|
10545,
<br />UNIFORM COVE vANTS. Borrower and Lender covenant and agree as follows:
<br />11. Ihytatant of prinew aM intwed Pre}ttyMatt anti Late Charges. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Noteand any prepayment and late charges due under the Note.
<br />2. Fdok for Taxes tit W Itt"w a�ee. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Lander on the day monthly payments are due under the Note, until the Note is paid in full, asum.( "Funds" )- equal'to
<br />one- twelfth of (a) yearly taxes and assessments which may attain priority over this Security Instrutnink (5),i yearly
<br />leasehold payments or ground rents on the Property. if arty; (c) yearly hazard insurance presrtiurns; ar4- ( +O yearly
<br />-- " . ma insurance premiums it any. Tai a €u ;, d3ecir
<br />basis o(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 guar. ant .ed by a federal or
<br />state agency (including Lender if Lander 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 shall be paid on the Funds. Unless an agreement is mada, & applicable law
<br />- — requires interest to be paid, Lander shall not be required to pay Borrower any interest or earnings on, the Funds. Lender
<br />shall 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 addiucn5l security #pr the sums secured by
<br />this Security. Instrument.
<br />If the amount of the Funds heW;t,# &=do,,-W#edher with the future monthly Faymcho of.Fti atr� � Ie: -; r to
<br />the due dates of t( escrow it ti:, shall ex t ice'. required to gnu the escrow items ashen dam. tits eaices� :be,
<br />J... ., , r or ctec$S f w
<br />r • . at:Borrower'si , iii, eitkcr pitttpxIy relPaiidtLe� skcrcpwer on mcT!,pagmerttsof Ftits..iiitnis
<br />atr�attnt of flat ei t irn# (telel� b . �;- ider is m Vii' fi trri4 a,. pay tPe esr'c!,^� a, �s cserc Our, .13w 4ir shall pay to Leader Amy
<br />t ` ; ti"sn�iitn defickp) if-s;r m mare paymet^
<br />ZTPon ptiynient in.fWr.,,c'aU swrs�i:t nftr=r;Security Inst:Litt,�?fi „L�er shall promptly refund to Borrower
<br />WV.Vr14nds held by Lender: If under parsgat i` i tl,% L''rnperty is sold or acgaired by Lender, Lender shall apply, no later
<br />;psi �mediuwly prior to the sale of the C�sperty or its acquisition by Lender. any Funds held by Lender at the time of
<br />azcation as a credit against the sums secured by this Security Instrument.
<br />3 ANlic'atkw of L?!Itytat oM Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. Charms L.ieas. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument. and leasehold payments or ground rents. if any.
<br />Borrower 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. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. If Borrower makes those payments directly, Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security4ristrument unless Borrower: (a)
<br />agrees in writing to the 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 part of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory. to Lender 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 dills Security Instrument, Lender may give Borrower a
<br />ncdce identifying the lien. Borrower shaU satisfy the lien or take rwe or more of the actions sot forth .Abvic within 1`3 days
<br />t:f'the giving of notice.
<br />S. Hazard Insurance. Borrower shall kecl�) nfrr improveiments now existing or hcter erected on the Property
<br />insured against loss by fire, hazards inclu":d within tht term "exceeded coverage' and any o later hazards for which Lender
<br />requires insurr;tttite. This insurance shall' be maintained in tlx: utaounts and for the pe6 x 'i that Lender requsse<..The
<br />intsurance canner providing the insurance shall be c&ftn by B mower subject to Lender's approval trv!tich shai. ctyt be
<br />tasyeasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a stand,;.r& rlortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If D. nder requires, Borrower shall prey q,�k 1y give to bender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt noa-c_— to the insurance
<br />carrier and Lender. Lender may make proof of loss 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 />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums 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 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 JO-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 Lender. Borrower's 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 />6. Preservation aid Maintenance of Property; Leasehokb. Borrower shall not destroy, damage or substantially
<br />change the Property, allow the Property to deteriorate or co:naiit waste. if this Security Instrument is on a leasehold.
<br />Borrower shall comply with the provisions of the terse., and if &ire saver acqu4 es fee title tot,-n. Property, the leasehold and
<br />6m• title shalt not merge unless lender agrees to tt.emergar is
<br />7. t'taection of Lender's Rights In the I?rerty ; Insurance. if la%'�rc �xe� ` t,5 l+ertimr. the
<br />” 4;'+ d' LAIatJPirtleajyreements contained in thereisa legal pm(:r:'- SI: i- Zs`'"<3- ':�:a ;ftIli :;twljaffect
<br />E&0i s'i~iglit.s'in the Property (such h =,n a [ : �; � " ~g in bankn pity. ;-r•` cc: ;'4e—nnat ;M' r :`: enforO: T w i or
<br />r Vp Iationi), then Lender cit y do and �a:'t"�•r, n1-ai sti w: is nece .leis ra prate rl'�c a:: nf the Properrl nd Lender's nght%
<br />iv.Ohc Property. Lender'v- uctions may is-n-Nde pay rtg any ,ants secured by a lien which has priority over thi% Security
<br />instrument, arlwaring in court, payirt reusonaMe attorneys' fceti and entering on the Property to make repairs .Although
<br />Lender may eake 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 Worm%cr secured by this
<br />;Set:
<br />.urrty Instrument. Unless Borrower and lender agree to other term% of payment, the,.c amounts shrill bear interest from
<br />eli-e date of disbursement at the Note rate and shall he pa)able, with interest. upon nnttce from I ender to ltorrttwer
<br />requottnR payment
<br />t
<br />x
<br />1'
<br />t
<br />
|