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<br /> � 'i COVENANTS. Borco�ver and Lender covenant and agcee as follows: g� �(i � •
<br /> . ` ; 1. Yayment of Principal mtd Interest;Fregaymant and f.ate Charges. Bdrrower shall promptly�paay�t"ien � � � _ .
<br /> � �i due the principal of and interest on the debi evidenced by the Note and any prepayment and Iate charges due under } _ - ,
<br /> � the Nute. " .
<br /> �. . •:; 2. Funds�or Taxes aad taswaaue. Subject to applicable taw or to a written waiver by Lender.Surrower
<br /> { shaU pay to Lender on the day monthly payraents are due untier the Note. unti! the Note is pa�d in fulf. a sum ; �
<br /> , �� _� ("Funds")for.(a)yearty taxes and assessments which may attain prioriry over�his Security L�strument as a lien on ; - ,. �
<br />- __�,_�-�:.._ � the Property: (b?Y�Y���old paymeats or grvund rents an the Property. if ar►y:lc)Yearty�atard or property _ -_ -
<br /> � � insurance praniwns; (d)Yearly�3ood insurance premiwns, if any:te)yeariy mortgage insurance premiums. if any: .. .. - ,
<br /> - . and(�any sums payabte by Borrower to Lender. in accordance widi the provisions of paragraph 8: in tieu of the
<br /> � � �� payment of caortgage insurance premiums.These items aze called"Escrow[tems." Lender may,at any time,coltect ;_�__ _
<br /> and hold Fuads in an amouttt no3 to exceed the maaimum amount a lender for a federally relate�f mortgage ioan may .� :-_ .
<br /> •...�:� . require for Borcower's escrovr accaunt under the federal Real Estate Settlement Pracedures Act of 1974 as amended � '.
<br /> . .5�' , 5rom time to tince, 12 U.S.C.§2601 et Sea.("RESPA").unless aaas[�a law that applies to the Funds sets a tesset �'.�� -
<br /> � ' . ' amount. If so. Lender may,at any time. coliect and hold Funds i�:an acsiovnt not to exceed the le.sser amoun� ��r.' � `��,;.
<br />" � � Lender may estimate the amount of Funds duc on the basis of current data and reasonable estimates of expen�iitures •� �� '.�. � �f
<br /> - of future Escrow Items or otherwise in accordance with.agplica6le laev. The Funds shali be hetd in an institution . _ --_ �_
<br />- � , whose deposits are insured by a federdl ageucy, insuumentaliry or entity(inclttding Lender, if Lender is such an -- ---. -x=��
<br /> - � institution)or in any Federal Home Loan Bauk.Lender shall apply ths Fwids to pay ihe Escrovr.items. Leader may � . � �-�-
<br />; : � uat charge Borrower for holding aud appiying the F�nds.annually analyzing die escrow.scrn�stu.or verifying the '��s�
<br /> ` ' � � Escmw Items,unless l.euder pays Borrower interest on the Funds and applicable law permits.li=�der to maIce such � �� ;"
<br />° .,::'''`� ' a chatg8� ..,::,_,.��•�� ''�=
<br /> .,:,, - However, Leader�ay require Borruwer to-PaY a on�ane ci�arge for an independe�t real estate tax ��;::�'..,:,�,>,.. ,-
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<br /> . � . , repoting�service used by Leudcr in connecdon with this loan.unless applicable taw provides otherwise. Unless an :�:�tv`��1; �`
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<br /> agrePment is made�t applicable law requires interesc to b e pai d,L en der s h a l l n o t b e r e q u i r e d t o p a y B o n o w e r an y �s=�=--
<br /> � interest or eamings oti tlte Fun d s. Borrower a n d L e n der may a g r e e in writin g,however.that interest shail be paid' . "�('�.��.<���-
<br />- �.. . on the�ends. l.�er shaU give to Borrowe;.without ci�ar e,an annual accountin of the Funds,showing credits . w.�'-
<br /> g S ..�.�y;,�`:�+-
<br /> � and debits to the Funds and the purpose for which c�cch�debit to the Funds was made. The Funds are pledged as - . - :�".`s_.e.r,;;,,;;
<br /> � additional securiry for all sums secured 6y this Security Lnsuument. If the Funds held by Lender exc�d the amowus . �, ��
<br /> . pemua�d to he t�fd by applicabte law, L.euder shaU�count to Borrower for ths excess Fvnds in accordanae wiih ;,; =
<br /> tbe reqnirements a�appticable law.If the amount of rfce Funds held by Leader at azry time i�.��rat su�cient to pa�,.: . ° ___--
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<br /> , �� ' dte Fscrow items when due, Lx�ci�r may so notify E�o�ver in writing, and in such c�e�.�vwer slialt',�ay ta�::, ,� ,,�•.,.�, _N_
<br /> 'f`i�.�:� �; L.endec��he amount necess�y c�i�ce up the defccier.r��.. '8»rower shall make v�t�._��cy in no��,°r�� ;°;°.`.". � —.._
<br /> < �FS,``�: - ' . • L�er's sole discretio�z. rr � _ a+ nt in fuEl�sf.al.E��s secured by dus�urity. ``�.�.,•�a'7��""
<br /> , .•�;a.� twet���a1���a}�recics;.� '. .: �P,{me
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<br /> . Imstriu;i;�:i: I�i��1i prorrtpily refiutd to Borrawe�:�.�t�c�s�h�by Lender. If,under paragraph�22;�.end�c� , .�' 4!e�i�
<br /> _ . �. . shall ar,quire���:►3�Prop�rty,l.ender,prior to the��isition or sal�of the Pcoperty,shall apply any Funds held�� -
<br />";: . . . � by Lender at the t�de of acquisition or sale as a credi��inst the sums secured.by this Security Inscrument. ,:.�_°�
<br /> � � 3. Appl�c�tiou of Tlapmeats. Unless applica�[�taw provides ottterwise,all payments received by Lender �� �-'~-=
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<br /> � � under paragraphs 1 and 2 shall be applied in the following order:first,to interese due;second.to principal due;third, . �=�---�_
<br /> �� � to amowus payable under paragcaph Z; fourth. co prepayment charges due under the Note; and fifth, to any late . ;. ''�'i
<br />..k .('C ;:r(.J ., ; -
<br /> - � ��Yj; : chazges due nnder the Note. �, ; _
<br /> � ' �� 4. Charges;Ide�s. �onower shall perfoan all of Bocrower's obligations under any�cm�itgage,deed of nust .
