|
- � !
<br /> �
<br /> ,
<br /> UNDFORM COVENANTS. 8onower and Lender covennnt and Agree�s follaws: �, �9'�'� 1 Q��+�4
<br /> 1. P�ya�e�t ot Princlp�l a�d Interes�Pir=payment�nd Late Charge�. Banowe�r shall promplly pay when due
<br /> the principal ot and interest on the debt evidenced by the Notc and eny prepayment and latc cl�urges duc under the Natc.
<br /> 2. Funds tor T�xa aNd intwnnce. Subject to applicablr law ar to a written waivc�by Lender,Horrower shall pay
<br /> to Lender on the day mantAly p�yments arc due under the Note,until the Note is paid in fuU,a sum("Fund�")equul to
<br /> ont-t�retfth c�t': (a) yearty taxa and acsessments which may attain priority over this Security instrumem; (h) year{y
<br /> � leasehold payme�ts or g�aund rents on the P�operty, if uny; (c) yearly hAZard insurance premiums; and (d) y�early
<br /> � mo�t���e i�s«rnncx�temi�ams.iP a�y.Thrse items are called"escrow items."1Lcndcr may estimatc!he Funds due Qa the
<br /> M�sis of current dat��nd reuon�bte estimates of Puture escrow items.
<br /> The Funds shill be held in an i�stitution the deposits or accounts of which ure insured or guaranteed by a Pcderal or
<br /> state agency(including Lender if Lender is such an institution). Lender shal!apply the Funds to pay the escrow items.
<br /> Lender may not charge for holding and applying the Funds,analyzing the accaunt or veriPying the escrow items. unless
<br /> Lende�p�ys AarcoMer interest on the Funds and applicable law permits Lender to malce such a charge. Borrower and
<br /> Lender may agret in writinE that interest shall be paid on the Funds. Unlcss an agreement is made or applicable law
<br /> tequires interest to be pxid, l..ender shall not bc required to pay Horrower any interest ar rami�gs on the Funds. Lender
<br /> ahall jive to HorroNer,without charge,an annu�l accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose for�vhich ach debit to the Funds was made.The Funda Are pledged as additional security for the sums secured by
<br /> this Securitlr I�strument.
<br /> If the amount of the Funds held by Lender.together with the future monthty payments of Funds payabtc prior to
<br /> tne due datec of'the escrow items,shall ea�r.eed the amount required to pay the escrow items when due,the excess sh..11 b•.
<br /> at Borrower's option.either promptly repaid to Borrower or credited ta Borrov►or on monthly payments of Funds.If the
<br /> , amount of the Funds held by Lender is not sufHcient to pay the escrow items when due,Horrower shall pay to Lender any
<br /> amount necessary ta m�ke up the deHciency in one or more payments as required by Lender.
<br /> Upon payment in full of all sums secured by this Security Instrument,Londer shall promptly refund to Borrowcr
<br /> any Funds held by Lender.lPunder paragraph 19 the Prop�rty is sald or Acq�nie�ed by Lender�Lender shall apply,no later
<br /> than immediately prior to the sale of the Praperty or its acquisition by Lender,any Funds held by Lender at the time of
<br /> application as�credit against the sums secured by this Security Imstrument.
<br /> 3. A*pliqtioa of Payments. Unless applicable law p�ovides otherwise,all payments received by Lender under
<br /> paragraphs 1 and 2 shall be appliod:first,to late charges due under thc Note;second,to prepayment charges due under che
<br /> Not�third,to amaunts payable under paragraph 2;fourth,to interest due;and tast,to principal due.
<br /> 4. Cbarges;Liens. Borrawer shall pay all taxes,assessments,charges,flnes and impositions attributable to the
<br /> . Property which may attain priority over this Security lnstrument, and leasehold payments or ground rents, if any. ::��r
<br /> Horrower 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 dircetly to the peison awed psyment.Borrowcr shall promptly furnish to Lender all notices of amounts � a °;
<br />, ta be paid under this paragraph.If Borrower makes these payments directly.Bonower shall promptly furnish to Lender � ;,;:,.���;:.
