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<br />UNIFORM CC)VFNR yTS Burrower and Lender covenant and agree as folhtws: 89--m 102776
<br />1, Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any late
<br />prepayment and charges due under the Note.
<br />2. Fonds for Taxes and Insurance. Subject to applicable law or to a wntten waiver by Lender, BOTTOWCr 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 />one-twelfth of. (a) yearly taxes and assessments which may attain
<br />priority over this Security instrument; (b) yearly
<br />leasehold payments or ground rents on the Properly, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums. if any. These items are called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts 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 Funds to pay the escrow items.
<br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower
<br />and
<br />Lender may agree in writing that interest shall be paid on the Fiords. 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 Funds.
<br />on the Lender
<br />shallgive 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. T1 * LFunds are
<br />pledlted as additional security for the sums secured by
<br />this Secimly Instrument.
<br />if the amount pf the Funds held by Lender, toge' O.et with: rare future monthly payments of Funds payable prior to
<br />the due dtes.of the escrow items, shall exceed the amourrh r.Qquired to pay the escrow items when due, the excess shall b•,
<br />at BCt ees option, either promptly repaid to BormvieL"wcaedited to Dormwea• on monthly payments of Funds. if the
<br />atnowk 06, the Funds held by L oz�der is not sufficient. to, Np v the escrow items when due, Borrower shall pay to Lender any
<br />atrMAP, necessary to make u fe,ft; deficieacy. in one or qw;e pay ments as required by Lender.
<br />Upon in full
<br />payment 0C,211 sums. s� by. dais Security Instrument. Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under partiig;►,ri t9 the Property is sold or acquired by Lender, Lender shall apply, no later
<br />than immediately prior to the sate of the Frvpany or its acquisition by Lender,
<br />atiy Funds held by Lender at the time of
<br />application as a credit against the sums smdttd by this Security Instrument.
<br />. 3 Application of Payments. Unless applicable law provides otherwise, all payments ratived by h,ender 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, to amounts payable under paragraph 2; fourth, to interest due; and last. to principal due.
<br />4. Ctiarges; Liens. Borrrower shall pay all taxes, assessments. charges, fines and impositions
<br />attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
<br />Borrower shall pay these obligatiens in the manner provided in 2.
<br />f
<br />paragraph or if tint paid in that manner. Borrower shall
<br />pay them on time directly to the person awed payment. Borrower shall promptly furnish to lender all notices of amounts
<br />to be paid under this paragraph. If Borrower makes these directly, Borrower
<br />payments shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority aver this Securrity Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a acceptable
<br />manner to Lender; (b) contests its S�
<br />€ait•s inc lien by, or defends against enforcement of the lien in, legal pn*'*eedinp which in the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any of the PreWry;
<br />'=
<br />part or (c) secut;.s from the holder of the licit 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
<br />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 the giving of notice. ove within 10 days
<br />S. Hazard Insurance. 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 hazards for which Lender
<br />W
<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 />Lander shall have the right to hold the policies and renewals. If Lender
<br />.
<br />requires, Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrowec shall give prompt notice to the insurance.
<br />carrier and Lender. Lender may make proof of loss if not made by Borrower.
<br />promptly
<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
<br />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,
<br />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,L:ender that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance Lender Mr use
<br />proceeds. ,y- the proceeds to repair or restore
<br />the Property or to pay sums secured by this Security Instrument, scjte:ther or not their due. The 30-day period will begin
<br />when the notice is gii.en.
<br />Unless Lender and Borrower otherwise agree in writing, any app;;cation of praueWs to'pi ricipal shall not extend or
<br />Postpone. the due date of the monthly payments referred" in
<br />to paragraphs 1 and 2 ar cliige.the amount of the payments. If
<br />under'paragraph 19 the Property is acquired by Lender...&rtower's right to an
<br />frern din a to the Pro R - � > {n.nsran;ce policies and proceeds resulting
<br />mag pe y or..ti - to the acquisition shall to Lender
<br />pass to the exben.forthe"sums secured by this Security
<br />Instrument immediately prior iii the acquisition.
<br />6, Pt'esMXtioa attd Maintenance of Properjy; Leaseholds. Borrower shaWnotdestroy, damage or substantially
<br />chatriMthe Property, allow the Property to deteriorate
<br />or commit waste. If this Secunty instrument is on a leasehold.
<br />Borrower shall comply with tlier" "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 Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly
<br />affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce laws or
<br />regulations), then Leader May do and pay for whatever is necessary to protect the value of the Property
<br />and Lender's rights
<br />in the Property. Lender's "gctidns may include paying any sums secured by a lien which has priority oser this Security
<br />Instrument, appearirng "in court, paying reasonable attorneys' fees
<br />!�
<br />and entering on the Property to make repairs Although
<br />Lender may take action under this paragraph 7. Lender does not have todo so
<br />.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
<br />Instrument Unless Borrower and Lender agree to other terms of payment. these amounts ,hall hear interest from
<br />teSecurity
<br />the date of disbursement at the Note rate and shall he payable. v►ith interest. upon nonce from Lender to Borrower
<br />requesting payment
<br />Pro �
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