|
RE � - 101996
<br />R
<br />89_,., 101526
<br />UNIFORM COVENANTS Borrower and Lender covenant and agree as follOU''s:
<br />1. payment of Principal and interest; Prepaynteut and Lf ChArges. Borrower shall promptly pay when due
<br />the principal ofand interest on the debt evidenced by the Mote and uny prepayment and late charges due under the Note.
<br />Z. Funds for Taxes and Insurance. Subject to applicable law or to.a written waiver by Lender. Borrower,hall pay
<br />to Lender on the day monthly payments are due under the Note. utttil;t'•ie Nc:te is.paid in full, a sum ( "Funds') equal to
<br />one - twelfth of: (a) yearly taxes and assessments which may attain" priority olio -this Security Instrument: (b) yearly
<br />leasehold payments or ground rents on the Property. if any; (e) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any. These items are called "cicrow 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 a federal or
<br />state agetycy (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 Fund% anaiy+ irlg the account or verifying the escrow items, unless
<br />Lender pays Borrower interest on the Funds and appli"t: law permit.-. Lender to make such a charge. Borrower and
<br />Lender may agree in writing that interest shall be :.lip the Funds.• unless an agreement is made or applicable law
<br />requires interest to be paid, Lender shall not be regOt .�L to pay Ir, mover any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without: charge, an annual ac�adntrng 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 emount of the Funds held by Le' dt r, together with the future monthly pa}rncuts of Funds payable prior to•.
<br />the due dates of the escrow items, shall exceed :the amount required to pay the escrow items when due, the excess shall Ise._ .
<br />at Bam.yvges option, either promptly repaid to Itovawer or credited to Borrower on monthly payments of Funds. If tale
<br />amourit: rrf the Funds held by Lender is not sufficient to,pay-the escrow items when due, Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one or mdse p# merits 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 held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply, no later
<br />than immediately prior to the salt: of the Property•ur its .-requisition by Lender, any Funds held by Lender at the time of
<br />appiicaf,onasacreditagainsttl ii umssecured bj!thisSe dff4y Instrument.
<br />3. Application of PayittiuM Lrnless applicable 1 "aw provides otherwise, all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied: first; t4 lilts charges due under the: Note; second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragmsh, Z; four+ "i, to interest due; and last, to principal due.
<br />4, Charges; Liens. Borrower shall•p'ay all ta)6m. 1Nz_cssments. charges, fines and impositions attributable to the
<br />Property which may attain priority•over this Security.,,Ueitrument, and leasehold payments or ground. tents, if any.
<br />Borrower shall pay these obligations in the manner prmii):�I an paragraph 2, or if not paid in that manner, W.trowershall
<br />pay ttra7s on tirtedii ,Air, to the person owed payment. l3crrower shall promptly furnish to Lender all notices of amounts
<br />to be 'Cider ttus pa Mph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lerdcr .
<br />rece%mt:F: ew �!encing the payment-,
<br />:121prrower shall promptly.cdischarge any lien which has priority over this Security Instrument unless Wrrower: (a)
<br />agrpts m,, writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) 0:1_tests in good
<br />fhi, lien by. or defends against enforcement of the lien in, legal proceedings which in the Lender's ops :on operate to
<br />preow,r, the enforcement of the lien or forfeiture of any part of the Property: or (c) secures from the holder of the lien an
<br />agrcc=vt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines,that any part of
<br />the Prv�perty is subject to a lien which may attain pricefr over this Security Instrument, Lender may g:: +e Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien rr take one or more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />S. Hazf Insurance. Borrower shall keep the :r,•1 -rovements now existing or hereafter erected the Property
<br />insured against loss by fire, hazards included within the tem.. "Q_xt;rded coverage" and any other hazards for which Lender
<br />requites insurance. This insurance shall be maintained Iii. the amounts and for the periods that Lender requires. The
<br />insur —we carrier providing the Insurance shall be chtrserr .I' y Borrower subject to Lender's approval wbi; -[s shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall he acceptable to Lender and shall tr,;tiide a st :.ndard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. if Lender requires, Borrower shall promptly give to Lender
<br />all recrerpts 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 L Ws- der and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoratic ri or retuir,
<br />of the Property damaged, if the restoration or repair is economical; feasible and Lenders security is not lessened. Ir, ibo
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the irsurance proceeds shall I'e
<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 %Obi r 30 days a notice from Lender that the insurar•.:c 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 Properly or to pay sums secured by this Security Instrument, whether or not then due. The 30 -day period will begi n
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in wrlrr' v. a application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred tat r: p. -atiYaphs 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 policies and proceeds resulting
<br />from damage to the Property 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 and %faintenance of Property; Leaseholds. Itormwcr ~hall not destroy. damage ur ',ub ',tantially
<br />change the Property. allow the Property to deteriorate or commit waste. If this Security Instrument i', on it leas c hold.
<br />Borrov`ershali comply w►tlr file y+,o.isionsof the Icase, and if Borrower acumve', fee title tothe Property. the leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Lender's lights in the Property. Mortgage Insurance. if 1{�.rrower fad', to perfunn the
<br />covenants and agreements containe�in this Security Instrument. or there is a legal proceeding that Wray stgndtcantly affect
<br />Lcndc ='s tight,: ire she Property (such rc :t procreding in bankruptcy. prt•bate, for condemnation or to enforce laws or
<br />regulations). then lender may du and pay for whatescr is necessary to protect the talue of the Property and Lender'~ right',
<br />in the Property. Lender's action. may include paying any sums secured by a lien which has priority over this Security
<br />L instrument. ap+peating in court, paying reasonable: +tt(irno.%fees and entering on the I+mper►y to make repairs Although
<br />Lender may take action under this lOaragrrph 7. Lctnder dowN not ha-w to do so
<br />Any arnuunts disNa cd by Lender under thr. paragraph ; Khali i)f Kim I%er secured by lhts
<br />Security Instrument Unless lJoiro er and 1 ender agtee Io tither tern, of t•aylr :er.t. thc�c amount',shelt bete.- rstterest from
<br />the date of dr,butwment at the Mite rate .rid shall he pa Ile. ��1th lrrcr�st u; rsr n� lice f± tit. I ndrr to I{ �rnn�el
<br />rpyU��tlils pa±.111!'1!!
<br />Y
<br />• j�7
<br />t�
<br />-t -
<br />f
<br />r'
<br />r.
<br />O
<br />
|