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<br /> ` ��`�. ° � The Funds shall be held in an insriwtion whose deposits are insured 6y a federal agency, in�trumentality. or entity f` .
<br /> �_`:' . '`� finctuding Lender,if[xnder is�uch an institutioni ar in any Federal Hame Loan Bank.Ixnder shalt:apply the Fut[ds t��pay the
<br /> . �
<br /> ' - Rscrow Items. Lender may not charge Borrower for kotding and ap�+Jyin�;the Fund�.�nually analyzine the escnnv att�unt,or ,,
<br /> ., verifjring the Eccrow Iteau,unless Len+dcr paya Borrower interest Rn thc Funds and applicable law pennit+Lendcr tu rt�e suci� .
<br /> � • a charge. However, lxnder may requim Borrower:o pay a one-time charge for an iixtepertdent real estate caa reporting service �
<br /> � . !"� ", used by Lender in rnanection «ith this toan, unless applisabte latv provides othrn�hse Untess un agreemcnt �s made or ' d
<br /> • ',s.. •� applicable law requir�interest to be paid.Lender shall nut be required tn pay Bomo«�er any interest or eamings on the Funds.
<br /> Bortowcr and Lcnder i*�ay agree in writing.hotivever,that inter�t shall be paid on the Funds. L�ender sh�l1 give ta Borrower. ,
<br />- ` � � without charge,an aanual aceounting of the Funds, shuwing credits and debjts to the Fund.and the pur�se for wfiich eaeU :
<br /> � debit to the Funds was made.The Funds are gtedged as additional security for ali sunu,ecurc�d by this Sewrity Instrument. . �
<br /> � ����`,: t� If the Funds held by Lender exceed the amounts pemutted to be hetd by applicable taw.Lender si�all ac�count to Borcuwer •��
<br /> `� � for the excess Funds in aecotdance�vith the requirements of applicable!aw_ If the amouni of the Funds held by l.ender at any
<br /> ' � - -:�'�: time is nat sufficient to pay the Fscrow Items when due.Lender may so notify Borruwer in�vriting,and,in such case Barro�ver� � �
<br /> - shali pay to Lender the amontrt necessary to make up thc dc6cicncy.Botra�ver shsil make up the deftcieacy en�'no more than� _
<br />_ ` � twelve monthly payments,at L.ender's sole disrretion.
<br /> � . _ Upon payment in ful! of all sums secured by this Security IruuumenG Lender shall prompdy refund to Borroaer any �
<br /> . Funds held By Lender.If,under paragraph 21, Lender shal}acquire ar sell the Property.Lender,prior to the acquisitian or sale O
<br /> . of the P�aperty,shatl apply any Fuads held by I.ender at the time of aa}uisition or sale as a credit against[he sums secured by pq
<br /> � this Security instrument. �
<br /> . � 3.Appl�catton of Payments.Unless applicable law provides otherwise.a!l payments receiv�f by Lender under paragraphs� _ _
<br /> ` 1 and 2 shall be applied:first. to any prepayment charges due under the Note: seoond,to amount5 payable undcr paragraph 2: �, -
<br /> - ' `��=r third,to uiterest due:fourth,to principal due:und tast.to any late charges due under the Note.
<br /> , .: . .' � 4.Cha�ges; Lieas.Borrower shall pay a!1 taxes,assessmenu,charges,fic�s and impositions attn'butabie to the Properiy °:
<br /> ' ,� .?�'.`- �' whicb may attain priority over this Security Instrument. and leasehald payments or ground rents.if any. Borrower shall �y �;
<br /> , •: .,;.�;,.
<br /> - � ,�.�_.� . •,� thcse obligarions in the manner provided in pasagraph 2,or if not paid in tltat manner.Bornower shall pay them on time dimxly ��_:'
<br /> . ;��;: to the person owed payment.Borrower shall pmmptly fumish to Lender all notices of amounts ta be paid under tfus paragraph. �
<br /> °�°•.; If Borrower makes these paymenu directly.Borrower shall promptly fumish to Lender ceceipts evidencmg the pa}ments.
