|
. ,� -- __.,:�y___�_.—.--
<br /> wa,,,;,.._ �.k—-._ ...__.---� - __.
<br /> __ - .��.,,w;o.��.=�_—
<br /> Thc Fundy shali ne held in un in.i►tutton whn,c ucp�.r.:ils tt:� tt�,us��t hy � federttl enrncy, b��ttumcntulilV. or entity
<br /> (including l.cnder,iF l.endcr is such�u�inctitution)or in uny Fedcrul Huiue Laan Bank. L.et��ler sttull Kpply thc Fu�ul�to puy thc
<br /> �+crow ltcros. l.cndcr muy nut diurgc porrrnvcr for holding nne!nprlying thc Funds.unnuully unulyzing thc c.r•�;mw ucce►�mt.or
<br /> veriFying�hc�tirn�w itemti,unl��sti I.cndcr�uys N�irruwcr intereston ihe funds and upplicablo luw�xnnits lai�ler to mukr ruch �
<br /> n churgc, Hawever, lA�xler muy rcqulre tiorrawer t��pay u�me-Ama c��urge far an i�xlepetxfrnt reul estute tux rept►rliiig nervico ;
<br /> uscd by [.ender fn cunixcdun witli thlx luan, unlcys npplicuble I�iw pr��vides �Nherwise. Unlctis nn i�greei�xnt is mnde ar
<br /> upplia�blc luw rcyuires intcrest tu t+e pnid, IAndcr sl��dl nat be rcyutrc�f to puy Hurcuwer uny h�tcrest c+r carniugti�m thc Fu��ls.
<br /> &rrr��wcr:uiJ l.endcr mu,y ngrcc in wnting, lu�wevcr,that Intcrest shalS be puid on thc Pwx1s. I.encicr shall give to l�rrower, .*— •
<br /> without churgr. un unnuul accounting ��f'thc Fu�xts. nhowing ctalits und debits w thc �uixlr urxl thc pur�x�u� fiir which c��rh Q
<br /> dcbit ta thc Funds wus mudc. Thc Funds urc plcdgc�S u.r•u�ldid�+nul r�ewrity for ull sums securcd by thir Srcurity lnstrument. -0
<br /> if�b�FuuJ+lield by lA+�dcr cxccecl thc:unounts permiae�l io hc hcld by npplirublc law,l.�ndcr shull ncci�urit t��Hnrrower--
<br /> for thc cxcess Funds in uccordencc with thc rcyuircmcnts of upplicublc l+iw. If thc amount e�f thc Funeis hcld by l.e:ndcr at any �
<br /> timc is not sufficicnt to puy thc Exrow Items when duc, I.�ixter may sa notify Borrower in writing,and,in+uch cutie Barrower o0
<br /> �;hull pay to Lemler the umount necessary ta muke up the deficicncy. I3ormwer shall muke up the Jefici;ncy in no n�rc thAn
<br /> twclvc monthly paymcnts,ut Lcndcr's sole discrctian.
<br /> U�n payment in full of all sums secured by thiti Sccurity Instrumcnt, l.cndcr shall prumptly refund to Bnrrawcr any
<br /> r�und�held by I.ender.If,under purugruph 21,l.endcr shull acquire or scil the Property, Lender. prior to the ucyuisitian or+ute
<br /> of the Pm�x;rty, shull apply any FunJs held by Lender at the time cif acquisition or sale as u credit i�gainst the sums secura!by
<br /> this Sccurity Instrument.
<br /> 3.AppUcutlon ot PaymenGs.Unless applicublc law pravidcs otherwise,ull payn�ents rcceivcd by I.cnder undcr paiug�xphs
<br /> t unJ 2 shall be applicd: first.to any prepaymcrrt chargeti due under the Note;second, to umounts puynble under purugruph 2;
<br /> third,to interest due:fourth, to principal due;und lnst,to uny iate charges due under the Note.
