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89- .101541
<br />UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: •
<br />1. Payment of Prindpal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due
<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. Funds for Taxes and Insurance. 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. until the Note is paid in full, a sum ("Funds•') equal to
<br />one-twelfth of (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) 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 acceunts 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, unites
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge Borrower sad
<br />Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable L-
<br />requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall 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 are pledged as additional security for the sums secured by
<br />this Security Instrument.
<br />If the amount of the Funds held by LeAde;,: together with the future monthly payments of Funds payable p-ior za;
<br />the due dates of the escrow items, shall exceed the ambtr < regt:�red to pay the escrow iterns, whim due, the excess shall b--'-.
<br />at I)e- either promptly repaid to Borrower o : redited to:Boffower on monzhIy payments of Funds_ $: Js-0e :.
<br />$axaun,- of_ h—e Funds held by Lender is not suffime t to pay the es: -rew items when due, Borrower shall pay to Lender "z
<br />amo;!ni iteccssa-y ,z mi ake up the deficiency i;i one cr MJITe va)-ments as. required by Lender.
<br />Upon. myrnafti in full.nt ail sums secured by this Security Instrument,• Lender shall promptly: refund to Borrower
<br />any Funds hel f by Lender. If under paragraph' 19 the Property is sold or acquired by Lender, Lender shall apply, no :ater
<br />than i:-a , diatily pins to the sale of the Property or. its acquisition by Lender. any Funds held by Lender at.the tim; of
<br />application asa credit against the suns secured by this Security Instrument.
<br />S: Applicsinion of Payments. Unless applicable law provides otherwise, all payments received by Lenet.r un"J r
<br />paragraphs 1 and 2 shall be applied:: first, to late chaises due under the Note; second, to prepayment charges due under thu:
<br />Note; third, to amounts payable under paragraph 2; To -.iti t, to interest due; and last, to principal due,
<br />4. Charges; LIens. Borrower shat; l y ail taxes. assessments. charges. fines and impositions attributable ',o'
<br />Property which may attain priority over this Sec=ry 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 />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 a manner acceptable to Leader; (h) contests in good
<br />faith the lien by, or defends against enforcement of the lien in. legal proceeding~ 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 holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, !.ender may give Borrower a
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<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 ProNny
<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. Th:
<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.
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<br />Lender shall have the right to ho`d the policies and renewals. If Lender requires. Borrower shrill promptly 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 nut made promptly by Borrtiaer
<br />Unless lender and Borrswer otherwise agree in writing, insurance proceed~ shall be applied to restoration or repiar
<br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restorat,,: i or repair is not economically feasible or Lender's security would he 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 ti,_ Property. or does not answer within 30 days a notice from lender that the insurance carrier ha i
<br />offered to settle a clam:. 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 Security Instrument. whether or not then due. The 30•day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree to writing. any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly paymenN referred to in paragraphs I and 2 or change the amount of the pay niunts. If
<br />under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br />front tt tniaee to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by thi; Security
<br />Instrui .inn immediately prier ro rheacquisition.
<br />d.. Preservation and M1 wtrenance of Property; Leaseholds. Borrower %salt not destroy, damage or st;.- e.tantially
<br />,: -a g,_ the Property. a:: :+ :,« 'Property to deteriorate or commit w&,%. If this Security Instrument is on a leasehold.
<br />gc., rDwer.shall corn rh. a. ;r.i•, t' : provisions of the lease. and if Dorrowrr4--c41Jlres fee title tip thte I3 °r,perty. the leasehold a
<br />`a: t :r:e shall not rncrbs r.:c -, Lander agrees to the merger to writing,
<br />�. Protection of I,endices Rights in the Property: eloreg;age Insurance, It' Berrouer fails Ica perform the
<br />covenants and agreements contatuaed tit this Security lns'-;.raent, or there iti a legal ::~ :ecdtr r rFa* -nay Soso_
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<br />Lender *% right% in cite Property (such as a proeceding3 an bankntptc:. pr6hate, n:r conderw:sr: -::, ,.s it. ct, :,i, a {.f..-
<br />regulattons). then Lender may doand pay- for whatever isr:c�essar} t,-. p!- -)tect the talueot the Propertt :r:�
<br />in the Property. Lender's actions rrnay include paying any sums secared by a lien which has priority ,not 111%•. Scours..
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<br />Instrument, appearing: to coutt. paying reasonable attornx }s fees.mdentering or. rrx Property, t,, itmr c rt•p.iu, .1ilth,lugh
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<br />lender may- take action under this paragraph 7. Lender does not htn e to do so.
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<br />Any amount. disibutwd by i ender under this paragraph 7 shall become adduional dehi ,,f Hort(swer �ccared ht th ,
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<br />Security (nstntment I'iile« Borrower and Lender ag;rce to other teat%of Pit yrnetit. rhos .un„unt* ,11,tII heir nit, rr.t Ili 'In
<br />date dishurtcnirnl Vote
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<br />the of et the rate .mid shall he payable. Stith niterest, up, i. uoti.r from. I miler R, i;,,irotier
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