|
1 �
<br /> �g...106514
<br /> iJNiti��t�t C�vc�tnivTS. Burrowrr unci Lender cove,�+�u�t as►d r+gr�as faltowa:
<br /> (� 1. PAymcat ot Prluet�l aad 1at�xe�t;Przp�yment an8 Late G9atsQes. 8arrow:r sha!! promptly pay when dac
<br /> � the�rincipal of end interest on the debt evidenced by the Note and any prepayment and lat=charges due under the Note_
<br /> 2. Fl��tar Texa�ad Iu�qrasce. Subject to�pplicable law ar to a written w�iver by Lender.Borrower shsll pay
<br /> to Lender on the day monthty payments t�e due und�r the Note�untii the Nate is paid in full,a sum t"Funds")equsl to
<br /> one•twelRh oG• (a�ya�ly wces and assessments which may attain priority over this Security lnstrument; (b) Year�y
<br /> lwehold psyments or ground rents nn the Property, if any; (c)yearly hazard insurance premiums; and (d) yearly
<br /> mort�e insurance premiums,iP any.Thae items are called"esesow items."Lender msy estimate the Funds due on ihe
<br /> buis ot'cumnt dats and reuanable atimates of future eserow items.
<br /> The Funds shall be held in an institution the deposiu or acconnts of which ue insured or guaranteed by s�federal or
<br /> sute a�rncy(including Lender if Lu►der is such an institution). Lender shaq apply the Funds to p�y the escrow items.
<br /> Lendcr m�y not chuge for holding and applying the Fur,d�,analyzing the sccount or verifying the escrow items,unlas
<br /> Lender pays Borrowet interat oa the Funds and applicable law permits Lender to m�ke such a chuge. Dotrower and
<br /> Lender may agra in w�iting that interest shall be paid on the Funds. Unless un Agreemrnt is made or applicable lsw
<br /> requires interest to be paid, Lendcr shall not be roquired to p�y Bonower any in:erest or arnings on the Funds. Lender
<br /> sLala�ive to Hornower.without charge,an snnual accounting of the Funds showing cre�its and debits to the Funds and the
<br /> purpose for which each debit to the Funds was taade.?he Funds are pledged as additional security for the sums securod by
<br /> tbis Security Instrnment.
<br /> If the unount af the Funds held by Lender,together with the fnture monthly paym�nts of Funds paysble prior to
<br /> the due dates of the escrow items,shall eaceed the amount required!�pay the escrow items when due,the eacess shall be,
<br /> at Borro�rer's option,either promptly repaid to Borrower or creditod to Horrower on monthly payments of Funds. If the
<br /> unount o�the Funds beld by Lender is not sufficient to pay the escrow items when due.Honower shall pay to Lender aa�y
<br /> amount necessary to mske up the deficieacy in one or more psymenu as required by I.ender.
<br /> Upon payment in fuU of all sums secured by this Security lnstrument,Lender shall proiaptly refund to Bonower
<br /> any Funds held by Lender.If under puagr�ph l9 the Property is sold or acquired by Lender,Lender shall apply,no later
<br /> thu�immedistely prior to the s�ele of the Prapesty or its acquisition by�nder,any Funds hetd by Lender at the time of
<br /> application u a credit against the sums secwed by this Security Instrument.
<br /> 3. A�ikadoa ot Pay�eats. Unless applicable law provides otherwise,all p�yments received by Lender under
<br /> pangraphs 1 and 2 sha�l be applied:flrst,to late chuges due under the Note;second,to prepayment chvges due under the ,
<br /> Not�thlyd,to amounts payable under puagraph 2;fourth�to interest due;and last,to principal due.
<br /> 4. CL�es;I.ies�. Borrower shall pay all taxes,assessments,charges,flnes and impositions attributsblo ta the
<br /> Pmperty wlucb may att�in priority,over ttus Security Instrument� and.leasehold payments or ground renu, if any. .
<br /> Homo�rer shaU psy ihese obligations in the manner provided in paragraph�,or if not paid in thnt manner.Borrower shvl ; ,.
