|
r
<br />L
<br />UNIK)ItIN COVENANTS Borrower and Lender covenant and agree as follows: 90-10556,1
<br />1. Paytaaat of Pdaelptal wall Interaa PtrWyeetaat aad Late Charm. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charge% due under the Note.
<br />2, Mirada for Tana and lasuraaae. Subject to applicable law or to a written waiver by Lender, lgorrower shall pay
<br />to Larder 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 priority over this Security instrument; (b) yearly
<br />hlasehold payments or ground rents on the Property, if any; (c) yearly Ward 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 />bads 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 (includinS 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 />Lander pays Borromer interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender any agree in writing that interest shall 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. Lender
<br />shall give 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. The Funds are pledged as additional security for the sums secured by
<br />" Swurity instrument.
<br />if the amount of the Funds 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. If the
<br />amount of the Funds held by Lender is not sui&ient to pay the escrow items when due, Borrower shall pay to Lender axed.
<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 Borroww
<br />any Funds held by leader. If uteder paragraph 19 the Property is sold or acquired by Lender. Lender shall apply, no Iqu••er
<br />than immediately prior to the sate of the Property or its acquisition by Lender, any Funds held by Lender at the time ttii
<br />application asa credit against the sums secured by this Security Instrument.
<br />3. Appplicalloa of Payatettts. 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. (!dangles; Lien. Borrower shall pay all taxes, assessments, charges, tines and impositions attributable to the
<br />Property which may attain priority over lbia Security Instrument, and ka.�%ehtild payments or ground rent~, if stn %.
<br />Borrower shall pay these obligations in the manner provided in paragr aph 41, or if not paid in that manner. Borrower 4,111
<br />pay them on time directly to the person owed payment. Wirrower shall prismri ly furnish to lender all notices of amounts
<br />to be paid under this paragraph. F Borrower makes thew puvmenlr durtetly. Wrrrwer shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Secunty Instrument unless. Borrower: (a)
<br />agrees in writing to the payment of the ohhgation secured by the lien to a manner acceptahle to Lender; (h) contests to good
<br />faith the lien by, or defends against enforcement of the lien in, legal prtweedings which to the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any part of the Property. of (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the hen to this Security Instrument If lender determines that any part of
<br />the Properly is subject to a hen which may attain pnonty over this Security Instrument, 1 ender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the hen or take one ar more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />S. Hatud l alararrre. %. flower shall keep the imprenements now existing or hereafter erected) m. the Property
<br />insured against hwv by Are. hazards included within the term "extended coverage" and any other hazards for which Lender
<br />requires insurance. 'Thus insurance shall he maintained in the amounts and for the penetd% that Lender requires. The
<br />insurance carrier providing the insurance shall he chosen by Borrower %uhjmt to Lender's approval which shall not he
<br />unreasonably withheld.
<br />All insurance policies and renewals shall he acceptahle to Lender and shall include d %tandaid mortgage clause .
<br />Lender shall have the right to hold the policies and ►enewals. If Lender requires, Rorrow er shall promptly give to Lender
<br />all receipts of paid premiums and renewal donnas. In the event of Ides. Borrower shall give prompt nonce to the insurance
<br />corner and lender. Lender may make prorrfr.,El.exs if not made promptly by lir+rrow•er
<br />Unless lender and Borrower ollicm roe agree in writing, insurance proceed% shall he applied to rt%Itsration or ter t u
<br />of the It"perty damaged, if the restoration or repair is economically fea%ihle and I ender'% %sums is soar Ieswried if the
<br />restoravott or repair is not economically feasible or Lender's %c unty would he leswited. the insurance psrocceads %hall kw
<br />applied to the suns, vecured h% this Security Instrument, whether ut nut then due. with any excess raid to Btorrowtr 1'
<br />Borramer afttcs"ims +the Properly, or does nest answer within all day% a notice from 1 ender that the insurance carrwr "ta<
<br />offered vo- wrt(le s Claim, then Lender may collwi the insurance prtwee.ts I endet ma) u%e the procetrtt% its repair ter r N,. us.,;
<br />The Pro,t ay or to pay sums secured by this Secuniv Invirtitnent, whether tit not then dur i he 110-dav ner..td will heron
<br />whet; the notice is given.
<br />Unlem Lender and Borrower otherwtw agree in w mans, an) appllcat run of prtrce d,o tit print: pal shall not ediend sir
<br />postpone the due date of the monthly payment% referred to to paragraphs 1 and 2 or change the amittnrt of the pa) menu If
<br />under paragraph 19 the Properly rs acquired by Lender, Burrower'% right to any utsuram a r000licrr% and pntceed% retoulting
<br />from damage lathe Property prior to the acqur%ition %stall pass it, I ender to the extent (if the %um%wcured h% the%Secunty
<br />Instrument immediately pnor to the acytuvotion
<br />6. Preservit" aad Mailateraaace of Property; losseholds. litirrower %hall tit +t Jr%trn) . damage rr %uMtantiall)
<br />change the Property, allow the Property to deteriorate or commit wee %tr If this Smurm Instrument i%,+n a leasehold.
<br />&grower shall comply with the pro%istan%uf the lease, and if pitirr mer acyunes let title its the Proptrt), the lea%ehold and
<br />fee tole shall not merge unless I ender agrees to the merger nn wntmg
<br />7. Proteetfott of Leoder's Rights in file Property; MourtpW Insurance. If Burrower fail% tit Perform the
<br />covenants and agreements containcdtothe% Secunt) Ins trument, orthereI %alegalpriseetling that ma) tigniican11%affect
<br />Ltrnder'v rights in the Property (such as a pfoccedmg in harkrup1q . pitshate. list condenmatirn tar tit enI0rcc WAS t IF
<br />regulations). then lender may du and posy for whatever t% nece%%ary toproteci the %slue of the Propett) end 1 ender'% right%
<br />in the Property 1.erider'% aclt m% may include paying an) %um% savured h% a lien which ha% pntsnt) toter tht% recunr %
<br />Instrument, appearing m court, Pa)mg re .AKSnahle auorne)%' (ee% and entering nn the Prtolscrn tt• nt.Me dojo% Ali htnigh
<br />Lender ma) take action untler this paragraph ?.1 ender dtu% not ha%e n o dto %v
<br />An) amount%dnhurwdht I ender under thi%paragraph' %hill hesrrne addititniAl debt ,,t K-rt,mct %eturtsl h% Iili%
<br />Seeunt) In %trument I lope%% Not rower and I ender agree tit tot her term% ,11 1,ntmrnt. ihr%r ..m• •unl • %h.tII Ova mt.-II-%I II, It1
<br />the dale it( s I%bU1` emrnt At the hate IAIC And %hall he pr�oahlr. wilt mlerem. utmit wit,, --it, 1 ender I. N. I "A# -f
<br />requestsng pA)meni
<br />
|