortgage is on at leasehold. If this Sortgage is on a unit in a <br /> condomiriv,am of a planned un.t :,elopnytrit, Borrower shall perform all of Borrower's obligations under the decharation <br /> or covenants creating or gov 1 the. condominium or pianmd unit development, the by-laws and regulations of the <br /> condodniniurn or ptanord unt c lurrrxrrnt, and constituent documenrs. If a condominium or planned unit development <br /> rider is executed by Borroivtr ar)ca recorded together with thin. Mortgage, the covenants and agreements of such rider <br /> sbO be incorporated into a,-,d shall amend and supplement the covenants and agreements of this Mortgage as if the rider <br /> were a part hereof. <br /> 7. Ynatcction of Lend'er's Security. If Borrower fats to perform the covenants and agreements contained in this <br /> ,~Vtongage, or i! action or proceeding is comnsa+as:x d which ,materially .affects Lender's interest in the Property, <br /> including. but not limited to, cminent ddunain, insolvciv. , code enformment, or arrangements or proceedings involving it <br /> n <br /> henk.nrpt or decedent, then Lender at Lendter's option, ulrm notice to Borrower, may make such appearances, disburse such <br /> :erns and take suet action as it necessary ru protdct Lenders interest. including, but not lirraitcd to, disbursement of <br /> n.a)ronable attorney's fees and enrry upon the Propcm, to make "repsim If Lender rcquircd mortgage insurance; •s a <br /> c ad,tion of making the loan secured by this It{ort,raf,,°, Borrower shall` pay the premitana req Tired to maintain mach <br /> araresc <br /> in eftcc:t untie such time as the requircrnzut fat such insurance termirwt in adxarfranr:m with Bnrro•r:'t and <br /> es <br />