<br /> 4.Charges;I.tens.Borrower shull pay ull taxcs,usscssmcnts.charges. fines and imposittons attributuble to the Pmperty
<br /> which may attaln priority over this Security Instnttnent, and leasehold pnyments or ground rcnts, if nny. Borrawcr shall pay
<br /> these ubllgations in the manner provided tn paragceph 2,or if na paid in that munner,Borrower shall pay them on time diroctly
<br /> to the person owal payment. Borruwer shull promptly furnish to Lender all notices of amoont�to be puld under this pamgraph.
<br /> If Borrowcr mukes thesc payments directly. Borrower shall prom�tly furnish to Lendcr receipts evidencing the psyments.
<br /> Aorrowe�shall promptly dfscharge any lIen which has prionty over this Security Instniment unless Borrower:(u)agrees in
<br /> writing to the payment af the obligution secured by the lien in a ma�er acceptnble to Lender;(b)contests in gaxi faith the lien
<br /> by. or defends against enforcement of the licn in. Iegal proceedings which in the L.ender's opinion operate ta prevent tho
<br /> enforcement of the lien;or(c)secures from the holder of the lten an agreement satisfactory to i.ender subordinuting the lien tu
<br /> this Security Instrument. If Lender determines that any part of the Property is subject to a Iten which may attain priority over
<br /> this Secu�ity In�trument,Lender may give Borrower a notice identifying the lien.Bonower shall sutisfy the lien or take one or
<br /> more of the actions set forth above within 10 d:�ys of the giving of notice.
<br /> S� H�z�rd ar �'roperty Insurunce. Borrower shall keep the improvements now existinII or hereufter erected an the
<br /> Property insured against loss by tire. huzurds included within the term "extended coverage"and any other hazerds. including
<br /> floods or flooding,for which I.endcr rcquires insurance. This insurance shall be maintained in thc amounts and for the periods
<br /> that I.ender requires. The insurance carcier providing the insurance shall be chosen by Borrower subject to L.cnder's approval
<br /> which shall not be unreasonabiy wiihhetd. if Bo�i.��er fails ta zrs«intaiss cQ"erapp SICcr�hPtl AI7(IYP.s [xnder may. at L.ender's
<br /> option,obtain coverage to pratect Lender's rights in the Property in accordance wlth parngraph 7.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard murtgage clause. L.ender
<br /> shall have the ri�ht to hold the Policies and renewals.If Lender requires,8orrower shall promptly give to L.enc�er sll receipts af
<br /> paid premiums and renewal notices.In the event of loss. Borrower shall give prompt notice to the insurance carrler end L.ender.
<br /> l.ender may make proof of loss if not made promptly by Borrower.
<br /> Unless I.ender nnd&�rrower otherwise agree m wrinng. insurance proceeds shall bc applied to resroration or repair of the
<br /> property dumaged.if the restoration or repair is economically feasible and L.cnder's securiry is not lessenod.If the restoration or
<br /> repair is not economically feasible or I.ender's secudry would be lasened. the insurance proceeds shall be appUal to the sums
<br /> sccured by this Secu�ity Instn�mcnt, whcthcr or not then due,with any excess paid to Barrower. If Borrower abandons the
<br /> Property.or does nu�a��SwC�w►u�����C dµrs a�.�tfc�From Le:r,ler that the in�nrance rarrier has offemd to settle a cl�3m, then
<br /> Lender may collect the insurance proceeds. Lender may use the procceds to repair or restore the Propercy or to pay sums
<br /> secured by this Security Ins[rument,whether or not then due. The 30-day period will begin when the notice�s given.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> postpone the due date of the monthly paymcnts referred to in parngraphs 1 and 2 or change the amount of the payments. If
<br /> under paragraph 21 the Property Is acquired by Lender. Borrower's right to any insurance policies and proceeds resuiting from
<br /> damage to the Property prior to the acqms�tinn shall Psss to Lender to the extent of the sums secured by this Securiry Instrument
<br /> immediately prior to the acquisition.
<br /> 6.Occupancy,Preser�'ation�Ma[ntenance and Protection of the Properly; Borrower's Loan Applfcation;I.easeholds.
