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<br />89—ioos24
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follow
<br />L Payment of Principal and Interest; Prepayment and Late Charges. Borrower shalt promptly pay v:hen due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and lute chari cs ctur, under tht: dote.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or 1,.-i a written waiver by Lender. Borrower shall pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full. a sum ( "Fundy:') equal to
<br />one•twellth of (a) yearly taxes and assessments which may attain priority over this Security instrument, (h) yearly
<br />leasehold payments or ground rents on the Property, if 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 u federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items.
<br />Leader may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender grays l c*rrower interest on the Funds and applicable law permits Lender to make such. a charge. Borrower and
<br />Lender.may agree in wrilting that interest shalt: 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 Futtds. Lender
<br />shall give to Borrower, without charge: antrnntal a�runting of the Funds showing cred�i:t,s and debits to the Funds and the
<br />purpose fos which each debit to the Funds was made, The Rinds are pledged as additta -sd security for the sutras.'ectored by
<br />this Security Instrument.
<br />If the amount of the Funds, held by Lender, together with the future monthl...payments of Funds payable prior to
<br />the due dates of the ewzsav irerrss, shall exceed the amount required to pay the escrow items when clue, the excess shall be.
<br />�at Borrow y's option, either prort-,pdy repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
<br />amount ofihe Funds held by Lender is not sufficient to pay the escrow iterrrs when due, Borrower shall pay tkt, Lender any
<br />amount necessary to make up the deficiency in one or more payments as regtt.h- A by Lender,
<br />Upon payment in full 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 acquired by Lender, Lender shall apply, no later
<br />than imtt Gately prior to the sale of the PivpciEr yr ;ts- acquisition by Lcndcr, any Funds held by t.--rder at the time of
<br />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 />4. Charges; Liens. 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 />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 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 makes these payments directly, Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
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<br />agrees in writing to the payment of theobEgation secured by the lien in 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 the:harder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deteirmines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, 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 elected on the Property
<br />insured against loss by fire, hazards included within the term "extended 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 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 />:Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shay@ prr*rctptly give to Lender
<br />all 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 of loss if not made 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 ov repair is economically feasible and Lender's security is not lessened. If the
<br />restoration or repair is not economically feasibP-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 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 may collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />:-the Property or to pay sums secured by this Sekwrity Instrument, whether or not then due. The 3OAay period will begin .
<br />witen the notice is givers
<br />Unless Lender and Borrower otherwiscagree in writing, any application of proceeds to principal shall not extend or
<br />postponethrdue date of the monthly payment* referred to iTi paragraphs 1 and 2 or change the amount of the payments. If
<br />under paragraph 19 the Property is arquiee+d by. Lender, Borrower's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acgitisition 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 />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 />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 an the Property to make repairs. Although
<br />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 b) this
<br />Security Instrument. Unless Borrower and Lender agree to other terms of payment. these amounts shall hear interest from t`
<br />the date of disbursement at the Note rate and shall be payable. with interest, upon notice from Lender to Borrower
<br />requesting payment.
<br />NJ
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