|
� , ..,,.1_.�,0�. ___ __
<br /> . �
<br /> .�...,�,.—�.�.�..�.�._ _ _...y.,.2,.�.,•.�_:__ -
<br /> . � - _ -
<br /> �.-.W. ..,_--�-------�-- - - —
<br /> The Funds shall bc held in An institution whose dcpusits arc insunyi by u fodcrul agency, Instn�mcntality, or cntity
<br /> (incl��ding l.cs�der,if L.cixicr is such ua institutlan)or in any Feder�l Hamc i.oan Bank.[.tnder�hall apply the FundR to pey the
<br /> �!►cmw Items. l.ender muy rx►t charge Horrnwer i'i�r holding uid applyiag the Funds,annuully aiwlyr.ing the escrow nccuunt.or
<br /> verlfy6�g the �xruw ltemy, unless Le�xler pays Bnrmwcr Inisrest �n�hc I�w�ds und np licablc IAw permits l.endcr to nwkc such�
<br /> a chargc. Howcvcr,l.rixier n�ay rcyuirc Borrawer tu puy u anc•tinK churge fur un i�pendcnt rcal e�tate tax.rcpariing scrvicey
<br /> used b}� Leneier i�i c�nncclion with tbiti lorn, unless applicab�e law pn�vidrs otherwise. Unl�-s�an agrunxnt is made or �
<br /> appUraRIC IYK rcyuirc�interest ta b�paid, l.�ncter shall not bc rcyuired to pay Horrowcr uny interest ar carnings un the Funds. �
<br /> Bora�wer aixl I,.cndcr may agrec in writing, however, thut interetit shutl be paid an th�FunJy.l.endcr shall givc tu�rmwer.
<br /> wIthout ch�rge,un unnual arccwndng of th� Funds, showing credits atxl debitv ta the Futxis and the purpose fur which each
<br /> deblt to the Fu�xis was made.Tl�o Fuixis are pledgcd As udditional ntcurity far ail sums sccureci 6y this Security 1n�srument.
<br /> IF the Funds held by I..etxler exceal tNe umnunts permietecl tu 6e lield Uy uppilcut�lc Iaw, I.ender shall accaunt to Borroa�er _
<br /> far the exass Funds�n accordunce with therequirements of appl iable law. If the anwunt of the Funds hcid by Lender at any
<br /> time is not sufficient to puy the�scrow ltem9 when due.l.ender may so nntify Borrower in writing,and,in xuch ca.se Borrower
<br /> shal!pay to L.ender the umount nccessary to make up the deficiency. Borrower shall make up tb�deficiency in no morc than
<br /> twelve monihiy puyments.nt Lcnder's sale discretion.
<br /> Upon payment in full of all sums secured by this Security (nstrument, Lender shull pro�nptly refund to Borrower ciny
<br /> Funds hcld by I.ender. If, uixier paragraph 21.I.ender shell acquire or scll the Property, I.ender, pnor to the ncquisition or s�de
<br /> of the Property,shall apply any Funds held by L.ender at the time of acquisition or salc as a emd'as against the sums secured by
<br /> this Security Instrument.
<br /> 3.Appiicxtion oi Paymeu�s.Unless applicable law pravides aherwise,all paymen�s receiveai by Lender under pura�raphs
<br /> 1 and Z shall be applicd: Grst, ta uny prepayment charges due utlder the Notc; second,to amoun�ti payuble under paragrstph 2:
<br /> third,ta interest due: fauRh,to principal due:and last,to uny late charges due under the Note.
<br /> 4.Clwrges; Liem. Borrower shall pay all taxec,assessmenU,c6arges,fines and impositions attriE�utuble ta the Praperiy
<br /> which may attain priority over this Secur�ty instttiment.and�w►sohold paymcrcts pr grounn rents,if any. Bonower shall pay
<br /> these oblis�atlons in the►nanner provided in puagr�ph 2.or if not p�id in that m�nner.Barrower shall�ay them an time directly
<br /> to the person vwed payment.Borrower�ati promptly fumish to Lender all notices of runounts tu bc pui�i unaer this par�graph.
