|
s.ti...1
<br />90�10G607
<br />UNIFORM CON F.NANTS. Borrower anri Lender e©venani and agree as follows:
<br />11. payment or Princlpal and Interest; Prepayment and [axle Charges. Borrower shall promptly pay wLen 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 />3. Fonda for Taxes attd Insurance. SUNNI inapplicable law or to a written waiver by Lender, Borrower %hall pay
<br />to Lender on the day monthly payments are dice 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 />Iessehold 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 fixture 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 />Lender may agree in writing that interest shalt be paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to be paid, Lender shalt not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shalt 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 tG.e escrow items when due, the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited to W- trwwcr on r n.rarthly payments of Funds. If the
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Dacrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one or more p y- tnents as rquired by Lender.
<br />Upon payment in full of all sums secured by this Security Instrum"t. Lender shall promptly trfund to Bo o later
<br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply.
<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 />app howion as a credit against the sums secured by this Security Instrument.
<br />3. Applitaltka of FaZmr+nU- Unless applicable law provides otherwise, all pmkutents received by Lender under
<br />paragraphs 1 and 2 shall be, signbod: first, to late charges due under the Note; second, to prepayment charges due under the
<br />Note; third, to amotmts payaLNba wider paragraph 2; fourth, to interest due; and last, to principal due.
<br />4, Charges; Liens. EJ X-rower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain prm-ity.over this Security Instrument, and leasehold payments or ground rents, if any.
<br />lk, Smwer shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall
<br />pay them on time directly to the person owed payment. Borm wer shall promptly furnish to Lender all notices of amounts
<br />to be paid unde7 this paragraph. if Borrower makes these payments directly. Borrower shall promptly. furnish to Lender
<br />receipts evidencing1the payments.
<br />Borrower shall promptly discharge any lien which has priority crier this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payittent oft :he obligation secured by the lien in a manner acceptable to Lender, (b) contests in good
<br />faith the lien by. or defends aViiiist. enforcement of the lien in, legal proceedings which in the Lenders opinion operste eo
<br />prevent the enforcement of the'3•ae or forfeiture of any part of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subOV;3 r.at: n the lien to this Security Instrument. if Lender determines that any part of
<br />the rroperiy is suvje.:. to a liar which . :� «; attain priority over this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Borrower shall sa*fy the lien or take one or more of the actions set forth above within 10 days
<br />of 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 tire, hazards included within the term "extended coverage" and any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lenders 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 "4uuse.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to. Lender
<br />all receipts of paid premiums and renewal piotices. In the event of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make prooFof toss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />;er t: w .Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened: If the
<br />gestaralion or repair is not economically feasible or Lenders security would be lessened, the insurance proceeri %,Al3iarl be
<br />apg[iad to the•sums secured by this Security Instrument, whether or not then due, with any excess paid to BomJwtrr If
<br />Borrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Property or to pay sums.secured by this Security Instrument, whether or not then due. The 36day period will begin
<br />when the notice is given.
<br />Unless Lender and Biam3wer otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the di3,_ (jlite of Hite monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If
<br />under paragraph: L9.vhe Property is acquired by Lender. Borrowers right to any insurance policies and proceeds resulting
<br />from,damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br />I)r'Ar1=crtt immediately prior to the acquisition.
<br />• tt, Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially
<br />6=Lge ilia Latrperty, allow the Property to deteriorate or commit was re If this Security Instrument is on a leasehold,
<br />2o•tro% -r �1�:+. a3inply with the provisions of the lease. and if Borro %v-c- r,>aaauires fee title to the Property the leasehold and
<br />fee title sfi3l it+ri;t ut erge unless Lender agrees to the merger in writing.
<br />•7 :.. Vritiection of Lenders Rights in the Property: Mortgage UrsuraQce.. If Borrower fails to perform the
<br />cuvamnts and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect
<br />tmider's 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 %dlur of the Property and Lender's rights
<br />in the Property: Lender's actions may include paying any sums wcu -Ld by a lien which has pnonty over this Security
<br />Instrument, appearing in court, paying reasonable attorneys' fees and, a-ntering 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 he payable, with interest, upon notice from Lender to Borrower
<br />requesting payment.
<br />i
<br />l
<br />y;.
<br />
|