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<br /> UtviFORM CoveN�tt�rt�s. Borrowtr and Lender cavenant and agrce as follows: �o��o�#�0
<br /> ; � l. P�yatent of Priacipn!aad Interast; Prepayment and I.ate Charges, Borrow�r shall promptly pay when due
<br /> the princlpal of and interest an ehe de6t evidenced by the Note and any prepayment and late charges due under the Note.
<br /> �; 2. Fund+[o�Taxes and lnsurance. Subject ta applicable law or to a written waiver by Lender.Banower shall pay
<br /> � to Lender on the day monthlY PaYments are due under the Note.untfl the Nate is paid in full,a sum("Funds")equal to
<br /> onrtwelfth of: (a�yearly txaes �nd assessments which may attain priority over this Sccurity Instrum�nt; (b) ye�rly
<br /> leuehold payments or ground rents on the Property, if any; (c) yrarly hazard insurance premiums; and (d) yearly
<br /> � mortga�e insurance premiams,if any.These items are c�illed "escrow items." Lender may estimate the Funds due on the
<br /> basis of current data and reasonable estimates of future rscrow items.
<br /> The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal ar
<br /> � state agency(including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items.
<br /> Lender may not charge for holding and applying the Funds,analyzing the account or verifying the escrow items,unless
<br /> Lender pays Borrower interest on the Funds and applicuble I�w permits Lender to malce such a charge. Borrower Rnd
<br /> Lender may agree in writing that interest shall be paid on the Funds. Unless an agrament is made or applicable law
<br /> requires interest to be paid,Lender shall not be required to pay Horrower any interest or eamings on the Funds. Lender
<br /> ahall give to Borrower,without chuge,an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose for which ach debit to the Funds was made.The fi�nds are pledged as additional security for the sums secured by
<br /> this Socurity Instrument.
<br /> If the unount of the Funds held by Lender,together with the fl�ture monthly payments of Funds payable prior to
<br /> the due dates of the escrow items,shall exceed the amouni required to pay the escrow items when due,the eacess shall be,
<br /> at Borrower's option,cither promptly repaid to Borrower or credited to Barrowes on monthly payments of Fnnds.IP the
<br /> amount of the Funds held by Lender is not sulS�citnt to pay the escrow items when due,Horrower shall pay to I.ender any
<br /> uaount ne�essary to muke up the de6ciency in one or more payments as required by Lender.
<br /> Upon payment in f1i11 of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower
<br /> any Funds held by Lender.If under paragraph 19 the Property is sold or acquirod by Lender,Lender shall apply,no later
<br /> than immediately prior to the sxle of the Property or its acquisitian by Lender.any Funds held by I.�nder at the time of
<br /> spplicstion as a credit against the sums securod by this Security Instrument.
<br /> 3. App![e�t�ao a!Paymsat�. Unless applicable lsw provides otherwise,all payments received by Lendsr under
<br /> ; psragraphs 1 and 2 shall be applied:Srst,to late charges due under the Note;second,to prepayment charges due under the
<br /> NotG third,to amounts payable under puagraph 2;fourth,to interest due;and last,to principal due.
<br /> 4. Cbar�e�Lieas. Borrower shall pay all taxes.assasments.charges,fines and impositions attributable to the
<br /> Property which may attsin priority,over this Security Instrument, and leasehold payments or ground rmts, if any. � •
<br /> � Boaower shall pay these obligations in the manner provided in paragraph 2�or if not paid in that manner,BorroMer shall ;. __
<br /> p�y inem on iime diroctiy to tae person owea payment.isorrawer shaii promptiy furnish to l.ender ail notices oTamounts � :�_
<br /> � to be paid under this paragnph. If Honower makes these payments direcdy, Borrower shall promptly furnish to Lender —
<br /> receipts evidencing the psyments.
