|
y1 .•r.•
<br />' r ','
<br />•r� rc •`:.`,. •,. ... -. `. �.
<br />_
<br />'+ :'sue,
<br />�
<br />'fi'T .'
<br />- ,{tr,AJIJN :•..a..[.w�,•��' .t .rl.ct T. -
<br />:�f.,•1i �•*'.eiY#' l • A
<br />l5LfT1•..4'f•.].�..
<br />u . ..... rH'_ a-w..�
<br />...
<br />• �..
<br />�i�r :�l.r .rrj.Cnt1;)1a��{,•a„ •
<br />...- - -�•�af
<br />- -- -
<br />90- 407103
<br />- � {• v t — �.�nR,
<br />b
<br />i�
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree n follows:
<br />1. Paytasat of Principal sail Interaat; Prepyweat and Late Charges. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Funds forTexes sail lesuraaa. Subject to applicable law or to a written waiver by Lender. Borrower shell 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 />leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums. and (d) yearly
<br />mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the
<br />bars of eurreat data and reasonable eStiimaates of W= e=m items
<br />The Flimb sMU be held inn an ostatuawn the deposits or accounts of which are insured or guaranteed by a federal. or
<br />state agency (includneg leader if Lender is such an institution). Lender shall apply the Funds to pay the escrow iterns.
<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 made or applicable law
<br />requires interest to 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 held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due data 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
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to lender any
<br />amount necessary to nuke up the deficiency in one or more payments as required hy Lender
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply, no later
<br />that immediately prior to the sale of the Property or sea acquisition by Lender, any Funds held by Lender at the time of
<br />application as a credit ageirut the sums secured by this Security Instrument.
<br />2. Apokardoa of Puyesata. 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. ilisrem Iltas, Borrower shell pay Jail 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 nukes thew 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 lasunsece, Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss 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 />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice 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 3O-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 I 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 and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially
<br />change the Property, allow the Property to deteriorate or commit waste. If this 5ccunty Instrument is on a leasehold.
<br />Borrower shall comply with the provisions of the lease, and it Horrower acquires fee titic to the Property, rite ecalcltviu ,ifid
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or
<br />regulations t, then Lender may do and pay for whatever is necessarq w protect the value of tht Property and Lender's rights
<br />in the Property. Lender's actions may include paying any sums secured by a lien which has pnont% naer this Security
<br />Instrument, appearing in court, paying reasonable attorneys' fees and entenng on the Property to make repasrs Although
<br />Lender may take 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 Borrower secured by this
<br />Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from
<br />the date of disbursement at the %*oie rate and shall be payable, with interest, upon notice from Lender to Borrower
<br />requesting payment.
<br />
|