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<br /> Thc Funds shull hc hcld in an institution whr�sc dc{x�sits nrc insurcd by a ficdcrnl ugcncy, instrumcntnliry, ar cntiry
<br /> (including[.�;ndcr,if Lcndcr is such an institution)or in any Falcral Honw I.o+in Aank. Lendcr shull apply dic Funds to piry thc
<br /> Escrow Itcros. l.cndcr nt:ry not c harsc Borrowcr for holding and applying 1hc Funds, annuully :uiatyzing thc cscrow uccount,or
<br /> vcrifying thc Bscmw Itcros,unlcss l.cndzr pays Borrowcr intcrest an thc Funds :�nd applicAblc Inw permits l.cndcr tn m��kc such
<br /> a charge. Nowever, Lender muy require Aon•��wer to pny�i one-tiiue chargc fnr an indeprndent reid esu�te tnx rcportinb scrvice
<br /> uscd by Lendcr in connection with this loan, unlcss upplicablc law providcs uthcrwisc. Unless nn ugrccment is madc or
<br /> applicahlc law rcquires intcrest to be paid,Lcndcr shull not be reyuired ro pay Borrowcr any interest or camin�s on thc Punds.
<br /> 8orrowcr und l.cncler may ugrcc in writing, however, thut interest shall be paid rni thc Funds. Lcndcr shall givc tc� �orrowcr,
<br /> without chargc, an nnnual ncco�mting af thc Funds, showing credits and dcbits ro thc Funds und thc purposc for which cach
<br /> debit to the Punds�v,�s made. The Funds �ue pleciged us additional security for all wms secured by this Security Ins[rument.
<br /> If the f unds held by Lender exceed the umounts permitted to bc held by applicablc Ixw, l,eudcr�hull accuunt tu Rorro�ver
<br /> for the excess Funds in accordnnce with thc requirements of upplicable Inw. if the umount cif the Fundti held by L.ender at any
<br /> timc is not sufficicnt to pay thc Gscrow Itcros when duc, I..cnder may sc�notify Borrowcr in writing, and. in such cusc Borrower
<br /> shall pny ro Lender the umount necessary to make up the deficiency. Borrowu shall makc up the def ciency in nn more than
<br /> [welve monthly puyments. at Lender's sole discretion.
<br /> Upon payment in full of all sums secured by this Security Insuument, L.ender shall pramptly refund to Borruwer any
<br /> Funds held by I..cnder.If, under paragraph 21,Lender shall acquirc or sell the Property. Lcndcr, prior to thc acquisition or sale
<br /> of the Prope�ty, shall apply nny Funds held by Lender at the time of acquisition or salc us a creciit against the sums secured by
<br /> this Security Instrument,
<br /> 3. Appllcahon otPayments.Unless applicabl�law provides othenvise,all payments re;ceivcd by Leixlcr under paragruplis
<br /> 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts paysble under pnragraph 2;
<br /> third,to interest due• fourth,to princq�al due;and last,to any latecharges duc under tlie Note.
<br /> 4. Charges; I.iens. Borrower shall pay all taxcs, asscssments, charges,fincs und imposi�inns attributable w thc Pn�perry
<br /> which may attuin prioriry over this Security lnstrumcnt. and leasehold payments or ground rents, if any. Barrower shz►11 pay
<br /> these obligacions in the manner provideci in paragraph 2.or if not paid in that manner,B��rrower shull pay them on time direcUy
<br /> ro thc person owed payment. Borrower shall prumpAy furnish to Lendcr all notices of amounts ta bc paid unJer this pnragraph.
<br /> if Borrowcr makes these paymcnts directly,Borrower shall promptly furnish to I.ender receipts cvidencing the paymcncs.
