|
F
<br />90-1-05467
<br />IjNirr4mm OsvikPoN Is Rorttlrwer and Linder covtna`n�t and agree m follows:
<br />1. Prytttaol of Priat:lpl tint! la tttNWl Popsynifat otW Ule Chows, Borrower shall promptly pay when due
<br />the principal island Interort on the" oviciencied by the Note and any prepayment and late charges due under the Note.
<br />2. Ptxtlth hw TaaN loerssrtet. Subject 111 applicable law or to a written waiver by lender. Borrower shall pay
<br />to Lender tin the day ttwthly pay1h l,s are due under the Note. until the Note is paid in full, a sum ( "Funds") equal to
<br />osxta l"Ifth of: is) yowy taxes and swestownta which may attain priority over this Security Instrument; (b) yearly
<br />Nasehtrld paymeals IN &NU Ml rents an the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mottgallp ipsuranw lWomiumr. If any, Thi w iltrms are called "escrow items." Lender may estimate the Funds due on the
<br />basisofnurmi data and resemble eiNimates of future escrow items.
<br />Tim Funds shall be held in an institution the deposils or accounts of which are insured or guaranteed by a federal or
<br />state apricy (including Lender if Lenda is such on institution). Lender shall apply the Funds to pay the escrow items.
<br />Lender inay not charp fix hiding and applying the Funds, analyzing the account or verifying the escrow items. unless
<br />Lender pays Boma war interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender may agree in wriliry that interest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />be lender
<br />requir'm interest to paid, shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />"I give to Borrower'. wilhiml charge, an annual seaotinting of the Funds showing credits and debits to the Fur4s and the
<br />purpose for which each debit to the Funds was made. The Funds are plodged as additional security for the sums secured by
<br />, � Ibis Seallrity Instrument. _
<br />.
<br />: If the amount of Ilm Funds held by Lender, together with the flrture 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 s hall be,
<br />of Borrower's option. either promptly repaid to Borrower or credited to Borrower owe monthly payments of Funds. If the
<br />: amount of the Funds held by lender is not sullkieni tit pay the escrow items when due. Borrower shoal 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 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 sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of
<br />application"#credit against the sumssecuredby this Security Instrument.
<br />3. AMUltatiots of Paymeols. Unless applicable law provides otherwise, all payments received by Lender under
<br />i paragraphs I and 2 shall be applied: Arm, to late charges due under the Note; second, to prepayment chargesdue under the
<br />Note; third. to amounts udder 2. fourth. to interest due; and last, ips!
<br />paystolit paragraph ton ne due.
<br />d. CMorgeai Llooe. Borrower shell pay all taxes. assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold payments oar ground rents, if any.
<br />f
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
<br />{
<br />pay them on time directly to the person owed payment. Burrower shall promptly furnish to Lender all notice% of amounts
<br />t '
<br />to be paid under this paragraph. If Uorrower makes these payments directly. Borrower shall promptly furnish to Lender
<br />1 neceiptsevidenoingthepsymenis.
<br />t Borrower shell promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />- -
<br />' agrees in writing to the payment of the obliplion secured by the Ilea in a manner acceptable its Lender; (b) contests in good
<br />faith the lien by, or defends against enforcement of the lien in, kpi prolcredings which in the Undier'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 Propertyy is subject to a lien which may attain prionty o%er this Security Instrument, lender may give Borrower a
<br />notice idenli4ol the lien. Borrower shall sandy the lien air take twit or more of the actions set forth above within 10 days
<br />ofthe giving of notice.
