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<br /> 98-- 11289`7
<br /> The Funds shall be held in nn institutiun whutie deposits are insurcd by a fedcrul ugcncy, instrumentaliry. ar entity
<br /> (including[.cndcr, if I.cndcr is such an instiwtion)or in imy Fcdcrnl Hontc Loxn Bunk, Lcndcr shull iipply thc Funds to pay thc
<br /> Escrow Items. l.ender may not charse Borrower ti�r holding und applying ihe Funds, e�nnually an.dyr.ing the escrow uccount,nr
<br /> verifying the Escrow Items, unless L,ender p�rys Borrower interest on the Funds und upplicable luw permits Lender to rnake such
<br /> u charbc. Howcver, l.cndcr may r�quire E3orrowcr to pay a onc-timc chttrgc for tin indcpendcnt reul cstatc tux reporting scrvice
<br /> uscd by L,cndcr in conncction with this loan, unless applicablc luw providcs othcrwisc. Unless an agrecment is madc or
<br /> upplicablc law rcquires intcrest to he paid, L.cnJer shall not bc required to pay 8orrower uny intcrest or carnings on thc Funds.
<br /> I�orrowcr�ind Lcndcr may agrcc in writing, howevcr, that intcrest shuU 6c paid on thc Funds, l.cndcr shall givc to I3orrowcr,
<br /> without churgc, nn nnnunl uccounting of thc Funds, showing crcdits stnd dcbits to thc �unds und thc purposc for which cuch
<br /> debit to thc Funds wns made.The Funds�sre pleclged as additiontd securiry for nll sums secured by this Security Instrument.
<br /> If the Funds held hy l.ender exceecl the zunounts permitted to hc h�ld hy upplicable luw, Lender sliall account to Dorrower
<br /> for the excess Funds in accordunce with the requircments of applic.iblc law. lf thc atnount of the Funds held by I.ender at uny
<br /> timc is not sufficicnt to pay thc Escrow Itcros whcn duc, l.endcr nu�y so notify Borrowcr in writing, And, in such ci�sc Borrowcr
<br /> shall pay ro L.cnder the amount necessary to mnkc up thc deficicncy. Borrower shall mnkc up the dcficiency in no morc than
<br /> twelve monthly paymcnts,at Lcnder's sole discretion.
<br /> Upon puyment in full of all sums securui by this Security Instrument, L.ender shall prompNy refund to Borrower any
<br /> Funds hcld by Len<ir,r. If,under parngraph 21, Lender shnll acquire or sell the Propetty,Lender, prior to the acquitiition or sale
<br /> of the Property,shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums securcd by
<br /> this Security Instrunxnt.
<br /> 3, Appllcatlon of Payments.Unless Applicable law provides otherwise,all payments rcceivcci by Lcndcr under paragraphs
<br /> I and 2 shall be Applicd:first, to any prepayment charges duc undcr thc Notc; sccond,to amounts pnyablc under paragruph 2;
<br /> third,to intcrest due;founh, to principal due;and last,to any late rharges duc undcr thc Notc.
<br /> A. Charges; Llcns.f3orrowcr shnll pay all taxes, assessments, churgcs, fincs and impositions uttrihutahlc tc� thc Properry
<br /> which may attain priority over this Securiry lnstrument, and leasehold paymcnts ur ground rents, if any. eorrower shall pay
<br /> these obligations in the manner provided in pntagraph 2,or if not paid in that manner, Borrower shnll pay them on time directly
<br /> to the person owed payment. Aorrower shall prompdy furnish to Lender all notices of amounts to be paid undcr this paragraph.
<br /> If Borrower makes these payments directly,Borrower shall promptly furnish to Lender receipts evidencing the payments.
<br /> Borrower sliall promptly discharge any lien which hns priority over this Security Instrument unless Borrower: (u)agrees in
<br /> writing to the payment of the obligation secured by the lien in a manner acceptable to I.ender; (b)contests.in gaxi faith the lien
<br /> by, or defends ugainst enforcement of the lien in, Iegal proceedings which in the Lender's opinion operate to prevent the
<br /> enforcement of the lien; or(c)secures from the holder of the lien an agreement satisfactory to Lender subordinuting the lien to
<br /> this Security Instrument.If L,ender determines that any part of the Property is suUject to a lien which may attnin priority ovcr
<br /> this Security Instrument,Lcnder may give Borrower a notice identifying the lien. Borrower shall sutisfy tlie lien or take onc or
<br /> more of the actions set fonh Above within 1Q duys of the giving of notice.
<br /> 5. Hazard ar Property Insurs►nce. I3orrower shull keep thc improvements now cxisting or hercufter erected on the
<br /> Property insured against loss by �re, hazards included within the term "extendecl coverage" and any other hazards, including
<br /> floods or flooding, for whicli L,ender requires insurance. This insurance shall be maintained in tlie amounts and for the periods
<br /> that Lender requires. 'fhe insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval �
<br /> �yhirh �],all �,�t h� nnt�gcnt�ali�v wirhhrld. Tf Rnrrnwer fails m maintain coveraee describeci above. Lender maV. at Lende�'S
<br /> option, obtain coverage to protect I.ander's rights in the Property in accordance witti paragraph 7.
<br /> All insurance policies and renewals shall be acceptnble to Lender and shall include a standurd mortgnge clause.Lender
<br /> shall have the right to hold the policies and renewals, If Lender requires,Borrower shall promptly give to Lender all receipts of
<br /> paid premiums And renewal notices.In the event of loss, Rorrower shall give prompt notice to the insurance carrier and l.ender.
