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r <br />• 1 <br />t %1FORR1COVF \ s <br />A%_rS Borrower and Lender covenant and agree afrillov 0v� 102510 <br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrcnvershall promptly pay when due <br />the principal of and interest on the debt esiden :•ed by the Note and any prepayment and late charges due under the Note. <br />2. Funds for Taxes and Insurance. Subject to applicable law or to a%,. ritten yr giver 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 ( "Fund;') equal to <br />one-twelfth of (a) yearly taxes and assessments which may attain pricwity- 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 ►nag estimate the Funds due on the <br />basis of current data and reasonable estimate-- of future escrow items. <br />The Funds shalt be held in an institution the deposits or accounts of which are insured or guaranteed b% 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 hold.ing.and applying the Funds, analyzing the account or verifying the escrow items, unless <br />Lender pays Borrower interest on the= Funds and applicable Iaw permits Lender to mate such a charge. Borrower and <br />Lender may a_gm in writing; itsat it?tr•_r *it shall he paid on the.Funds._Unless an agreement is made or applicable la« <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 />purpose for which each debit to the L=unds wasmade*. The-Funds are pledged as additional security for the sums secured by <br />this Security Instmmwr� <br />If the amr3urrt,, ?f:1 k.e Fund�lteld by, Lender.. together with the future monthly payments of Funds payable prior t, <br />the due dares of the�;r. ; a it�,lljsy.!;ii:all exceed the-dirinitnt required tc Chu l escro.s items when due, the excess shall be. <br />at repaid 16 Borrower or credited to 131rower cn rcKlthly payments of Funds. If the <br />sinui� -s? �t't �. p ) %dtih,� fii irieris fait suffrcrent to pay the escrow ite-ais'whea aut- &.moor :r shall pay u-1 Lender any <br />s -mount .t���.�aky t�i?.cr?.4w. K to % #e5ctency to mz —c: more paytn; his as ra. wised Y►y Lend_°r. <br />Upon p3.Yruv' full os . ti sums secured b3• this Security lns_Tumt rat: Leril"Zr shall promptly -44nd is Barrev;er <br />zny Furl ,:s fr•..zU by Lender. If uti ie- paragraph 19 the Praparty is sold or acquired by Lender, Lender shall apply, no Iater <br />than imrr�o atesy pi for to th-- sale of the Property or its acquisition by Lender. an} Funds held by Lender at the time of <br />application as a credit against the sums secured by this Security Instrument. <br />• 3. Application oaf Payments. Unless applicable law provides othenztse, all payments received by Lender under <br />paragraphs I and 2 shall be applied: first, to late charges due under the Note: second, to prepayment charges due under the <br />Note; third, toamounts payable under paragraph 2; fourth, to interest due; and last, to principal due. <br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the <br />Property which may attain priority over this Security Instrument. and leasehold payments or ground rents. if arty. <br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that.manner. Borrower shall <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. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender <br />receipts evidencing the payment%. <br />Borrower shall promptly discharge any hen which has prionty 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 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 />agreement satisfactory to Lender subordinating the hen to this Security histrumcnt. If Under deter►nines that arty part of <br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a <br />notice identifying the lien. Borrower shall satisfy the lien or take ene or r-..-re of the actions sct forth above within 10 days <br />of the giving of notice. <br />5. Hazard insurance. Borrower shall keep the .F. -o;em= b., now existing or hercaft,r erected on the Property <br />insured against loss by fire, hazards included within the term "extended coverage" anci any other hazards for w l . :ch Lend.. <br />requires insurance. TNN insurance shall be maintained in the amount and for c=(_ periods th2t Lender requires. The <br />insurance carrier pro:: +crag the insurance sha',: be chosen by Borrower subject to Lender's a ^p, i ~oval which shall not b° <br />unreasonably withhc:Ik_ <br />All insurance policies and renewals sire:: be acceptable to Lender and sha;i include a standard mortgage clause. <br />Lender shall have the right to ho3 -the policies and renewals. If Lender requires, fyr: °rower shalt promptly give to Lender <br />all receipts of paid premiums and renewal nct.ces. In the event of loss. Borrower sha,i give proms.' notice to the insurance <br />carrier and Lender. Lender may mak: proof of loss if not made promptly by Borrower. <br />Unless Lender and Borrower otherwise agree in writing, insurance proceed~ s -hall he applied to restoration or repair <br />of the Property damaged, if the r-_-n oration or repair is economically feasible and I,cridcr's security is not lessened. If the <br />restoration or repair is not economically feasible or Lender's security would he lessened, the insurance proceeds shall he <br />applied to the sum~ secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. if <br />Borrower ahandons the Property, or does not answer within 30 days a notice front lender that the insurance carrier hay: <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 duc. •The 3O•day period will begin <br />when the notice is given. <br />Unless lender and Borrower otherwise agree in writing. 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 11) 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 pas~ to lender to the extent of the rums secured by this Security <br />Instrument immediately prior to the acquisition. <br />6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not dent roy, daniage or substantially <br />change the Property, tallow the Property 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 <br />fee title shall not merge unless lender agrees to the merger in writing. <br />7. Protection of Lendrars Rights in the Property; Mortgage lrtsyrmrt . Lf Bc ;rr :x.r fails to perform the <br />covenants and agreements eerie : :: Security Instrument, or there -eec;ing ? a! may significantly affee <br />Lender's rights ire llta Proper:-, `s cis a�. ^•r.,eeeding in bankruptcy. robate, cet ° R-rx :.r }n or to enforce laws !:r <br />regulations), then :..=d-zrmaa cC �:_n:1 pay c•:-°xhatever is necessary li: p- „,Leci t: e .z...cof t're Frnryerty and Lender's rig -He s <br />in the Property. ;,° ^der S z_t. 'A-- ,-.May include paying arr.. sums secur:c by a :,r.r ir...N pi Tor►ty • •e. thi!: Security <br />lnstru;-ent. appeL7:rg in coy -, saying reasonable attorr. `ees and entering ' Y Proper :; ?_” make repairs. Alulic ?ug <br />L.endc.:nay take a.--% 'on t:d _r:'..:s paragraph 7, Lender does tot has': 'r', d- ; sr; <br />Any amo,ir: .d'rjursed by Lender under this paragraph 1 1 Tonal debt of Borrower secured by !iris <br />Security Instrument. Unless Borrower and agree to other -re 'here anunmt :shall hear merest fr:x*r <br />the date of disbursement at the Note rate and shall he payable, a,:;; craenz <. :`.. -;inn notice front Lander to Borrower <br />requesting payment. <br />F <br />w� <br />`Cal <br />r <br />A <br />