|
1 �
<br /> �n._ �.0024�r �
<br /> � UNIFORM COVENANTS_Borrower and lender covenant and agree as follows:
<br /> 1. PaYm�n!of RHnelpa!and Inte�e�t;Prepayment and L�t�Char�es. Borro+ver shall prompily pay when due the
<br /> prine�pal of and interest on the debt ewdenced by the Note and any prepayment and Iate charges due under iha Note.
<br /> �. Fund�to►T�x�iandlnauranea. SudJecttoapplicah�elawortoawnttanwawarbyLender,8orrowershallpay
<br /> to Lende►on the day monthiy paym�ints are dua under the Note,until the Note is paid in tull,a sum("Funds"?eq�a!to
<br /> . vua-iwaiiti� �i. (a) Yaacly tax;.�snd asse�smenls �•:hi�h may sitain pri�caty ovec ti►is Sacuriiy i��si�u�arst; t�) yoarly
<br /> lai�seholp payme�ts or g�ound �ents on the Property, if any; (c) yearly hazard insurance premlums;and (d) ysa►ly
<br /> mortgage insurance premiums,it any.These items are called"escrow items".Lender may estimate the Funds due on the
<br /> basis of current data and reasonabte estimates o1 future escrow items.
<br /> The Funds shall be held in an institution ihe deposits or accounts ot which are insurad o�guaranteed by a federal or
<br /> state agency(including Lender if Lender is such an institution).Lender shall apply the Funds to pay the escrow items.
<br /> l.ender may not charge for holding and applying lhe Funds,analyzing the accou�t or verifying the esc�ow items,unless
<br /> Lender pays Borrowe�interest on the Funds and applicable law permits Lender to make such a charge.6orrower a�d
<br /> Lender may agree in writing that interest shall be paid on the Funds. U�less an ag�eement is made or applicabte law
<br /> requires interesl to be paid.Lender shall not be required to pay 8orrower any interest ar earnings on the Funds.Lender
<br /> shall give to Borrower,without charge,an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose fo�which each debit to the Funds was made.The Funds are ptedged as additional security for the sums secured
<br /> J by the Secu�ity I�strument.
<br /> If the amount of the Funds held by Lender,together with the future monthty paymentsol Funds payable priorto the
<br /> due dates of the escrow items,shall exceed the amount required to pay the escrow itemswhen due,the excess shall be,at
<br /> Borrower's option,either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. N the
<br /> amount o1 the Funds held by Lende�is not sutficient to pay the escrow items when due,Bor�ower shall pay to Lender any
<br /> amount necessary to make up the d�liciency in one or more payments as required by Lender.
<br /> Upon paymen!in full of all sumssecured by this Security Instrument,Lender shall promptly►efund to Borrower any
<br /> Funds held by Lender.Ii under paragrapfi 19 the Property is sold or acqu�red by Lender,Lender shall apply,no later than
<br /> ' immediately prior to the sale of the Property or its acquisition by Lender, any Fu�ds held by Lender at the time oi
<br /> appUcation as a c�edit against the sums secured by this Secu�ity Instrument.
<br /> 3. AppNcatioo 01 Payments. U�less applicable law provides atherwise,all paymenis received by Lender under
<br /> parag►aphs 1 and 2 shall be applied:first,to late charges due under the Note;second,to prepayment charges due under ��
<br /> � ",
<br /> the Note;third,to amou�ts payable under paragraph 2;fou�th,to mterest due;and lasi,ta principal due. .
<br /> �. Char�as;Liens. Borrower shall pay alt taxes,assessments,charges,fines and impositions attributable to the �
<br /> Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. , `�
<br /> • Borrower shall pay these obligations in the manner provided in paragraph 2,or if not paid in that manner,Borrower shall '
<br /> pay them on t+me directly tolhe person owed payment.Borrower shall promptly fumish to Lenderall notices ot amounts to �#_--
<br /> : _- - ���J«!t�i!l2L�Q!!tlt8�8i$�t8r�. !�gL�!«J4�!?{ rnakac t�pac,�ay�ontc�i��P��ly,R�r�n4var chal�nr�mntly f�imish to Lender __ _ _
<br /> s
<br /> receipts evidencing the payments =
<br /> 8orrower shall promptly discha�ge any lien wh�ch has p�i0rity over this Security Instrument unless Bor�owe�: (a) --
<br /> agrees in writing to the payment ot the obligation secured by the lien in a manner acceptable to Lender;(b)contests in
<br /> good faith the lisn by,or defends against enlorcement oi the lien in,tegai proceedings which in the Lender's opinion =-- �
<br /> operate to prevent the enforcemeM of the lien or forfeiture ot any pa�t of the Property;or(c)secures from the holder of the S-
<br /> lien a�agreement satisfactory to Lende►subordinating the lien to ihis Security Instrument.I1 Lender determines that any =—
<br /> part of the P�opehy is subject to a lien which may attain priority over this Security Instrument.Lender may give Borrower a
<br /> notice identitying the tie�.8orrower shall sat�sfy the lien or take one or more of the actions set forth above within 10 days of �'
<br /> the giving of notice.
