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insured or guarant~eed by a Federal or state ugency lincludiu~; I.ender if I.er.~ier is sucl~ :~n institution). i.ender
shall apply the Funds to pay said taxes, usses.c~nents, insur+~nce ~?mmiun~~ and ~roi~nd rents. I.ender shall make no
charge for so holding and applying the Funds or ~•erifying :~nd eon~piliug si~ici ussessments and bills. Borrower and 1
I.ender may Agt~ee in writinq at the tin~e of execution of this ~tort~agc that intemst on thc Funds shall `hc paid to
Borrower, and unless such agreement is made, I.endcr ~hall not t~e mquirc~l to pay AorroHer any interest on the
~nds. I.ender shall give to Borrower, without cl~argc, ,nn nnnual accounting of thc Funds show inR eredits and
debits to the Funds and the ~~urpase tor which each debit to the ~~nds was made. The Funds are pledgeci as addi-
tional seourity tor the sums secured by this \iort~agc.
If the amount of thc ~nds lield by I.ender, together ~vith tlic future n~onthl~• instnllments of Funds payable
prior to the due dates of taxes, assessments, ir~surance premiums nnd Rround rents, sLall excceci the amount re-
quired to pay said taxes, assessments, insurnnce premiums i~nd ground rents as tliey fall due, such excess shall be,
at Bormwer's option, eitlier ptomptly repaid to Borro~?er or credited to Borro~ver on monthly instaliments of
~nds. If the amount oi the Funds held b~~ I.ender shall not i,e suii~cieni to pay iax~s, iIS~N,J~itlCiiis~ iiiaUiF~Tii:C ~i~~-
miums and ground rents as they fall ~lue, Borrower shall ~~ny to T.ender any nmount necessary to make up the
deficiency within thirty days after notice from I.ender to Borro~ver requcsting payment thereof.
IIpon payment in full of All swns secured by this ltortgage, 1.ender shall ~~romptl~ retund to Borrower nny
' l~nds held by I.ender.
If under paragraph 18 l~ercof Che Propcrty is sold or tl~e Pro~~ertv is othernise acquired by i.ender, I.ender
shall apply, no later than immediately ~~rior to thc salc of tl~e Yropcrt~ or its acquisition bv 1.ender, any Funds
held by I.ender nt tl?e time of application us a cmclit iiRainst the ~ums secured b~ this ~riortga~e.
3. Application of Payments. Unless applic~blc la~~• providc• othernisc. ~Il pnyments receiveci by I.ender
under the Note ~nd paragrnphs 1 und 2 hercof shn11 I?c npplicci h~ t.endcr firt in pavment of aniounts payable to
Lender Uy Bormwer under ~~arngrnph 2 l~ereof, then to intcr~~t ~?aya~~le on the l~ote and on Futurc Advances, if
any, and then to the principal of the ~1ote and to tl~e ~~rincipal of F~ili~re Adrances, if any. ,
4. Charges; Liens. Borrower shall pa}~ nll taxes, :isscssment_r ;tind other charges, fines :~nd i~n~?ositions attrib- ~
utable to the Property ~vhich may :?ttain n priority over this ~iortg~ge, and ground rents, if nny, at Lender's
n~~ion in the munner ~~rovideci under ~mra~rnpl~ 2 hereof or b~~ Borro~~•cr wnkinfi payment., when due, directly to .
the payee thereof. Borrower shall promptiv turnish to I.endcr all noticec of nmounts ~lue under this paragtaph,
and in the event Borrotver shAli mnkc payment directly. Borro~~er shall promptlv furnish to I.ender receipts evi-
dencing such payments. Borrower shall promptly discl~argc an~ licn ~~•hich has ~~riority ovcr this ~tortgnge; pro-
vided~ that Borrower shall not Uc requireci to dischArgc an~ sncL lien so long as Borro~ver shnll agree in writing to
the payment of the obligation secureci by such lien in a munner nccept:?ble to T.ender, or shttll in goocl fsith contest
such lien by, or defend enforcement of such lien in, legal ~~mceeding~ hich opernte to ~~revent the enforcement of
the lien or forfeiture of the Property or any part thereoi.
S. Hazard Insuraace. Borro~ver shall kee~? thc impro~•cwents uo~~ cxistin~ or I~ereufter crected on the Prop- ;
crty insured ugainst loss by fire, l~azards includeci ~vithin tl~e tenn "extended coverage", and such otl~er l~flzards as
Lender may require ~?nd in sucl~ an~ounts and for such periods as i.ender ~na~ require; provide~l, that i.ender shall
not require tl~at the amount of such co.•etage exceed tl?at au~ount. of coverage requireci to pay the sums secured by
t~his Mortgage.
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'~he insurauce curr~eT ~1TOV1U111~; [~1C 111S111'21111'C Sllitll t~l' t'l1U~C1~ i?y l)UilUiFri .tiiljticL iU d~)i1lUiiiY i~. .a::uc.S'. {
providecl, that• sucl~ approval shall not l~e unreASOnabl~ ~vithheld. All premiums on insurance policies shnli Ue paid i
at Lender's option in the mAnner pmvided under ~~arng~.~~~L 2 hcreof or 1?y Rorro~~ er u~aking pnvment•, when due, ~
directly to the insurance carrier.