<br /> Lender may make pr�of of lass if not madc promptly by Borrowcr.
<br /> Unless Lcnder and Borrower otlicrwisc agree in writing, insurancc proceeds shall be npplicd to restoration or rep�ir of thc
<br /> Property ciamaged, if thc restoration or rcpair is economically fc�tsiblc and L.cndcr's security is not Icssencd. If the restoration or
<br /> renair is not economicallJ�feasible or Lender's security would be lessened, the insurunce proceecis shall be applied to the sunts
<br /> secured by this Security Insttument, whether ar not thcn due, with any excess paid to Borrower. If Borrower ubandons the
<br /> Property, or does not answer within 30 days a n�tice from Lender that che insurance carrier has offered to setde u claim, then
<br /> Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
<br /> secured by this Security Instrument,whether ur not then due. The 30-day period will begin when the notice is given,
<br /> Unless Len�er and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> postpone the due datc of the monthly payments rcferred to in paragraphs 1 und 2 or change thc �mount of the payments. If
<br /> under paragraph 21 the Property is acquired by L.ender, Borrower's right to any insurance policies a��d procceds resulting from
<br /> dnmage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument
<br /> immcdiately prior to the acquisition.
<br /> 6. Occupancy,Preservatlon,Malntenance and Protection of the Property;Borrower's l.oan AppUcation;I,P.aseholds.
<br /> Borrower shall occupy, estublish, and use the Property as Borrower's principal residence within sixty days ufter the execution of
<br /> this Security Instrument nnd sh�►II continue to occupy the Propeny as Borrower's principal residence for at teast one year after
<br /> Uie date of occupancy, unless 1.ender otherwise agrees in writing, which consent sh311 not be unreasonably withheld, or unless
<br /> extenuating circumstancc exist which are beyond Borrower's control. Borrower �hall not destroy, damage or irnpair the
<br />° Property, allow the Property to deteriorate, or commit wastc on the Property. Borrower shall be in defuult if any forfeiture
<br />- action or procecding, whether civil or criminal, is begun that in.Lender's goal faith judgment could rcsult in forfeiture of the
<br /> Property or otherwise materially impuir the licn created by this Security Instrument or Lender's securiry interest. Borrower may
<br />= cure such a default nnd reinstate, as provided in paragraph 18,by eausing the action or proceuiing to be distnissed with a ruling
<br /> that, in Lendcr's good faith dctcrmination, prccludes forfeiturc of the Borrower's interest in thc Properly or other matcrial
<br />- impairment of the lien created by this Security Instrument ar L.ender's security interest. Barrower shall also be in default if
<br />- Dorrower,during the loan application process,glvc matcrially false or inaccurate inforntntion or statements to L.ender(or failed
<br />' to providc L.ender with any material information) in canncction with the loan evidenccd by the Note, including, but not limited
<br />= to, representations conecrning Borrower's occupuncy of the Property as a principal residence. If this Security Instrument is on a
<br /> leasehold, Borrower shall camply with all the provisions of the Iease. If Borrower acquires fee tidc ro the Property, the
<br /> Icasehold�md thc tcc title shall not merge unlcss Lender a�rccs to thc mcrger in writing.
<br />- 7. Protectlon nf Leuder's lifghts in the Property. If Borrowcr fails to perform thc covcnants and agrccnunts ront,iined in
<br /> - this Securiry (nstrument,or there is u Iegal proceeding that ntay significantly affect Lender'ti rights in the Prnperry (such as a
<br /> proceeding in bankruptcy, probute, for condemnation or forfeiwre ar to enforcc laiws��r regulations), then Lender may do and
<br /> pay for whatever is neccssary to prcucct the valuc of the Property and Lender's rights in Ihe Property. Lender's actions may
<br /> include paying any sums sccurcd by a lien which has priority ovcr this Security lnstrument, up�aring in court, paying
<br /> rcasonable uttomeys' fecs and entering on thc Property to make repxirs. Althuugh L,ender mny h�kc uction undcr this paragraph
<br /> 7 f nnrinr dnrc nnf I�avr tn r1n cn
<br /> Any amounts disburscd by Lender under this paragraph 7 sl:all become additional debt of Borrower secured by this
<br /> Security Instrument. Unlcss [iorrowcr nnd L.ender agrcc ro othcr tcrms of payment, these amountti shall bcur interest Gom the
<br /> dltc of disbursenient at the Note rate and shall bc payable, with interut, upon notice from Le�idcr to Borrower requesting
<br /> paymcnt.
<br /> 8. htort�a�e Insurence. If Lender rcyuired mortguge insurancc as a condition of making thc loan securuf by this Security
<br /> Inslrument, f3orrc�wer shall pay the prcmiums required ro maintain the murtgage insurance in effect. If, for any reasun, the
<br /> mortg;�ge insuran�e cuverage rcyuired by Lender lapses or ccases to be in effect. Borrower shall pay the premiums required to
<br /> obtain coverage subst:�ntially cyuivalent to the nturtgagc insurance previously in effcct,at ��cost substantially equiva!ent to the
<br /> cost to iiarrowcr of thc mortgagc insuranrc prcviously in cffcc:t, from an ;dtcrnate mortg�gc insurcr approvcd by Lcndcr. If
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<br /> , Po�o 2 of 4 Fonn 3028 9I90
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