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<br /> � tTNt FORM COt'ErtArrTS. Borrower and Lender covenant and agree as foltows: 9V---10115 5
<br /> � i. Paymtnt ot Priac[pa!aud Interes�Pttpayment and Late Charges. Borrower�hall promptly pay when due � ,
<br /> the principa)of and interest on the debt evidenced by the Note and arty prepayment and late�harges due under the Note.
<br /> 2. Funds for Taxesand tesuraace. Subjest io appticahl�law or to a written waiver 6y Lender.Bonower shal!pay �
<br /> � to Lendcr on thc day manthty paymcnts are due under the Note,�nti1 the Note is paid in full,a sum("Funds°)equal to �
<br /> one-twelfth of: (a) yearly taaes and assessments which may attain priority over this Security Instrument; (b) yearly
<br /> , leasehold paycnents or ground rents on the Property, iP any; (c) y�early hazard insurance premiums; and (d) }early
<br /> [norigage insurance premiun►�,if any.T'hese itrms are caHed"e�crow items."Lender may estirrrate the Funds due on the
<br /> basis of current data attd reasanable estimates of future escrow items.
<br /> The Funds shail6e hetd in an institution the deposiis or accounts o€which are insured or guaranteed 6y u Federal or
<br /> � state agency(including L,ender if Lender is such an institution). Lender shall apply the Funds to pay the escraw items.
<br /> I,snder may not charge for hotdiag and applying the Funds,analyzing Ehe account or verif}ing t6e escrow items,unless
<br /> Ltnder pays$orrower interest an the Fnnds and appyicable law pez�nits Lender to make setch a charge. Borrowst'�and
<br /> - Lender may agrce in wpting that interest shall be paid on ths Funds. Unless an agr�ement is made or applica6fe law
<br /> requ�.•es interest to be paid,Lender sltall not be required to pay Borrawer any interest or eamings on the Funds.I.ender
<br /> shall give to�tinower,without charge,an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose for which each debit to the Funds was made.The Funds are pledged as addirional secnrity for the sums secured by
<br /> this Security Instrument.
<br /> If the amount of the Funds held by Lender,together with the future monthly payments of Funds payable prios to
<br /> the due dates of the escroa+items,shall exceed the amount required to pay the escrow items when due,the excess ShaIl be,
<br /> at Borrower's option.either promptly repaid ta Bonower or credited to B�rrower on manthly payments of Furcds.If the '
<br /> � amount of the Fnnds held by Lender is nat s��cient to pay the escrow items when due,Bonower shall pay to Lendet�y
<br /> amount necessary to make up the deficiea�s in one or more payments as required by Lertder.
<br /> � Upon payment in fuU of all sums cecured by this Security Instrument,I.enc��:r shajl promptly refund to Borns�tr.
<br /> any Funds held by Lender.If acr►der paragraph 19 the Property is sold or acquired�.�,ender,Lender sha11 apply,no iaT�r
<br /> than immediately prior ta thP�.ale of the Pruperty or its acquisition by Lender,any Funds heid by Lendet at the time of
<br /> ' applicatinn as a credit against the sums secured by this Security Instrument. �
<br /> 3. Appl�cstfan of Payments, Un2ess applicable 1aw provides ntherwise,all payments received by I.ender under
<br /> paragraphs 1 and 3��shal!be applied:first,to late charges due under the Note;second,to prepayment charges due under the
<br /> � Note;tbird,ta^�s�;�nts payable under paragraph 2;fourth,to interest due;and last,to principal due.
<br /> 4. Chsrp�Liens. Borrower shall pay all taxes,assessments.charges.fines and impositions attributable to the
<br /> Property which c�.ay attain priority,over this Seeurity Instrument, and leasehold payrnents or ground rents. if any. • �
<br /> Bonower shall p=t:these obligations in t!-r�manner provided in paragraph Z,or if not paid;��.hat manner,Borrower.shall
<br /> ; pay them on tir5;��sectly to th�persc�Ec��d payment. Borrower shall promptIy furnish to Lertder all notices of amounts '
<br /> to be paid undez�tl�s paragrgf��3:::-mwer makes these payments directly.Bnnower shall promptly furnish to Lender ' �
<br /> receipts eviden,:�c�the payrr�.:;.
