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<br /> �-`'V,�.��� '!Y►o Pundn shNl is� Itcld in nr, inscitutto�� Cviics�C d�^�'•ssi�u 'se'e Iis.°•sttsed by a fed£-`el agency. inccrumcnto.lity. ar�cudty f„__,
<br /> -"'`'`""� (lncludinB Lendae,lf I.cnder ie such an iestitutian)nr in any Fedeml FQ��me I.oun Bnnk.i.,endar shall apply the Funda to pay t}ta
<br /> -`y-°`'���"""`y° P�crow Items. T.�nder mny nnt churge��nnowcr for holding uetd applying the Furtds, nnnually unnlyzing the cscrow account,or �—
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<br /> �- ''�f� `. vedtj+ing tho 8sctnw Items.unless Lender paye Horrower lnterest on ti�z f'unEs ami,^.�pli�4slc law�:��uta La��aer to mako such ,`
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<br /> `'''{'"�' �"'' ��,'� t�chacgc. Howpver, I.onder muy�q ulre Borrower to puy u one•tiine chur�e f�r nn independent reat rstnto tnx repariing r,cevlco _
<br /> .�;,,r,�•..j� �-;� used by Lender in cannection w i t h this lo,�n. unless applicuble Inw prnvides atherwise. (lnlas an agreement is madc or
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<br /> ,"�i�• applicable luw requires interest to be puid,Lxnder shnll not be required ta pay Horrower nny[nseresc or eamings on tho Funda.
<br /> � � •�'- '�� F3flrmwer nnd Lendar mny uqree M wridng. however.thnt intemst ehull be puid on the Fus►da. Leander sh�ll give w Borrower. _
<br /> ;;':rt�t.�:.;?;ry;`,� without charge. nn�nnual accounting of the Furtda, sh�wfng credits und deblts to ttx:Cunds a�d the putpose for v�hich ectch ��: --_
<br /> debit to the Fuads wus mctde.The Funds are pledged as uddltional securiry for all sums secured by this Secudty Inatrument.
<br /> mt
<br /> If the Funds held by[xnder exceed the amonnts permitted c�be held by upplicable law,Lender shttll uccouni W Borrower _
<br /> ''; ` for the excess Ftu�ds in accordance wIth the requirements of applicable law. If the smount of the Funds held by I.ender at any
<br /> ' time is not sufftctent to pay the Pscrow Iteras when due,L.ender may so natify Borrower in wr�ting.and.tn such cuse Bonower . _.
<br /> shall pay co Lettder th� amour�t nec�ary to mttke up the deficiency. Borrowcr shall make up the deficiency in no more than �
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<br /> � • - ' twelve mocuhly�raycneaaIIs,a!E.ender's sole discretion. ____
<br /> � ,. Upon paymr.�a¢im IIlill a�f all sums.secured by this Security Inatru�nent, d.ee�oa s�all pmmptty refunr�to H�orm�w¢r e�ny __
<br /> ' Funds heQd by II.¢rtder.II�,an�Cer piav��cmph 21,L.ender shall acquire or sell¢Q�e�mo�xrrtay,Il�n�ee.prior tw ehr�zcq�efisitiQe►or�ale _
<br /> af the Property.shall a�pply any Fiunas C�eld by I..ender ut the tnrrtz of acquiscdoen ar szsle�s�ce�d�t agaieest af�e su�s sssvaced 6y
<br /> ° this Socurlry Instiuuttec�rt. -
<br /> 3.Applieaticm oQ�°o}�ments.Unless applieable taw provides etherwose,n11 pnyments receivod by L�nc��r umder paeragca��s =_
<br /> 1 end 2 shall be applies�: tirst, to any prepaymeme charg¢s due urt�er 2�e Note; second,to amounts paynble under parageapfl 2; _�.
<br /> third.to interest due;founh.to principal due;and last,to aray laee EQ►aa�es�ue under the Notc.
