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• 8��.101898
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Paywest of Principal and Interest; Prepayment cad Late (barges. 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. Fos& for Taxes and Insurance. Subject to applicablelaw orto 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 />emu premiums. if any_ These items are called "escrow items." Lender may estimate the Funds due on the;
<br />basis of correct data reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which arebsured 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 appt Yin g the Funds, analyzing the account or verifying the escrow items,.unUss
<br />Lender pays Borrower interest on the Funds and applicabk law permits Lender to make such a charge. Borrower ,and
<br />Les de , 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, 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 />pugxw 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 />Ifitbe amount of the Funds L-6d by Lender, together with the future monthly payments of Funds payable nrior,te
<br />the due dates of the escmw aite�. s�-=11 exxed the amount required to pay the escrow items when dye, the excess shall, bb,
<br />it Borranver's option, either - prc . a=id. to 83rrower or credited to Borrower on monthly payments of Funds. If the
<br />amount of the Funds held by Lender h t:cirttt to pay the escrow items when due, Borrower shall pay to Lender any.,
<br />amount necessary to make more payments as required by Lender.
<br />Upon payment in full of all s= s=Ted' by this Security Instrtment, Lender shall promptly refund t:� Rarrower
<br />any Funds held by Leader. If under gaar,,mapb i gibe Property is sold or acquired by Lender, Leadw shall apply, no later -
<br />than immediately prior to the sale c €ibe Jiro • or its acquisition by tender, any Funds held by bender at the time of
<br />applimtion as a credit against the warns secured by this Security Instruzcic::
<br />3., Application of Payments _ . Unless applicable law provides cterwise, all payments received by Lender under
<br />paragr lis I and 2 shaD be applied: fast, to late charges due under thelric- .second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest ft-, card last, to principal due.
<br />4: Qtugetq Fars.: BorsCR er shall pay all taxes, assessaae a*&, cb rges, fines and impositions attn'butable to the
<br />Proper ?- - which may attain prieritx over this Security Inst�im t, a= iiasehold payments or ground retests, if any.-
<br />Borrower sWr pay these obligations s:7 the manner provided in paragraph 2, or if not pxad in that manner, Borrower wall
<br />pay therm vn time directly to the person owed payment. Borrower shall pramptly furnish to Lender all notices of amounts
<br />to be prod under this paragraph. If Borro "r =Av. -s these payments direc� y, Borrower shall promptly furnish to Lender
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<br />ape; =evidencing the payments.
<br />Borrower shall promptly discLzie any lien which has priority over this Secazritl: Instrument unless Borrower. (a)
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<br />agrees in v►titing to the payment of tb & zbligation secured by the lien in a manner 3ooeptd1.,2e to Lender, (b) contests in good
<br />frith the lim -by, or defends Wihm: enforcement of the lien in, legal procccd1m gs which in the Lender's opinion operate to
<br />pce:vent the enforcement c`tie lien or forfeiture of any part of the Properuy.; •ar (c) secures from the holder of the lien an
<br />e =meant Satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />the Pr•opertln•is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />notice ideortdj+ing the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the gh -ingof notice.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included wiain the term "extended e; i- enrage" and any other haurds for which Lender
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<br />n quires insurance. This insurance shall be aurrrained in the amounts and for the periods that Lender requires. The
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<br />arrier providing the insurance sh D be chosen by Borrower subject to Lender's approval which shall not be
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<br />gnreasurrably withheld.
<br />All insurance policies and renewals s1s-U be acceptable to Lender and shall include a standard mortgage clause.
<br />Lfauier. -.'tall have the right to hold the policies, am3 renewals. If Lender rer�ures, Borrower shall promptly give to Lender
<br />alt rtxrajcfs of paid premiums and renew-? notices. In the event of boss,lSccra�wer shall give prompt notice to the insurance
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<br />carrier arid,' Lender. Lender may maka p+rctaf of loss if not made promptly by Borrower.
<br />V,Palm Lender and Borrower cr.;F,,xwise agree in writing, ensurance proceeds shall be applied to restoratictr tsr repair
<br />of thr 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 feasihfe or Lender's security would be lessened, the insurance proceeds shall be
<br />applle:d to the sums secured by this Security instrument, wNvher or not then due, with any excess paid to Borrower. Ii`
<br />Borrower abandons the Property, or do% not answer within 30 days a notice from Lender that the insurance carri:er-his
<br />offtced to tivq rte a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair cr rm*re
<br />the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will
<br />when the notice is given,
<br />Unless Lender and &rrowef otherwise agree in writing, any applicoion of proceeds to principal shall not errend or
<br />postpone thr, due date 604 monthly payments referred to in paragraphs I and 2 or change the amount of the paymt.mrs. If
<br />under parttgtatph 19 the l?rrsperty is acquired by Lender. Borrower's right to any insurance policies and proceeds, rmulting
<br />from damage to the Pr4(iwy prior to the 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 tad Mainteaaace of Property; Leaseholds. Borrower shall not destroy. damage or suhsiantially
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a lqm-nhitld,
<br />- Borrower shall comply with the Provisions of the leases and if Borrower acquires fee title to the Property. the lee•tei :ald -iirtd
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<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 faits to perform the
<br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect
<br />Lenders rights in the Property (such as a proceeding in bankruptcy, for
<br />rrobate. condemnation or to enforce laws or
<br />regulations), then Lender may doand pay for whatever is necessary to protect the value of the Property and Lenders rights
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<br />in the Property. Lenders 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 />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 termsofpayment. these amounts shall bear interest from
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<br />the date of disbursement at the Note rate and shall be payable. with interest. upon notice from Lender to Borrower
<br />requesting payment.
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