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UND. :MM CQVBWA Borrower and Lender covenant Spec JL05071
<br />L ray mm O amd h6wniq play yaeat grad Late C tttrges. Borrower shall promptly pay when due
<br />the principal ofand interest an the debt evidenced by the Note and any prepayment And late charges due under the Note.
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<br />X- F1itnds ferTauet<andInsw aW_ Sul'ject toappticable law or to a written waiver by Lender, Borrower shall pay r
<br />to t. aft on the day monthly payments an due under the Note, until the Note is paid in full, a sum ("Funds',) eg1O to
<br />— C_t"- -(aYY"dy taM and n=OmenWwhIch may- attaht -priority -over this Security instrument;` (b)'yearZy
<br />la'ad'gid paYmenis or ground rents'•on the'Propert}r, if any; (c) yearly hazard insurance pre urns; and (d) yearly
<br />nKm tS a i iinsurvu a premiums► if any. These items are called "escrow items." Lender.may estimate the Funds due on the,
<br />: bstdsgfeu reutdaumdreasonalikestitnateso €futureescrowitems.
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<br />Mh' Eyn& nhli hebrJd Jn_ ssn i sfitinkm tbe, tnvLs tsAW�CCMtt1f CC►�a&} har ns i ,n � t+�f.
<br />- Y 8 Eying the escrow items, •, -- _ —
<br />r state agtncy, (including bander if Leader is such an institution). Lender shall apply the Funds to pay the escrow items.
<br />IRader may not charge for holding and applying the,Funds, anal zin the account or verifying unless
<br />Lepder pays Borrower inteie on the Funds and applicable LIM peraiit3 Lender to make such a charge. Borrower and `
<br />Leadix 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 pa K Lender shall not be required to pay, Borrower any interest or earnings on the Funds. Lender :
<br />aha11 give to Borrower, witlioutchaigG 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 asadditional security for thesurns secured by
<br />this security lnAru meat.
<br />If (ate amount of the Finds held by Lender, together with the future monthly payments of Funds payable prior to
<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 Borrower's option, either promptly repaid to Borrower or credited to Borrower on Monthly payments of Funds. Ifthe .
<br />amount of the Funds held by Leader is not sufficient to pay the escrow items when due. Borrower shall pay to Lender any
<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. hell by tender, If under pamgmph 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
<br />application as a credit against the sums secured by this security Instrument.
<br />3. Appliation Of ftYmeab.. 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 />4. Cltargeg Llens. Borrower shall pay all taxes, assessments, -charges, fines and impositions attributable to the
<br />Property which may attain priority. this Security Instrument, and leasehold payments or ground rents, if any.
<br />Borrower shall these . h
<br />V-17 !tons m t e manner provided in paragraph 2, or rf not paid to that manner, Borrower shall
<br />_ - - - -paty-[iren , time directly to the person owed paymmi. 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 thepayments.
<br />Borrower shall promptly discharge any lien which has priority over this Sectirity Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (h) 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 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 the giving of notice.
<br />S. Huard Imes mme.. Borrower shall keep the improvements now existing or hereafter erected on the Property
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<br />insured against toss 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 />. 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.
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<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.
<br />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 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 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 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
<br />he to Lender to the
<br />pass extent of the sums secured by this Security
<br />Instrument immediately prior to the
<br />6. Praxerratioa gad Mtdatettaece of Propet�y; Leaseholds. Borrower shall not destroy, damage or substantially
<br />change the Property, allow the Property to deteriorate or commit waste. if this Security Instrument is leasehold,
<br />an a
<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.
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<br />7. PfoteWOn Of Lcnsler a R1911—as l;1 the Property-, Muriswge insurance. Ii 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 rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or
<br />_ regulations)..lhen Lender .may doand pay for whatever isyaeeessary to prowet the ealtre of she Pre M.,y and Letuler's r igliis
<br />iit the Property. Leader's actions may include paying any sums Secured by a lien which has priority over this Security
<br />Instrument, appearing in court, paying reasonable attomeys' fees and entering on the Property to make repairs. 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 shall become additional debt of Borrower secured by this
<br />Security instrument. Unless Borrdwer and Lender agree to other terms of payment. these amounts shall bear interest from
<br />the date of disbursement at the Note rate and shall be payable. with interest. upon notice from Lender to Borrower
<br />h•
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<br />requesting payment.
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