|
99 109945
<br /> COVENANTS. Bonower and Lendez covenant and agree as fallows:
<br /> 1. Payment of Principal and Tnte�t; P�ayment and I.aoe (�arges. Borrower shall prompdq pay whea due the
<br /> principal of and interest on rhe debt evide7acecl by the Note and anq prepaymeu� and late charges due under tlae Note.
<br /> 2. Funds f�ur T�es and in�rranrr_ $ubje�t t� applicable Iaw or to a wri.tteu waiver by Lender, Bozrower shaIl
<br /> paq to Lender on �he day monthly payments aze due under the Note, until the Note is paid in full, a a�nn ("Nlinds")
<br /> for: (a) yearlq taxes and assessments which may attain priority over this Security Instrument as a lien on rhe Property;
<br /> (b) yearly leasehold payments or ground renss oz� the Property, if aay; (c) y�atly hazard or property insurance
<br /> premiums; (d) peazlq flood insurance premiums, if any; (e) pearly mortgage insurance pz�enaiums, if auy; and (fl a�o,y
<br /> sums payable by Bonrowez to Lender, in �ccordance anth rhe pmvisions of puasragh 3,ia lieu of the payment of
<br /> m.vrtgage insuzance pzemiums. These items are called "Escrow Itezus." Lendes maq,a� any tin�e, col�ect and hold Funds
<br /> in an amount not co exceecl rhe maximum am.ount a lender for a federally related �mortgage loaa ma3� mquize for
<br /> Honcower's escrow account under the federal Real Estate Settlemeent Procedures Ac� of 1974 as amended from tiAn�
<br /> m time, 12 U.S.C.§2641 e s . ("RESPA"), unless anothex law tbat a�plies to the Funds sets a lesser unounc. I£
<br /> so, Lendes may, a� aay time, collect and hold F�nds in an amount not to acceed the lesser amount, J.ender may
<br /> estimare the amount of Funds due on the basis of cnrrent data and reasonable �stimates of expeadinues of future
<br /> fiscsow Items or otherwise in accordance w�ich applicable law.
<br /> The Funds shall be held in an i�stitutiou whose deposits are insured by a £edesal ageucy,instrumentality, or entity
<br /> (including T.ender, if Lender is snch an institution) or in any Pederal Home I.oan Banl:. Lender shall apply the F�nds
<br /> to pay the Escrow Ttems. Lemcl�z may not charge Borrower for laolcling and applqing the Fun.ds, annually analyzing
<br /> the escrow accouat, or verifyiz�the Escrow Items, unless L.ea,cler pays Bozzower interest on the Funds and applicable
<br /> law permits Lender �o ma�e such a charge. Howevcr, Lender may raquire Borrowcz to pay a one-r.ime chargt for an
<br /> indepe�adent real estate tax reporting service used by Lender in connection with this loan, unless applicable law
<br /> provides ochecwise. Unless an agrecnlent is Aaade or applicable lavv requizes interest co be paid, Lender sball uot be
<br /> rtquired to pay Borrower any interest or earnings on the k�unds. Bonower aad Lencler may agree in writing,however,
<br /> tha� intexest sb.all be pai�d on the Funfla. Lender shall give to Bozxower, without c�harge, an annual accounting of the
<br /> F�nds, showing credits and debits to the Funds and the puipose for which eacb, debit to the �nds was made. The
<br /> F�ads are pledged as additionxl sec�uity for all sunas secured by tlus Security Instrum�t.
<br /> If the �nds held by Lender er.ceed che amounts permitted to be held by applicable law,Lender shall account to
<br /> Bozxower for the excess Funds in accordance with the requit�emenis of applicable law.T£the amount of the Punds held
<br /> by Le�adez at any time is n,�t sufficient co pay the &sezow Items when due, Lender may so notify Bonowes in writing,
<br /> and, ia such case Borrowes shall pay to Lender �he amount necessary to make up the cic�iicaiency. Borrower shall xaal:e
<br /> np the de�icie�cy in no more than twelve mon�hlq pa�.ents, at Lender's sole discretioa.
<br /> Upon paymcnt ia full o;F all sums secured by chis Security Insttument, Len.der shall promptly refund to Bonovver
<br /> any Flinds held by Lender. If, under puagzaph 21, Lender shall acquire oz sell the Properry, Lendez, pzior to the
<br /> acquisition az sa�e of the Property, shall apply any Funcls he�d bq Lender at the time o£acquisition or sale as a czedit
<br /> against the sums secured by this 5ecunity Instrument.
