|
Usstttaatetat COVENANTS. Borrower and Lendercovenant and agree as fol lows: .89-105270
<br />1. Eityima t of IN Inc i/ttl aatt Ltmet; Prepayment and Late Cargos.. Borrower shall .promptly pay when due
<br />the principal ofand interest on tie debt evidenced by the Ndte and any prepay'trtent and late charges due under the Note.
<br />I FtmOk fir Tara aid law nwir. Subject to applicable law or to a written waiver by Lender. Borrower shalt pay
<br />to Lcadetr on the day monthly payments are dwe under the Note, until the Mote is paid in full, a sum ( "Funds ") equal to
<br />am-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />leasehold. psymimts or ground rents on the Property, if any, (c) yearly hazard insurance pretrii and (d) yearly
<br />tnortgagc iasisrance pre:miutrss, if any. These item are called "escrow items." Leader may estimatc.the Fun& due on the
<br />-
<br />bow ofcusrentdata and res sionabkmtim"offuture escrow it ms_ - - - -- _ - -_ - _ -- - -- - _ -- - - -- .
<br />The Funds shall be held in alt institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />slaletpawy- (including Lender if Leader is such an institution). Lender shall apply the Funds to pay the escrow items.
<br />Lender -may -not. clotp for holding and -applying the funds, analyzing the account or verifying the escrow items, unless
<br />Latdmr pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />leader my aapa in writing that interest shall be paid on the Funds. Unless an agreement is made or-applicable law
<br />regttirccs interest to be paid Lender dull not be required to pay Borrower any interest of earnings oe the Funds. Lender
<br />stall give to Gorr owe,, without charge, an annual aexrounting of the Funds showing credits and debits re the Funds and the
<br />gwrpose for which each debit tothe Funds was made. The Funds are pledged as additional security for The sums secured by
<br />this Security Ewfument.
<br />If the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to
<br />the due 4aft -6 the escrow items, shall exceed the amount required to pay the escrow items when date, the excess *.Abe.
<br />at Borrowers option, either promptly repaid to Borrower or credited to Borrower onjowlily payments of Funds. If the
<br />attttwnt ar the Fes r& hddby Lender is not stdioient to pay the escrow items when due, Borrower shalI pay to Lender any �.
<br />amount necessary to itmakrup the deficiency in one or more payments as required by Lender.
<br />Upon payrntnt =;nil of all sums secured by this Security Instrument, Lender squall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Leaider. Lender shall apply. no later
<br />than immediately prior to the sale of the Property or its acquisition by Lender. any .Fwids held by Lender at the time of
<br />mpplicatiort as a cudit against the sums secured by this Security instrument. .
<br />3. Applieuk a erf Payments. Unless ap li`able taw provides otherriisc, all payments recd-4W by Lender under
<br />gzk *graphs 1. and 2 shall be applied: first, to late c-N ges due under the Note, second, to prtpaymeeopc Ltrges due under the
<br />Mate; thirdja amounts payable under paragraph 2. fourth, to interest due; and last, to rrim pa! d'.':
<br />4. VliEttiegery I km Borrower shall pay all taxes, assessments, charges, finis and arp miiiahg attributib`ti to the
<br />Property yif dGh may atistdn priority. over this Security Instrument, and leasehold pasiyica.ts of ground rents, if any.
