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go-406692
<br />UNIFORM C0VENAM. Borrower and Lender covenant and eltee as follows:
<br />1. Psymat of priacipal sad Iatemll; Prepaya "t nod Late Oargee. 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, Fuatb for lum ud lewranee, 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 over this Security Instrument; (b) yearly
<br />leasehold payments or ground rents nn the Property, if any; (c) yearly harard 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 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 ar verifying the escrow items. unless
<br />Lender pays Borrower interest on the Frtads 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 shalt teat be required to pay Borrower any interest or earnings on the Fiends. Leader
<br />shall give to Bormwer. witthout 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 trade. 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 Lender any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in thrall of all sums secured by this Security Instrument, Lender shaID promptly refund to 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 sutras secured by this Security Instrument.
<br />& Applieatkra of Payaseata. Unless applicable law provides otherwise, all payments received by lender under
<br />paragraphs 1 and 2 shall be applied: firsu to late charges due under the Note; sworwt to prepayment charges due under the
<br />Note: third. to amounts payable under paragraph 2; fourth, to interest due; and LW.. to principal due.
<br />1, Ckorgm Liens. Borrower shall pay all taxes. assessments, charges, fines and =positions attributable to the
<br />Propertg v%ft--N may attain priority- ,;;er this Security Instrument, and leasehold paytazrs or ground rents, if airy.
<br />Borrower stiff pay these obligations im r.};v: manner provided in paragraph 2, or if not paid i -• i-AM manner. Borrower shaLL
<br />Lnay them on time directly to the per%= tz wed payment. Borrower shall promptly furnish *o Lender all notices of amorous
<br />40 be paid under this paradtrapb. If S=ower makes these payments directly. Borrower shall promptly fumix-sh to Lender
<br />receipts evidencing the psyatents.
<br />Borrower shall promptly dischmme any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the aMgation secured by the lien in a manner acceptable ,a. Lender, (b) contests in good
<br />:hrh � Ii-: by, ear �enele -Oea Least �F eR!!t!t of ehr liM in, lwal proceedings which in the Lender's opinion operate to
<br />prevent the enforcement & the lien or Yarfeiture of any part of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory to l antler subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />the Property is subject zs a 6ien which may attain priority over this Security Instrument. Lender may give Borrower a
<br />noti= id--4; prying the Ilea. Bcfrron -ei stmg satisfy the lien or take carte or more of the actions sr: forth above within 10 days
<br />of the gjwir,S,:,6notice.
<br />& maw" Insws we.. "ep• the impro,.enternts now existing or hereafter erected on, the Property
<br />insured ago mi loss by fir-; . tine term "extended coverage" and any other hazards far *ftirhi Lend=
<br />requires insurance. This i71SStttance Sha late mw;nrmred in the amounts and For the periods that Lender a, ` Lies. The
<br />ittsss —Once comer rravieE ma the insurwiv.- shall be chosen by Borrowet subject t:o Lender's approval wheels "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 tight to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may inage proof of loss if not made promptly by Domwer.
<br />Unless Lender and Borrower farherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />of the Property damaged. if the rertmaiion or repair is a conemicdly feasible and Lender's security is not lessened. if nfte
<br />restoration or repair is not economisaiby feasible or Lenders wares- ry would be lessened. the insurance proceeds sbatf be
<br />applied to the sutras secured by this Security Instrument. whether or not then due. with any excess paid to Borrower. If
<br />Borrower abandons the Property. or does not ansearc within 30 days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then Lend rrryc collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Property or to pay sums secured r* this Security Instrument, whether or not then due. The 30-day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, 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 payments. If
<br />under paragraph 19 the Property is acquired by Leander, 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 />Instrument immediately prior to the acquisition.
<br />b. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy. damage or substantially
<br />change the Property. allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold,
<br />Borrower shall comply with the provisions of the lease, and if 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 of Lenders nights in the Property; Mortgage Insurance. If Borrower fails to perform the
<br />covenants and agreements containai in this Security Instrument, or there is a legal proceeding that may significantly affect
<br />Lender'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 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 priority over this Security
<br />Instrument, appearing in court, gapng reasonable attorneys' fees and entering on the Property to make repairs. Although
<br />Lender may take action under this lWngraph 7. Lender does not have to do so.
<br />Any amounts disbursed by Leader under this paragraph 7 shall become additional debt of Borrower secured by this
<br />Security instrument. Unless &rrowei' and Lender agree to other terms of payment. these amounts shall bear interest from
<br />the date of disbursement at the Note rate acrd WWI be payable. with interest. upon notice from Lender to Borrower
<br />requesting payment.
<br />tO% °,lei
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