|
i:
<br /> i �
<br /> 89---ios�45
<br /> IjNIFORM COV£tvA�v1's l3orrawzr and I.ender corenant and agree as Patlow�s:
<br /> � 1. P�gmsat of Prinripal end Interat;Prep��:meat�nd l.ate Char�es, Borr�wer shall pramptly pay when due
<br /> the pnncipal of and interest on tAe debt evidenced 6y the Nate and any prepayment and late cha�ges due undet the Nate.
<br /> 2. Funds tor Taxes�nd lnsurnnce. Subject ta Applicable law ar ta a wntten waiver by I.ender.Aorrower shall pay
<br /> to Lender on tht day monthly payments are due under the Note,until the Note is paid in full,a�um("Funds")equai to
<br /> one-twelfth ofi (a�yearly taaes and assessments which may attain priority aver this Security Instrument; (b) yearly
<br /> lasehold payments or ground rents on the Property, if any; (c) yearly hazard ia�surance premiums; and (d) yearly
<br /> mortgage insurance premiums.if any.These items are callcd"escrow items."Lender may estimate the Funds due on the
<br /> basis af cunent data and ressonable estim�ta of future escrow items.
<br /> The Funds shall be held in an institutian the deposits or accoimts of which are insured or guaranteed by a Pederal or
<br /> state sgency(including Lender if I.ender is such an institution). Lender shall apply the Funds to pay the escrow items.
<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 Iaw permits l.ender to make such a charge. Bonower and
<br /> : Lender may agree in writing that interat shall be paid on the Funds. U�less an agreement is made or applicable law
<br /> requires interest to 6e paid, Lender shall nai be required to pay Bonower any interest or earnings on the Funds. Lender
<br /> shaU give to Borrower,without charge.an annual accounting of the Fvnds shawing credits and debits to the Funds and the
<br /> purpose for which each debit to the Funds was made.The Funds are pledged as additionul security for ths sums sccured by
<br /> this Secwity Instrument.
<br /> ii'ine uRwun�vi'rIte ruads helo ay iender.�ogether with the iuture monthiy payments ot Funds payable prior to
<br /> �� the due dates of the escrow items�shal!exceed the amount required to pay the escrow items when due,the eacess shall be,
<br /> at Horrower's option.either promptly repaid to Horrower or credited to Borrower on monthly payments of Funds.lf the
<br /> unount of the Fnnds held by Lender is not sufficient to pay the escrow items when due,Borrower shall pay to Lender any
<br /> unount necessary to make up the deficiency in one or more payments as requirzd by Lender.
<br /> Upon payment in fuA of a1)sums secured by this Security Instrumcnt.Lender shall promptly refund to Borrower
<br /> any Funds held by I.ender.lf under paragraph 19 the Property is sold or acquired by Lender.Lender shall apply.no�ater
<br /> than immediatdy prior to the sale of the Property or its acquisition by Lender,any Funds held by l.ender at the time of
<br /> application as a credit sgainst the sums secured by this Security Instrument.
<br /> 3. Applicatloo of Payments. Unless applicable law provides otherwise.all payments received by Lender under
<br /> pasagraphs 1 and 2 shal!be applied:first.to late charges due under the Note;second,to prepayment charges due under the
<br /> Notr,third,to amounts payable under paragraph 2;fourth,to interest due;and last,to principal due.
<br /> 4. CLargex Leas. Bonower shall pay sU taaes.assessments,charges, fines and impositions attributable to the
<br /> Property which may attain priority_o�er this Security Instrument, and leasehold payments or ground renu. if any.
<br /> BorroMer shall pay thae obligations in the manner provided in paragaph 2.or if not paid in that manner,Borrower shall
<br /> ��i iucui Cu�iitnc 4'�jiia:iiji iV�i�C�7Ct�n UwCO�78�IHICIIL.1f�TrOWG7 SII�1 piOAlptly IU17115}I t0 I.CRQQ 31I 11�itCCS 0�8iIi0IIDL5
<br /> to be paid under this psragraph.If Borrower makes these payments directly, Borrower shall promptly furnish to Lender
<br /> rxeipts evidrncing the payments.
