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<br /> The Funds shall be held in an institution whose deposits a.r� insurecl by a federal agency, instrumentality, or entity
<br /> (including t.cnder, if LPnder is such an institution)or in any I�ederal Hame Loan Bank. i.ender shall apply the Funds tc�pay thr_
<br /> Escrow Items. Lender mr�y ❑ot charge Borrower for hofding and applying the Funds, annually analyzing the e�crow account, or
<br /> ; verifying the Escrow Iterns, uniess Lender pays F3enower interest on the Funds and applicable law pennits Lender to make such
<br /> a charge. Ho�-ever. Lender may require Borrower to pay a crne-time charge f�r an independent real estate tax reponing service
<br /> used bv l.cnder in connertion with this loazi, usiless applicable law pravides othenvise. lJnless an agreement is made or
<br /> applicable {aw reyuires interest ro be paid, L�nder shall not be required to pay Borrower any interest or earnings on 1he,Funds. •
<br /> 8orro�ver and .Lender ruiay agree in writin�, howe��er, dtat interest shall be paid on the Funds. Lender shall givc tn Borrower,
<br /> �•ithout chargc, an anvsual accounting of the Fun�s, showing credits and debits ta the Funds and the purpose for which each
<br /> debit to the Funds wa�,made. The Funds are pledged as additioual se�4ritv ior a!1 sums sccured by this Securiry Instrurnent.
<br /> if the Funds helr,l by I.ender exceed tl�e amounts permitted to be held by applicable law, Lender shal! account to Borrower
<br /> • I'or zhe excess Funds in accorda�cc with the requirements of appticzbie law. if the amount of the Funds held b}• Lender at any
<br /> time is t7cst sufCcient to pay t;�e Escrow� Items when due, Lender may .eo notify Borrc�wer in writing, and in such case Borrower
<br /> shall pay to Lender the an�ount necessary to cnake up the deficiency. Borrower shall make up the defi�Ciene�! in no niore than
<br /> twelve monthly pay�ments., at Lender';:tiole discretion. ` '�,
<br /> Upon payment in ful� of all sums secumd by this S�curity Instrument. Lender shzll promptly refund i Borrower any
<br /> Funds held by Len<ler. If, under paragraph 21, L.ender shall acquire or sell the Property, Lender, prior ro the acy�isition ur salc �
<br />� of the Proj?erty, shall apply any Funds held by Lender at the time of acquisition or sale as a creciit against the. sumc secured by
<br /> this Securitv Instn.rment. �
<br /> 3. AFplicati��n of Payrnents. Unless applicable law provides otherwise, all payments receivcd hy Lcnder under par5graphs � •
<br /> I anL 2 shall be ;rpplied: first, ro any prepayment charges due under the Note; second, to amounts payable under paraGraph 2; Q '
<br /> third, to interest r.iue; founh, to principal 11ue; and last, to any late charges due under the Note. �
<br /> 4. Cl�arger; Lie��s. Borrower shall pay all taxes, assessments, charges, fines and impositions aurihutable to the Property �
<br /> �thich may attain prioriry over this Security Instrument, and leasehold payments ar �round rents, if any. Barrawer shall pay �
<br /> these ohligation�; in the manner provided in para�raph 2, or if not paid in iliat rrianner,�Qorrciwer shail nay them an time directly
<br /> to the pers�n o��.ved �avment. E3orrower ciiall prompNy fur.:ish�to Lender all notices of.tnx�unts tc�be paid under tnis paragraph.
<br /> if B�>rro���cr mo.kes thesc payments directly, Borrower shall promptly tur�ii�h to Lender receipts evidencin};thc payments.
<br /> Borrow�r shall promptly disrharge any lien which has pricirity c3ver this Security Instrument unlcss k�orrowcr: (a)a��rees in
<br /> writing io the payment of the obligation secured by the lien in �n�anner acceptable to l.ender; (b)conte�tx in ;�c�od faith the licn
<br /> by. or de(c�rzds against enforcement ot' the iien in, legal proceedings whirh in the Lcnder's opinic�n c�peratc tc� prevcnt the
<br /> enforcemen! of tiie fien: or (c) secures froir tlte halder of the lien an .igreement satisfaetory t<� Lciuler subeirdinating thc licn tc�
<br /> this Security tnstrumerzt. If LenJer detennines that any part of the Property is �uh.ject te� a IICII WI1SCIl Ill,ly ;�ttain prieiriry irvcr
<br /> this Security Instrument. Lender may give Borrowcr a n�tice identil'ying the lien. Barrowcr xhall s;Ui>:fy thc licn c�r take cm�• cir
<br /> more uf the �ictions set fortn�bove wi:hin !0 days i�f t3ie_�iving oF notice.
