|
_�
<br /> 1 �
<br /> I
<br /> � $��ias�s�
<br /> UNIFQRM COV6NAN'V'S Borrower and Lender cuvetiant and ngree as foliciw.r: '"
<br /> 1. P�yment o!�iacipid�nd later�h,Prepayment and I.ate Chf�rges. Barrnwcr�hall promptly� pay� u�hen due
<br /> !he princi�l n�anci int�revt on the clebt evidencecl hy Ihe Note and eny�rep.�yment�nd late char�ec dur�►ndcr thc Nnte.
<br /> � 2. Funds for Tares and lnt�rante. 5ubje.^.t ta applicahle law as t�a w•rittcn w;�iver hy Lendei,R�rrower chiill pray
<br /> to Lender on thc day monthly payments are dtie under t!►e Nate,���til the Nate is paid in full,u tium("Fundc')eyual to
<br /> one-twetfth af: (a) yearly taxes and assessments which may attain priorisy �ver this Security Ins�rurnenr, (b) yearly
<br /> le�sehald payments ar ground rents on the Praperty. if uny; (c) yea�•ly 1�azard insurance premiums; and (d) yearly
<br /> mortgage insurance prcmivms,if any.These i►cros arc caltcd"escraw items."Lender may estimate the Fwids due an the
<br /> b�sis af current data a�d reaso�able estimates of'Puture escrow items.
<br /> The Funds sha116e held in An institution the deposits or accaunts of which are insured ar guuranteed by a federal ar
<br /> . state agency(including Lender if Lender is such an institution). Lender shalt apply the Funds to pay the escrow items.
<br /> Lrnder may not charge for holding and applying the Funds.analyzing the account or verify ing the escrow items,unless
<br /> Lender pays Borrowtr inierest on the Funds and applicable law permits I.onder ta 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 !aw
<br /> requires interest to be}�aid. Lender shall not be required to pay Borrower any interest or earnings on the Funds.Lender
<br /> shall give ta 8orrower.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�+ledged as additional security far the sums secured by
<br /> this Security]nstrument.
<br /> IP the amount of the Funds held by Lender,xogether with the future monthly payments as Funds payable prior to
<br /> the due dates of the escrow items,shall exceed the amaunt required ta pay the escrow items when due,the excess shall be,
<br /> at Borrower's option,either promptiv renaid to Bc�rrawer ar credited to Rorrower�n monthly naymentc�f Fun�ic. Tf 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 /> amow�t necessary to make up the deficiency in one or more payments as required by Lender.
<br /> Upan payment in full of all sums securcd by this Security lnstrument,Lender shall pru,uptly refund to Borrower
<br /> any Funds held by L.ender.If under paragraph 19 the Property is sold or acquired by Lender. Lender shal!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 sums ser.ured by this Security Instrument.
<br /> 3. Application of Psyments. Unless applicable law provides atherwise.all payments received by Lender under
<br /> paragraphs i and 2 shal)be applied:first.to late chargEs due under the Note;second,to prepayment charges due under the
<br /> Nate;third to amounts payable under paragraph 2;founh,to interest due;and last,to principal due.
<br /> 4. Charges;Liees. Borrower shall pay all 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 obligatians 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 shap promptly furnish to Lender all notices of amounts . .
<br /> to be paid under this puragraph.IP Horrower makes these payments directly.Honower shall promptly furnish to Lender , '
<br /> �. •_:
<br /> receipts evidencing the payments. ,,,�:
<br /> • ;tf,;:,�cr s�al�j„�,;iYi;y uiu;i�argr any iirn whicn has priority over tnis Security Instrument uniess isorrower.�a j :.-.
<br /> � agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to I.ender:(b)contests in good ,:`��
<br /> ' faith the lien by,or defends against enforcement of the lien in,lega)proceedings which in the Lender's opinion operate to
<br /> prevent the enforcement of the lien or forfeiture of any part of the Propeny;or(c)secures from che holder of the lien an -
<br /> agreement satisfactory to Lender subardinating the lien!o this Sscurity 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 /> no[ice identifying the lien.Borrower shal)satisfy the lien or take one or more of the actions set fonh above within 10 days _
<br /> of the giving of notice.
<br /> S. Hazard lnsunnce. Borcower shall keep the improvements now existing or hereafter ere�ted on the Property
<br /> insured aga�inst 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 Bonower subject to Lender s approval which shall not be f�
<br /> unreasonably withheld. , _.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mongage clause. +:'
<br /> Lender sha1)have the right to hold the policies and renewals. If L.ender requires,Borrower shall promptly givc 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 8orrower. :
<br /> Unless Lender and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration or rep�ir �
<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 proeeeds 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 Propeny.or does not answer within 30 days a notice from Lender that the insurance carrier has
<br /> , offered to settle a ciaim,then L.ey�der tinay collect the insurance proceeds. I.ender 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 u�i�en.
<br /> • Unless Lender and Borrower otherwise agree in writing,any application of praceeds to principal shall not extend or
<br /> postpone the due date of the monthly paymcryts referred to in paragraphs 1 and 2 or change the amouRt of the payments. !f
<br /> vnder 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'th�sums secured by this Security
<br /> ' Instrument immediately prior to the acquisition.
<br /> 6. Preservation and Maintenaace ot Property;Leaseholds. Borrower shall not destroy,damage or substantially
<br /> change the Property, allow the Propeny to deteriorate or commit waste. If this Security Instrument is on a leasehold. %`-—_ -
<br /> Borrower shall comply with the provisions of'the lease,and if Borrower acquires fee title to the Property,the Icasehold and •
<br /> fee title shall not merge unless Lender agrees to the merger in writing. �
<br /> 7. Protection ot i.ender•s Rights in the Property; :�lortgage Insurance. If Borrower fails to perform the
<br /> covenanis and agreements contained in this Security Instrument,or there is a lega!prcxeeding that may significantly affert i
<br /> Lender's nghts in the Prnperty (such as a proceeding in bankruptcy, probate, for condemnation c�r to enforcc laws ur
<br /> regulatiuns),then Lender may do and pay for whatever is necessary�o protect the value of the Property and Lender's riFhtc �
<br /> L in the Propetty. Lender's actions may include paying any sums secured by a lien wh�ch ha� pn�rity over ihis Secunty
<br /> Instrument,appear�ng�n court,paying reasonable attorneys'fees and entering on the Pmperty ta make repa�rs. Althuugh
<br /> Lender may take artwn under th�s paragraph 7,I.ender doeti not ha�e to do co. �
<br /> Any am�unt�di�hursed by l.ender under th�s paragraph 7 sh�ll become�dditu.nal deht c�f B<�rr<�acr 4crured by�hiti ^�q
<br /> Secunty In�trument.Unle�ss Hurruwer and L.ender agree t���ther terms c�f pay ment,the�e atnnuni��hall hr.�r �nie►e�t fn�in � �f�
<br /> the date ��t'dirhu�,rment �t the Notc rate and shalf he p.iYable, w�th �nterr�t, up��n nc�tiu• tmm I �•nii�•r t�� He�n���<<•r ; �
<br />. reyuestin��ayrncnt ' �� ••
<br /> �
<br />
|