<br /> • 4.ChAr�es;i.iens. Borro�s�r shall pey ap taxes,assessmaer�is,cfvarges,fines and impositlons attributable to the Property
<br /> which may attaM prlority over this Security Instrument. and le�sehold payments or ground rent�. If any. Borrowcr shail pay
<br /> ' � these obligations in the manner provtded In paragraph 2.or if not paid in that manner.Borrower shall pay them on tIme diiectly
<br /> to the person owed payment. Sorrower shall promptly fumish to L.ender all notices of amounts to be pald uttder this ps�ragtaph. �_
<br /> '• If Borrower makes these payments dic+ectly,Borrower shall prompdy furnish to L.ender receipts evidencing the payments. `
<br /> ,f: . � Borrower shall promptly discharge any lien which has pr�anty over this Secudty Instrument unless.Borrower:(a)egrees in __
<br /> '����'�:�u��• writing to the payment of the obligation secure�i by the lien in a mnnner acceptuble to L,ender; (b)contests in good faith th6 lien
<br /> '�,���:�::Yi:�•J.. -
<br /> �:,;,.�i;�.. b y, o r d e f e n d s a g a i n s t e n forcement of the lien in, le gal proceedings which in the l.ender's opinion operate to prevent the
<br /> ��� ' enforcement of the lien:or(c)secures from the holder of the lien an agreement satisfactory to Y.ender subordinating t he liett to
<br /> � this Securiry Insttument. If Lender detemunes[hat any part of the Property is subject to a lien which may attain pdorlty over
<br /> this Securiry Instrument, I.ender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or teke one ar
<br /> • mo�+e of the actions set forth above wuhtn 10 days of the giving of notice.
<br /> � � 5. Hazsrd or Praper2y Insurance. Borrower shall keep the improvementc now existing or hereafter erected on the
<br /> -__ _ p�p�ny �nc��mci against loss bv fim, hazards included within the term "extended coverage" and any other hazards, including
<br /> ° floods or flooding, for which I.ender requires insurance. This insurance shaii i�e maintxinixI iu t},C aniuunts and for thc periods ,
<br /> . that Lender requires.Ttie insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval
<br /> . which shall not be unreusonably withheld. If Borrower fails to maintain coveruge described above. I.ender may, at Lender's
<br /> ',:.,?,,;,;,�;�,. ��; option,obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7.
<br /> ����.'•.=:;'�• All insurance poiicies and c+�newals shall 6e acceptable to Lender and shall include a standard mortgage clause. I.ender _
<br /> i.';,,;'�!',?'` shalt havc thc right to huld the policies and renewals.If Lender requires.Borrower shall promptly give to Lender all receipts of —__
<br /> • . • paid premiums and mnewal notices.In the event of loss,Borrower shall give prompt notIce to tlie insurance carrier and L.ender. --
<br /> I.ender may make pmof of loss if not made promptly by Borrower.
<br /> Unless I.ender and Borrower othernise agree in wnting, insurance proceeds shall be applied to restoration or repair of the �,._
<br /> � • •� ' Property damaged, if the restoration or repair is economically fe�.5ible and Lender's security is not lessened. If the restoradon or �.:,
<br /> repalr i�;not economically feasible or L.ender'c security would be lessened, the insurance proceeds sha11 be applied to the sums �-_;
<br /> secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
<br /> Property,ar does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim,then
<br /> Lender may cotteet the insurance proceeds. Lender muy use the praceeds to repair or restore the Property or to pay sums
<br /> • " secured by this Security Instrument,whether or not then due. The 3U-ciay period will begin when the notice is given. •,
<br /> •� ;;�,•�,;•'; • Unless Lender and &�rrower otherwise agree in writing. Any application of proceeds to principat shall not extend or
<br /> �` � ' � postpone the due date of the monthly payments referreci to in paragraphs 1 nnd 2 or change the umount of the payments. If ,
<br /> `�i;�.�:;..� under purugraph 21 the Pmperey iti ucyuired by Lender, Borrower's r�ght to any insurance policies and proceeds resulting from
<br /> � damage to the Propeny prior to the acqwscuon shall pass ta Lender to the extent of the sums secured by this Security Instrument
<br /> immediately prior to tiie acquisition. Borrower's Loan A oucation;Leaceholds.
