|
r
<br />1
<br />UNll r0R v ('1)V t V4♦ I,, Ilorrotver at►d Lender co%enaut and agree a% 1011,1w% �11�1 102749
<br />L Payment of Principal and Interest; Prepayment and Late Charge %, Burrower .'hall pr%+ml>tly pay when due
<br />the principal of and interest on the debt c%Idenced by the Note and any prcp;ayruent and late charges title under the Note.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a w alien waver by 1 endr: r, Iorrower %hal) pay
<br />to Lender on the day monthly payments are due under the Note, until the Note I% paid m full. a %uni (" Furids ") cqual t,'
<br />one - twelfth of: (a) yearly taxes and a% %e%sments which may attaui prnarUy user this Sr:urit> inslnmient. (b► yearly
<br />leasehold payments or ground rents on the Property, if ally; (e;) yearly harard Insurance prenuum%. and (tO yearly
<br />mortgage insurance premiums, If any. These items are called ",,crow ucIn% " lender may estimate the Fund-, duc On the
<br />basis of current data and reasonable estimates of future escrow Items.
<br />The Funds shall he held in an aintllution the deposits or account+ 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 Fund,, to pay the trscrow• gems.
<br />Lender may not charge for holding and applying the Funds, analysing the account ar verifyina the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower 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 he paid. Lender shall not he required to pay Borrower any Interest or earnings on the Fundy. 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 bs•
<br />this Security Instrument. -
<br />If the amount of the Funds held by Lender, togei<her with the future monthly payment% of Fundy payable prior to
<br />the due dates of the escrow items, shall exceed the amou ,� required to pay the escrow items when due, the excess shall be,
<br />at Borrower's option. either promptly repaid to Borrower or credited. to Borrower on monthly payments of Funds. if the
<br />amount of the Funds held by Lender is not sufficient to posy 211%• escrow items when due, Burrower shall pay to Lender any
<br />amount necessary to make up the defictency in one or mo o m. ments as required by Lender.
<br />Upon payment in full of all sums secured by this &- vurity instrument, Lender shall promptly refund to Borrower
<br />any Funds held by lender. If under paragraph 114 the Property i% stJ,d t r, acquired by Lender, Lender shall apply, Ito later
<br />than immediately prior to the sale of the Properly or its acquisrtityn .ttis 4 vMer, any Funds held by Lender at the time of
<br />application as a credrt against the cum% secured by this Security iristni-zacs".ia
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs 1 and 2 shall be apphed. first. to late charges due under the Note; second•, to prepayment charges dire under the
<br />Note; third, to amounts payable under paragraph 2; fourth. (;•a interest due; and last, to principal due.
<br />4. Charges; Idens. Borrower shalt pa) aSt 't��. , assessments, charges, fines and inirositions attributable to the
<br />Property which may attain prionty over (thug 'Sai -nr., Instrument, and leasehold payments or ground rents. if any.
<br />f�arm4, r shall pay these ob lgations to the m=ncr pro: tded to paragraph 2, or if not paid in that manner. Borrower shall
<br />Fay t;t,a:m ion time directly to the (xr-,(,+n owed payment. Bnv m wer %hall protr►Ftl) furinsh to Lender all nctiee; of amounts
<br />to be 1•i 6 under this paragraph.: If Wrrower makes these payments directly. Borrower shall promptly furnish to Lender
<br />receipts etidencingthe payments. • .
<br />Borrower sltaldlpromptlr• dil-LWgc any hen which has priority tivcr this Security ln,trunit-rit unless Borrower: (a)
<br />agrees in writing tot4epayment ctt bC' vbltfcatton secured by the lien in a manner acceptable t.ti L.cnder; (b), cont in good
<br />faith the lien by, c,r ciefenet% ao3 � �.r.,".,ne;ss oft' list irt, lctcai prtx;rcdings which. In rhtt Linder v opinion operate to
<br />prevent tha rnfer;einent of the'll", or forfeiture of any part of the Property; or (c), secures from. the holder of the lien an
<br />agroPment tisfaelc•r} to Lender :u- 1—rdmating the lien 1t. thi, Security leatrulticnt. if Lender determine% that any part of
<br />the Property I% subject to a lien which may attain priority over thin; Se, urity ln%tr4mettt, Lera4ee: may give Borrower a
<br />notice id tifying the lien. Borrower shall sdti t.`y. the lien, or take one or rr,.�,re of the .4i nions set f, %rch above within 10 days
<br />of the givirrg of notice.
<br />es. Hazard Insurance. Borrower shall keep the improvemerits now existing , t hereafter erected on the Property
<br />insured against loss by fire, hazards included within the term extend,.-d, o v %crage" and any otherhatards for which Lender
<br />requires Insurance, This insurance shall be maintained In the amour Yf and for the periods ibat lender requires. The
<br />insurance earner providing the insurance %haft. be chosen by Borrowers :.ublcct to Len;fer'% approval which shall not be
<br />unreasonably withheld.
<br />All Insurance policies and renewals sFai} be acceptable to Lender and %hall include a standard mnrtpage clause.
<br />Lender shall have the right to hold the pols:cIes. and renewal::. if lender requires, Borrower %hall promptly give to Lender
<br />all receipts of paid pst miums and renewal n,irib s.. In the event pf loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. tender may make proof of C{ . if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree it;n wreaing, m%urance proceeds shall be applied to restoration or repair
<br />of the Property damaged, if the restoration or repair is e+ce, rjjomically feasible and Lender's security is. not lessened. If the
<br />restoration or repair is not economically feasible or Lenders 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 bender 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 pertta& 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 ofthe monthly payments referred to in paragraphs, 1 and 2 or change the amount of the payments. If
<br />under paragraph 14 the Property is acquired by Lender. Borrower'% 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 rums secured by (lii%Security
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of ProperW; Leaseholds. Borrower %hall not destroy, damage or %uhstantially
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument i% on a leasehold,
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the Iea%ehold and
<br />fee title shall not merge unless Lender agrees to the merger in, writing.
<br />Z. Protection of L,ender's Rights in the Propert}. MortgaRe Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Secut•uy Instrument, or there is a legal procceding that may %igniftcanth affect
<br />Lender's rights in the Properly (such as a prsveeding in hankruptcy, probate, for condemnation or to enforce law% (IT regulattons), then Lender may do and pay for whate%er I% necessity to protect the %aluc of the Properry and t ender'% rights
<br />in the Property Lender's actions may include paying any ruin% secured by a lien w hich has pnont) o%rr this ties urn%
<br />Instrutn %rrt, appearing in court, paying reasonable attorney.' fees and entering ore the Property to make repair% Although
<br />Lender may take action under this paragraph 7.1 ender dues not have to do %(I
<br />An) amounts di%hurwd by I ender tinder this paragraph 7 shall become adaitwit,iI dcht of lionowc•r %c %ure•d h% 1111%
<br />Security Instrument Uriles% liorrov%er and I ender agree to either terms of p.t%rrcw_ ihc:,c• anrnant% %hall be;jr nitcrc•%t Irnitn
<br />the &Ile of disbur%ernent it the %ore r.itc .cud %hall M
<br />• Js,a%ahk. wilt, Interest nL, tern .i.r tr,nn 1 cn,Jcr h H, rt aer
<br />requemill p:a)merif
<br />#1
<br />I
<br />.i
<br />. r9y,
<br />P;4roE
<br />
|