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<br />UwORM COVEMAfTt3. Botmwer' snd Lender covenant and agree Its follows:
<br />1. Paymaat of Prlacipal sad late rettt( Prepaytaeat nod L4111 CMargn, Borrower shall promptly pay when due
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<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />L Funds for Tatra sad laws=. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />due under the Note, until the Note is paid in full, a sum ( "Funds ") equal to
<br />to Lender on the day monthly payments are
<br />of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; M yearly
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<br />leasehold payments or ground rents on the Property, if any; (e) yearly hazard insurance premiums; and (d) yearly
<br />items "escrow items." Lender may estimate the Funds due on the
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<br />mortgage insurance premiums, if any. These are called
<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). Lender shall apply the Funds to pay the escrow items.
<br />Lender charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />may not
<br />Under pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />be the Funds. Unless an agreement is made or applicable lawt
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<br />Lender may agree in writing that interest shall paid on
<br />requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />shall give to
<br />Funds made. The Funds are pledged as additional security for the sums secured by
<br />Purpose for which each debit to the was
<br />this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
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<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due. the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
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<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any
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<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon paymena in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
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<br />any Funds held by Leader. if under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later
<br />than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />application as a credit against the suns secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
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<br />paragraphs 1 and 2 shall be applied. taes6 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 />Borrower shall all taxes, assessments, charges, fines and impositions attributable to the
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<br />4. Gba s; Liem. pay
<br />Property which may attain priority over this Security Instrument, and kawhold payments or ground rents, if any.
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<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall
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<br />pay there on time directly to the t:erson 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
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<br />receipts evidencing tfie payments.
<br />Borrower shall promptly discharge any lien which has priority over th is 4curity Instrument unless Harrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (Q+) contests in good
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<br />faith the lien by, or defends against enforcement of the lien in, lesal proceedings which in the Lenders opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any part el'te Property; or (c) secures from the holder of the lien an
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<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any pan 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 Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
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<br />insured against hiss by fire, hazards included within the term "extended coverage " and any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />be
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<br />insurance carrier prok Wing the insurance shall he - zhosen by Borrower subject to Lenders approval which shall not
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<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
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<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
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<br />all receipts of paid premiums and renewal notices. In the event of toss. Borrower shall give prompt notice to the insurance
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<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 Lenders security is not lessened. If the
<br />be lessened, the insurance shall be
<br />restoration or repair is not economically feasible or Lender's security would proceeds
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<br />applied to the sums secured by this Security Instrument, whether or not then due. with any excess paid to Borrower.
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<br />Borrower abandons t he Property, or does not answer within 30 days a notice from Lender that the insurance carrier ha.
<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 />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 i•n the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resuhing
<br />from damage to the ('rtlperty prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br />Instruir ems imniediaceiy prior to the acquisitior
<br />b. Preservation and ,% laintenance of Property; Leawholds. Borrower shall not destroy, damage or substantialll.
<br />change the Property, allow the Property it- detenorate or commit waste. If ihk,; Secuwt — instrument is on a leasehole.
<br />lioru,*tr shall comply with the rrrvlslorls of the ](ease, and if Borrower acquires fee title to The Property. the leasehold and
<br />fee fide shall not r erge unless Lenderagrees to the merger in writing.
<br />". Protection of Lender's Rights in isle Property: Mortgage Insurance. If Borrower fails to rerfnrm the
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<br />cot enams and agreements coniance -d Li �,,,, �.,:;::, .,,.,,.........,. ,:.......... ._g_. " -- __...� ...- ...._. .� .....
<br />Lender's rights in the Property iuuch as a priweeding in bankruptcy, pnd+ate, for condemnation or to enforce la -• ar
<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 sins secured by a hen which has prionta . %er this Security
<br />Instrument. appearing in court. paying reasonable attorneys fees and entering on the Property to male aelt•airs. Although
<br />Lender may take action under this paragraph 7. Lender does not have to do so.
<br />Any amount <dssburwd by Lender under this paragraph 7 shall become additinnal debt of harrower secured by this
<br />Security Instrument Unkm; Iorrower and Lender agree to other terms of payment. these amounts shall hear interest from
<br />the date of disbursement at the Note rare and %hall be payable, with Imenht, upon mm« from 1 ender to fia:.ro%cr
<br />requesting payment.
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