<br /> • „, ' ;,-�r� Barrower shall promptly discharge any lien which has priority over this Securiry Instrument unless Borrouer:fa)agrces in ��:s�
<br /> ��:'y writing to the payrneat of the obligation serured by the lien in a manner acceptabie to lxnder.(b)cantests in goad faith the lten -- `
<br />- � . � ' by,or defends against enforcement of the lien in, legal pmceedings which m the Lender's opinion operate to p:eveni the
<br />"`��_'.��:,:.-.�_ =°��,`;`. enforcemeni of the lien: or(c)secures from the holder of the lien an agreement saasfaccory to Lender sa6ordinating the lien to �'"
<br /> •..':��: " G`��' this Security Instrument.If Lender determines that any part of the Property is subjact to a lien�which may attain pnonty over �;�:
<br /> .�;��;�=.:�. . :•. �:� this Security Instrument.Lender may give Borrower a nodce idenufying the lien.Enrrower shall sausfy the lien or take one or •'�;'.:
<br /> � ', ." �t more of the actions set fonh above within i0 days of the giving of notice. '`J�y'
<br /> � ��;;�':' S. Aa�ard or Property Inswance. Borrawer shail ke�p the improvements now existing or hereafter ererted on the �
<br /> °`.';:�°�` , -,- Property insared against toss by fire. hazards included within the term "eatended coverage"and any otber hazaNs. including �'�-.'�
<br /> '� � ttoods ar floading, for which Lender requires insurance. Tfiis insurance shall be mas�tained in the amount&and for the pzriads c��'��
<br /> �._;:r•�' c�:irT�
<br /> ' � ttiea.Lender r uires.Thc i��nce carrier rovidin the insurance shall be choseta b Borrower sub'ece to Lender s a roval �'`�'���
<br /> , :.' �9 P g Y I PP �:
<br /> - �' u�ich shafl not be unre�uonably withhetd. If Borrower fails to maintain coverage�:scribed above. L�ender may,at Lender's _ _
<br /> ' • ��'�' %�t.�-tt apuon.oDtain coverage to proiett I.cnder's rights in the Property in aceordance with paragnph 7. _
<br /> ;� ,::'-'. �: ;�';`?�' All insurance policies and renewals shall be acceptable to Lertder and 5ha11 include a sta�►dard mortgage clanse. Lendzr _�_._
<br /> %�,: ';;�.• shall have the right to hold the policies and renewals. If Ixnder requires.Borrower shall promptly give to Lender all receipts cd'i =__
<br /> • paid pmmiums and renewal notices.In the event of loss.Borrower shall give prompt narice to the insurance carriet and Lender. �"�
<br /> , � ' Lendet may make proof of loss if not made promptiy by Borrower. �rr�'
<br /> ,_ , • .- Unless Lender artd�Bamawer othenvise agree in�vriting,inwrance pmceeds sf'.a31 be applied to restoration or repair of the �°'.''
<br /> ` . � property damaged,if the restoration or repair is econamicaily feasible and Lender s security is not lessened.If the restoiation or ==_�
<br /> � . , ''"�� repair is not eaanomicalty feasibte or Lender s security would be lessened,the insura�e proceeds shall 6e applied to the sums —_-•,•
<br /> . • secured by this Security Instrument, whether or not then due, witb any excess paid to Borrower. If Borrower abandons tI� �-_=
<br /> - " • • Properly.or dces not answer within 30 days a notice fmm Lertder that the insurance carrier has offered to settle a claim,th�n �- --
<br /> � L.ender may caltect the insurance proceeds. Lender may use the proceeds to rep�:r or restore the Property or to pay sums �'�=;
<br /> .K�,'
<br />-,�: secured by this Security Instrusnent,whethet or not then due.The 30-day period w716egin whea the notice�s given. �;�`
<br /> 3'�_. � � :�� Unless Leader and Borrower otherwise agree in writing. any applicadon of proce�s to principal shait not exter.d or = _
<br /> .. . postpone the due date af the monthly pa}�saents referred to in para�aphs 1 and 2 or change tFa�:amonnt of the payments. IP r;=_
<br /> ` • '' " under paragrap h 2 l the Property is acquired by Lender,Borrower's right to an y insusance poIic:�s and proceeds resulting f:�r.� �:,-;,._
<br /> �� ::�..�• � � damage to the Properry prior to thc acqu�s�tian shall pass to Lender w the extent of t�.e sums secured by this Security Instrumeat. ''=-__
<br /> F. . ;r;;;ci�°-
<br /> immediately prior to the ao�i.sition. --::
<br /> �, �,� .. 6.Oocupancy,Prest�.�t�an,Maintenance and Protection of the�ropert�;�oarower's Laan Appllcation;Leaseholei�. �' .,