<br /> Borrower shnll �romptly disch:�rge any lien which has prioriry over this 5ecurity instivment unless Dorrower: (n)agrees in
<br /> writing to the paymentof the obligation secured by the lien in a manner acceptable to Lender;(b)contestsin good faith the lien
<br /> by, or defends against enforcement of the lien in, legal proceedinbs which in the L.ender's opininn operate to prevent the
<br /> cnforcement of the licn; or(c)secures from the holder of thc licn nn agreement satisfactory to Lender subordinating the licn to
<br /> this Security Instnrment. If Lender determines that any part of the Property is subject to a lien which may uttain priority over
<br /> this Security Instrument, I.ender may give Borrower a notice identifying the lien.Borrower sliall satisfy the lien ar take one or
<br /> morc of thc actions s�t forth a6nvc within 10 days of the giving of noticc.
<br /> 5. Hazard or Property [nsurence. Horrower sltall kcep tltc improvemcnts now existing or hereaftcr erected on thc
<br />- Propeny insured against loss by fire,h:�zards included within the term "extended coverage" and any other haz��rds, including
<br /> tloods or flooding, for whicl�Lender reyuires insurance. This insurance shall be maintained in the amowus an�l for the periods
<br /> ,ha,1,cnvc:r�u:es°.Th�insu►a�rr rarrier providina the insurance shall be chosen by Borrower subject to L.ender's approval
<br /> which shnll not bc unreasonably withheld. If Borrower fails to muintain coverage describeci above, I_.enuer ivay, ai i..�:nd�r's
<br /> option,obtain coverage to protect Lcnder's rights in the Property in accordance with paragraph 7.
<br /> All insurance policies and renewals shall be acceptable to Lc�nder and shall include a standard mortgage clause. I.ender
<br /> shall have the right tohold the policies and renewals. If Lendcr requires, Borrower shall promptly give to Lender aU rcceipts of
<br /> paid premiums and renewal notices. in the event of loss, Borrower shall give prompt notice to the msurance carrier and Lender.
<br /> Lender may make proof of loss if not made promptly by Borrowcr.
<br /> Unless C.ender and Borrower otherwise ngrec m wnang, insurance proceeds shall bc applicd to restoration or rcpair of the
<br /> Property damaged, if lhc restorntion or repair is economically fensible anJ Lender's security is not lessened. If the restoratiun or
<br /> repair is not cconomirelly feasible or L,cnder's security would bc lesscned,the insurancc prcxceds shall be applied ro thc sums
<br /> secured by this Securiry Instrument, whcther ur not then due, with uny excess paid to Borrower. If Horrower ubandons the
<br /> Yroperty, or dces not answer within 30 days a notice from Lender that the insurance carrier has offered to settle A claim, then
<br /> L.ender may collect �he insurance proceeds. Lender may use the proceeds to repair or restore the Property or to puy sums
<br /> secured by this Securiry Instrument,witcther or not then due.The 30-day pericxl will begin whcn thc notice is grven.
<br /> Unless i.ender and Borrawer otherwise agree in writing,any application of proceeds to princip�l shnll not extend or
<br /> = postponc the due datc of the monthly payments reFerred to in paragraphs 1 and Z or change the amount of thc payments. If
<br /> undcr paragraph 21 the Propeny is acquired by l.ender, IIorrower's right to any insurance polictcs and proceeds resulting from
<br /> damagc to the Propeny prior to the acquisition shall pass to Lcndcr to the extent oF the sums secured by this Security Instrument
<br /> - immediately prior to the acquisition.
<br /> = 6. Occupancy, Preservetion, Maintenance and Protecdon of the Property; Rorrower's Loan Application; Leaseholds.