<br /> 1f Horrower 2xaakes the.se payments directly,Borrower shall promptly furnlsh to Lender receipts evidencing the payments.
<br /> Borrower shap promptly d�scharge any lien which has priority over tliis Securiry Instrument unless Horrower: (a)egrecs in
<br /> writing to the payment of the obligatton secured by the lien in a manner acceptabte to Lender; (b) contests in good faith the Iten
<br /> by. or defends against enfarcement of the lien in, legul proceedings which i� the Lender's opinion operate to pravent the
<br /> enforcement of the lien;or(c)securcs fram the holder of the lien an agrcement satisfactory to Lendcr subordinuting thc I[en to
<br /> th€s Security Instrument. If Lender determines that uny part of theProperty is subject to a lien which nmy uttafn priority ave�
<br /> this Sceuriry Instrument, L.endcr may give Borrower u notice identifyjng thc iten.Borruwer shall satisfy the lien or tak�unc or
<br /> more of the actions sct forth ubovc withiri 10 deys of the siving af notice.
<br /> 5. 1i�zard or Property Iwwr�nce. Borrowcr shall kap the improvcmcnts now existing or hercuftcr crected on the
<br /> Propeny insured against los.r• by firc, hw.wrJ� includc�l within tl�e tcrm'exte�xieA coverago" anci any ather huu►rJti, including
<br /> flaxls nr ilnc�ding.for which Lcndcr rcquires iusurancc.Thi�insurnncc shull bc nwintuincd in thc amc�unty ancl f��r thc peri�xls
<br /> �h��t T.e�xier requlres. The insurunre crrrier praviding the insurance shull t►e chasen by Bon�wer subject to l.encler's approvul
<br /> wh(ch shsll na be unreau�nably withhetd. If Bormwer failw to nwintaln covcrage c�e�cribeci aE►e�ve, i.cndcr uwy. «� ia�ct''.
<br /> optton,ubt�in caveruge w protect I.ender's rights ln the Propeny in accordana with paragruph 7.
<br /> All insur�nee policies unci renewals shall be aceeptuble to Lencier and shall inelude u stendard mortgugo etsuse. Lender
<br /> shuil huvc the rtght to hald the policies und rencwals.If Lender reyuires,Borrower shull promptly givc to Lcnder all reccipts of
<br /> ptid premiums and renewal nntices. In the event af loss,Borrower sh:tll give prompt notice ta the insurancc canier and Lender.
<br /> Le��dar may makc proof of loss if not made promptly by Bonower.
<br /> Unless Lender and Bonower otherwise agrce m wdting,insur�u►cc pracccds shall bc applied to restoration or mpa[r of the
<br /> Property dimagod.if the restoration or repair is econamically feasible and Lender's secur�ty is not lessenod.If the rcstontion or
<br /> repuir is not economically feasible or l.ender's security would be lessenal.the i�surance proceeds shall be uppliod to the sums
<br /> secured by this Security lnstrument, whether or not then due, with any excess paid to Bonower. If Borrower abnndons the
<br /> p�npetty,or does not unswer within 30 duys a notice from Lender that the insurance carcier has offered to settl�a claim. then
<br /> Lender may collect the insurance proceeds. I.ender may use the procads to repa�r or restore the Property or to pay sums
<br /> socu�+ed by this Securiry Instnunent.whethcr or not then due.The 3Q-day pedod wili beSin wl�en the notice�s given.
<br /> Unless Lerder and Bonower otherwise agree in writ{ng. any applicaaon of proceeds to principat shaQ not extend or
<br /> postpone the due date o�the monthly payments referred to in parugruphs 1 and 2 or chunge the amuunt of the poyments. If
<br /> under paregraph 21 the Praperty is acquired by Lender,Borrower's nght to any 9nsurance policies end pre�ceeds resutting from
<br /> damage to the Property prlor to the acquisition shall pnss to I.endet to the:extent vf the sums secural by this Security Instrament
<br /> invnediately prior to the acquisitian. ,
<br /> 6,pceuponc�,Preservatlon,Matintenance�nd 1'rotectton of the Property;Borrower a Lown Applkation;I.eoseholds.