<br /> ' B o r r a w e r s h a ll occu p y.es�6�:sh.and ace the Pra p e r t y as Borrower s pe�ectci�al resiCence within sixty days after tt!e execution of ,,,
<br /> �� � � [his Security Instsumen�anst shall wntinue to occupy the Property as�osrowec's pri�cipal residenee for at least one year after . �_=_-
<br /> r�... ` the date of occupancy,unl�s Lender otherwise agrees in writing,which consent shall not be wireasonably withheld.or untess . �.'_ •
<br /> extenuating circnmstances en:st which are beyond Bormwer s control. Borrower shall not 8estmy. damage or impair the �`°'�
<br />� � ..:• . ,• .:.. .�,
<br /> Property,allow the Ptopec.y co deteriorate. ar commit waste on the Properiy. BQrrower shail be in defau[t iE any forfeiture {$�`�''
<br />-,� . a:tian or proceeding,whea�:civil or criminal,is begun that in Lender's good faith judgmen�ooatd resutt i�forfe�ture of the �,:
<br /> • '.t.,�{Y,. Property or otherwise materially impair the lien created by this Securiry Instrument or Lender's s�airity interest.Bonower may = _
<br /> � � ' • �.,: cure such a default and reinstate.ac provided in paragraph 18.by causing the acdon or proceed"r��to be dismissed with a tuling �
<br /> �: . • �"�t'''' that, in Lertder's gaod faith detemunaGon, prec�udes Porfciture of the Borcower's interest in r:�e Property or other material ,:':{;
<br /> ' • i�npairment af the I�en created by ihis Security lnstrument or I.ender's security interest. Borrower shal! also be in default if ;�,,::1;
<br /> � � Borrower,during the toan�Tplication process.gave materially false or inaccucate�nfotmation or statements to Lender(or failed A�,_
<br /> ..,:..
<br /> r•`�; • ' to provide Lender with any�:naterial information)in cunnection with the loan evidenced by the Note.including.but not limited �,��;
<br /> �,:., .
<br /> . .� . to,representations wnceming Borrower's occupancy of the Property as a principal residence.If this 5ecurity Instrument is on a ;'
<br /> ' lea5ehotd, Burrowet shall comply with all the prtrvisions of the tease. lf Borrower acyuires fee title to the Property. the '
<br /> ' leasehold and the fe�titte shall not merge unless Lcnder agrees to ttie merger in writing. : .
<br /> �,. :...
<br /> 1�� . 7.Protedton of Lender's R1�6ts in the Praperty.lf Borrower fails co perform the covenants and agreements contained in ":,, •
<br /> -. . '.' this Security lnstrument,or lhere is a le�il proceeding that may significantty zFfect Lender s rights in the Property(such as a '��y�;
<br /> �". � procecding in bankruptcy,probate.for cor�demnation or forfeitute or ta enforce E��s or regulations), then l.ender may do and r. :
<br /> s�• ' ' � pay for whatever is necessary to protect the valae of the Property and Lender's ri;hts in the Prnperty. Ler.der's acKions may
<br /> . include paying any sums secured by a lien which has prionty aver this Security InstrumHnr, appeanng in rnurt, paying
<br />.�� `• . • reasonable attomeys'fees and cnterin�on the Property to make rep�s. Although Lender may take action under this paragraph
<br /> as . ' 7,Lender does not have to do so.
<br /> , , Any amounts disbursed by Lendcr undcr lhis paragraph 7 shall become utditional dcbt of Borrower secured by this °
<br /> . Security Instrument.U�lcss Barrower and Lender agree to other terms of payment, these amountti�hall bear interest from the
<br /> �I '.� � n t th Nrne rate and shalt be a abte, with interest. u on notice fram Lender to Borrawer requesting
<br /> date of d�sburseme t a e p y P
<br />;� _ - payment. •
<br /> _ 8.111ort�e trtsurance.li l.ender required mortgage insurance as a condition of making the I��n securod by this Securit� �
<br /> �, . Instrnment. Borro�ver �haU pay the premiums required to maintain thc mongage insurance in effect. if. for any reason, the
<br /> � : � �� martgage insurance mverage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums required to .
<br /> '.�_��, . ohtsin cover.�ge+ubstantially equiralent to the mnrtgage insurance previously in effect,at a cost substantially equivalent to the •,_
<br />','.". ' . cust tn Bnrro«er of the mortgage insurance previuusly in effect. from an:iltemate mortgage insurer appruved by Lender. If
<br />. � � ` _ • . Pego 2 of 6 Farm 3028 9/90 .
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