|
. ,� p pe y acgi�i;�y Lender. an by I;er�titctr�+ct��a� oi'
<br />a uct ion as $ �c; lit against the sums W.:i od by this.Security;f 1 g ent.
<br />3. Ajyp4, "it�titioa_af Payme>ata. Cat ;ts applicable 1aR p %d??+S.otherse. all pan iifa received by Condos ritaer
<br />paragraphs 1 "s Zil- lr ie.appliesd: firs "..'141ate charges due under. t Note; send, to Frepayirrent charges due undi rene
<br />Note; third, to ariwuntsVsi able under pitragraph 2; fourth, to interest due; and fort;, to principal due.
<br />4. CMarps; Liens. 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 2 W
<br />pay them on timedire ctly 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 these 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 Security instrument 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 this Security Instrument. Lender may-give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />S. Hazard lnwranee. Borrower shalt keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the term "exte-o �i ac .eranti ' and any other hazards for which Lender
<br />requires insurance. This insurance shall be maintamed to it : ear >f , tr the periods that Lender requires..Yhe
<br />insuranwe carrier providing the insurance shall be ctcscr, by &)nt,v,wcr sub;ect to Lender's approval which shall not be
<br />unreasonably wiukheld.
<br />All i! w ra+zx policies and renevea:Is shall be acceptable to lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and tenewalg. if Lender requires. Borrower shall promptly give to Lender
<br />all receipts of paid premtumwa and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance
<br />carrier and Leader. Lender may make proof of loss if not made promptly by Borrower. ,
<br />- Unless, llccider and Borrower otherwise agree in writing, insurance proceeds shall he 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 />! resvefation or repair is not economically feasible or Lender's security would be lessened. the insurance proceeds shall 6e
<br />aW.ied 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 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 />postpo ncibe 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 irnm,ediately prior to the acquisition.
<br />6. Pr 1260" SW Maiote once of Property; LeawboWs. Borrower shall not destroy, damage or substantially
<br />? 'Amige the Fregerty, allow the Property to deteriorate or commit waste. if this Security instrument is ort a leasel -.old,
<br />Borrower shat't'comply with the provisions of the lease. and if %rrvmcr acquires fee title to the Property. the leaschoial acid
<br />fee title shalt ttx►4;merge unless Lenderagnvs to the merger in writing.-
<br />7. Phititdioa of Leader's Wiylita+,iii the Property; Mortgage tlnsutavice. If 11orroarr farts tv perfatli'a'i, the
<br />ti; V4nan1% ayifuf peements contained inthis5ecunty lostrument. -rtremisirle jalpreueedingthat may significantly affect
<br />( aSlier's Oa lira to the Property (such as a proceedhig in bankruptcy, probittr , for coridemnati+m or to enforce laws or
<br />lit otttorisr, ilita Lender may do and pay for whatever is necessaq- to protect the value of the Property and Lender's rights
<br />in the Property. Lender'-. actions may include paying any sums secured by a hen which has pritint) otter this Security
<br />Instrument, appearing on court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although
<br />L Lender may take action under this paragraph 7. Bender does not have to do so
<br />Any amounts disbursed by Lender under thm paragraph 7 shall become additional debt of Harrower secured by this
<br />Seeunty Instrument tlnlL%% iirarrower and I.crider agree to other terms of payment, shoe amounts shall bear interest from
<br />the date of desbarsenicia at the %we raic and sttali he pa%at,le, atilt interem, uptin w1twc from i emicr to Itorro%vr
<br />Iequest3iig rayrri nt
<br />NJ
<br />89-�- 105475
<br />UNIFORM CbvENA%T$, Borrower and Lenderccvenant and agree as follows:
<br />f. Payeaaat of PrlachW alto Interest; Prepayment sad Late Charges. Borrower shall promptly pay when due
<br />the pri g ipai of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Fan& for Taxes snot Ietwrwct. 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 />leatsehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums: and (d) yearly
<br />- - — if any Tat iteatsar�e3Iltd "eserut items. 2 Lender nM intimaze the F -
<br />- - - - -- - -
<br />basis ofarrent data and reasonable estimatei of futureescrow items.
<br />The Funds-shall be held in an institution the deposits or atxmunts of which are insured or guaranteed by a federal or
<br />su e-sWency (including under if Lender is such an institution). Lender shall' apply. the Funds, to pay- the, escrow items.
<br />Le ndec nay not charge for holding and applying the Funds. analyzing the account or verifying the escrow items, unless
<br />Le kkr, pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender may "'in writing that interest shall be' paid on the Funds. Unless an agreement is made or applicable law
<br />- requires interesy;ta be paid, Lender 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 additional security for the sums secured by
<br />this Security Instrument.
<br />If the amount of the Funds lidd hy, Lender, together with ;kA future monthly payments of Funds payable prior to
<br />. ; .. • >:: the due dates of the escrow items. shat rt<c�ed the amount required 1p Fay' the, escrow itc.jais when due, the excess shall be,
<br />+ : at Borrower's option, eitW - -p r optly to Borrower or ere x3 tax E� atent7>> trL � ymass Qf Funds. If the
<br />a1 tt of the Funds helcl.V U;nderis not sufficietltt� t�ty the: ester w-, 4ia17<li #o Lender t q
<br />a>j fro nt necessary to make tf?ie deficiency in ono ex t n^r.paYr fi s rexje+a l
<br />Upon ti srolzettt in full of all sums secured by'this tcuri tyr lbw: ,,rgrn it, Lander sha k jma J*14 i,44 t -, 6.6 mrz?ter
<br />aY!F fsrtds, he t )..ender. If under para&t% h 19 tlta Propem'is ~�).u�:sr acquired by Len:�r:;I:ender � ��^� , p.�c�`Wter e
<br />e
<br />thmk ittamedi4 , : nor to the sale of that. ,. rt or its y Funds held
<br />NJ
<br />
|