<br /> Borrower s�:all promFr.�:y discharge any lien which has priority over this Security lnstrument unless Borrawer:.(a) � �
<br /> agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender;(b)contests ira���v�d -
<br /> faith the lien by,ur defends against enforcement of the lien in,legal proceedings which in the Lender's opinion operate to '
<br /> prevent the enforcement of the tien or forfeiture of any part of the Property;or(c�secures from the holder of the lien an __
<br /> agreecnent satisfactory to Lender suborflinating the ti�ta this Security Instrument.If Lender determirees that�ny part of
<br /> the PraQerty is sub}eci ia a tien uhich may attain pr,"ority over this Srcujity instrument, Lender may give Borrower a _
<br /> notice identifyir.g��te tien.Borrower shall satisf�r tkz lien or take a��or more of'the actions set forth above withir. ifo�iz�s •
<br /> � of the giving of r��4��:e. , ;� �
<br /> S. Hazarti Insurstiace, $orrower shall keep the improvements now existing ar her�fter erect�on the Yroperty
<br /> . insurecf against loss by fire,haz;�3s included within the term•'extended coverz�e"�nd any other hazards for which Lender
<br /> requir�cnsurance. Th��iasur�.Tce shall be maintained in the amounts and ��•r khe periads that Lender requires. The
<br /> insurance carrier�;o�°iding the insurance shall be chosen by Bonawer subject to Lender's approval which shall not be '3
<br /> unreasonably wit��p-+:ld. ' �
<br /> All insura�-•:e policies and renewals shall be acceptable ta Lender and shall include a standard mnrtgage clause. ,�
<br /> Lcnder shall bave�?:e right tc�'�old the policies and renewals.If Lender requires,Borrower shall promrr.tg�give to Lender
<br /> all rc�eipts oFpaid g�remiums and renewal notices.ln tl�r�event of loss.Borrou:r shall give prompt notice tn the insurance
<br /> carrier and Lend�r_�¢nder may make proaf�f loss if not made pro:��;t.;y by B�:rawer. �,
<br /> Unless I,c��yer and Horrower othercvise agree in writing,insu:a-+ee;.-c�:eeds shall be a,�r;lied to restoration ar r;;�a�is .
<br /> oF the Property camaged,if't�:e restorati.,:^or repair is economicajly :�dsic'.e ar.�3 Lender's=..s�urity is not lessencd.9.'r!;� � ,
<br /> restncation or repair is not etor•.a*nically feasible or Lender's security wou'd L•*:t�:ssened.t::��:nsurance proceeds shali be
<br /> • appli�d to the sums secured G} ihis Security lnstrument,whether or not th:r����,with aa f 4tcess paid to Borrawer. If
<br /> Borrower abandons the Propetty,ar does not answer within 30 days a notice C:u.=�l.ender si:,:t the insurance carrier has
<br /> ; offered to settk s etaim,then Lender may collect the insurance proc�s. Lende~r:,ay use tf:�.�roceeds to repair or restc,re
<br /> thc Property or to pay sums secured by this Secutity Instrument,�:,i:=t?:er ar r:Lt then due.?`he 30-day period will begin
<br /> when the notice is given.
<br /> � Unless L,ender and Horrower othcrwise agree in writing,any a c�lic7ti�n af proceeds tn principal tih��l nnt extend nr
<br /> postpone the due dale of ihe monthly yayrrtents refcrred to in paragra�.ys 1 and 2 or chanee thc amount ofthe paymcnt�. !P
<br /> under paragraph 19 the Property is acquiresf by Lender.Borrowei s right to any insurance policies and proceeds resulti�ig �
<br /> • f'ram damage to the Praperty pnor to the acquisition shall pass to Lender to the extent of the sums secured by this S�.wUrity
<br /> Instrument immediately prior to the acquisition.
<br /> 6. Preservation and Maintenance of i'raperty;Leaseholds. Borrawer sh.ill n�t destroy,damage or Sui�stan�ially
<br /> change the Propeny,allow the Property tn deteriorate or commit �vaste. If ihis Security lnstrument is�n�lcascli�ld. _--_ -
<br /> Borrnwer shall romply with the provisions o1'the lease,and if Borrower acquires fee title tu the Pruperiy.�he leasehuld and � T
<br />_ fee title shall not merge unless l,ettder agrees to the merger in writing.
<br /> 7. Protection at Lender's �tights in the Property; Mortgage Insuranre. IF Be�rrower faits to perform the �
<br /> envenants and agreements contained in this 5�curity lnstr�ment,or there is a Icgal prucccding that may significantly affect �
<br /> lJender's r�ghts in the Prfl�erty (s:uch as a prc:.re�;�g ':r�hankruptey. probate. fcfr rcinciemrrasic����r tc�c�►f'vf�r iaw. vr -
<br /> _ rtguiations),then Lcnder may do and pay for a•hatd��er is necessary•w protect thc v�luc of thc l�ropeny and I.ender's rights ,�
<br /> — _-� � itl the Property. l.ender's acticins may include paying any sums secured hy a lien which hus prinrity over this 5ecurity
<br /> Instrumeni,appeating in c�urt,payinb reasonablc attamcyti fee�and entering��ei the!'roperty t��makc rep�irs. Allhuugh ��
<br /> ` �.ctider ma y t�ice action u nd er t h i s p�r a g ta p h 7,l k n d e r d o e s n o t h;�v e t c�d u s u.
<br /> Any amnunt�d�sbursed by Lender uttder this paragraph 7 shull herome add�tional deitit e�f lfic�rr��ucr�ecure�t h} th�� �
<br /> SeCU��ty InstrunlenL Untess Botcower anll l.CpciCt agree t��other tern�ti��f pa�ment,lhese anu�untti�halE he.ir uiterc�t Crom �
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<br /> Ihe date of dt�butsemenf at the Nole ratc attd Shall be payaMe. ��ith �ntere�t. up�+n m�ftce fr�nn 1 cn�lcr t�� Hi�rrt�wer :,.;
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