<br /> receipta evidmcing the paymrnts. :`r��
<br /> Bonower shall promptly discharge any lien which has priority over this Security Instrumrnt unless Borrowu:(a) �--'-'�
<br /> � agras in wnting to the payment of the obiigstion secured by t6e lien in a manner acceptable to Lender;(b)contests in good - - .
<br /> fiith the lirn by,or defmds against enforeement of the lien ia,legal proceerlings which in the Lender's opinion operate to �; '
<br /> prevent the enforcement of the lien or forfeiture ol'any part of'the Property;or(c)secures from the holder of the lien an
<br /> � agament satisfactory eo Lender subordinating the lien to this Security Instrument.If Lender determinss that any part of =
<br /> the Property is subject to a lien which may sttuin priority over this Security Instrument� Lender may give Borrower a
<br /> i notica identifying the lien.Borrower sha11 satisfy the lien or take one ar more of the actions set forth above within 10 tiays �
<br /> of the giving of notice. '�
<br /> S. Har�rd Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br /> insured against loss by fire.hazards includat 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 shal)be chosen by Borrower subject to Lender's appraval 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 hatve the right to hold the policies and rcnewals.lf Lender requires,Bonower shall promptly give to I.ender
<br /> j all rcceipts of paid premiums and renewal notias. In the event of loss,Borrower shall give prompt notice to the insurance :��
<br /> csrrier and Lrnder.Lender may make�proof of loss if not made promptly by Borrower.
<br /> (,--
<br /> Unless Ixnder and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration or re}�;air ;;:�;i�;
<br /> of the Property damaged,if the restoration or ropair is economically feasible and Lender's security is not lessened. If the '
<br /> nestoration or repair is not economically feasible or I.ender's security would be lessened.the insurana procads shall be
<br /> applied to the sums secured by this Security Instramont,whether or not then due.with any excess paid to Bonower. If ..-
<br /> ; $orrower abandons the Property,or docs not answer within 30 days a notice from Lender that the insurance carrier has �
<br /> � otfered to settit 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 Secarity Instrument,whether or not then due.The 30-day period will begin
<br /> j when the notice is given.
<br /> fU�iess Lender a�d Sorrower oEi�erwix agrce in writing,any application of proceeds to principal shalf 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 ar.quired by L.tnder,Borrower's right to any insurance policies and proceeds resulting
<br /> � from dama�e to the Property prior to the acquisition shall pass to Ixnder to the extent of the sums secured by this Security
<br /> ' Instru�neni immodiatcly prior to the acquisition.
<br /> 6. Preservation�ad Aialntennnce of Property;Leaseholds. Borrower shall not destroy.damage or substantially
<br /> change the Property. allow the Property tu deteriorate or commit waste. If this Security lnstrument is on a leasehold,
<br /> Barrower shall comply with the pra�isions of'the lease,ar�d if Borrower acquires fee title to the P�operty,the leasehold and :-_ =-- -
<br /> : fee title shall not merge unless Lrnder agees to the merger in writing. �
<br /> , 7. Peotectioe of Lender'a Righta in the Property; Mortgage Insurance. If Borrower fails to perform the
<br /> ' covenants and agrcements contained in this Security Instrument.or there is a Iegal proceeding that may significantly affeci ;
<br /> � Len�er's rights in the Property(such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or '
<br /> , regulations),th�n Lender may do and pay for whatever is necessasy to protact the value of t�e Property and Lender's rights
<br /> in the Properiy. Lender's actions may include paying any sums secured by a lien which has priority over this Security �
<br /> � lnstcumrnl.appcarir�g in court.paying reasonable attorneys'fees and entering on the Property to make repairs.Afthough
<br /> L.ender may take action andet this paragraph 7,Lender docs not have to do so.
<br /> Any amounts d�sbarsed by l.ender under this paragraph 7 shall become add�tional dcbt of Borrower secureci by this ."�`
<br /> 5ecuriry 1nsLrument.i.3�less$orrowet and Lender agree to other terms of payment.these amounts shall bear interest from �
<br /> the date of disbursement at the '.�3ote rate and shall be payablc, with intcrest, upon n�tice from Lender to t3urrowcr
<br /> requesting payment. .
<br /> �!.
<br />. x.. .
<br /> �
<br />
|