<br /> �. Hazard or Fropert�• Insurance. Borrower shall keep the improvement� now existing <�r herrallcr crecteel cm thc
<br /> Property in=cured against loss by fire, hazardc included wi(i�in the tenn "extende� ro�•erage" .uul aiiy other hazards, inc!udim�
<br /> tloocis or fl��odin;, for which Lender requires insur.ince. This insuranc�� stt;ill be niaintained in tl�e ttnuiunts and fc�r thc reric�ds
<br /> that Lende�� reyuires. The in>urance carrier providing the insurance shall be ch��sen hy [3c�rro�ver �:uhje�t tci Lendcr's .�rr«����i
<br /> ��hieh shall not be unreascmably ��ithheld. If Borrower Fails to maintain coverage dcscribecl above, Lender may, at Lender's
<br /> option, oblain coverage to protect Lender's rights in the Yropcny in accordance with paragraph 7.
<br /> All i.nsurance policies and renQwals sha41 be acceptable to Lender and �hall include a stanilard nuirtga�ze clause. Lender
<br /> sha(i Eiave Fhe �ight to hold the �licies and renewals. If Lender requires, Borrower shall pmm�tly �;i��c to Lei�efer all receipts iif�
<br />_ �aid prrrr!�iums aisd rene���a! notices. In the evrnt e�E'loss. Borrower shall give prompt noticr to thz insuranee carrier and Len�cr.
<br /> Lender may make proof of loss if not made promptly by� €?<�rrc���er.
<br /> Unless Lender and Borrower otherwise agree in writing, ins�irance proceeds shall be applied tci re�toraticm or rcpair M'thc
<br /> Pr�perty dama��ed, if thc resror�uion or repair is cconomi�ally fcasible and Lender's security is not Iessened. if'thc restoraticm nr
<br /> repair is not econon;icaily f'easible or Len�ler's sccurity would be lessened, the i�surance proceeds shall he applie�l to the sumti
<br /> secured b}� th�is Security Itistrument, whether or nc�t then due, with any excess paid Co Sorrower. tf Borr�wer abandons the
<br /> Propert5', Oi(�OCti IIOI answcr «�ithi�� 30 days a notice from Lcndcx that thc 6nsurancc carricr has uf��crcd tci sctllc ,i claim, thrn
<br /> Lencler may collect the insurance proceeds. Lender may use the praceeds to repair or re>tore the Property or to pay sums
<br /> secured by this 5ecurity Instrument, whether or�7ot then due. The 30-day period }vill t�crgin u hen thc notice is�;iven.
<br />- C'nless Lender and Borrc�H�er othenvisc agree in writin�z, arry application ul' prc�cerds tn princir;il shall n<�� exten�l or
<br /> Pc��t�c�,ie the due date of tf�e monthly p.ryments referre�i t�� in paragraphs I and ' oc chanec the amiiunt cif the payments. II'
<br /> under��ar,igrapli 21 thc Prnperty is acyuired by Lender. Qorrewe�•'s riglit to any insuranrc �xilicics and pni�ecds rcxttltinL frum
<br /> damag�:t� the Property prior to the acquisition shall pass to Lendc:r to the extent of thc:swris secured by this Security Instrument
<br /> immediatel}� pricir to tEie acquisitior..
<br /> 6,. Uccupanc��, Pr�servation, hiaintenance and Protection of the Pr�pert}�; Bc�rri���ver's Loan Application; Leaseholck.
<br /> 13��rr�tiver shall occupy, establish, and usc•the Froperiy as Borro�ti•er'�principal resittence within tixty days after the c.rcculicm ci!'
