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<br />the principal otand interest on the debt evidenced by the Note ar11d,>fti Prrpsyment and late chargadue twtder the NOW
<br />2. Fa4f for ayes AM lnumu Su*f to tt 1bk lAi o> to e,1 written taur& by Ltfrdcr, 9Orrcwcr shall pay
<br />to Lender on thw: day monthly payments are due under the Natee umtil the`Note is paid in fralt. a sum ( "lrunds"� rgtta► to
<br />one- twelfth of: (a) yearly taxes and a essments which n* rittaln ores. this SeCurtt Instrument; (b) yearly
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<br />insumree,. urns.
<br />leasehold payrtttrrts tx 'ground rents ore, the Pra�rtY, if may: (e) yearly and (d) scarfs
<br />mortgage insurance premiums. if arty. Thew items are called - crow itertm- Lender, may estimate the Fonds due on the
<br />basis of current data and reasonable.estintnrtes of future escrow items. guaranteed by a federal or
<br />The Funds shall be held in an institution the deposits or accounts of which afire insured or
<br />state agency (including Lender if Lender is such an itrstttution): Lender shall apply the Funds to pay the escrow heats. .
<br />Lender may not charge for holding and applying the Funds. VMIYxing the aoxotult or verifying the escrow items. unless
<br />Lender pays Borrower interest on the Funds and applicable lase permits Lender to make such a charge. Harrower and
<br />Lender may agree in writing that interem shall be paid on the Funds: Unks- an agreement is made or applicable law
<br />requires interest to be paid. Leaver s-Wl act be - 1ti -i'"-d to pay Borrower any WOW or earnings on the Funds. Lender
<br />shall give to Borrower. without charge. an annual accounting of the Funds'showinl, credits and debits to the Fund' and the
<br />purpose for which each debit to the Funds was trade. The Funds are pledged as add'itiomsI 3ec,rrity for the, sums secured by '
<br />this Security Instrusaerit.
<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 ot'the escrow ita rs, shall exceed the amount required to pay the escrow items when due, the excess shall be,
<br />at 'jorrower'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 nectmarry to make up the deficiency in one 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 />any Funds h6d by Lender. If under paragraph 19 the Property is sold or acquired by l ender, Lender shall apply. no later
<br />than immediately prior to the tale of the Property or its acquisition by Lender, any Funds held by Lender at the ifine of
<br />application m a credit against the sums secured by this Security Instrument.
<br />3. Application of Payments, Unless applicable law provides otlicrwi%e, all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied; first, to late charges due under the Note, second, to prepaymcr,' chargz. due under the
<br />Note; third; to amounts payable ur;der paragraph 2; fourth, to interest due, and last, to principrl due.
<br />4. Citartpes; Liens. Borrower shall ray all taxer, assessments, charges, fints and impositions attributable to the
<br />Property which may attain priority.over this Security Instrument, and len%chold payments or ground rent %, if any.
<br />Borrower shall pay these ol,ligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
<br />pay them on time directly to the per- •n owed payment. Borrower shall promptly furnish to Gender all notices of amount.s
<br />to he raid under this paragraph. !f Borrower makes these payments directly. Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />t Borrower shall promptly discharge any lien which has priority over this Security Inctrurnent unless Ikirrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in n manner accep5tuble to Lender; (h) come.!- in g(xrcl
<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 holder of the lien an
<br />agreement satisfactory to Lender suKirdinaling the lien to this Security Inst:urnent. If Lender determines that any part of
<br />the Pr ,)perty is subject to a lien which may attain priority over this Security Instrument, Lcndcr m:ty give Ilorruwer a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within i0 drys
<br />of the giving of notice.
<br />S. Hazard Insurance. Borrnwer shall keep the improvements now existing or hereafter erected on the Properly
<br />insured argaimt Ims by fire, hazards included within the term "extended coverage" and . ny other hazards for which tender
<br />require% insurance. This insurance shall be maintained in the amounts and for the period% that Lender rcquir_c. The
<br />insurance carrier providing the insurance «hall be chosen by Borrower subject to Lender's approval which shall not be
<br />unreas<innbly withh -cld
<br />All insurance policies and renewals shall he acceptable to Lender and shall include a standard mortgage cl;iu%e.
<br />Lender shall have the right to hold the policies and renewals. If L, -ndcr requirew, Borrmwer shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of lens, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make, proof of loss Knot made promptly by Hotrower,
<br />Unless lender rind Borrower otherwisc agree in writing, insurance proceeds shall he applied to restoration or repair
<br />of the Property damaged, if the restoration or repair is economically feasible and Lender'%.security is not lessened, if the
<br />restoration or repair i% riot economically feasible or Lender's necurity would be lessened, the insurance proceeds %hall be
<br />applied to the %urns secured by this Security Instrument, whether or not then due, with any excem paid to Borrower. If
<br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier bus
<br />offered to settle a claim, then Lender may cc'ixt theinsurance proceeds. Lender may use the proceeds to repair or rc%tore
<br />the Property or to pay -turns se,�ured by this Security Instrument, whether or not then due. The 30-day period d will begin
<br />when the notice is given.
<br />Unless Lcndcr and M)rro*cr otherwise agree in writing, any application ofproceed% to principal shall not extend or
<br />p f"li cmc the (fue (late of floe monthly payment% referred to in paragraphs I and 2 or change the amoun, of the rayrncnts. If
<br />under paragraph ly the Property 1% acquired by Lender, ilorrower's right to any insurance policic< and prcccetl% resulting
<br />from damage to the Property prior to the acquisition shall pas% to Lender to the extent of the Burns secured by this Security
<br />Instrument irnmediNicly prior to the acquisition,
<br />ri. Preservation and Mainttnante of Property: Unweholds, Ilorrower shall not dc-,troy, d;image or substantially
<br />change the Property, allow the Property to deteriorate or commit waste, if this tircurity tnsirumrn' i% on it Icnschoild.
<br />Bot tower shrill ccmrrly with she rrovismom of the lease, and it lkirrower acquires let title io the Property, the leaNchold and
<br />(cc title shall not merge unless I ender agrees to the merger in writing,
<br />7, 11roloctlori of Ltrider's Rightir In the Propertyl Mntlptagc Insurance, tf llorrower fails to perform the
<br />covctnants mad agrer,rrieti1% contained in thk %ecurtiy inorumcni, or there is a legal proceeding that may %i,;oilicantly affect
<br />Ladder's rig,hl% its the Prop>rrty (such as a proc:reding in bankruptcy, probate, for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay Car whatever is necessary to protect the vrtluc or the Property anti Lender'% right%
<br />in the Property, I,cndrr's actions may include paying tiny sums secured by a lien which has priority finer this Security
<br />Imirurncnt: appearing in court, paying reammable attorneys' fees and entering on the Property to make repairs, Although
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<br />Lender may take rotinn uodcr this paragraph 7, bender dives not have tv do sc
<br />Any amounts di%bur%cd by Lender under this paragraph 7 shall hcco rrc additional deht of Ih1rr01A,rr ~soared by this
<br />Security instrrumr tit, Unlcs% Dorrower and Lender agree. to other term% of payment, these amount. %hull lx ier interest from
<br />the date of di %but- scrnent at the Note rate and shall he payable, with intert.,v, upon notice, from Lawler In Borrower
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<br />requesting payment.
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