<br /> Horrowrcr shall promptly discharge any lien which has priority over this Socurity lnstrument unless Borrower:(a) :
<br /> agras in writing to the paymrnt of the obligation secnred by the lirn in a manner acceptable to Lender;(b)contests in good "�c
<br /> fiith the lirn by.or defrnds against enforcement of the lien in,legal proceedings which in the Lender's opinion operatc 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 /> •: s�.
<br /> sgrament 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 Secunty Instrument, L.ender may give Bonower a
<br /> natia identifying the lien.Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days c.
<br /> of the giving of notice.
<br /> S. Huard Insuraece. Borrower shall keep the improvements now existing or hereafter erected on the Property ;
<br /> insured against loss by fire,hazards included within the term"eatended coverage"and any other hazards for which Lender .
<br /> requires insuru►ce. 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 /> unressonably withheld. ,� .
<br /> All insurance poliaes and renewals shall be acceptable to Lender and shall inclu�e a standard mortgage clause. ,
<br /> Lender shall hsve the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender '
<br /> all receipts of paid premiums and ren�wal notices.ln the event of loss,Horrower shal!give prompi 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 agra 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 rtpair is reot economically feasible or I,ender's security would be lessened, the insurance proceeds shall be
<br />, applied to the sums secured by this Secwity lnstrument.whether or not then due,with any eacess paid to Borrower. If
<br /> Borrower abandons the P:operty.o:docs nat answer�.�th;a 30 deys a notice from Lender that the insurance c;arrier f�as
<br /> o�'ered to settle a claim,thrn Lender may collect the insurance proceeds.Lender may use the procuds to repair or restore
<br /> the Property or to pay sums secured by this Security Instrumrnt,whether or not then due.The 30�day period will begin
<br /> when tha notia is givtn.
<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 paymen*s.lf
<br /> under paragraph 19 the Property is acquirod by L.ender.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. Praerration:nd Mdntenance ot Proper�;I.easeholds. Bonawer shall not destroy,damage or substantiaily
<br />- change the Prapeny.allow the Property to deteriorate or commit waste. If this 5ecurity lnstrument is on a leasehold,
<br /> Borrower shall comply with the provisions of the lease.and if Borrower acquires fee title to the Property,the leasehold and
<br />. fa title shall eat merge unless Lender agrees to the merger in writing.
<br /> 7. Protection of Lender's Rights in the Property; Mortgage lnsunnce. If Borrower faiis to perform the :�'
<br /> covenants and agreements contained in this Secunty Instrument,or there�s a legal proceedang that may sigmficantly affect «
<br /> L Lender's rights in the Propetty (sueh as a proceeding in bankruptcy, probatt, for condemnat�on or to enforce laws or �
<br /> regulations),then Lender may do and pay for whatcver�s necessary to protect the value of the Praperty and Lender'�nghts �,
<br /> in the Property. [.ender's acuons may �nclude paying any sums secured by a lien wh�ch has pnnruy o�•cr this Sccunty n,
<br /> Instrument,appearmg in coun,pay�ng reasonable attarneys'fees and entenng on the Property►o make repair� Although �(,O
<br /> Lendrr may take action ander th�s paragraph 7.Lender does not have to do so �!�'�
<br /> Any amc�unts d�sbursed hy l.ender under th�s patagraph 7 shall become additionai deM��I H�+n�wet�ecured by th��
<br />" Secun�y lnstrument Unlesc Botrnwer and I.ender agree ta other terms af payment,thete emc,uu«�naU hcnr m�errtii tn�m
<br /> tht date nf d�st+urxm�nt �t the Nc�te ta�e and shall be payable, w�ith mtere�t. u�:m nnt�.e frc�m ( cn�er t+� Hnrr�+wcr
<br /> te�yuest�ng payment
<br /> _�
<br />
|