<br /> 3. Applicaao�n af Payments. Ualess applicable law provides orherwzse, all papments received by Lender under
<br /> pa�caszaphs 1 and 2 sball be applied in thc tolXowi�,r order: first, to any prep�yment chazges due unrler the Note; ,
<br /> seeoud, to amounts payable under paragraph 2; third, to interest due; fowcth, to pnncipal due; an�d last, to any late
<br /> cl�arges due uudc,�z the Note.
<br /> 4. Chazges; Liens. Borrower shall pezform all of Borroa�er's obligations under any mortgage, deed of trust or
<br /> other securitq agreement wich a lxen which has priority over this Security Instrument, iacluding Borrower's eovenants
<br /> to malx payments whea due. Any dtfault by Borrower under aniy such mortgage, deed of trust or other security
<br /> agreenient aball be a default under cb.is Secvrity Instrument and tlxe Note. Borrowes shall �aq or cause to be paid all
<br /> taxes,assessments and other charges, fines ancl inapositions attributable to tlae Pzoperry which may attain a prioriry over
<br /> tliis Security Instrument, and �easehold payments or gron�ad rents. i.f any. Bonowez shall gay rhese obli�ations in the
<br /> mamn�tr provided in Paragraph 2,or,if not paid in tliat mannes, Bozzower shall paq them on time directly to tixe person
<br /> owed paymcut. Borrower shall prompdy furuish to Lendes a]1 nocices of amaunts to be paid under this pazagzaph.
<br /> Lf Boirower makes rhese payments direcfly, Boaower sball promptly fuz�.ish to Lender recezpts evidencin,g the
<br /> payme,nis.
<br /> 5. Haraid or Propeay �asurdnce. Borrower shal,l keep the improvements n�ow existi� or hereafter erected ou
<br /> the Pz�opeaty insuted against loss by fire,hazards included wzthin the teim "extended cove,rage" and anp other hazards,
<br /> includi� floods or floocling, for which Lendes requires insurance. This znsurance sha11 be maintained in the amounts
<br /> and for the peziods Chat Lendet requires. The insurance carrier pzoviding the insurastce shall be choseu by Borrower
<br /> subjec� to L,encler's appzoval which shall not be waz�easonably avithheld. Zf Honower fails to zaaintain coverag� described
<br /> abave, Lender may, at J..emder's option, obrain coverage to pro�ect L.e�ader's r�hts in the Property in accorclance with
<br /> paragragh '1.
<br /> All insivance policies a.nd renewals sball be acceptable to Lender and shall include a standazd mortga,ge elause.
<br /> Lender shall bave the r'.�,rht to hold the policies ancl renewals. If Lendes requires, Borrower shal� prompdq e„3.ve to
<br /> Lender all receipcs of pai.d pzenuums and renewal notices. Tn the event of loss, Boxzower shall give pzompt notice to
<br /> tl�e insurance carrier ancl Lendez. Lender may make proof of loss i£�not made prampdy by Bonower.
<br /> Unless Lemder and Borrower othcrwise agree in wriring,aIly in.c�ran� �xp��S shall bo applied first to xezmburse
<br /> Le.nder foz costs and expenses incurrecl in connection vhith obtaining anq such insurance pzoceeds, and then, at I.ender's
<br /> option., in such order and proportion as it may detenmine in its sole aad absolute discretion, and re�azdless of any
<br /> i.m:pairment of securiry or laek tb,ereof, (i) to the sunis secured bq rkvis Securitq Instivment, whethez or not tlien due,
<br /> and to such co�ponen.ts cbereof as Lender raay dete�iue in its sole and absotute discretion; an,cUor (ii) tv Bonrower
<br /> ro pay the costs and expe�as�s of necessary zepairs or restoration of the Properc� to a eondition satisfacmry to I.�nder.
<br /> If Borrower abandons the Propezry, or does not answer wirbin 30 claqs a uoace fromt Lender that tht insurance cazrier
<br /> has offer�d to setde a claim, Lender may collect the insurance proceeds. Y.e,uQez may, in its sole and absolute
<br /> discrecion, and xegardless of a.ny impaazment of security or lacl� chereof, use tlie proceeds to repair or restore the
<br /> Propezcq or to pay the sums securecl by thi� Secvrity Insuume�t, whether or not then due. The 30-day period will
<br /> begin when the notice is givea. °
<br /> �JUO�[1 L�OLL�L iiUNV6i�A4�AJ �MiY. Q�� I
<br /> n�a sys��m,.too.caoo>w•i3az Page 2 of 7
<br /> Bonowcr Initials ��— — — `
<br />
|