<br /> �-- ° • ..------ � .. � � .. �_.a � .•,.... _-_��'
<br /> pi�iucui vn uuic V'�"aiit'uj w'su�}�tiaou�3viiix"S}rii u�@i�t.n'vil�irici a��l�!rl11l�U�tMT1tW�t tt�i11.tlY�Ytj RG•i�w.�:.F�f;sOL'f3� ;.�;`�,
<br /> to be paid uada this paragraph.If Borrowa makes these payments diroctly,Borrowa shall promptly furnish to Lender ;
<br /> receipts evidencing the paymrnts. k r.-
<br /> HorroMer shall promptly dischagge any lirn which hac priority over this Socurity Instrument unless Borrower:(a) ' _
<br /> a�in w►riung to the psymeat of the obGgation secwod by the lien in a manaer acceptable to Lender,(b)wntests in good � _
<br /> fsith the lien by,or defends against enforcement of the lien in.legal praceedings ahich in the i.ender's opinion opente to -
<br /> � prevmt the enforament of the lien or forfeiture of any put of the Property;or(c)secures from the holder of the lien an '��
<br /> � �greanrnt sitiafaetory to Lcnder subordinating the lirn to this Security Instrumen�If Lendoc determines that nny put of �i�
<br /> tbe Ptoperty is subject to a lien which may attain priority over this Security Instrument, Lender msy give Batrowet a
<br /> notioe ideutifying the lien.Horrower shall satisfy the lien or take one or more of the actions xt forth above within 10 days
<br /> ; of the�ving of notioe. `
<br /> S. Hasard Insrrsiece. Horrower shall kap the improvcments now existing or here�,tter erected on the Property �
<br /> insured against loss by fire,hazards inctudod within the term"eatended coverage"and sey other hazards for which I.ender f_ '
<br /> tequites insurance. This insurance s1ia11 be maintained in the amounts and for the periods that Lender requires. 7'he t - .
<br /> insuraa�e carrier providing the insurance shall be chosen by Bonower subject to Lender's approval which shall not be •
<br /> unraaonably withheld. � .�-
<br /> AU insurancr policies and renewals shall be soceptable to Lender and shall include a standard mortgage clause. �:'���
<br /> Lender ahall have the right to hold the policies and renewals.If Lender roquira,Horrower shall promptly give to Lender '��` �
<br /> . all raccipts of paid premiums and renewal notices.In the event ot'loss, Borrower shall give prompt notice to the insurana " ,
<br /> � csrrier and Lender.Lender may make proof of loss if not made promptly by Horrower.
<br /> , Unless Lender and Horrower otherwise agra in writing,insurance proaeds shall be applied to restoration or repair ��-
<br /> of the Property dsmaged,if the restoration or repair is economically feasible snd Lender's security is not lessened. Jf the
<br /> ratora¢ion or reptir is not economiqlly feasible or Lender's security would be lessened,the insurance proceeds shall be
<br /> ipplied to the sums secwed by this Security lnstrument,whether or not then due.with sny excas paid ta Borrower.If
<br /> Harsa�vtr abandoas thc Praperty,as does not answcr within 30 daya a notice t'ram Lerider that the insurance casrier has
<br /> _ olFered to settle a claim,thrn Lender msy collxt the insurance procads.Lender may use the proceeds to repair or restore
<br /> _ tbe Property or to pay sums socured by this Security Instrument, whether or not then due.The 30-day period will begin
<br /> Mhen the ttotice is given. �
<br /> Unless I.ender and Boirower atherwise agee in ariting.any application of procads to principal shall not eatend or
<br /> postpone the due date of the monthly payments referred to in paragaphs 1 and 2 or chang�the amount of the payments.lf
<br /> � under paragrsph 19 the Property is acquired by Lender.Borrower's right to any insurance policies and proceeds resulting
<br /> ftom datruge to the Property prior to the acquisition shall pass to Lender to the extent of the sums securod by this Security
<br /> Instrumtnt immediately prior to the acquisition. ' - -T
<br />- 6. Praenation and Maintenance of Property;Leaseholds. Honovver shaU not destroy.damage or substantially
<br /> change the Proprrty,allow the Property to deteriorate or commit waste. If this Socurity ]nstrument is on a leasehold, ;
<br /> Aorrower shall comply with the provisions of the lease.and if Bonower acq�ires fee title to the Propeny,the leasehold and •
<br /> �'a title ahaU not merge unless Lender agrees co the merger in writing. �
<br /> 7. Protection ot Lender•s Ri�6b in the Prooerty; Mort�ge Insurance. If Borrower fails to perform the
<br /> oovetu�nts and agreoanents contained in this Socurity Instrament,or there is a lega)proceeding that may signiflcantly af!'ect �
<br /> � Lender's riahts in the Propeny (such as a procading in bankruptcy. probate, for condemnation or to enforce laws or
<br /> reEulationa),then I.ender may do and pay for whatever is necessary to protect the value of the Propeny and Lender's rights
<br /> in th� Property. l.ender's actions may include paying any sums secnred by a lien which has prionty over th�s Secunly �
<br /> , Instsument,appearing in court.paying ressonable attomeys'fees and entering on the Property to make repavs.Allhough ��p�
<br /> Lender may take action under this paragraph 7,Lender does not hsve to do so. ���
<br /> A�y amounts disburstd by Lender under this paragraph 7 shaU become add�t�onal debt of Eiormwer secured by th�s • �' �'
<br />. Secunty Instrument. Uniess Borrower and Lender agree to other terms of payment,thcKe amounts chall hear interect from r' "
<br /> the date of disbutsement at iht tiote rate and shal) be pa�•able, with �nterest, upon nvuce from Lender t� Nurruwer
<br /> requescing payment.
<br />. �
<br />
|