|
go. 106757
<br />UNIFaRiM COVENAWS Borrower and Lender covenant and agree as follows:
<br />1. payment or principal and Iateresr. Prepayment and Late Charges. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Mote and any prepayment and late charges due under the Note.
<br />2. Funds for Taxes and iawrance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Lender an 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: (&T yearly taxes and assessments which may attain priority over 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 />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). Leader shall apply the Funds to pay the escrow items.
<br />Lender may not charge for holding and applying the Funds. analyzing the account OF verifying the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. &rrower and
<br />Lender may agree in writing that rnrerest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to be paid. tAndec J;all. not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower. withcutcitarEe :,roar annual accounting of the Funds showing, credits and debits to the Funds and the
<br />}purpose for which each debit to tJze DrierOS was made. The Funds are pledged as additional security for the sums secured by
<br />tiIis Security Instrument. a r: C>runds payable prior to
<br />If the amount of the Funds held Isy Lender. together with the future monthly payments
<br />the due dates of the escrow items, shall ey rcac t the amount required to pay the escrow items vwhey:r due, the excess shall be,
<br />sp Borrower's option, either promptly repaid to Borrower or credited to Borrower on montlrl:y pahrnents of Funds. If the
<br />ardount of the Funds held bj� Lender is not sufficient to pray the escrow items when due, Bort-(imec• shall pay to. Grander any
<br />satount necessary to make ep rile deficiency in one or rnim payments as required bw Lender. ' •
<br />Upon payment in &Ua , of all sums secured by tG,i . security Instrument. Lei, -ii :z shall I+roerptly refwn(d ua !Borrower
<br />any Funds held by Lender. CC under paragraph 19 the Fr perry is sold or acquired liy Lender. Urea Cr shall apply, no later
<br />than immediately prior to the sale of the Property or, its acquisition by Lender, any Funds helve: bw Lender at the time of
<br />application as a credit againss: the sums samred by thts security Instrument.
<br />3. Application e+>aft• CAt L I: tress aprEwaN: law provides received by Lender under
<br />paragraphs 1 and 2 shalt tv rTL W.&.d: drsr c'a late charges due under the Note; secr3n�, ;, s_.rayment charges der: under the
<br />Note; third, acv arnounts pasd e under paragraph 2; fourth, to interest due; and tast, due.
<br />4, tt7ha M Liens. Borrower shall pay all taxes, assessments, charges. Arm a: ^d in'TWk.' Sion atthlbQA Q t to aNz
<br />property which may attain priority over this Security Instrument, and ieasehQM .payr7,rn'Zs .)r greuriil rents.. 16 any.
<br />!Borrower shall pay thew obligations in the manner provided in paragraph 2, or cf rnn paid in that manner. IDFa=wer shalt
<br />pay them on time directly t, the person owed payment. Borrower shall prompzN, rktr ,ish to Leader all noti.o..(af.`amounts
<br />to be paid under this paragraph. If Borrower makes these payments directly, 9,arnawer shall promptly furs, KT.. to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security instrument unless Borrower: lab
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable t o lender ;s b) o. contests ever ae to
<br />faith the lien by, or defends: against enforcement of the iicra ice, legal procr--Ing<.- eh:_h in the
<br />prevent the enforcement: cP he lien or forfeiture of any part of the Property; kir vier sec. res from the horde: of the lien an
<br />agreement satisfactory to Under subordinating the lien to this Security Instraraent. If Lender determines that any pan of
<br />the Property is subject to a "seen which may attain priority over this Sksucity instrument, Lender may give Borrower a
<br />notice identifying the lien. Sorrower:S:Al satisfy the lien or take one znc n,: ce of the actions set Perth above within 10 da ?s
<br />of the giving of notice.
<br />S. Hazard Insurwce Borrower shall keep the improvements rtaev crtsf uzg or l ereattec erected on the Property
<br />iztsured against loss by fire, hazards included within the term "extended cooerdge 'serif was other hazards for which Lender
<br />requires insurance. This insurance s�3 be maintained in the amounts and r c the perods 'ei:at ler�ei rerttrtres. The
<br />insurance carrier providing the tnsu:eairwn shall be chosen by Borrower subject to Lk- r•a, :-r-s, ap xcval u}i:'.0 s93311 not be
<br />unreasonably withheld. a clause.
<br />All insurance poli :cr2s wd renewals shall be acceptable to Lender and sl'ra:[L arctud. s standard rtottgag
<br />Lender shall have the 6,Slit: o3- ft�:•Id the policies and renewals. If Lender requires, & rr :-er sCaal,I promptly Site to Lender
<br />all receipts of paid preauumA s�r3 rent-w:al notices. in the event of loss. Borrower, �JmDl ghe prow pt notice vz,, the insurance
<br />carrier and Lender. Lender =ay ntAe'nr -of of loss if not made promptly by Borrower.
<br />Uniew� Lender and Borrower tl,,vwise agree in writing, insurance proceeds shall be slapi ted to restoration or repair
<br />of the Property damaged. if the reswwrcwnon or repair is economically feasible and Lender's, sa;•ir-ity is not lessened. If the
<br />restoration or repair is as.- economically feasible or Lender's security would be lessened. tire• :assurance proceeds shall be
<br />applied to the sums secareri by this Security Instrument, whether or not then due. with any excess paid to Borrower. If
<br />Ratrrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />aTered 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 30-day period will begin
<br />I hen the notice is given.
<br />Unless Lender and Borrower otherwise agree in wnting, any aRpli micron. of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to to paragraphs i ai d, 2 or change the amount of the payments. If
<br />under. pwitgraph 19 the Property is acquired by Lender. Borrower'4 right to any insurance poltetes and proceeds resulting
<br />from damage to the Properly pnor to theacquisition shall pl,, to Lerida to the extent of rhesumssecured by this Security
<br />Instrument immediately prior to the acquisition
<br />6. Preservation and Maintenance of Proper1w; Lem
<br />Borrower wer shall not destroy. damage or substantially
<br />change the Property, allow the Properly 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 tote to the Properly, the leasehold and
<br />fee title shall not merge unless lender agrees to the merger to writing.
<br />7. Protection of 1Lendees Rights in the Property; ifortgage Insurance. if Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, or there Is a legal proceeding that may significantly affect
<br />Lender's rights in t11e Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay for whate%er is necessary to protect the value of the Property and Lender's rights
<br />in the Property. Lenders 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 7. Lender does not have to do so
<br />Any amounts disbursed by Lender under this paragraph' shall become additional debt of Borrower secured by thss
<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 shaii he payable. with interest. upon notice from Lender to Borrower
<br />requesting payment.
<br />I
<br />ki IV "1W
<br />r
<br />
|