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<br />VNIF()KNI UovaNAN-13. Wtrowcr and Lender covenant and agree as follows: 90 --1 O E 2 ` 0
<br />I. Paymeat of Prlactpal and Interest; Prepayment and late Chorges. Borrower shall 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 the Note.
<br />2. Fauds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds ") rilual to
<br />one•twelfih of (a) yearly taxes and assessments which may attain priority over tilts Se4unty Instrument: (bl yearl;
<br />Itamhold payments or ground rents on the. Property, if any: (e) yearly hazard insurance ptemiums: and (d) yearly
<br />mortgage insurance premiums, if any. These items are called "escrow item.." Leader may tntimatc 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 />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 verilj•ing the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to muke 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 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 sufficient to pay the escrow items when due, Borrower shall pay to Exndet any
<br />=3 tint 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 w 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 as a credit against the sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applk'abte Utw provides otherwise. all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied: first, to late char&cs,`air. cinder the Note; second, to prepayment charge—%&e under the
<br />Note; third, to amounts payable under paragraph 2; fQurei~., t(j. s <t,,err_-st due; and last, to principal daze.
<br />4. ChTages; Liens. Borrower shlli pay all tames &,NLL asrarmts, charges, fines and impositions attributable to the
<br />Property which may attain priority ove3 tltais Secarc:ty ttrrmmniem:. and leasehold payments or ground rents, if any.
<br />Borrower ,'4%, Mt Fay these obligations in the ==t:.r pr+m ided in por. -raph 2, or if not paid in that manner, Borrower shall
<br />pay them on time direcdy tan r 'be person owed Fay'raa>~t. Borrower shill promptEg furnish to Lender all notices of amounts
<br />to be paid ua�Ier this paaagtWh. If Bormwer mj..;cs t1-p: paymevgs directly, &rnnnawer shall promptly furnish to Lender
<br />receipts ev.r•. o ;e ;gig the payments.
<br />Bom .we' .sail promptly discltarg're acelr ib,err. i&1h:rch has per }n,t:y, over this Security Inst:rtxrrtant unless Borrower: (s )
<br />agrees in 'wvatairte zr,, the pa %tent of the obligatiot secured by the lien ere a manner acceptable to Lender; (b) contests in good
<br />faith the lien by: or de0eau5s against enforcement of ttr: Cr en in, legal proceedings which in the Lender's opinion operate tsr.
<br />prevent the enforcement of the lien or forfeiture off =y part of the Property; or (c) secures from the holder QC the lien an
<br />agreement satisfactory to Lender subordinating the taen to this Security Instrument. if Lender determines that .t,ny part of
<br />the ProMerty is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower.*
<br />notice identifying the lien. Borrower shalt satisfy the lien or take one or more of the actions set forth above within W dais
<br />of the giving of notice.
<br />S. Hazard Insurance. Borrower shall keep the improvements now eai3t:dn.$ or hereafter erected on the Properel;
<br />insured against loss by fire, hazards included within the term "extended coverage "Neff any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for 11 ;e periods that Lender re;utires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject .r; Lenders approval which stall noi the
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a sw, r:dard mgt 2Lge clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly Z ;ve to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to t:rz insurance
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or reptlr
<br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If t, h-C
<br />restoration or repair is not economically feasible or Lenders security would be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then dux, with any excess paid to Borrower. If
<br />Borrower abandons the Property. or does not answez within 30 days a notice from Lender that the insurance carrier has
<br />offered tosettle a claim, then Lender rtnxyf collect t1w insurance prrx Beds. Lender may use the pomeeds to repair or restore
<br />the Property or to pay sums secured ;?*:a t:C is Security: instrument, whether or not then due. fix 30-day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower of irervr-se agree m writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly paymr mts ve'6:irred to in paragraphs 1 and. 2 or change the amount of the payments. If
<br />under paragraph 19 the Property is acqu.m i; ray Laider, Borrower's right to am, Dasumace rrCwies and proceeds resulting
<br />from d hoc to the Property prior to the.rfcuisilion shall pass to Lender to the exient cf Ute-am's secured by this Securtevr
<br />Instruttzr:m.i: immediately prior to the acgw sation.
<br />6. '!Preservation and Maintenance of Property. Leaseholds. Borrower stall not dest :era, ,damage or substantially
<br />change the Property, allow the Property to deteribmte or commit waste. Pf tlie:, § ecurity tnstrtr,nrent is. on a leasehold,
<br />Borrower shall comply with the proviib its of the Bake, and if Borrower acguin s fztet'tt:: t;o the Froperry. th.e ILasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. tf li+3m3wer fails to perform the
<br />covenants and agreements contained in this Security Instrument. or there is a legal proceedr»Lr� ghat may significantly affect
<br />Lenders rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or
<br />regulations), then Lender 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 prionty 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 ?shall become additional debt of Borrower ceeured by this
<br />Security Instrument. Unless Borrower and lender agree to other terms of payment, these amounts shall bear interest from
<br />the date of disbursement at the Note rate and shall be payable. with interest, upon notice from Lender to Borrower
<br />requesting payment.
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