<br /> Barrower shell promptly di�chargr any lirn wluch has priarity over this Security Instrumeni untess Borrower:(a)
<br /> sgras in wrsting to the psyment of the obligation securod by the lien in a manner acceptable to Lender,@)contests in good
<br /> faith the lien by,or defeads against enforcement of the lien in,legal proccedings which in the Lender's opinion operate to
<br /> prevrnt the enforcement of the lien or forfeiture of any part of the Property;or(c)secures from the holder of the lien an ' -
<br /> asra�tnent satisfactory to Lender subordinating the lien to this Secwity Instrum�nt.If Lender determines that any purt of t
<br /> the Property is subject to a lien which may attain priority over this Security lnstrumrnt, I.ender may give Horrower a
<br /> notice identifying the lien.Borrower shall satisfy the lien or talct one or more of the actions set forth above within IQ days
<br /> of the giving of notia. _,`
<br /> S. Harard Insut�ance. Bonower shall kap the improvcments now existing or hereafter erected on the Property -
<br /> inawod against loss by fire,hazards included within the term•'extended coverage"and any other hazards for which Lender ��
<br /> requira insurance. This insurana shall be maintained in the amounts and for the periods that Lender requires. The
<br /> insurance curier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be �
<br /> unreasonsbly withheld.
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<br /> • All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. � �
<br /> • Lender shill have the right to hold the policies and renewals.If Lender requires,Borrower shall promptly give to Lender ` �'
<br /> all receipts ot'paid premiums and renewal notices.In the event of loss.Bonower shall give prompt notice to the insurance .
<br /> � curier and Lender.Lender may make proof of loss if not made promptly by Bonower.
<br /> � Unless I.ender and Bonower otherwise agree in writing,insurance proceeds shall be appGed to rcstoration or repair �
<br /> of the Property damagod,if the restoration or repair is economicaUy feasible and Lender's security is not lasened. If the
<br /> reatoration or repair is not economically feasible or Lender's security would be lessened, the insurance procads shall be
<br /> applied to the sums secured by this Security Instrument, whether or noi then due,with any excess paid to 8onower. If
<br /> Borrower abandons the Froperty,or does not answer within 30 dsys a notice from I.ender that the insurana carrier has
<br /> o�'ered to settle a claim,then Lender may collect the insur�►nce procsecis.Lender may use the p�octeds to rep�ir or restor=
<br /> the Property or to pay sums secured by this Security Instrument,whether or not then due.The 30-day period will begin
<br /> Mhen th�notice is given.
<br /> Unless Lender and Borrower otherwise agrer in writing,any application of proceeds to principal shall not sxtend or
<br /> postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments.If
<br /> under paragraph 19 the Property is acquired by Lender,Borrower's right to any insurance policies and proceeds rcsulting
<br /> from damage to the Property prior to the acquisition shall pess to Lender to the extent of the sums secured by this Security
<br /> ' Instrument immediately prior to the acquisition. %_ _-- `
<br /> 6. Preaerration and Maintenance of Proper�;Le�e6olds. Bonower shall not destroy,damage or substantially
<br /> change the Property. allow the Property to dateriorate or commit waste. lf this Security Instrument is on ��lessehold. ,
<br /> Borrower shall comply with the provisions of'the lease,and if Horrower acquires fee title to the Property,the leasehold and �
<br /> f�?i*.��sht.�!nsst sn=rge sus!�.:I.rr.de:ags..:�:cs t�e rr,crger ia�:its�g.
<br /> ?. Protectlon ot Lender's Rfghb in the Property; Mort�age Inaurance. lf Borrower fails to perform !he �
<br /> � wvenants and agreements contaxned in this Security Instsument�or there is a legal proceeding that may significantly affect ''1yt
<br /> � Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or �
<br />�� regulations),then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights
<br /> in the Property. L.ender's actions may inclu�e paying any sums secured by a lien which has priority over this Security h
<br /> � Instrument,appearing in coun,paying reasonable attorneys'fees and entering on the Propr_rty to make repa�rs. Although ���
<br /> —�•:�M{ Lender may take action under this paragraph 7,Lender daes not have ta do so.
<br /> �" Any amounts disbursed by Lendes und�r this ppragraph 7 sha11 become addit�onal debt of Borrower secured by this �; �i
<br /> �w�. Security Instrument.Unless$orrower and Lender agree to other terms of payment,these amountc shall bear�nterest from `
<br /> -=i';, the date of disbursement at the Note rate and shaU be payable, w�th �nterest, upon nottce from Lender to Borrower
<br /> �'_j'�f f requesting paymont.
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