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90—los -06p
<br />UMt DJMCGVMAxts. Borrowerand Lendercovamjntandagrmasfnllows
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<br />1. PtyAw of Ptdadpal sad interest; Prepatymeat Asti Late Charm. Borrower shall promptly pay when due .
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<br />the principal of and interest on the debt evidenced by the Notre acrd any prepayment and 'late charges due under the Note.
<br />'2. Fook for Taxes atilt Iswraace. .Subject to applicable law or to a written waiver by Lender, Borrower sball pay
<br />to Leader on the day monthly payments are due under the Note. until the Note is paid iri full, a sum ( "Funds") equal to
<br />on- twelfth of: (a) yearly taxes and assessments. which may attain priority over this 'Security Instrument; (b) yearly
<br />6a bold payments of around rergs,,6n the Iftopm
<br />&Jfjiny; C Carl fra78rd insurance ICQrrUmS;
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<br />- r if any. 7�ese "erns are c�la Tea ee rdi items -"T—en ere r may estimate t ie tinds due online
<br />ba* ofeurrent data and reasonable estimates of futixre escrow items.
<br />0e Fundsshall 6e beta in on institution the deposits or accounts of which are.insured or guaranteed by a federal or
<br />sate agency (in adina Leader if Lender is such an institution). Leader shall apply. the Funds to pay the escrow items.
<br />-- - . -- Lender may not chary for holding and applying the Fu d% analyzing the account or Lrerifying the escrow items, taxless
<br />Lender pays Borrower interest on the Funds and applicable law permits Leader to make such a charge. Borrower and
<br />Lendef 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 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 by
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<br />this Security Instrument.
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<br />If the amount of the Funds betd by Lender, together with the future monthly payments of Funds payable prior to
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<br />the due dates of the escrowitems, shall exceed the amount 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 beta by Lender is not ,sufficient to pay the escrow items when due, Borrower shall pay to Lenderany
<br />amount necessary to make up the deficiency in one or more payments 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.Lendei. If under paragraph 19 the Property.is sold or acquired by Lender, Lender shall apply, no later
<br />than immediately prior to the,$aIe of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />application as a credit against the sums secured by this Security Instrument. I .
<br />3. Application of Payateats. 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
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest due, and last, to principal due,
<br />- - -- -t i — shall pity all wits, assmmCuts, cbmw"nes-andtitpositions 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. Borro%vr shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
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<br />to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish tp Lender
<br />receipts evidencing the payments.
<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 the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any pan of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any 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 one or more of the actions set forth above within 10 days
<br />of thegiving of notice.
<br />: S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
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<br />: insured against loss by fire, hazards included within the term "extended coverage" and any other hazards 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
<br />i unreasonably withheld.
<br />} All insurance 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
<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
<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
<br />- offered to settle a claim, then Lender may collect the insurance proceeds. Lender inay use the proceeds to repair or restore
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<br />the Property or to pay sums secured by this Security instrument, whether or not then due. 'rhe 30-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 I 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; Leaseholds. Borrower shall not destroy. damage or substantially
<br />- change the Property, allow the Properiy 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; t'hc leasehold and
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<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of lieridees Rights in the Property: Mort;sre Insurance . If Horro :cer E.:ils t^ perform the
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<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and l.eiidcr's right"
<br />in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security
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<br />instrument, appearing in court, paying reasonable attorneys fees and entering on the Property to make repairs, Although
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<br />Lender may take action under this paragraph 7. Lender does not have it, do vi.
<br />Any amounts disbursed by i,ender under this paragraph 7 shall becortse additional debt of liorumer secured by ths,.
<br />Security Instrument. Unless Borrower and Lender agree ay ether terins of pa%tnct►t. these annwut% %hall hear 111tero.1 from
<br />the date of disbursement at the Niue rate and shall tic payahtr, with interot.' lom otMcc frf•tty I.mict to tforrnwer
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<br />requesting payment.
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