|
r
<br />= L
<br />t
<br />89
<br />UNIFORM CovENANn Sorrowerand l endercovenant and agree as fallows; 0%7 2ft + V
<br />1. Payneat of Pdocipal aid hterat; Prgaytneat and Late Chuges, Borrower shall promptly pay, when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late: chargesdue under the Note. .
<br />2. Famb for Taxes toad Insuraace, Subject to applicable law or io a written waiver by lender, liarratve: slink pa;t
<br />to Lender on the day monthly payments are due under the Note. until the Note is paid in full, a sum ("Funds "Y equalf to,
<br />one- twelfth of (a) yearly taxes and assessments which may attain priority over this Security Instrument; (13) yearly, .
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (dis _yearly
<br />mortgage insurance premium 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 accounts 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. unless,
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a'charge. Eorrower and.
<br />Lender 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 Bormwer, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for whWn each debit to the Funds was made. The Funds are pledged as additional security for the sums secured.by
<br />this Security InsIri'u=seriL
<br />If the amc+imtof the Funds held by Wider, together with the future monthly payments of Funds payable priar iii•
<br />the due dates e[ l escrow items, shall ex,:eed< the amount required to pay the escrow items when due, the excess sha[lihee. .
<br />at Borrir s; ? i.- either pt enxptly repaid:c�_:l rr�� or credited to Borrower on monthly payments efFunds. I; &.
<br />amnwtt dL ire csa s,hetd by l dicier is not su(iz xc rn.+ Pay the escrow items when due, Borrower shall pay tu•L.end"i 0 : '
<br />amount necas-� t.tixslte up tht deficienc}s its: �tcr more payments as required by Lender.
<br />Upon pay.rP-� tin full of all sums ser`ttcxd by this Security Instrument, Lender shall promptly refund to- Etim4cr:
<br />any Funds held by xnder. If under paragc h 19 the Property is sold or acquired by Lender, Lender shall apply, no luia-
<br />than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />application as a credit against threscams secured by this Security Instrument.
<br />3. Application of PsymkrM Unless applicable law provides otherwise. all payments received by Lender under .
<br />paragraphs I and 2-shall be ag] li DL- first, to late charges due under the Note; second, to prepayment charges due under the
<br />Note; third, to amounts payable uT;.ier par graph 2; fe urth, to interest due; and last, to principal due.
<br />4. Charges; Liens. 13i3ti i4wec sttuiiI pa: all i iycs, assessments, charges. fines and impositiens attributable to the •
<br />Pra{7rxt}i ;:which may attain line rate over tom: Security Instrument, and leasehold payments or ground rents, if any: .
<br />Bi.rm;iw rshall pay these oblige b2i .*:im t'ti:.rj7mner provided in paragraph 2, or if not paid in that manner, Borrower sham
<br />pay therm on time directly to the pe'r.�ur well. payment. Borrower shall promptly furnish to Lender all notices of amou
<br />to be paid under this paragraph. IF &rmwerrnakes these payments directly, Borrower shall: promptly furnish to Lendw
<br />receipts evidencing flie paymenm..
<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 Lender; (b) contests in good
<br />faith the lien by, or defends against enforcement of the lien in. legal proceedings which in Oa Lenders opinion operate Co.
<br />prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien ar
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any par of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may gise Borrower a
<br />notice blentifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above w. -O,in 10 days
<br />ofthrit&i ng of notice.
<br />;i. Hamel Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Prope . 1,
<br />insut%&Igainst loss by fire, hazards included. within the term "extended coverage' and any other hazards for which Ler aiT.
<br />requiress insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Tt-.e
<br />insurance carrier providing the insurance -full be chosen by Borrower subject tu-h ender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance: policies and renewab shall be acceptable to Lender and shall include a standard 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 rep: pth of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
<br />carr,jA,Tand Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in wasting, insurance proceeds shall be applied to restoration or repair
<br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restoration or rep sir is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applie to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. if
<br />B rm*er abandons the Properw;,, 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 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 begsrj
<br />when the notice is.gyven.
<br />Unless Lender and Borrower otherwise agree in writing, any application of procceds to principal shall n:)t 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- raTagraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting
<br />frra». damage to the Property prior to theacquisition shall pass to Lender to the extent of the sums secured by this Security
<br />Irrit'r ^ -amcni immediarely prior to the acquisition.
<br />b. Preservation and Maintenance-tiL i?Iroperty; Leaseholds. Burrower shill not destroy. damage or suhstantially
<br />charge she Property. allow th,; Property r.) dcterioratc or commit waste. If this Security Instrument is on a leasehold,
<br />Borrower shall comply with the. provisions. ;fthe lease, and if Borrower acquires fee title to the Property. the leasehold and
<br />fee title shall not merge unless Lender agrcc�..,• to the merger in writing.
<br />7. Protection of Leader's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument• or there is a legal proceeding that may significantly affect
<br />Lender's righli iii Cite Pruperty (nucit as a proceeding in bankruptcy. probate. for condemnation or to enforce laws or
<br />regulations). then Lender may doand pay for whatever is necessary to protect dte value of the Property and Lenders righ7i
<br />in the Property Lender's actions may include paying any sums %ccured by a lien which hav prn•rjt% oter this Securrt)
<br />Instrument, appearing to court, paying reasonable attorneys' fees and eutermg on the Property to make repaw. 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 heccmje.uidni:�stal dept tit lt,vn�ecr aortic.! bti thiti
<br />Security Instrument Unless Burrower and I ender agree let other terrr►s a f payment, tPac.c :mi;uut�.he!! Ik.er iniesC"t fr(lin
<br />the date of dohurienten: at the Note rate and %hall he payable. % %jilt itterest, riptin iwtuc from I cnifer it, Icit r•.,sr�
<br />requesting pa intent
<br />t
<br />
|