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<br />90-105880
<br />UNIFORM Cnvt?NAN1S Borrower and Lender covenant and agree as f=ellow %:
<br />1, Payment of Principal and Interest; Prepayment and Late Charges. Borrower %hull promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under t he Note.
<br />2, Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shat l 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 priority over this Security Instrument; (h) yearly
<br />leasehold payments or ground rents on the Property. 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 i he 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 oraccounts 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 and
<br />Lender may 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 />this Security 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 datesof the zverow items, shall exceed the amount required to pay the escrow stems w lien 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 sufficient to pay the escrow items when due, Borrower shall pay to Lender any
<br />amount necessaay to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in full of all slims secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds helve 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 as credit against the sums secured by this Security Instrument.
<br />3. Application of Payments. 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. Cl argeg Liens. Borrower shall Fay ails' iaxm, assessments, charges, fines and impositions 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 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 1ttis 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 />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good
<br />i faith the lien by, or defends against enforcement of the lien in. legal proceedings which in the Lender's opinion operate to
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<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 Under subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />j the Property is subject to a lien which may attain priority over this Securit% Lotssrument, Lender may give Borrower a
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<br />notice identifying the lien. Borrower shall satisfy the lica or take one or more of the actions set forth above within 10 •;lays
<br />of the giving of notice.
<br />; 4;
<br />i 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 maintain", 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
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<br />unreasonably wishheld.
<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, Borrowce- shall give prompt notice to the insurance
<br />carrier and Lender. Lender trtay make proof of loss if not made promptly by Borrower.
<br />Unless Lender Borrower
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<br />and 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 lessened. If t he
<br />restoration or repair is not economically feasible or Lender's security would he lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrument. whether or not then due, with any excess pa,;d 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 sett le a claim. then Lender may collect the insurance proceeds. Lender may use th; proceeds to repair or re•- ire
<br />the Property or to pay sums secured by Ott, Security instrument, whether or not then due the 30-day period will 1 re4 a
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree to writing. any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments refers ed to in paragraphs I and 2 or change the amount of the payments. If
<br />under paragraph 19 the Property is acquired by Lender. Borrrwer's right to any insurance policies and proceeds resulting
<br />A'--- R_____ .a._ n___.
<br />aaasaaa wna.ac avaaac r aarp,taay pilot to ins acquisition scan pass to Lender to the extent of the %um%%ecured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Property; Leastcholdt. Borrower %hall not dolroy, damage or %ubmantial ly
<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 pro%tsrons of the lease. and if Borrower acquires fee title to the Property. the leasehold and
<br />f e e title shall not tmerge unless Lender :agrees t o t he merger to wrmng
<br />7. Protection of Lesder's RiRltty in the Property; Mortgage Insurance. If Borrower fall% to perform the
<br />covenants and agreements contained to this Security Instrument, or there 1s a lepal prmeeding that may significantly affect
<br />Lender's rights in the Property (such as a proceeding to hankruptc). probate. fin condemnation or 'lo enforce laws cor
<br />regulations), then Lender may do and pay for whate%er is neres%iry it) protect the %aloe o -f the Property and Lender'%rights
<br />in the Property. Lender's actions Ina} include paying any sum %secured by, a Iron whw+ ha, priority o%er this 'Security
<br />instrument, appearing mcourt. paying reasonable attorney -- fee% and entering oat the Property to make repair% Although
<br />Lender may take uctton under this paragraph 7. Lender duo-% not have to do %o
<br />Any dtsbuned by Lender
<br />amounts under tht, paragraph 7 %hall be. ome add11u%11al debt oaf Borm%%er secured by Ilia,
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<br />Security Instrument. Unless Itrrrrower and I ender agree to other team of pa%nrc11t, their .til►vunt% shall t+cat Into e•%t fr,url
<br />the date of Jssburscmo:nt at the Note rate .111%1 ,hall he l•ay.lhlr. %%uh mt. rise. tit s n 111,11kc rt,nn 1 rnJr1 Io 4011041-1
<br />requesting payment.
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