<br /> Bonower shall occupy,esta6lish,and use the Property as 8onower's principal residence within sixty days aftir the execution of
<br /> this Security Instrument and shall continuc to occupy the Property as Borrower's principul residence for at least one year after
<br /> the dnte of occupancy,unless Lender otherwise a�rees in writing,which consent shall not be unreasonubly withheld,or unless
<br /> extenusting ciccumstances exist which are beyond Borrower's wntrol. Borrower shall not destroy, damage or impair the
<br /> Property.allow the Property ta detcriorate, or commit waste on the Propeny. Bonowcr shall be in defautt ff uny forfeiturc
<br /> action or procecciin�, whether civil or criminal,is begun that in Lender's good faith judgment could result in forfciture of the
<br /> Propeny or otherwise mnterially impair the lien crcatai by this Security Instrument or Lender's security interest.Banower muy
<br /> cure such a Jefault and reinstate.as provided in paragraph 18,by causing the uction or proceeding to be dismisse,d with a ruling
<br /> that, in Lcnder's good faith detcrmination, prccludes forfeiture of the Borco�HCr's intercst in the Property or other material
<br /> impairmcnt of thc lien creutcci by this Security Instrument or Lcnder's security interest. Borrower shull also bc in default if
<br /> Borrower,during the loan appliaition process,gave materiully fulse or inaccurnte information or statements to Lender(or failed
<br /> to provide Lender with any material information) in connection with the loan evidenced by the Note.including.bui not limited
<br /> to,representations cnnccming Burcower's occupancy of the Prope:ny us u principal residence. If this Sccurity Insnvment is on a
<br /> leasehold. Borrowcr shafl comply with all thc prov�sions of thc leasc. If Bonower ncquires fcc titic to the Prnpeny, thc
<br />- lcaschold and the fix title tihnll not mcrge unless Lender ugreesto the me�gcr in writing.
<br /> 7.Protection of Lender's Rights in the Property.if Borrower Fails to ped'orn�the covenunts and�grcements contai�ied in
<br /> this Security Instrumenx, or therc is a legal proc:eeciinb thut may significantly nffect Lender's rights in the Property (such as a
<br /> ptoceeding in bank:uptcy, probate, for condemnation or forfeiture or to enforce laws or regulatlons), then Lender may do and
<br /> Q:►y for whatevcr is necessary ta protect the vulue of the Property und L.ender's iights in the Pmpeny. Lender's uctinns may
<br /> mclude payins any sums secured by a licn which has prionty over this Security Instrument. appearing in coun, paying
<br /> - m:icnnahle sttornCVS' fces and cntcring on thc Property to makc repairs. Althoubh Lendcr may tnke action undcr this paragraph
<br /> - 7,Lendcr does not huvc to Jo so,
<br /> _ pny nmounts di�bursed by Lcndcr undcr this par�graph 7 shull becumc udditionul dcbt of Borrower si;cured by this
<br /> _- Security Instrument. l�nlrtis Borrower und l.ender agrce to other tcrtns of payment, these amouius shall bcar intcrest f'rom the
<br /> date of disbursement at the Notc rate and shall be pc�yablc,with interest, upon iwtice f'ruui 1..endcr ta Ba��:•cr requestin;
<br /> payment.
<br /> -- S.Mortgage Insuranre. If l.ender reyuired mortgage insurance us a��ndition of mul;ing the loan securecl by this Security
<br /> Instrumcnt, Borrower shull pay thc pmmiums rcquired to maintain thc mongage insurun��: in cffi�ct. If, for any reasnn, the
<br /> - mortgage insurance cuverage rcyuireJ by Lender lapses or cwses w be in effect. Borruwer shall pay the premiums required to
<br /> - obtuin coverage sub�tantially eyuivalent tu the mortgabc insurance previously in effect,at a cost substimtially equivalent to the
<br /> a c�st to Bvrn��vcr af the mungagc insurance proviousiy in cffcct. tYom :�n altcrnutc mortga�;c insumr approved by Lcndcr. if
<br /> rpe a oi a Fonn 3028 9180
<br />___
<br /> ..� _ _ _
<br />
|