<br /> - Borrower shall occupy, establish,and usc the Propeny as Borrowcr's principal residence within sixty days aftcr the execution of
<br /> this Securiry Instrunxnt and shall continue ro occupy the Propeny as Borrower's principal residcnce for at least one year after
<br /> the date of occupancy, unless L.cnder othcrwise agrces in writing, which consent shall not bc unreasonably withheld, or unless
<br /> � extenuating �ircumstanccs cxist which are beyond Barrowcr's control. Borrower shall not dcstroy, dnmugc or impair thc
<br /> Property, allow the Property to detcriorate, or cotnmit waste on thc Property.Borrowcr shnll bc in default if any forfciturc
<br /> _A action or procecding,whcther civil or criminal, is bcgun that irrl.ender's goocl(aith judgntcnt could result in forfeiturc of the
<br /> Property or otherwise materially impai r the lien created by this Securiry Instrurnene or Lender's security interest. Borrower may
<br /> :.� eure such a default and reinstate,as providecl in paragraph 18, by eausing the action or proc:eeding to be dismissed witt;a r�ling
<br /> that, in Lendcr's good faith determination, prccludes forfciture of thc Iiorro�•cr's intcrest in the Property or other mnterial
<br /> � impairment of the lien crcated by this Security lnstrument or Lender's security interest. Borrower shall also be in defaiilt if
<br /> i Borrowcr, during the loan application process, gavc matcrially false or innccurate information or statcmcnts to Lendcr(or failed
<br /> � w provide Lendcr with any matcrial information)in conncction with tlie loan cvidenced by thc Note, including,but not limitcd
<br /> - to,representations caneerning Borrower's oceupancy of the Propercy as a principal residence.If this Security Instrument is on a
<br /> Icaschold, Borrower shall comply with all thc provisions i�f thc Iwsc. If Borrowcr acyuires fcc tiUc to thc Properry, thc
<br /> Icaschold and thc t'ec liUc shall not mcrgc unless Lcndcr agrecs lo the mergcr in��•rifing.
<br /> 7.ProtecNon aF Lender's Rights fu the Property.If Eiorrower fails to pedc>rm the covenants and agreements containeJ in
<br /> this Securiry Instrument,or there is a Iegal proceeding that may significantly affect Lender's rights in�I3e Yroperty (such as a
<br /> proceeding in bankruptcy, probate, for condemnation or forfeimre or lo enforce laws or regulations). then L.ender may do and
<br /> pt�y for whatever is necessary to protect the value of the Property cmd Lender's rights in the Propertp. Lender's action.a��inY
<br /> include paying any sums secured by a lien wliich has prionty over this Security Instrument, appearing in court, p y g
<br /> �....�.�,...�....,.,..,��e��an.i��r�rino nn the Proncrtv to make repairs. Although Lendcr may takc action under this paragraph
<br /> �ca�.,.. ..,.,_,- ---- -- - � • -
<br /> 7,Lcndcr docs not have ro do su.
<br /> Any amounts disbursed by Lendcr undcr this parsgraph 7 shall lxcomc additionul debt of Borrowcr securcd by this
<br /> Securiry Instrument.Unless I3orrower and L.endcr ugrce to other terms of puyment, these anwunts shall bear interest from thc
<br /> datc of disburscment at thc Notc ratc and shall bc payablc, with interest, upon noticc from Lender tn Borrowcr requcsting
<br /> paymr,nt.
<br /> 8.Ntort�uge L�suranee. If L.endcr rcquired mortgage insurance as a condition of making the loun sccw�ed by this 3ecur�ty
<br /> Instrum�nt, Borrc�wcr shall pay thc prcmiums rcquired to maintt�in thc mortgagc insurancc in cffcct. If, for any reason, the
<br /> mortgage insurancc cuverage reyuired by Lender lapses or ccases to be in et�tcct, Dorrower shall pay the premiums requiruf to
<br /> obtain cc>vcragc�ubstantially cquivalcnt to thc mortga};c insurancc prcviously in cffcct,at a cust substantially cquivalent to thc
<br /> cost taiBurruwcr a(thc mortgagc insurance prcviuusly in cffcct, frorn an altcrnatc mortgagc insurcr approvcd by Lcndcr. If
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<br /> � . P�fje2p1 4 Form 3028 9/90
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