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F <br />UNIFORM CQVENANn Bo r • er and Lender U covenant and agree lol $ser 10 3 416 <br />1. Payment of Priaclpal and-..terest; Prepayment and We Charges. Bot'*NMcr shall promptly pad' when due <br />the principal of and interest on the debt evidenc--d by the Note and airy prepayment and late charges due under the Note. ' <br />2. Funds for Taxes and Insurance. Subject to applicablc law or to a written waiver by Lender, Borrower shall pay <br />to Lender on the day monthly payments are due under the Natc-, until the Note is paid in full, a sum ( "Funds ") equal to <br />one - twelfth of: (a) yearly taxes and aueuments which may attain priority over this Security Instrument; (b) yearly <br />leasehold paym mts or ground rents on the Property, if any; (c) yearly hazard insurance premiums; e!ul (d) yearly <br />mongW insurance praniums, if any. These items are CaJitd "*Krow items." Leader may estimate the Funds due on the <br />basis of current data and reasonable cstirt.ate! of nature 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 />statc 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 />Leader pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and <br />Lends may agree in writing that interest shaU 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. I.cndcr <br />shall give to borrower. witluout charge. uu unnual acu:ouotind of the Funds showing credits and debits to the funds and lite <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 instruatalt. <br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to <br />' the due data 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. If the <br />amount of the Punds held, by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to Lender any <br />' amount noaauuary to make up the dctk:icncy in one or ma.r payments as required by Lender. <br />t Upon, payment in full of all sums secured by this Secusityr trtstrurnent, Leander shall promptly refund to Borrower <br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later <br />than immediately prior to the ssli 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. Application of 1Paymawts. Unless applicablc law provides otherwise. all payments received by Lender under <br />paragraphs 1 And 2 shall be applied: Asst. to late charges due under the Note; second, to prepayment charges due under the <br />third, to amounts payable under paragraph 2; fourth. to interest due; and lest. coprincipal due. <br />Note; ,y !. urges; Pedals. Borrower shall pay all taxes, assessments, charges. fines and impositions attributable to the <br />j Property which may attain priority. over this S=dty Instrument, and leasehold payments or ground rents. if any. <br />Borrower shall pay these obligations in the mariner pv6vided in paragraph 2. or if not paid in that maimer, Borrower shall <br />pay them etc time directly to the person owed paytrient. Borro ww Shall promptly furnish to Lender Ag notices of amounts <br />' to be paid under this paragraph. If Borrower mattes these payzttents directly. Borrower shall promptly furnish to Lender <br />recOts evidencing the paymots., <br />Borrower shall pr00%i tly discharge any. Ilea. which has priority over this Security Instrument unless Borrower: (a) <br />agrees in writing to the payment of the obligation scarred by the.lien in a a mover acceptable to Leader;.(b) contests in good <br />filth the lien-by. or defends aaaiust enfot ccrttent of the lien.in. proceedings which in the Lenders opinion operate to <br />prevent the enforcement of the lien or forfesture of a>+y n.m df'th�e Ptapesty; or (c) secures from the holder vi ilic iicfi :s or <br />agreement Satisfactory to nder subordinating the lien to this, unity Instrument. If lender determines that any part <br />Le a <br />the Property is subiect 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 aciiun9 set iv..h abase within May: <br />of the giving of notice. <br />:..t S. Haggard Iasuraaoe. Borrower shall keep the improvements now existing or hcrcafter erected on the Property <br />insured against loss by fire, hazards Included within the term "extended eovemSe" aril w y other hazards for which Lender <br />requires insurance. This insurance shall be maintained in the amounts amd,ior the periods that Lender requires. The <br />insurance carrier providing the insurance shall be chosen by Borrower sOkU to Lender's app'rie %ul which shall not be <br />unreasonably withheld. <br />All insurance policies and renewals shall be acceptable to Lender and shall inrdiide a standard mortgage clause. <br />L,ertder shall have the right to hold the policies and renewals. If Lender requires. Bo=awier shall promptly give to Lender <br />all receipts of paid premiums and renewal notices. In the everts of loss. Borrower shall give prompt notice to the insurance <br />carrier and Lender. Lander may make proof of loss i:8aat rnasdt" gromptly by Borrower. <br />;Wkss Lender and Borrower otherwise agree in writing „insurance pmeeeds shall be applied to restoration or repair <br />of the Propo. - #` #W tau. if the r� ci �vpair 0± e--vo;4cieally feasi!t� .��'= _�'►d• :•s security is not ter r�d..tt Ill- <br />of or re pair is not eco Comically feasible or Lender's security, would be lessened. 'the ift:ure-:= proceeds shall be <br />applied to the sums secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. It <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 Proper ty . 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 ire writing. any application.cE proceeds to principal shall notmaond or <br />postpone the due date of the monthly payments referred to in paragraphs, 1. and'lo:r change the amount of the payments. If <br />under paragraph 19 the Property is acquired by Lender. Barr ower's right _to: any insurnae 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. promwtration 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 leasehold, <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. <br />3. protection of Leader'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 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 and Lender's rights <br />in the Property. Lender's actions may Include paying any sums secured by a lien which has priority over this Security <br />Instrument, appearing in court, paying reasonable attorneys' 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 y shall become additional debt of Borrower secured by this <br />Security Instrument. Unless Borrowei and Lender agree to other terms of payment, these amounts shall bear interest from <br />the date of eLsbursem.ent at the Note rate and shall he payable, with interest, upon notice from Lender to Borrower <br />requer11ng payment <br />7 <br />�4 <br />1� <br />