<br />S. Iflasord Isaarance. Borrower shall keep the Improwments now existing or hereafter orrl1Ytoul oa the Property
<br />=
<br />insured against loss by tire. hazards included within the term "extended coverage" and any weber kamords fur• v,hich Lender
<br />requires insuranwe. This insurance shall be maintained in the arnounts and fi►r the Ixrlx�& that Lender requiem The
<br />=
<br />insurance carrier providing the insurance shall be chosen by Borrower subject hl Under "s approvaL Oult sbriYd tear be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be "ceptabk its Lender and slutli klWk k a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals If Lender requires. Ilorrt./oer shall promptly tpve to Lender
<br />all receipts of paid premiums and renewal ntrttaes. In the event of loiw. IkWrllaer %hall give prompt novice to the Insurance
<br />carrier sad Leader. Lauder may make proof of Iovs If nut made pro onlpt ly by litrrrt.►wer
<br />Un asa Lender end Borrower otherwise agree In Nr1Un8, invuistwc pft %•cvd% %hall he applied au restoration or repair
<br />_
<br />of the Property damaged if t:be restoralion or repair r% econolmwally fcauhk &nd I.rnder'% security 1% not lessened. If the
<br />t
<br />I restaral*m or repair is ells ava►Mmscally feasible or Lender'% security aliuld he lelowned, the Inwrance proceeds shall be
<br />applied to the rases soemned by tails Security Instrument, whether or ottt then due, aseb any excess pail to Dwrow•er. If
<br />Borrower abandons the Property, or does not answer within W day% a notice from Vender slut thor /mturauce c,irrier ha%
<br />1 offered to aettlea claim, tben Lender may collect the,nwratwc pr.nceJs I.euder the pr/acs l• to repair air re.tare
<br />The Property or to pry awns racured by this Security Instrument, ahalrrr or 111)1 then due The *4ay period will begin
<br />whey the tsotlre es given
<br />Unless Cerrito sad BIIrnIwCr l►IherWlve ogre► 111 Nrihng, Ylly ap�INr1iN1 oN pu0teeds to pnrltclpsY %h�Ill nsl extend a
<br />pompone toe due date out the monthly payments roeflrrond to on parsgrigo % 1 and Nor change the mikount of rho payments It
<br />under porasmA 19 the Pttoaerty is acquired by I tiu r. Htrrowar *a roallt t.1 sit% lowrnllt•t• skits.•lrr An.t nr...�...Ir .r..1/... r
<br />from di io the prior to the a% uullum shell • • - •-- - — r• - -__-- ..n
<br />tnsige Pn►perty p •y to L.awkr ao the rxtrm M'thr
<br />psvr wilt, %toured by this Security
<br />ecto
<br />Instrument immediately prior to the acyuishu/n
<br />6. PromwvatiottmdMdmtmaw *ofPsepertyrl.etuubW&. Its III /rillJ %h'lllrl +tdclto/ . damage tor +ub%tantally
<br />i change the Property. allow the Property to delenorate or coinrtru Nsut 11 list% Seturlty In%Irurnent i% on a leawhold.
<br />Borrower shall comply with the provisioinu ol'the Ittow. and if Illotrsmer a4uor% ire tole a0 the Properly, the leawbold and
<br />--
<br />fee tilk shall not merge unksv lrntkr agrem to the ncet ger lot a rnoig
<br />; -
<br />7. Proteetiaa of Imiln's Rights In the I'rolowyt Mwttpme la waare. 11 llorroNet fails to perf,rm the
<br />covetatrts and agreements contained n1 thus St.unly 1111111111110:141. 01 11WIC 1% • Irg&1 peoavdiug that nnry t,lenitkiontly affont
<br />Lender's rights in the Property (such"a pio cceiding on banhluptrv. p14No&te. htr t0thIt111tiatitMl it' tit rolone Isw% ur
<br />regula kins). then Lender may do and pay for tshatetcr t%1W%C nary t" p1"Ir% t the %slue )Nlhe Properly and I carder'% right%
<br />is the Proprty. Ladder's actions may Include paying any sums %etuwtd h� r lien alowh lint, Imoill$ ittrr ON% Srcurrty
<br />Instrument, appearing in court. fWying icyMN1Yt11e 1611"1nty%' felt, 61111 cliff' 1119 loo flit It' olorliy wt+ niaite repau% Mth(wgh
<br />Lender may take action unokr this Iisragfoph 7,1 Haler door+ wit hat, r lit it(t M.
<br />y Any ar»iwnis duhuned by Lender uwkr thit (wlagort ►11 11,1111111 hlt.•inr at{Ibiaalrl tl. M id N.mttNrr %rt ornl by thy%
<br />Security Instrument. Unless llo/rrowcl slid I cildci &give to (tihl•1 irool%u1 piiyojt•rtt. Iht_.r nm.,unl% %hail hr,/r 111111 1 (140111
<br />r'►
<br />the date of disbun itivul &t the Now i&Yc rid %hall for (ti)nblt•. Ault orlon %1, trt%•n ...•t,, , rt,.„ 1 ...,t. i., H,+rr.OACr
<br />nquesung payment.
<br />r"
<br />>r
<br />I
<br />
|