|
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 89...• 100461
<br />1. Ptryt+asat of PrtaelNl seed Interest; Prepaytatat and Late Charps. Borrower shall promptly pay when due
<br />the principal ofand interest on the debt evidenced by the Note and any
<br />prepayment and late charges due under the Note.
<br />2. Funds for Tttttasand ltaaarame. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly payments are due under the Note, Note is
<br />until the paid in full. a sum ("Funds") equal to
<br />one-twelfth of, (a) yearly takes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />kaehoW payments or ground rents on the Property, if
<br />any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage 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 Larder 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 verifj ing the escrow items. unkss
<br />Larder pays Borrower interest on the Funds and appikable law its Lender
<br />to make such a charge Borrower and
<br />Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to be paid, Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shag give to Borrower, 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 we pledged as additional security 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 prior to
<br />the due dates of the escrow items,, shall exceed the amount required to the items
<br />pay escrow when due, the excess shall be,
<br />at Borrower's option, eitiltec prmptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
<br />amount of the FW2ds held by Lender is not sufficient to pay the escrow items when due, Borrower
<br />shall pay to Lender any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon msyment in hill of Wi sLtms Mur-A L. f �s ��tj Instrumicnt, Larder shall promptly refund to Borrower
<br />any Funds hel''df by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later
<br />than immediaWy prior to the sale of the Property or its by
<br />acquisition Lender, any Funds held by Lender at the time of
<br />application as a credit against the sums secured by this Security Instrument.
<br />& Applindoo of Paym ats. Unless applicable law provides otherwise, all payments received by Lender under
<br />Paragraphs I and 2 shall be applied: first, to late charges due under the Note, second, to prepayment charges due
<br />under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. Gtiarar, L1sas.
<br />.Borrower shall pay all 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 />fix
<br />Borrower shall pay these obligations the manner provi died in paragraph Z, or if not paid in that manner, Borrower shall
<br />Pay them on ttnxe directly to the person owed payment. Borrower shall promptly furnish to Lender
<br />all notices of amounts
<br />to be paid under this paragraph. If Borrower nukes these payments di.petly, Rorrowe.• -h-1u pr�t.:pt13 fu; i-,iah to �cr
<br />receipts evidencing the payments.
<br />Borrower shall Promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in
<br />ti
<br />l
<br />a manner acceptable to Lender, (b) contests in good
<br />faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate-to
<br />prevent the enforcement of the lien or forfeiture of any part of the Property, or (c) secures from holder
<br />the of the H= am ,
<br />agreement satisfactory to Lender subordinating the Lien to this Security Instrument. If Lender determines that any pa'it af
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower
<br />-a
<br />notice identifying the lien. Borrower shall satisfy the Gen or take one or more of the actions set forth above within 10 drays
<br />oftbe giving of notice.
<br />S. 111=1 Iaattrsom Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire hazards included within the term "extextded coverage" and any other hazards for which Lender
<br />requires insurance. This : insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing; the insurance shall be chosen by er sultject to Lender's apgraval which shall not be
<br />uwraaonaNyr. vOiliheld. ..
<br />All intui�attce � .,
<br />policies and remwab shall be acct ptiable.ta, Leader and shall include a. standard mortgage clause.
<br />L.e Wft shall have the ri& to hold the policies and mats. If Lender requires, Borrower shall promptly to Lender
<br />give
<br />all receipts of paid premiums and renewal notices. tn, the event of loss, Borrower shall give prompt natice to the insurance
<br />carrier and Leader. Lender tray make proof of loss if not tnsde promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair
<br />of the Property damaged, if the restoration or repair is economicany feasible and Lender's security is not lessened. If the
<br />tratoration or repair is not economically feasible or Lender's security would be lessened, the insurance. proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess to Borrower.
<br />-
<br />paid 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 set tle.a4laim. t;$sn Lender may collect the insurance ads. Lender
<br />prat may use the proceeds to repair or restore
<br />the Property Or to VOY sutns.secured by this Security Instrument. whether or not then dire. The 30-day period will begin
<br />when thenot'ree is
<br />given.
<br />Unless Lender and Borrower otherwise agree in writing, any applicatiorn of proceeds to principal shall not extend or
<br />postpece the due date of the monthly payments refamid in
<br />to paragraphs 1 and Z 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 restaFting
<br />from damage to the Property prior to the acquisition shall to fender
<br />pass to the extent of tttersurms secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6. Preaer►ation and Maiateaaace of Propar%y; Leaseiolds. 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 tick shall not merge unless Lender agrees to the merger in writing.
<br />s
<br />7. Protection of Leader's Rigrts is the Property; Mortgauge Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly
<br />affect
<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
<br />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
<br />91�
<br />and entering on the Property to make repairs. Although
<br />Lender may take action under this paragraph 7. Lender does not have to do
<br />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
<br />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 Lender to Borrower
<br />requesting
<br />payment.
<br />
|