<br /> this S�ecurity Instrument and shall contiruue to occupy the Yroperty as Borrrnver's princip,il residence for at Ieast one year aftcr
<br /> ' the �Inte of c�ccupancy, unless Lender othen��ise agrees in �vriting, �vhich conscnr �l,�l� �;t�; bc u��rcasunai�iy withhcld, or unle�s
<br /> e±uenuatins circu???s!a,^.:cs ex�.t wiiicii are beyond Borrower's control. Eiorrc�wer shall nut dextrc�y, damage or intpair thc
<br /> Propert��, allrnv the Pr��perty to deteriorate, or ccimntit wa;te on tlie Prci�:xty. B��rrc�wer shall he in def.iult if anv fc�rfeiturr
<br /> ae:ticm or proceecling. �ehether�ivil c�r criminal, is hegun that in Lcndcr'� �o��� I:�ith yuJgnicnt rc�ulil re�!.il( ii�'for!'ritun� of thc
<br /> Pro�ert�•or othen4ise materially impz�ir the lien created by this Security Instrumcnt i�r Lcnder's�erurity interest. Hc�rri�wer m.ry
<br /> cure such a defaulY anel reinstate, as provided in paragraph 18. t�y causing the acti�m i�r prc3ceedin��to be dismissed with a rulin�
<br /> that, i,i Ler,cier's ��oc>cl faith deternzination, preclu:fes forleiture of the Borrower's interest in tlie Prc�perty or other muterial
<br /> imp:�iirment of the lien createc, b}� this Security Instrument or Lender's security in;c:rest. Borrower shall also be iiz defaull if
<br />� Borro�ver, durin�the loan application process, gave inaterially false er ��accurate inFnrmatic�n or titatements t� Lender(or fliilcd
<br />� m pro�•idc Lender witL anv inateria� information) in conncction with the !e�n cvidcnrcd hy thc Neitc, including. but n�ri limilccl
<br /> tc�, represcntations concemin� Borrower's �ccurancy of 4he Pmpeny ati a rrinci�al resiJenrr. If thi� Secut•ily Instrumrnt is�ui ;i
<br /> leasehold, E�ormwer shall comply with all thc pmvisions of the lease. (f Born;�wer acynire� lee title tci�thc Property,�.U�_
<br /> leasehold and the fce title shal! not merge unless Lender agree�:to the merger in wriiing. \ '
<br /> 7. Protection of I.ender's Rights in fhe Property. tf Bc+rr��ver fails tu perferrm the c��venants and agreer��ents c�nt:iinrd in
<br /> ttsi�,. Security Instniment, or there is a iegal proceeding that may significantly af'iect Ixndcr's rights in Ihe PropCtty (such as a
<br /> ir;, prcirec�ing in hankruptc��, pr�ihate, I'or candemnation or forfeiture or to enfur�� lawc <�r regulations), then Lender may do aitd
<br />�' pa�, le�r �rhate��er is neccssary ta pri�tect the value of the Pr�ope:rty and Lendcr's rights in thc Prorerly. Lendcr'� artic7ns may
<br /> i�clude paying an} sums secured by a lien w-leidi has priority over this Sr:�curity lnstrument, ap�aring in c:e,urt, paying
<br />�� re•c�sonable attiirneys' fecs ancl entcring on the Property to make repairs. Ahhouch Lcnder may take artion u�zdcr this paragraph
<br /> 7 Lender dues n��t have tc�de�sci.
<br /> An� amounts disbursed 'by Lender under this paragraph 7 shal! beceiine .�dditional debt of Borrc�wer secured bv this
<br />�- S�srurity Instrument. Ufifess B<irrower a�zd Lender agree to .�ther terms of payment, these amounts shall be.�r int�rcst I'rom the
<br />'` d,ite c,f disbursement at tt�e Note rate and shall be payable, with interest, upon no�ice from Lender to Borrrnver reyuest;n�
<br /> It p.ryniertt.
<br />� P,. �tort�age Insurance. lf Lender required mortgage insuranee as a cnndition of making the loan secured b�� this Securily
<br /> fnsrrwnenl. Borrc�wer shall pay the premiu�,ms required ro maintain the mortgage insurance in effect. If', fc�r ;iny rea,on, the
<br /> m;�n�,:iee imurance coverage reyuired by L�°nder lapses or ceases to be in eff'ect, Borcower shall pay the premiumx required to
<br /> ' ohtain c<��vera�c substantially equivalent ro thc rnortgage insurance previously in effect. at a cost subst�intially equivalent tc� the
<br /> `' cc��t tc� [iorr��wer of' the rnortgage irsurance previously in effect, from u�i alternate mongage insurer approved by Lender. If
<br /> , P"�2 0'< form 3028 9190
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