|
U�RM Cb��. - and Lender covenant and agree as fol lows: 90 10 ��14
<br />- - - - Lat*43=g�¢s. Zorrower- shall promptly- y when due
<br />- P, Pt � Pa - • - the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />Z..Ftaads foe fines ad Ititmttrtt m Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Leader on the day indnthly payments are due under the Note, until the Note is paid in full, a sum.( "Funds') equal to
<br />otte4Welfih of (a) Yearly tastes and-assessments- priority over tins- Security Instrument; (b) yearly
<br />leasehold ptymem or ground rents on the,Property, if any;- (e) yearly hazard. insurance premiums; and (d) yearly
<br />Ynortgage insurance premiums, if any. These items are called "escrow items. "Lender may estimate the Funds due oh 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 N 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
<br />Borrower interesi on the Fun& and applicable law permits Lender m. make such_ a chatge- I - wer and
<br />Lanier may agree -in writing.that interest shall be paid on the - Funds. Unless. an agreement is made or applicable lave T
<br />requires interest to be paid, Lender shall not be required-to pay Borrower any interest or earnings on. the Fonds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing creditsand 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
<br />this Security Instrument. - - — — — If the amount of the Funds held by Leader, 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 Dwrovnes 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 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 Insttument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the Ptoperty 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 spms secured by this Security Instrument.
<br />3. Application of Payment& Unless applicable law pnivides otherwise, 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; thirdi to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. Chargm Liens. Borrower shall pay all taxes, assessments, charges* fines and. impositions attributable to the
<br />Property which may attain priority. over this Security Instrument, indz 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. 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 payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security- Instrument unless Borrower. (a) -
<br />agrms 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 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 thegivingof notice.. .
<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 />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'. 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 Jr, •
<br />carrier and Lender. Lender may make prlluf ul' lo„ if ttut tltudc pforaptly by Iorrower. - _
<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 le.sened. If the
<br />restoration or repair is nut 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 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 Burrower 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 t and 2 or change the amount of the payments. if
<br />under paragraph iy 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 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 Property to deteriorate or commit waste. if this Security Instrument is on a Ieasehold.
<br />»_ __ _._. ___ti _,r ,_ :. : c.t__ r__,... a .c 0.- .- .......... .,...... C rirt.. rn riru t)rrrn.+rly Irtr trt�rile et/r allli - --
<br />- Dili ttltvCl Altltt utylif (y iVf1a iiiv irl /rYRRrI1S1it ntc ttt7�t.r iiiiu rr an•n ara.a. r•ua.yui ra ia,�..._.. . »�. -- r - - -,. - - -
<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 innsurance. It- Borrower falls to perfurm tire
<br />covenants and agreementacontained in this Scv:utity Instrument. or there: is a legal ptcuccedtng, that tnay stgtnflcaotly affect
<br />'.. r_ t_ P__ t.__.._ r- t
<br />' t.ClIdC1'1 It6hnb Ill tl[C PlUpet ty' [a11� /1'QS ii r)1(neCllnlE, Ill iidnt.r tiriil.y, friiivnic, n❑ uiitut:,,urantiit iii iii (; itturta ta:a; " +: %r .
<br />regulations). then Lender may do and pay for whjtteyer is ticce.'ssarp to protect the value oft he Property aunt I.ertder',, right~
<br />in the Property. Lender's actions nia} Include paying any Burns secured h� a lied wlit0i has priority otcr this Secarily
<br />instruthent, appearing in cniat, paymg,reasonable attorneys fees and entering tun the llrt perry tut make return- Although #if
<br />Leader may take: action under this paragraph 7, Leader clues not hays todtr Sir L .
<br />Any amounts disbursed by Lender under this parat,rsph 7 shall hcy riic addnional ulna[ of Hits totter -,re tired by this t'*
<br />Security iristrumum. Unless 13urnluct and Lcinicr.igtce to either term, nt pa. nient, the. -C " lntruitt.. sh,lli rear trlteitat from t`{
<br />the dale of .liShuCS(ftietit at tite X:rre rate ,trill rha)l he r!a }anlc, with trneri -t. upon nuttte tiom Lctidct tIr fis=h ,+yer LID�
<br />requestingpatment. '���-
<br />
|