|
f
<br />J
<br />89-
<br />iO4
<br />UNISORM 16VEMAN7'S. Borrower and Lender covenant and agree ;u fo9 llows:
<br />1. Pityinent of principal Hurd interest; Preoaytaeat aced Late Charges. Borrower shall promptly pay when due
<br />the principal ofand interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Famils for Taxes turd insurance. Subject to applicable law or to a written w aver by Lender. Borrower shall pay
<br />to Le hider on the day monthly payments are due under the Note. until the Note is paid in full. a sum ( "Funds ") equal to
<br />Security Instrument; (b) yearly
<br />one - twelfth of. (a) yearly taxes and assessments which may attain priority over this
<br />Iembold payments or ground rents on 'the Property. if any; f c) yearly hazard 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 />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 />sul a 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 iind 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 achdebitt;to the Funds was made. The Fundsare pledged as additional security for the sums secured by
<br />this Security Instrument:.,.... ::
<br />If the amount of theFunds.held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates of the escrrr, `raems. shall exceed the amount required to pay the escrow items when due; the excess shall be,
<br />at Borrower's option, eitisfi'-rromptly repaid to Borm%cr or credited to Borrower on monthly payrrtevtsiof Funds. If the
<br />amount of the Funds ht 8�?,.Lender is not sufficiew to pay the escrow items when due. Borrower stcA pq.! to Lender any
<br />amount necessary to mak the deficiency in ore�,,rfthere payments as required by Lender.
<br />Upon payment in ulrof all su.,ms Se=tad w�, i`siis Security Instrument, lender shae9li: pn:ptly iiefiind to Benowec.
<br />any Funds held by Lend'e`r. If under , ivagr4v a IS! Property is sold or acquired by Ltnz O*. Lender shall apphr, nfi, later
<br />:.
<br />than immediately prior to the sale of :Ii;'PruE+ert r iy its acquisition by Lender. any Funds held by Lender at t6trisre of
<br />application as a credit agai z'Ye sums secured by :bi. Security instrument.
<br />3. Applicathw offtttseats, 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 pavOt under paragraph 2; fourth. to interest due; and last, to principal due.
<br />Qum am; Lien. = 8orrower shall pay all taxes, assessments, charges, fines and impositiorm. attributable to the
<br />Property which may att,r�s. Vriority over this Security instrument, and leasehold payments or gmund rents, if any.
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid �n that nuttier, Borrower shall
<br />pay them on time directly to the perusal owed payment. Borrower shall promptly furnish. to Lender all notices of amounts
<br />to be paid under this paragraph. if %, iri3wer mattes these payments directly. Borrower sliall promptly furnish to Lend"
<br />, ..
<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 />faith the lien by, or defends against enfarcement of the lien in, Icgal proceedings which in the Lender's opinion openumto
<br />prevent the eafc!reement of the lien or forfeiture of any part of ths., Property; or (c) secures from the holder of the 1 ±seas, wn . ' •'
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any pan of
<br />the Property is subject to i iitn which may attain priority over this.Securny Instrument. Lender may give Borrower a
<br />notice identifying the lien,.i orrawer shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the givingof notice.
<br />S. Hassid Insurance. lk r rnwcr shall keep the improvements now existing or here after erected on the Preperty
<br />insured against >vsiy try fire, hazards ir,cfaded within the term "extended coverage" and way- o:jxcr hazards for which Lender
<br />:
<br />requires insurance. Thii insurance shall he maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier the insurance shall be chosen by Borrower sula ;.eca to Lender's approval which shall not be
<br />unreasonably i
<br />,itht84.
<br />All imairartce .poncies and renewals shall be acceptable to Lender and shall include a standard mortgage chase.
<br />Lender shall llaw ilic right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
<br />,a kl receipts of-paid preen ans and renewal notices. in the event of loss. Borrower shall give prompt notice to the insurance
<br />-•
<br />ta2,Pier acid Lender. Undir may make proof of loss if not made promptly by Borrower.
<br />—_
<br />Unless Lender and'Wrrower otherwise agree in writing. insurance proceeds ~hall he applied to resl oration or repair
<br />.'
<br />of the Propes'y damaged. if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restoration yr repair is not econoini«taly feasible or Lender's security would be lessened, the insurance proceeds . hall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. if
<br />do *rower abandons the 1? nlierty, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />o Bred to settle a claim, t;heu Lender may collect the insurance proceeds. I.e Wer may use the proceeds to repair or restore
<br />sbe Property or to pay sums secured by this Security instrument. whe:thev.,r'not then due. The 30-day period will begin
<br />.when the nr;4•ice is given.
<br />Unless Lender and Borrower otherwise agree in writing. any applicai iov c4pnrceeds to principal shall not extend or
<br />peytrpone the due date of tte monthly payments rc- ferrtst to in paragraphs 1 gird 2 or change the antoum of the payments. if
<br />"under paragraph 19 the PiMrty is acquired by i..ertder. Borrower's right to any insurance policies :vid proceeds resulting
<br />(tomdamage to the Property prior to the acquis;ticn shall pass to Lender to the extent of the sums secured by this Security,
<br />Instnimert immediately prior to the a ;, wsition.
<br />6. t)iri ewsatior aW M&iateaanee of Property; %aseholds. Borrower shall nu: destroy. damage or
<br />change the Property. alirm, the Property to deteriorate or commit waste. If this Security Instrument is on a Ieasehold.
<br />Borrower shall comply)v;rMhe provisions cif the tease, and if Borrower acquires fee title to the Property, the leasehold anc3
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7, .fttiection of Lenders Rights in the Property; Mortgage Insurance. If Borrower fails ter perform the
<br />coyer? artt3 •at!si'i►'agreementscontained in this Security Instrument. or there is a legal proceeding that may significantly affect
<br />iie klcr,'�& sights in the Property (such as a proceeding in bankruptcy, probate. for condemnation °•t ti .rtlfhrce laws or
<br />then Lender may do and pay for whatever isnecessary to protect the value of the l'roperiy.xeP�l i.crider's rights
<br />in t'he Lender's. actions may include paying any sums secured by a lien %,Maria has hooray Weer thy-. Secunt)
<br />Instrurh",.,'tippearing in court, paying reasonable attorneys' fees and entering on the Pii gtt-rq to snake repairs. t Ithough
<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 7 %hall hecorne additional debt of 11wrtoucr secured b, this
<br />Security Insirutrent. Unless Borrower and Lender agree to other tcrtm, of p:evtrient. tboc amotmts shall hear interest from
<br />the date of disbursement at the Nvtc sate and shall tic payable. Kith interest. upon tioti v from i.eod: r to Ilotrouer
<br />f
<br />requesting payment.
<br />e J `
<br />J
<br />
|