<br /> � S. Harard Insuranee. Borrower shal!keep the imp►ovements now existing or hereafter erected on the Property
<br /> insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which
<br /> Lender requires insurance.This insvra�ce shall be maintained in the amounts and for the periods that Lender requires.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
<br /> unreasonably withheld. �
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br /> Lendershall have the rightto hold the policiesand renewats.It Lender requires.Borrower shall promptly giveto Lenderal! ` -
<br /> receipts of paid premiums and renewal notices.In the event of loss.Borrower shall give prompt notice to the insurance � .
<br /> carrier and Lender.Lender may make proof ot loss if not made promptly by Borrower. � .
<br /> Untess Lender and Borrower otherwise agree in writing,insurance proceeds shall be apptied to restoration or repair __-
<br /> 01 the Property damaged,it the restoration or repair is economically feasible and Lender's security is not lessened.If the
<br /> • restoration o'r repair is not economically teasibleor Lender's seeurity would be lessened,the insurance proceedsshall be
<br /> apptied to the sums secured by this Security Instrument,whether or not then due,with any excess paid to Borrower.Ii
<br /> Borrower abandons the Property,or does not answer within 30 days a not�ce from Lender that the insurance carrier has
<br /> otiered to seltie a claim,then Lender may co)lect the insurance proceeds.Lender may uselhe proceeds to repair or restore
<br /> the Properly or to pay sums secured by th�s Security Instrument,whether or not then due.The 30-day period will begin
<br /> when the notice is given.
<br /> Unless Lender and Borrower otherwise agree in writing,any appl�cation of proceeds to principal shal I not extend or
<br /> postpone the due date o1 the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments.Ii
<br /> under paragraph 19the Property is acquired by Lender.Borrower's nght to any insurance policies and proceeds resulting
<br /> irom damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br /> Instrurtsent immediately prior to the aCquisition. i--_— -
<br /> 6. Pr��rvstion and Msintenance of Propeny;Leaseholds. Barrower sha11 not destroy.or damage or substan- �
<br /> tialty change the Property,allow the Property to deteriorate o•commit waste.If this Secunty Instrument is on a leasehold, i
<br /> Borrower shall comply with the provisions of the lease.and if 8orrower acquires tee title to the Property,the leasehold and •
<br /> fee title shall not merge unless Lender agrees to the merger in writing.
<br /> 7. Prot�ction of Le�der'a Riyhts in the Property;Mo�tyage Insuronce. It Bo►rower la�Is to perform the covenants �
<br /> and agreements conta�ned�n th�sSecurity Instrument.or there�sa legal proceed�ng thatmays�gnificantlyaftect Lender's
<br /> e rights in the:-rv�eriy j�uci�n�n proceeding�n ban�+„�,tcy.N��bate.Lv+cor�d�mnati�„a�ioeniv�ce lawsor rCyulat�ony�.
<br /> L then Lender may do and pay for whatever �s necessary to protect the value ot the Property and Lender's r�ghts�n the
<br /> Property Lende►'s act�ons may �nclude pay�ng any sums secured by a Ifen wh�Ch has pnority over th�s Securrty
<br /> Instrument.appea��ng�n court,pay�ng reasonable atlorneys'lees and enter�ng on the Property to make repa�rs Although ti
<br /> Lenqer may take achon under th�s paragraph 7,Lender does not have to do so �
<br /> Qny amounts d�sbursed by Lender under this paragraph 7 shall become add�UOnaldebt of Borrower secured by th�s
<br /> -- SeCUnty Instrument UnIfSS Borrpwe��+nd L Cnder agrep to other IermS of pAyment 1he5C am0unts shall he;fr interest frorn t �o
<br /> 1hC d8te c�f diSburSEmen� ��t the NOIe �ele antl cr�an bc pay.lhie. with interest iipon npticr� 1rr,ni l�•nd�rr tc� E30now,er
<br /> rct�utrstny�,.�yment
<br /> -�
<br /> ::� ��'P�
<br />_r►f•
<br />��� .
<br /> ,.rs,
<br />
|