<br /> Bormwer shul!nccupy,establish,und use the Pruperty as Sorrower's princiFal rc�iSeu�w(diln sixry:tays�ft�r tbe esecution of
<br /> this Security instrument and shull continue to occupy ihe Property as Borrower's principal residence for ut least one year after
<br /> the date�f occupancy,unless I.ender otherwise agree.g in writing,which consent shall not be unreasonabty withheld, or unless
<br /> extenuating circumstances exist which are beyoTxl Borruwer's control. Bormwer shnll not d�stroy, damage or impair the
<br /> Propcity,allaw thc Property to deteriorate, or commit waste on the Propetty. Borrower shuil be in default if any forfeiture
<br /> action or procxding. whether ctvil or criminal. is begun thai in Lender's good faith judgment could result in forfeiture of the
<br /> Property or otherwise materialiy impuir the lien creuted by this Security Instrument or I.cnder's security inter�st. Borrower may
<br /> cure such a default and reinstate,as provided in paragraph 18,by causing the action or proceeding to be dismissed with a ruling
<br /> that, in Lendcr s gaod fuith determination. precludes forfeiture of the Borcower's interest in thc Property or other muterial
<br /> impairment uf thc lien created by this 5ecurity Instrument or I.ender's security interest. Borcower shall also be in defuuit if
<br /> Borrower,d�ring the loan applicution process,gave mAterially f:alse or inaccurate information nr stetement�to Lcnder(or failed
<br /> to provide C.cnder with any material infnrmation)in conncction with the loun evidcncod by the Note. including,but not limited
<br /> to,representations concernmg Burrower's occupancy of the Property as a principal rcsidenee. If this Security [nstivment is an a
<br /> Ieas¢hold, Borrower shall comply with ail the provisions of the lease. If Borrower acquires fce title to tho Propeny. the
<br /> leasehold and tlie fee title shall not mergc untess I.ender agrecs to ihe merger in writing.
<br /> 7.Pmtat[on of Lender's ltights in the Property.If Borcower fails to perform thc covenuntc nnd agreements containal in
<br /> this Securisy Instrument, ar there is a Iegul proceed3ng that muy signi�c�ntly affect Lender's ri�hts in the Property (surh us a
<br /> proceeding in b:uikruptey, probute, for condemnation or forfciturc or to enforce laws or regulatians), then LenJer may do and
<br /> . Qay for whatever is necessary to pmtect the value of the Property and L.ender's rights in the Prop�:ny. Lender's aclions may
<br /> mclude paying uny sums secural by a lien which hay priority over this Security instrument,appearing in court, pa.ing
<br /> ___��__......._.....• c ...,.�a,,.a.�„...,��nv Pmmrtv to .n�e moairs.Aldiouah Lender may take uction under this parag�►ph
<br /> . icaovnavrv n��w.rv�n .v.... .��...�....o_...." ' '_�' � • _
<br /> 7.Lendcr does not have to do so. r
<br /> Any arnounts disbursed by l.ender under shis parugraph 7 shull becnme udditional debt uf Bc�rrower secu��j��this
<br /> 5ecurity Instrumcnt. Unless Borrower and I.ender agrce to �thur tertns of puyment, thcse unwu nts,hull l�car interest from the
<br /> date of disbursement at thc Note ratc und shall be payable,with interest, up��n notice from L.cndcr tu Bottowcr requesting
<br /> paymcnt.
<br /> 8.Mortgage Insura�ue.if[.ender required mortguge insurancc us s condltion of making the loan secur�;d by this Sccurity
<br /> Instrument. Borrower shall pay the premiums required to maintuin the morcgage insurnnce in effect. If, for uny reason, the �
<br /> martguge insurana coverage ti•equired by Lender lapses or ceases to be in effect, Borrower shal l pay the pre:miums required to
<br /> obtuin covcrage substuntially equivalent to the mortgage insura�ue previr,usly in effect, at a cost sub�tantially equivalent to the
<br /> cost to Borrower of 1he mortgagc insurance previously i» cffect,from 3n alternatc mortgage insurer uppruvcd by l.�nder. If
<br /> vpe 2 c�� Form 3028 9/90
<br />
|