<br />Borrower shall pay tirwAx tigations in the manner provided in paragraph 2. W- if not paid in'thnt mumer. Borrower shall
<br />pay them on time dirw& ,to the person owed payment. Borrower shall prcv�a•iy furnish t� .ender all notices of amounts
<br />to be paid under this paragraph. If 8arrower makes these payments directly; Borrower A011 promptly furnish to Lender
<br />_
<br />receipts evidencing.the payments. -
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument-nnless Borrower: (a)
<br />agrees in writing tothe payment of the obligation secured by the lien in a manner acceptable to Lender; (b)contests in good
<br />faith the lien by. or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any pan of the Property; or (c) secures from the holder of the lien an
<br />agreement ettisi'actory to Leader subordinating the lien to this Security instrument. If Lender determines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />poke identifying the flare, $orrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />o6the giving of notice:
<br />S. 11l2.ardLme�-� Borrower shall keep the improvement% now existing or hereafter erected on the Property
<br />insured against joss by fire. hazards ir•.ciuded within the term "extended coverage" and kp.) ether hazards for which Lender
<br />requires insurance. This insurance fk ll be maintained in the amounts and fair the;ivr74s that Lender requires. The
<br />insurance carrier providing the �rworance shall be chosen by Borrower subject to Lender's apprmwat which shall not be
<br />unreasonably withheld. '
<br />All insurance po&; t&ama m. ewals shall he acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the rigid a 0 &, 41ba policies and renewals. If I.;ender requires. Borrow ;r shall promptly give taw deader
<br />all receipts of paid prerM;;.,# % -and 'renewal notices. In the event bf loss. Borrower shall giv-g prompt notice to the ims::xance
<br />carrier and Lender. Lrnitietroay make proof of Ices if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance pray -ecds shall be applied to restoration or repair
<br />of the Property damaged. if the restoration or repair is economically feasitk and Lender's security is not lessened. If the
<br />restoration or repair is not economically feasible or Lender's security would be lessenrif -, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, witi any excess paid to Borrower. If
<br />Borrower abandons the Property, or does not answer within 30 days a notici:,from Lender that the i rmurance carrier has
<br />c0cred to settle a claims thin Lender may collect The insurance proceeds. L�:-ndier may use the procco %- t ; repair or restore
<br />Chet Property or to pug -wets secured by this Secunty Instrument, whether or not then due. The period will begin
<br />when the natice is given.
<br />Un+ less ].ender and Borrower otherwise agree in writing.atiiy application of procerdti to principal shall net (vi tand or
<br />postpone the due date tifthe monthly payments referred to in paragraphs 1 crd 2 orchange the amount of the payments. if
<br />under paragraph 19 t.lte.Ptoperty is acquired by Lender, Borrower's right to any insurance policies anti proceeds resulting
<br />fromdamitge to the- PAvgsetty prior to the acquisition shall pass to Lender to ale extent of the sums secured by this Security
<br />' instrument immediately prior to the acquisition.
<br />6. Pretertati" tai :1lalatetttaace of property; Leasebolds. Borrower shall not destroy, damage or substantially
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is an a leasehold,
<br />Borrower shall comgay} with the provisions of the lease, and if Bormwer acgwr.Yes fee talc tothe Prop eny. the leasehold and
<br />fee title shall not merge! na ess Lender agrees to the merger in writing.
<br />7. Prrlbc0iia At herder's nights is the Property; Mortgage Insurance. If Borrowa !; nls to Perform the
<br />covenants and agreements contained in this Security Instrumenw. or there is a legal proceeding that h:ay significantly affect i
<br />tender's rights in'thr.Property (such as a proceeding in bar iVaptcy, probate. for condemnation (3r. to cpf1:1res taws or i
<br />t'etpulatrum), thcni cztdit maydo anti pay farwhateveris necessary- to prcr= the value of the PrtTea7y :arid tctidct i rights
<br />is the Pte party- Lend�x's actions may include paying any sums secured 1% 4 hen which ha, pr.t mly mer this Security
<br />instrument, appeartrid ins court, paying reasonable attorneys' fees and ents:img on the Pa,:; erty to r;:aicc repairs, Although
<br />txadtr may take acittm under! his ;a.'agraph 7. Lendcrda►rmot have to do yo.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additionai debt of Borrower secured by this
<br />Security inorutrxot. Uritist Burrower and I erulLiragreeto other terms of payment. these amounts shall bear Interest from
<br />the date titdishunemerz at the Mite rate and ;hall be patiahle, with interest, upon notr x frrin 1 ender to llorrm%cr
<br />r
<br />:ey:icsrutgpavnsetit � k-
<br />1..
<br />
|