<br /> � ���''����. or c� security agreemelrt�:i�a lien which has pricrity over.this Securiry Irn�?sment�,including 3dqtt�wer's . �y4���f -
<br /> J�:;( { �
<br /> •'� � cav�*�ts to make,�paymenss���due. Any default�a�l�+arrotiver under any sucF��ortgage,��of tn;es'c��!i�ther . � �%;;�,�y,� --�
<br /> � ., zI; security agreem�sa ;��a11 be a 8�fault under:this Secu� instnunent•and the Note. Bonower.s�l pay or�us�s�c�• ,_�.
<br /> �� be paid all tan�;�_���sments and other ci�raes.fines and impositions atuibutable to the Property which may atu�iu� � _
<br />�;�:,.�' . . . a priority over this Security Instnim$nt. ahd leasehold payments or gcound rents, if any. Borroaer shall pay these , . --�-
<br />'�`� obligations in the m,anner provided in paragraph 2,cr.��not paid in that manner,Borrower shall pay thera vn time � �,,,.�_�
<br /> �� ` directly to the person owed payment. Borrower s}t�,Cl`.pcamptly fumish to Lender all notices of amounts rsr.�m paid •-•� . _
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<br />�•;�.; , � . . under this paragraph 4. If Borrower m�:�uref�pa�znents directly,8or�ower sha11 promptly fumish to Lender .. • ..
<br /> �'�. . receipts evidencing the payments. .. .� , � . . ,
<br /> ��s � . 5. �azard or Prope�ctg£�snranc� $,un�c�e�:°9�a11 keep the improvem��s now.exi�or hereaRer erected '
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<br />'�• :;';:`�, , on the Properry insured aga[n�i�dss by fire, haz�rtii�,��.r.��ided witbin the term. �,c.�end�Coverage and au� other :. . :
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<br />--z� �� .�s hazards,including floods or tldoding,for whic�l�ar�requires insurance. '�s insunatto¢shall be maitutahted in •
<br /> t'' � � t the amounts and far the periods that Lender rer�i9n�_ �'P�e insurano�carrier providing tha insareutoe sba11 b�chose��� , .• � :
<br />�= � by Botrower subjeca to Lender's approvai whi��i°shall not 6e un�son2bly wlthheld.�If Borrow�r�fails ro�m�intain.�' • . _ .
<br /> $�, � . �� �.
<br /> .�„� � wveca.ge described above,l.en�er may,at Leader's aptian,obt�in coverage to protect Lender's right�Ia4,h�lPr��r�y`•..
<br /> jtd!` ; in accoNance with paragraph�7. All insuraace polici�and tene�vals shall�be ace�ptabt��to�Leaderattd��+�lYi�;iiol�ida . .
<br /> j a staadard mongage clause. L.ender shall.have�clie right tn hold the palioles and�tenaivalg:. I��L�tddr�e�.�quitt�. .. _ - _. .
<br />�,� d Borrower shall promptly give to Lender aiF receipts of paid pnemiwns and renewal�notioes. In�tttb�event�r�P lass;.,�
<br />��... � Borrower shall give prompt notice�to the insurance carrier and Lender: i,�nder may make pnoof�of toss if not�mad��
<br />���.: � pramptly by Borrower. 1lnlass Lender and Borrower oth�rv�ise agree in writing,atry insurance pracee���shWI�be , .
<br />_��;� � � applied fitst to reimbarse Lertder for�costs and exp�m�s inatned in wnnection�with obtaining any such�+tis��rance
<br /> � �� proceeds,and then. al Lender's option. in such ordet and proportion as it may detetmine in its sole and absolute .
<br /> .�� �• � discretion. and regardless of any impairment of secutiry or lack thereof: (i)to the swns secured by this Securiry . .
<br /> ;� � lnspument.whether or rtot then due.and co s�ch components thereof as Lender may determine in its sole and absolute
<br /> �:'�� diseretion:andtor (ii)to Borrower co pay the costs and��xpcnses of necessary repairs or restoration of the Property � ,
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<br /> �.� ' to a condition satisfactory to Lender. If Bono��er abt�tddn�the Propetty.or does not answer within 30 days a notice � �
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<br /> ��- � i�'IXED RA't'�PRO�RAl1t ` � � '
<br /> �a''i Borrower Initials V� , . �, �
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