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g0-•-m- 106 328
<br />UNIFORM COVENANTS- Borrower and Lender covenant and agree as follows:
<br />1, ' aymaMofPdncW and lnfarast ;Prepsynw1and Late Charges. Borrower shall promptly pay when due the
<br />principal of and interest on the debt evidenced by the Note and any prepayment and into charges due under the Note.
<br />Z. FuntfetwT&I"isrtdfneuranee. 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 f"Funds ") equal to
<br />one-twelfth of; (a) yearly taxes and assessments which may attain priority over this Security instrument. (b) yearly
<br />Iaafahofd 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 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 tare deposits or accounts of which are insured or guaranteed by a federal or
<br />state agency (including Lender it 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 i nterest or earnings on the Funds. Lender
<br />shall give to Borrower, withoutcharge, an annual accounting of the Fundsshowi ng 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
<br />by the Security Instrument.
<br />Ifthe amount of the Funds held by Lender. together with thef tpturcir nthly payments o1 Funds payable priortothe
<br />due dates of the escrow items, shall exceedtheamount required to plN ZI', �eescrawitemswhendue ,theexcessshrillIbe,at
<br />Borrower's option, either promptly repaid to Borrower or credited rnr 13,:.rrower cn monthly payments of Fttrt0,,q If the
<br />amount of the Funds held by Lender is pert sufficient to pay the escrrwx i 1 vns when due. Borrower sftagl pay to Lender any
<br />amount necessary to make up the deficit incy in one or more payMk-:q -j75 as required by Lender,'
<br />Upon payment in full of all sums secured by this Security instrument, Lender shall prompt vi rsiund to Sono ver any
<br />Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lerrjer. Lender stall apply, n- :i l it er than
<br />immediately prior to the sate of the Property or its acquisition Oy Lender, any !=ands neld bv Lender at ;.^e time of
<br />application as a credit against the sums secured by this Security trstr,hment.
<br />9. Appllratlon of Payments. Unless applicable law proti -ides c4Mrwise, act payment4oixoewed by Lender under
<br />paragraphs t and 2 shalt be applied: first, to late charges due undaa 1-te 1'01e; SeCOF-1d. to prepay -rent charges due under
<br />the Note; third, to amounts payable under paragraph 2: fourth, to vtteivst dunv. amt isast, to principal due.
<br />4. Charges; Lkns. Borrower shall pay all taxes, assessrrerr +s. % 4es, and impositions attribL+Ea 71.e to the
<br />Property which may attain priority over this Security instrument, and tzar: h¢r'.dl •payments or ground rents if any.
<br />Borrower shall pay these obligations in the manner provided in pareG ash 2, or i" •• ^ot paid in that manner. Borrower shall
<br />pay them on time directly to the person owed payment. Borrower sh5It promptly furnish to lender all notices of amoue- de
<br />be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to .L -,i. r
<br />receipts evidencing the payments
<br />• Borrower shall promptly discharge any lien wtrich has priority over this Sec::rjty Instrument unless f3vr�ravrr v: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptabhich in the Lender's opinion
<br />to Lender; in
<br />(b) is opini on
<br />-oci faith the lien by. or defends aqainst enforcement of the lien in, legal proceedings w
<br />operateto prevent the enforcement of the lien or forfeiture of any part of the Property: or (c) secures trom the holder of itiC
<br />lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
<br />part of the Property issubject to alien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien ortake one or more of the actions set forth above within 10 daysof
<br />the giving of notice.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards inr.:'rwed within the term 'extended coverage" and any other hazards for which
<br />Lender requires insurancia.This msura ize:4 ^:J i. he rrrarrrtained in the amounts and for the periods that Lender requires.
<br />The insurance carrier pripvc1iiig the insurar-cesrs r i. a chosen by Borrower subject to Lender's approval which shall not be
<br />unreasonably withheld.
<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 po�rcies and renewals. If Lendw requires. Borrower shall promptly give to Lenderall
<br />receipts of paid premiums and renewal notices. In the event of'oss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof of loss it not made promptly by Borrower
<br />Unless Lender and ewrower otherwise agree in writing. irsurance proceeds shall be applied to restoration or repair
<br />of the Property damaged. ,,' I:e res:Onrion or repair is econcomic2,y. feasible and Lender's security is not lessened. If the
<br />restoration or repair is not etonom �r-au�y feasible or Lender's secar -,iy would be lessened. the insurance proceedsshall be
<br />applied to the sums seswred by this Security Instrument• whether• or not then due• with any excess paid to Borrower. If
<br />Borrower abandons tr^•a rrroerty, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />offered to settle achurn. i9-. ?n Lender may collect the insurance proceeds. Lender may use the proceeds to repairor restore
<br />the Property or to pay- sins secured by this Security Instrument. whether or not then due The 30 -day period will begin
<br />when the notice is given.
<br />Urn;e_•s Lender and Sorrovre•rcme+ wise agree in writing. a. n• ya l.- ip Iicati onof proceeds to principal shall not extend or
<br />postpoii � Me due date afth)e Monti lyr pa�ments referred to in parat3nuD:�s 1 and 2 or change the amount of the payments. If
<br />under paragraph 19the,Frupertyis.acia redbyLenrSer Borroave"snigm to any insurance policies and proceeds resulting
<br />from damage to the Property proof to the acquisi! Ipn =I poi 1, u355 ra l_renrfr� r r0 :hf? rEii)ant of the sums secured by this Security
<br />;nstruirrr_nt immediately prior to the acquisition.
<br />& Preservation and Maintenance of Propk- tv-1 Nrr�d% 13nn-ovre r shall not destroy. or damage or substan-
<br />tially change the Property. allow the Property to demi-'i1,rate or corn mil ,Ivaste. if this Security Instrument rs on a leasehold,
<br />Borrower shall Comply with the provisions of the lease. and of Borrower acquires fee title to the Property. the leasehold and
<br />fee title shall not merge unless Lender agrees to the• merger in writing.
<br />7. Protection ofLendees Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants
<br />and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lender's
<br />rights in the Property (suchas a 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. Lender's actions may include paying any sums secured by a lien 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 T. Lender does not have to do so.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Bor rower secured bythis
<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 />requestng payment'.
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