|
L
<br />27_V.
<br />y" ,
<br />• e
<br />I
<br />I
<br />8'm" 101924
<br />UMFoRM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />14. Paym at of Prindpai gad Interest; Prepayment and Late Charges. Borrower shall promptly pay when dot:
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />L Fends for Taxies &ad Inseraaee. Subject to applicable law or to a written waiver by Lender. Borrower shalt-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 tq•,
<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 estimatesof future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are instirtJ cr 5, *araeteed by a federal or
<br />state, agency (including Lender if Lender is such an institution). Lender shall apply the Fuiids to pay the escrow items.
<br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable taw permits Lender to make such a charge. Borrower and
<br />Lender tiny 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 />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 Lender. together with the (enure monthly payments of Funds payable pr=ior ta.
<br />the due dates of the escrow items, shall exceed the amount required tc, Zrs y the escrow items when due, the excess shall be,
<br />at Boo wer's option, either promptly repaid to Borrower or credited *_.* Borrower on monthly payments of Funds- if'the
<br />amount: of the Funds held by Wrier is net sufficient to pay the escrow ;terns what due, Borrower shall pay toteath:r an*_r•
<br />amount necessary to maize ups thede.Mmzy is one or more payments a% required by Lender.
<br />Upon pa }ment in full ofa?1 sutras swured by this Security Instrument, Lender shall promptly refund to Barrawrr
<br />any Funds held by Lender. If = der paragraph 19 the Property is sold or acquiredby Lender. Lender shall ripply, no luti
<br />than immediately prior to thr sr!�e of the Property or its acquisition by Lender. am-' Funds held by Lender at the tititR of
<br />app!i=,ion as a credit against t;? y. ms secured by this Security instrument.
<br />I Application of Payer .. L`njess applicable law provides otherwise. all payments received by Lender ruttier
<br />paragraphs 1 and 2 shall be applied- I"i —... :,,a We charges due under t1,1e Mote; second. to prepayment charge's due under air:
<br />Note; third, to amounts payable under. mgraph 2; fourth, to interest riue; and last, to principal dLe.
<br />4. Chargm; Liens. Borrower shall pay all hm57., assessments, charges, fines aril impositions attributable to the
<br />Property which may attain priority, over this Security Instrument, and leasehold payments or ground gents, if any.
<br />Borrower shall pay these obligations in tii.- manner provided in parag, -mph 2, or if not paid in that manne ; Borrower shall
<br />pay them on time directly to the person owed payment. Borrower shtii promptly furnish to L=&-er all notices of amounts
<br />to be paid under, Obis paragraph. If Borrower makes these paymentsd=tly, Borrower shall promptly furnish to Lender
<br />recasts evidemrr_g the paymerzs
<br />Borrower shall promyrav 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 Lender, (b) contests in good
<br />faith the lien by. or defends against enforcm-ent 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 />agrees tent satisfactory to Lender subordinating the lies: to this Security Instrument. If Lender determines that any part of
<br />the Property -is subject to a lien which may attai : -, priewny over this Security instrument, Lender may gave Borrower a
<br />netisre identifying the lien. Borrower sha! RLtisfy the l vx; 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 Propeny
<br />insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Ler J:-
<br />requires insurance. This intro. nce shall be maintained in the amounts and for the periods that L•erdtr requires. The
<br />insurance carrier providing ttc insurance shall be chosen by Borrower subject to Lender's approval vc ;: h shall not be
<br />unreasonably withheld.
<br />All insumnze policies and renewals shall be acceptable to Lender and shall include c: suiTiL_rd mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower sh°!l }�'�+^ L ,LLrr give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give promp..r rs -ir,o: 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 afq;l,';cs to restoration or repair
<br />of the Property dainaged. if the restoration or repair is economically feasible and Lenders sr verity is not lessened. If the
<br />restoration 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 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 aalect the insurance proceeds. Lender may use the pmeeeds to repair or restore
<br />the Property or to pay sums secured by tl ::.� Security Instrument, wh.ather or not then due. Th-. 30-day period will bG_,»
<br />when the notice zs giNIM.
<br />Unless Lender and Borrower otherwise agree in wrifing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. if
<br />under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance pr.' . :ies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lann..Jer to the extent of the . r s secured by this Secu q!
<br />instrument imrra ately prior to the acq ai ,. _Jon.
<br />6. Presetwation and AWntenance of Properly; Leaseholds. Borrower shall not dei. ".nay, damage or substantial'
<br />change the Property, allow the Properly to deteriorate or com^-ii waste. if this Security 'uro•ttrument is on a leasehold.
<br />Borrower shall comply with the provisirrsof the lease, and if On- n-,wer acquires fee title to t.iw Property, the leasehold and
<br />fee titleshall not m.:.ge unless Lender agi' Ru the merger it, ;.
<br />7. Protection of Lender's Rights ire the Property; Mortg2ge insurance. If flor over fails to perform the
<br />covenants and agreements contained in this Security prstrument, or there is a legal proceeding that may significantly affect
<br />Leader's rights in the Property (such as a proceedittg.'in bankruptcy. probate, for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay for whatever`ssnecessary to protect the value of the Property and Lender's rights
<br />in the Property- Lenders actions mat' Twill; a paying any sums secured by a lien which has priority over this Sccunty
<br />instrument, appearing in court. paying reaw;nable 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 ~hall become addtt tonal debt of Borrower secured by t his
<br />Security Instrument. Unless Borrower and Lender agree to other terms, of payment. these amount~ shat I tear mterest from
<br />the date of disbursement at the Note rate and shall he payable, with interest, upnu notice from lender t,, tiormuer
<br />requesting payment
<br />1—
<br />A91
<br />s,0
<br />R
<br />
|