|
F
<br />UNIFORM COVENASM. Borrower and Lender covenant and%,._ . ..s: 89 104655
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. 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. 1~ uttds forTaxes 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") equal to
<br />one- twelfth of (a) yearly taxes and assessments which may attain priority dyer this Security Instrument: (b) yearly
<br />leasehold payments, or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />trios igage insurance premiums, if any. 'rhese.items are tailed "escrow, items.,' Lendcr may estiatate the s unds duc 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 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 />Leader may agree in writi2g that interest shall be paid on the Funds. Unless an agreement is made or applicable lave
<br />requires interest to be pat'is ;frtier .shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower. wi; , slr;Jrttr . an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which eachr.,.eh t,- iheFunds was made. The 1=tzfif i are pledged as additional security for the sums secured by
<br />:4is Security lnstrumer
<br />i
<br />'If the amount of the Funds held by Lender, together. c -th the future monthly payments of Funds payable prior to
<br />i the due dates of the escrow items, shall exceed the amount ro.T�rred to pay the escrow items when due, the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower. t.r dited to Borrower on monthly payments of Funds. If the
<br />is amount of the Funds held by Lender. is not sut &cienl to pay the escrow items when due. Borrower shall pay to Lender any
<br />amount necessary to make.up.the dk5ciency in one or more payments as required by Lender.
<br />Upon payment in L"of a:�, sums secured by this Security Instmrnutt, Lender shall promptly refund to Borrower
<br />any Funds held by Le-,Yw (undzrparagraph 19 the Property is sold or required by Lender. Lender shall apply, no later
<br />than immedii�tely priorto the sale, OF ie Property or its acgrj,,,4 .ion by Lender. any Funds held by Lender at the time of
<br />applicati'= -.=. =a credit against the sums secured by this Secu --my Lnstrument.
<br />3'. ° i4olieation of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs I and 2 shall be applied: first. to late charges due under the :Vote; second, to prepayment charges due under the
<br />Note, third, to amounts payable under paragraph 2: fourth, a ': 7tcrest due; and last, to principal due.
<br />C.: Charges; Liens. Borrcfatiii shall pay all taxes. 2:s ments, charges, tines and impositions attributable to the
<br />Property su+tr i:h may attain prix #r.::.> ver this Security Ire?' < :sent, and leasehold payments or ground rents. if any.
<br />Borrowee-Arth -pay these obligations in the manner provided i, ovoragraph 2, or if not paid in that manner, Borrower shall
<br />pay them m.:.:'sr^,. di -e� ttil 't) the prison owed payment. Borrower shall r..rr►; ptly furnish to Lender all notices of amounts
<br />to be paid under this iat tsar' 1"1;. 3f, Borrower makes these payment% G' merits. Borrower shall promptly furnish to Lender
<br />receipts evidencing the odymerm. .. ;
<br />Borrower shall promptty m- rge any lien which twa priority over this Security instrument unless Borrower: (a)
<br />agrees in writing to the payment ofrhe obligation secured 1*- ,,. st lien in a manner acceptable to Lender; (b) contests in good
<br />t64iih the lien by, or defends, again %, enforcement. c+ ;xhe lien. M legal proceedings which in the Lender's opinion operate to
<br />'p'r'event the enforcement of the lip: * . ^.� forfeiture::. any pant of the Property; or (c) secures from the holder of the lien an
<br />agreement Satisfactory to Lender - t;a% linating the lien to lh,!t Security Instrument. If Lender determines that any part of
<br />the Property is subject to a lien w.i ._r:& inay attain prionty ,,Ywr this Security Instrument. Lender may give Borrower a
<br />notice identifying the lien. Bcurou+er "hall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the giving of notice. •
<br />S. Hazard in ,%=e. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss b; 'fr {_...:mire"" vi vxluded within the term "extended coverage" and any other hazards for which Lender
<br />requires insurance. Tbis insura :ins :a'nali be maintained in the amounts and for the period; that Lender requires. The
<br />insurance carrier providing the insurance shall be cheer,. ,. lit►rrnwer subject to Lender's approval which shall not be
<br />unreasonably withhcld;
<br />All !Surance rol.- i'cies and renewals shtil he. to i,ender and shall include a standard mortgage clause.
<br />Lender sf aklliw- t: tbe'right to hold tlhe policies and rene %vnd .. If Lender requires, Borrower shall promptly give to Lender
<br />all receipm of mid premiums anri rttttiwal notices. In the cvcnk, of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof of lass if not maoii. , rompily by Borrower.
<br />Unless Lender aad Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration or repair
<br />of the Property damakad. if the restoration or pipair is economically feasible and Lender's security is not lessened. if the
<br />restoration or repair la.f, jsot econornicaliy feasible or Lender's security would be lessened. the insurance proceeds stall be
<br />applied to.si c sums secured by tlq,% Security instrument, whether or not then due, with any excess paid to Borrower. If
<br />Borrowmabutidons the Property, or doss not answer witl'tin :!q days a notice from Lender that the insurance carrier has
<br />offered tq wile a,etairgalicit Lender may collect thc insur t.mvjr proceeds. Lender may use the proceeds to repair or restore
<br />the Property 4 tv'p#y %tams secured by this Sex utity IL mniinent, whether or tint then due. The 30-day period will begin
<br />when the notice is gives".
<br />Unless Lender and Burrower otherwise agree in wriiintl. any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the ray ments. if
<br />under paragraph 19 the Property is acquired by Lender. Borrowers right to any insurance pnlicie: and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lender to the extent of the wms secured by thi% Security
<br />instrument immediately prior to the acquisition
<br />b. Preservation and Maintenanee of Property; Leaseholds. Burrower shc+lt not destroy, cL+ma� r or �uftsr.+ntr. +11}
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Iristritment is on a leasehold.
<br />Borrower shall comply with the p ro +T. istom of the lease, and if Borrower acquires fee title to the Property. the leaschold and
<br />fee title shall not merge unl"% Lender agrees to the merger in % rating I ` Ir .
<br />7. Protection of Lender's !nights in the Property; Mortgage Insurance. if llorrotver fatly to perform the
<br />covenants and agreements contained in this Sccunt4 Instrument, or there is a legal prnceedu►� that lacy etc +uficantl� .+ffe. t
<br />Leride s rights in the Property (such as a prmcce hng in bankruptcy. pnnate, for crinderrinatinn (4 ti, enforce 131" VT
<br />regulations, then Lender may doand pay for whatever tc nece —ary to protect the .afuc of the Property and Lender'. rid :ht:
<br />in the Pr+11'en) Lender's anions may include paying am sums secured by .i lien whwh ha. 11rr.+rar o%c•r this Se..trrw.
<br />instrument. appearing in court, pa}mg reasonable attorneys' fees and entering on the I'rcperty to make rep.nrs Att::oueli
<br />Lcrtkr Anm; tekc setV n under this paragraph 7. Lender does not ha, a to do io
<br />a iu iTtiii i. ^f`. 01,0` it d ha L- c-ndLr under thti paragraph Shall '11,11 .1di'l I•, Hvfio %E:i NCllil Cd I". mv.
<br />tie_atity Insirutrter+t U111et1.11i,rn-+wcr and I.erider ;agree to otkct ter nit. of rayttietit, thct_ .tint, ur,t'.41: +11 Kar :nterce• frrn1l
<br />the date cF dishtir,: -tncnr at the %ote rate and shall t%c payahl.. .Lath intere�t up !t: r•i ;:., fr"+rt r vii.lct
<br />rcGunf ing ; ay rrirnt
<br />
|