|
F
<br />!�
<br />89-100097 VftIOMD
<br />a
<br />UNIFORM CnYENANi'S. Borrower and Lender tat en t an and agree as follows: a when due
<br />1. Payateat of principal and intend;' prepayment a" Lute marges. Borrower shall promptly pay
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Fttrtth fttrTaxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Leader on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds ") equal to
<br />chic- twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />i leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortpge insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or 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 />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 applicable law permits Lender to make such a charge. Borrower and
<br />Lender may agree in writing chat interest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />shall give to
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by
<br />` this Security Instrumm ent.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be,
<br />J at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. if the
<br />+ amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in oar or more payments as required by Lender.
<br />Upon payment in full of all sums secured.by this Security Instrument, Lender shall promptly refund to Borrower
<br />by Lender. If 1.9 the Property is sold or acquired by Lender, Lender shall apply, no later
<br />any Funds held under paragraph
<br />than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />i application as a credit against the sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />Q. Charges; Liens. Borrower shall pay all taxes assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security rnstrument, and IeasehcJd payments or ground rent% if any.
<br />Bet these in the manner provided in paragraph 2, or -if net paid in that manner, Barrower shall
<br />rmuer shall pay obligations
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. If Borrower hakes these payments directly, Borrower shall promptly furnish to Lender
<br />: is
<br />receipts evidencing the payments
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />BgEes m writing to the paymeni of ilrr voligaiiiavi,;� titer; vy .h.- lirri in a manner acceptable *_o L rimier; (h) �.nntrsts in eood
<br />faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lenders opinion operate to
<br />-
<br />i prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an
<br />Lender the lien to this Security Instrument. If L aider determines that any part of
<br />agreement satisfactory to subordinating
<br />the Property is subject to a lien which may attain priority over this Security instirument, Lender may give Borrower a
<br />notice 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 />+ S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards,included %ithin the term 'extended coverage ' and any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for<' dte periods that Lender requires. The
<br />:.
<br />! insurance carrier providing the insurance-shall be chosen by Borrower subject to Lender's approval w1dch shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals ihall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
<br />Ir
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to. the insurance
<br />carrierand Lender. Lender may make proof of loss if not r ade promptly by Borroonr.
<br />: Unless Lender and Borrower otherwise agree Ewa wasting, insurance proceedsshall be applied to restoration or repair
<br />i of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restoration or repair is not economically f*ble or Lender's security would be lessened, the insurance proceeds shall be
<br />;
<br />applied to the sums secured by this Security Instrument, whether or not then dire, with any excess paid to Borrower. If
<br />Borrower abandons the Property, .or. does not answer within 30 days a notice from Lender that the insurance carrier has
<br />{ offered to settle a claim, then Lender m' collect the insurance proceeds. Lender inay use the proceeds to repair or restore
<br />the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower othc eaise agree in writing, any application of proceeds to principal shah iwt extend or
<br />postpo,uc 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 aaqusrad by Lender, ,Borrower's right to any insurance policies and proce�tds resulting
<br />from damage to the Property pri'ar'tq tice acquisition shall pass to Lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy. damage or substantially
<br />'• change the Property. allow the Property to deteriorate or commit waste. If this Security instrument is on a leasehold.
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
<br />�- -
<br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy. probate. for condemnation or to enforce laws or
<br />i ..
<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- Lender's actions may include paying any sums secured by a lien which has priority over this Security
<br />Instrument, appearing in court, paying reasonable attorneys fees and entering on the Property to make repairs. Although
<br />i- Lender may take action under this paragraph 7. Lender does not have to do so.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
<br />Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from
<br />the date of disbursement at the Note rate and shall be payable, with interest. upon notice from I.ender to Borrower
<br />r
<br />W
<br />requesting payment.
<br />...
<br />
|