|
tiia1K*mCorrF%iA %Ts. &xrower and Lender covenant and agrq'ooic(al1*k'' ... �QQQ 105509
<br />1. PalrMtaatt K Priatipat natal lawlet Prapatywaat atad Wit 4*Wwlai:,. 1110 9Wer�lArpromptly pay when due
<br />tbcprincipal ofaad interest an the debt evidenced by the Note and any prepsymenlapi'd file charges due under.the Note.
<br />2, B�iattda tlerTax a tuna laasrartee. Subject toapplic" law or tea ;weltinr wail er by Lender, Borrower shall pay
<br />to Lender on the day monthly payments are due tinder the Note. until the NOV 44 paid in full, a %urn (•'Funds") equal ro
<br />• oae•twetlttt of (a) yearly taxes and assessments which may attain pwiaritu .zn fit' : #his Security Instrument; (b) yearly
<br />- .latarreitritid-payments or ground rents--m the Property; if any; {e).- yeariv. ha=44nsuraace pr emi ums; and ((d).yrariY _...__.._..
<br />�netatNa last &vm piteiniunts. if any. These items arc called "tscr+aw ittzttt '; ,eiulrr may c tirnate -the )Funds due on the
<br />besisoofctttnentd ind tutntates uturcescrvwitenrr; - - -- — - - -- - . - ,
<br />Mie Funds shall be held in an institution the deposits or accounta v which are insured or guaranteed by a federal or
<br />state ajerrcy (including Lender .if tender is such an institution): Lender shall apply the Funds to pry the escrow item.
<br />Leisiki say iw'd arrV for hWdii 4nd applying the Funds. analyzing the account or- verifying the escrow-_ items- unkso-
<br />Leader pays Borrower interest on the Funds and applicable law petrttxt6- 14nder to mane such a chur. Borrower and .
<br />Ijentda may agree in writing that interest shalt be paid on the Fun&.Ci"A'*' an agreement is made or appal Ale law .
<br />requires interest to be paid, Lender shall not be required to pay Roffower any:diiterest or earnings on the Funds. Under
<br />r shall give to Borrower, without charge, an annual accounting of the Fundy showing credits and debits to the 1(+unds std the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as *dilltional seeurity,for the suv* secured by
<br />this Security instruttsent. ,.
<br />i If the amount of the Funds held by Lender, together with the futurc'motAly payments of Funds payable prior -to .
<br />the due dates of the escrow items, shall exceed the amount required t3o.gay the escrow items when due, the excess shall be,
<br />at Borrowers option, tither promptly repaid to Borrower or creditello-Borrower on monthly payments of Funds. If the
<br />amount ofthe Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to Lender any
<br />amount accessary to make up lire deficiency in one or mote payments its required by Lender.
<br />Upat payment in full of all sums secured by this Security- Instmment; Lender shall promptly refund to Borrower
<br />' any Funds held by lender. If under paragraph 19 the Propem} it, sold oracquired by Lender. Lendershall apply, no later
<br />than immediately prior to the sale of the Property or im acquititioti -by-1 ender, any Funds held by Lender at the time of
<br />application as acraedit against the sums secured by this Seeudr Instrument.
<br />3. Application of Payesests. Unless applicable lase provides otherwise, all payments received by Lender under
<br />paragraphs l and 2 shall be applied: first, to late charges drtc 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. Charges: Lieha, BwT"er shall pay all taxis, assessments. charges, floes and impositions attributable to the
<br />Property_ which may attain pria6ty. over this Security, instrument, and leasehold payments or ground rents, if any.
<br />s Borrtriir.shall pay these obligations in trio manner prrtvidi 1 in paragraph 2, or if not paid in that manner. Borrower shall
<br />' pay 4m time directly to the person owed. payment.. t3amwer shall promptly ;fug nish to Lender all notices of amounts
<br />to be paid under tills paragraph. It &strewn makes these •payments directly. Bpr .wer shall promptly furnish to Lender t '
<br />J. receipts evldrrx�t�dfe paytrnnts. ,, •
<br />Bwower diali promptly dischar7p any lit h which has priaritl oLer this Security Instrument unless Borrower: (a)
<br />afire .i p�ritiirg to the payment of the cbiigatinn secure d by the lien in a manner acc:ptabie.t o Lender; (b) contests in good
<br />J faith. thi-1 m by, or defends against enforcement of the lien in. legal proceedings which in the Under's opinion operate to
<br />prevent'tl a enforcement of the lien or lotfcature of any part of the Property; or (c) secures fro, �:% holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender 62f* :rt that any part of
<br />i fire kr?rty is subject to a hen which-may attain priority over this Security Instrument, Lender rasay give Borrower a
<br />notiC+e.J i pntifying the lien. Bormwer shkil satisfy the liM or-take one or more of the actions set forth above within 10 days
<br />j of thc,ylai( "g of notice.
<br />:. [heard Iasttraace. Harrower shall, keep th. rtriprovertemmk:now existh, g or hereafter erected ch be Property r„
<br />: insured ag� 113%by fire, hazards included. wichin the term "exteridipf coverage' and any other hazards for which Lernrrl=r' .
<br />4 requires insuranc, � This insurance shall b& omintained in the armitints, and for the periods that Lender requires. Tb*t
<br />1 insutaac�e,camer providing the insurance shall be chosen by Boni ' ir'subject to Lenders approval which shall not bye
<br />unreasCiiably withheld.
<br />Wl insurance policies and renewals shall be acceptrlble to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If L.emkr requires, Borrower shall promptly give to Undgr
<br />all receipts of paid premiums and renewal notices. In the orient of loss, Borrower shall give prdiing notice to the insuraciiu^ -�
<br />carrici�ad Lender. Lender may make proof of loss if not iisurie promptly by Borrower.
<br />B3itless Wider and BcTrsv rr otherwise agree in wtsrir:g, insurance proceeds shall be applied to restcra6'm or repair
<br />of their Property tic maaged. if the restoration or repair is economically feasible and Lender's security is not imsened. If the -
<br />i restoration or repair is not economically feasible or Lender's security: would be lessened, the insurance proceeds shall fsi.
<br />applied to the sums secured by this Security Instrument, whether or soot then due, with any excess paid to Borrower #!f -
<br />Borrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier hiss
<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 pe6td will begirt
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not exterid4')r•
<br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the p3ym,:tits: If
<br />under,paragraph 19 the Property is acquired by Linder. Borrowers right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shaft pass to Lender to the extent of the sums secured by this Security
<br />' In sthnnent immediately prior to the acquisition.
<br />i. Prewvation and Maktteaau a 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 on a leasehold,
<br />Borrowet shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Praaleettaa of Leader's Rights in the Property; Mortgage Insurance. If linrro�wer fails to perform the j
<br />covenams #td agreements contained in this Security Instrument, or there i% a legal proceeding that may significantly affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy. probate, for condenination or to enforce laws or f
<br />_t
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's, rights
<br />in the Property. Lender's actions may include paying any gums secured by a lien which has pnoruy over this Security
<br />iastruntient, appearing in court, paying reasonable attorneys fees and entering on the Property to make repair;. Although
<br />Lender may take action tinder this paragraph 7. Lender does not have to do w.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrow cr wcured by IN-.
<br />Security instrument. Unless Borrower and L.crider agree to other terns of payment. these anrournts shall tzar intertfa from
<br />the date of disbut-wment at the Mote rate and shall tx payable. with antetem. upon noise fronrs Under to i orrouer
<br />retluesttng payment. '�
<br />
|