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90- 104825
<br />UNLPom CovEt+t+►tai'r5. Borrower and Gender covettaa)t and agree as follows:
<br />` 7. Pa�ntaMt of Prlseipal taaitl Iateetea� pre /iyseat tittai6f L>ite Ciraryes.` Borrower shall promptly pay when due
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<br />the principal of" interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. ' Flu k toe Taus aM I=armce. Subject to applicable law or to 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 />ovie- twelfth bf: (a) yearly taxes and assessrhents which may attain priority over this Security Instrument; (b) yearly
<br />koft hold`piaylnt- is or ground re=nts on the Property, if any', (c) yearly hazard Jinwartce• premim r,, and (d) yearly,
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<br />- ' mortl gp insurance premiums, if airy. These iteats are called `escrow items Lender may estimate the Funds due on the
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<br />6ltmia of curnni data and r easonabk estimates of future escrow items:
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<br />The Funds sb(til be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />Usk ageuey (including Leader if Lender is such an institution). Lender shall apply the Funds to pay the escrow items:
<br />Larder may not charge for bolding and applying the-Funds, analyzing the account or verifying the escrow items, unless
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<br />4adir "pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
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<br />t ewdW may agree in writsng that interest shall be paid on the Funds. Unless an agreement is made or applicable law
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<br />requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds.•Lender
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<br />shaltgive 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 Fas made. The Funds are pledged as additional security for the sums secured by
<br />thisSecurity lnatrument.
<br />the amount of the Funds bell by Lender. together with the future monthly payments of Funds payable prior to
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<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be,
<br />at Bdrroarrer's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
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<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any
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<br />amount necessary to make up the deficiency iii one or more payments as required by Linder.
<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 sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
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<br />application as a credit against the sums secured by this Security instrument.
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<br />3. Appli ation of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
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<br />Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. CkagM %leas. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
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<br />Property which may attain priority•over this Security Instrument, and leasehold payments or ground rents, if any,
<br />Borrower shall pay these obligations in -the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
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<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. ItBorrower makes these payments directly, Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
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<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
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<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 the Lender's opinion operate to
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<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 subordinating jhe lien to this Security Instrument. If Lender determines that any part of
<br />the Property is subject to a lien which.may atldin priority over this Security Instrument, lender may give Borrower a
<br />notice identifying the lien. Borrower shall _satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />S,. Hazard Insutrattce. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by .fire, hazards included within the term "extended coverage" and any other hazarits for which Lender
<br />'requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
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<br />unreasonably withheld.
<br />All intsurance policies and renewals 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
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<br />all receipts 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 Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair
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<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 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
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<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 begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application cif 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 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 Maintenance of Property-, li easeholds. Burrower shall not destroy, damage or substantially
<br />change the Property. allow the Properly to deteriorate or commit waste. if this Security Instrument is on a leasehold.
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property. the leasehold and
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<br />fee- title shall not merge unless %enderagrees to the merger in writing.
<br />y. Protection of Lender's Hlghts in the Property; Nlortg2ge Insurance. If Borrower fails. to perform the
<br />covenants and agreements contained in this Security Instrument, or there IS ,1 legal proceeding that may significantly affect
<br />Lender's fights in the Property (such as a procceding•in bankruptcy; probatc.-•f jr candemnafion or to enfortc !aw —. or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property .and Lender's rights
<br />in the Property. Lender's actions may include paying any sums secured by a lied which has priority over this Security
<br />instrument. appearing in court. paying reasonable attorneys' (ccs and entering on the Property to make repairs. Although
<br />Lender may take action under this paragraph 7. Lender diies not have to do w.
<br />Any amounts disbursed by Lender under this. paragraph 7 shall become additional debt of Hurrouct %ecured by tht:,
<br />Security instrument. Unless Borrower hod Lender agree to other terms of pay mein, these aniounts %hail bear truere.t front
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<br />the date of disbursement at the Note rate and shall he payable, With Interest, upon notice. from Lender to Harrower
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<br />requcstingpayment:
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