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90 1OC275
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<br />UNIFORM COVENANT'S. Borrower and Lender covenant and agree as follows.
<br />1, Psynwntof Principal and lnNraal ;Papaymontand Late Charges. Borrower shall promptly pay when due the
<br />principal of and interest on the debt evidoncod by the Note and any prepayment and late charge% due under the Note.
<br />2. Funds for Tanea sod lnaumnce. Subject to applicable law or to a written waiverhy 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 ") equal to
<br />one-twelfth of, (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />leasehold payments or ground rents on the Property, it any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, it 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 to an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />Mate 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 tot• the sums secured
<br />by the Security Instrument.
<br />If the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to the
<br />due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shalt bp_ at
<br />Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. 11 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 necessary to make up the dericiency 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 any
<br />Funds held by Lender. If under paragraptT t9 the Property is sold or acquired by lender. Lender shatliapply, no later than
<br />immediately prior to the sole 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 />8. Application mf frmyehents. Unless applicable law provides otherwise, all payments received by Lendr -r ij -der
<br />paragraphs 1 and 2 shall bea.pplied- first. to late charges due under the Note: second, to prepayment charges ifi ii: �,r *er
<br />the Note: third. to amounts payable under paragraph 2. fourth, to interest due: and last, to principal' due
<br />4. Char(pes; Liens. Borrower shall pay all taxes, assessments. charges, fines and impostwos. attributabi'e, cra?he
<br />Property which may attar priority over this Security Instrument, and leasehold payments or ground renter. .i• ,arj .
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or it not paid in that manner. Borrower shall
<br />pay them on time,; i rectly to theperson owed payment. Borrower shall promptly furnish to Lender all notices of amounts to
<br />be paid under this paragraph. tf Borrovicor makes these payments directly, Borrower shall promptly furnish to Lender
<br />receipts evidencit-g the payments
<br />Borrower shall prom; try (Jischarge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agr coss in .meriting to the pa, ^e. ^.t of the obligation certiro/t by the hen in a manner acceptable to Lender. (b) contests in
<br />gamd faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion
<br />ci32rateto prevent the enforcement of the lien or fortedure of any part of the Property. or (c) secures from the holder of the
<br />lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determinesthat any
<br />part of the Property is subject to a lien which may attain priority over this Security Instrument. Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10days of
<br />the giving of notice.
<br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards izc�uded within the term ••extended coverage' and any other hazards for which
<br />Lender requires insurance- This insurance sliall be maintained in the -air,., .3nts and for the peric.daal fiat Lender requires.
<br />The insura,neecatrier provi&ngthe insurance shall be chosen by Borroeyei: subject to Lenders wppr rval which shall not be
<br />urtreasonaWy withheld.
<br />Al: insurance policies and renewals shall be acceptable to Lender and shall wcit.,ie a standard mortgage clause.
<br />ice:order shall have the right to hold the policies and renewals If Lender requires. Borrower shall promptly give tOC :�,derall
<br />aeeei(rts C> %aid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the vn$urance
<br />carrier and L•*—r�$er. Lender may make proof of loss if not made pror.±rtr,; by Borrower.
<br />unless : ender and Borrower otherwise agree in writing, insurartc,� p roceew3 st:al I be applied to restoration or repair
<br />,fit the Property damaged, if the restoration or repair is economically °Ewsioi e ae:
<br />r'_- e+z lessened. der's security is not lessen. 11 the
<br />ri ,:Oration or repair is not economically feasible or Ler+aer s security ;v�, i be ^ad. the insurance proceeds shall be
<br />applied to the sdms secured by this Security Instrument, whether a ,en due.'with any excess paid to Borrower. If
<br />Borrower abandons the Property, or does not answer within 30 day's :, • tc,: ce from Lender that the insurance carrier has
<br />offered to settle a claim. ther Lender may collect the insurance proccY -3'S i�pnder may use the proceeds to repair or restore
<br />tl-e.Property or to pay sums secured by this Security Instrument. v.rr;tl,er or not tr,, ?n due The 30 -day period Will begin
<br />•an,?n the notice is given
<br />Unless Lender arid; Sot rower otherwise agree in venting, any application of pt orn_rdsto principal shall nat'.A.-ndor
<br />JDAsVonetP, eduedategf• Chemonthlypaymentsreferredtoinparagraphs1and2orchaltgetheamountofthepaf tneiits If
<br />ricer par cc�; I+ rgthePrr .PertyisaegwredbyLender. Borrower's right to any insurance pohcres .arri proceeds resulting
<br />5rcrfi dart, a T t7T ole F ;rTijwrty prior to the acquisition shall pass to Lender 10 the extent Of the SUMS, TJXJ t-dby this Security
<br />instrument vr- mediatclv'pnec to the acquisition
<br />6. Pres6m. sitiom far 4laSatntenance of Property;. Leaseholds. Borrower shall not destrcy.. cr iramage or substan-
<br />hallycharttgerrrea .i lI ow the Property to deteriorate or commit waste If this Security lnstrutrri!;Tisonaleasehold.
<br />Borrower shah:,arrr,])c ;ua ill t.I 'e provisions of the lease. and if Borrower acquires fee title to the Prgj;ert the leasehold and
<br />fee title shall not' ir.erge unless Lender agrees to the merger in writing
<br />7. F tafiaacmal- Landers Rights in the Property, Mortgage Insurance. if Borrower tails toperform the covenants
<br />and agreerrientscontamed in this Security instrument. or there is a legal proceeding that may significantly affect Lender's
<br />rights in the Property (such asa proceeding in bankruptcy. probate. for condemnation or to enforce laws or regulations).
<br />then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender s rights in the
<br />Property Lenders actions may include paying any sums secured by a hen which has priority 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 7 shall become additional debt of Borrower secured 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 />requesing paprient
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