All insurance ~?olicies and ir.ne~~~al~ thereof ~l~all be in tor~ii c?r~~•~~table to I.en~ler an~i ~hall include .1 Sf311(~8Y(~
mortgage clause in iavor of and in forn~ acceptable to l.en~lcr_ i.ender ~hall ha~•e the ri~ht to hold thc policies and
renewals thereof, and Borro~ver ~h;?11 pro~nptly iurnisL to i.en~ler all rene~~nl notices an~i ail receipts of paid pre-
miums. In the erent of loss, Borro~rer shall gi~•c ~~roui~~t not.ice tc? thc insurance carrier ancl I.ender, and T.ender
i muy n~ake ~~roof of la~s if not made promptly h~ Borro~rer_
j Unless I.ender and Borro«er othern~ise agme in ~rritin~;. in~ur:u~ce ~n•oceeds shail be applied to restoration or
~~epair ot the Ympert~• ~la~nagecl, pro~•idc~l such restoration or rc~?air i~ economicalh- ieti~ihle and the ~ecurit~• of
j this ~[ottgage is not tl?ereb~~ impnireci. If sucL mstoration or re~?air i~ uot economicull~ fe.kiblc or if the security
of this ~Iortguge ~vould be impaired, tlic insu?•ancc ~~roceeci~ ~Lall hc a~~~~lied to thc ~ums securecl b~ tl~is Aiottgage.
~vith the excecs, if any, puid to Borm~~•er. If thc Yropert~ i~ ahamlonc~i h~• Borro~ver or if Rorro~ver fails to respond
to 1.ender ithin 30 d:~ys after notice 1~~• J.ender to Borro.~•cr il~at tl~c insurnnce can•ier of~'ers to settle a claim for
insurance benefits, I.ender is autl~orized to collect and apph• tlm insurance ~~rocecd~ at, I.ender's option either to
restoration or repair of the Propertv or to tl~e suu~~ securecl 1,~~ thi~ \turtgage.
Unless Lender and Borro~~er othern•i~c agrec in ~criting, an~• ~ncl? a~~~~lication of ~n-occeds to principal sha11
not extend or postpone tl~e duc date of thc monthl~• installu~ent~ r~fcrre~l to in ~~ar~gr:~ph~ 1 and 2 hereof or change
the amount of suci~ instullments.
If uncler ~~ar:~graph 18 liereof the Yropert}• i~ acquire~i I.cu~ler. .ill ri~ht, titlc an~l intci~est of Borro~ver in
and to un~ insurancc ~iolicics :ind in a»il to thc ~?roccc~l~ thcrcof ito tl~~• cxtent of tL~ ~wu~ ~ccurc~l h~~ thi~ Riort-
~;age immediately prior to such sale or acqui~ition~ resultiu~; irom ~I.un.~~c to thc Yro~x•rtr ~~rior to the sale or
:?cquisition sha11 pacs to Lender.
6. Preservation and Maintenance o! Property; Leaseholds: Condominiums. Bo~ ro~~~cr ~hall kcep tl~c Prop-
crty in good repair and shali not ~~ennit or comniit «astc, iro~?ain»cnt. or deteriorztion of tl?c Propert~• nnd shall
comply ~vith thc ~?rovisions of ant lcasc, if this \lortgagc i~ un a lc:~schol~l. If tl~is \iortgage is on a condominium
imit, Aorro«er shall perforni all of Borro~ccr's obligation~ w~~(cr thc ~leclaration oi condo~ninium or master deed,
the by-I:?ws ~nd regulutions of the condominiuu~ ~~roje~~t and constitueut documents.
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7. Protection of Lender's Security. If Borro~~er faii~ to ~~cr[orn~ the co~~enant~ and agree~nents containe m
this ~tortgage, or if any action or procecding is commenced ~~•hicl~ materialh• aRects Lender's interest in the Prop-
erty, including, but not limited to, e~ninent don~ain, iusol~•en~~•. ~•al~~ enforce~uent, or arran~ements or prceeed-
ings involving a bankrupt or ctececlent, then T.ender at I.ender'ti o~rtion. upon not.ice to Borrower, may make such
appearances, disburse suci~ sums and take sucL acti~n as is necessary to protect I.ender's interest, including, but
not limited to, disbursement of reasonable attorney'~ fee~ an~i cntn upon the Yroperty to ~nake repairs. Any
amounts disbursect Uy Lender ~~ursuant to this paragraph 7. ith intemst. thereon, shall hecome additional indebt-
edne._ss of Borrower secureci h~~ this ~Iortgagc. Unlcss I3orro~rcr znd I.ender agree to other tenus of payment, such
amounts shail he payable upon notice irom Lender te Borm«•cr ~rquesting payment thereof, and shall bear inter-
est from the date of disbursement at thc rate stated in tl~e \ote w~le:s ~?ayment of interest at such ratc ~vould be
contrary to applicable la~~, in ~~hich e~•ent siicl? :?mounts ~hall hcar interest at thc i~ighest rate pennissible b~
applicable la~v. Nothing contAincd in this ~?ar.?gra~~L 7~ha1l rec~uire 1.ender to incur ~ny expense or do any act
hereunder.
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