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200000150 <br /> Borrower's escrow account under the federal Real Estate Settlement Procedures /�ct of 1974 as amended from trne to time, 12 U.S.C. <br /> 2601 et seq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any tkne, collect end <br /> hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of funds due on the basis of current data <br /> and reasonable estimates of expenditures of future Escrow Items or oth�wise in accordance wkh applicable law. <br /> The Funds shall be held h an instkution whose deposks are insured by a federal agency, instrumentaliry, or entity (includhg <br /> Lender, 'rf Lender is such an institution) or in any Fed�al Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. <br /> Lender may not charge Borrower for holding and appying the Funds, annually analyzing the escrow account, or verifying the Escrow <br /> Items, unless Lender pays Borrower interest on the Funds and applicable law permks Lender to make such a charge. However, Lender <br /> may require BoRower to pay a one-time charge for an independent real estate tax reporting s�vice used by Lender in connection with <br /> this ban, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender <br /> shall not be required to pay Borrower any interest or eamings on the Funds. Borrower and Lender may agree in wrRing, however, that <br /> interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing <br /> credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as add'Rional <br /> security for all sums secured by this Security Instrument. <br /> If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the <br /> excess Funds in accordance with the requi�ements of applicable iaw. If the amount of the Funds held by Lender at any time is not <br /> sufficie�t to pay the Escrow Items when due, Lender may so notity BoRower in writing, and, in such case Borrower shall pay to Lender <br /> the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than tweNe monthly payments, at <br /> Lender's sole discretion. <br /> Upon payment in full of all sums secured by this Security Instrument, Lender shall prompty refund to Borrower any Funds held by <br /> Lender. If, under paragraph 21, lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall <br /> appy any Funds held by Lender at the time of acquisition or sale as a credit apainst the sums secured by this Security Instrument. <br /> 3. Application of Payments. Unless applicable law provides otherwise, all paym�ts received by Lender under paragraphs <br /> 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under paragreph 2; third <br /> to interest due; fourth, to principal due; and last, to any lete charges due under the Note. <br /> 4. Charges; Liens. Borrower shall pay all texes, assessments, charges, fines and imposRions attributable to the Property <br /> which may attain priority over this Sec�rity Instrument, and leasehold paym�ts or ground rents, ff any. Bonower shall pay these <br /> obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person <br /> owed payment. Borrower shall promptly fumish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes <br /> these payments directly, BoRower shall promptly tumish to Lender receipts evidencing the payments. <br /> Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to <br /> the payment of the obligation secured by the lien � a manner acc�table to Lender; (b) contests h good taith the lien by, or defends <br /> against enforcement of the lien in, legal proceedings which in the Lenders opinion operate to prevent the enforcement of the lien; or (c) <br /> secures from the holder of the lien an agreement satisfactory to Lender subord�ating the lien to this Security Instrument. If Lender <br /> determines that any part of the Property is subject to a lien which may attain priority over this Securiry Instrument, Lender may give <br /> Borrower a not�ce identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days <br /> of the giving of notice. <br /> 5. Hazard or Property Insurance. eorrower shall keep cne improvements now existin9 or nereatter erected on tne <br /> Property �sured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including fbods or <br /> fboding, for which Lender requires insurance. This insurance shaH be maintained in the amounts and for the periods that Lender <br /> requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shail not be <br /> unreasonably withheld. If Borrower fails to maintain cov�age described above, Lender may, at Lende�s option, obtain coverage to <br /> protect Lender's rights in the Property in accordance with paragraph 7. <br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have <br /> the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums <br /> and renewal notices. In the event of bss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make <br /> proof of loss if not made promptly by Borrower. <br /> Unless Lender and BoRower othervvise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property <br /> damaged, 'rf the restoration or repair is economicaly feasible and Lender's security is not lessened. If the restoration or repair is not <br /> economicaly feasible or Lender's security would be lessened, the insurance proceeds shaA be applied to the sums secured by this <br /> Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not <br /> answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the <br /> insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security <br /> Instrument, whether or not then due. The 30-day period wifl begin when the notice is given. <br /> Unless Lender and Borrower otherwise agree in wrking, any application of proceeds to principal shall not extend or postpone the <br /> due date of the monthy payments referred to in paragraphs 1 and 2 or change the amount of the paym�ts. If under paragraph 21 <br /> the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resuRing from damage to the Property prior <br /> to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediatey prior to the <br /> acquisition. <br /> 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan <br /> Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sccty <br /> days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's pmcipal residence for at <br /> least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonaby <br /> withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or bpair <br /> the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be h defauR N any forfeiture action or <br /> proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise <br /> materialy impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a defauR end <br /> reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good fakh <br /> determination, preciudes forfeiture of the Borrower's interest in the Property or other material impa�ment of the lien created by this <br /> Security Instrument or Lender's security interest. Borrower shall also be in defauR 'rf Borrower, during the ban appliCation prOCess, <br /> geve materially false or inaccurate information or statements to Lender (or feiled to provide Lender with any materiel infortnation) in <br /> connection Hith the loan evidenced by the Note, including, but not limited to, representations conceming BoRow�s xcupancy of the <br /> Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the <br /> lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless the Lender agrees to the <br /> merger in wrking. <br /> Form 3028 B/80 <br /> F1029.LM0 (10/98) PaAs 2 of 5 <br /> .� <br />