<br /> 6.Occupancy.Preservation. A3aintenance and Protection of the Property; pp
<br /> Borm�ver shall cx:cupy,establish.and o.c the Pmperty a�&irrua•er'x prinripal residence within sixty duys after the execution of
<br /> this Security Instrument und.hall cuntinue to cxcupy the Propeny:�y Burrower'ti prinripal residence for at least one year after
<br /> the date of occupancy, unless Lender utherwitie agree� in writing. whirh ronsent shall not be unreasonably withheld, or unless
<br /> • . � extenuating rircuirntances exi�t whirh are hcyund Bc�rrciw�r's control. Borr��wer tih:�q nut Jetitroy, damage nr impair the
<br /> Property, allow the Pmperty to dcterioratc. ��r conunit w•a�tc on the Propeny. &�nower,hall be in dcfuult if any forfeiture
<br /> action or prcxeeding. �•hether rivil or rriminal, iti begun thut in Lender'�gocxi ta�th judgment c<�uld result in forfeiture of the
<br /> Property ar otherwise materiull�� impair du lien crcated by this Scrurity Imtrument or L.ender'ti�erurity interetit. Borco�ver ma�
<br /> cure such a default and minstutc,a+providccl in puragraph I R.h� rautiing thc articm ur prorceding to be dismititied a•iS1:a ruiing
<br /> that, in I.ender'ti g�xxi faith Jetcrniinatiun. prccludc5 f�rieitur: ��f thc Bum����cr'. intcre.t in thc Propeny ur oth:r r�at�ria!
<br /> '. impairment of the licn crcutcd by thiti Scrurit� 1�:tn:a::a: ��r L�nder'� �rrurit� intere.:. fi�,�rrower+h�ll atw he ir. il�iauti if �
<br /> Bc�rrnwzr,during the loan appliration pror�s.. i:•: m:�t:ra::} fal.e ur inac�srate inf��rrn:ni,�:���r.tatemen�.to I.end�-iot f:tiled
<br /> ' to pPa��ide Lc�nder��ith an�_ material inti�nnati.�r�� ��� :��nneitic,n��ith thc I�,an etidenred h. the N�u�. indudin+�. but not IimiteJ T�
<br /> t��. r��re>entatiun:.a�:rrrntng Bnrrnwrr'ti�x�u^:+r.:. �,1'th:Pn,prrtp a,a F'rm��pal re•i.lenrr If Ihi>Sc.uri.� lmtrumem i.un a f
<br /> "•�'`�.�, lea«h��IJ. &�rrower shall romp;� w•ith all thr pru�i.i.,m id th� le:�.�. It f3��rn��vrr a.yu�res fec utle tn thr Pruperl�. thr � . .
<br /> �'� . Ieac�h��Ju and the fee tide shall cene mergc unles�l.ender agrea±i��t:1z merFer in writing. '
<br /> �.�rotec4io�n o7'II.ender's Iti�;ht�ti in the Propert�'.!f�3.�rn���er f:ti{.to Ex:rform the ri�venants und agreementa cuutaineci in I
<br /> this Security In�trumcnt. or there i.a Iegal pnxeeding that nti� �i�.niCi�antly affert L.ender'� right>in thr Pnipert�� (such as a
<br /> proceeding in�art[;ru�tcy, probate. ti�r rondctunation�u furfeiture ur t��c�force la��•�iu regutaticm,►. then L.enJer may do and �
<br /> o.. r� fiF1A�PVPf i.nM•r�v�n• to nrot��t the �'alur uf the Prnpert} unJ Leixlrr'a right� in the Propen�. L,ender'� :trtiun� may �
<br /> r-+ -
<br /> II1C�Ul�C }lilytR�` itily �Ulll\ .�tiurai hy a ��l`II µ'}lli�l fl:l� �.t���f1t ll�'Ci lllt� J�tiurity imirunmm. apprari��g ii� �vuia. �aijii�p ��
<br /> reasonablc attorncy.+' fce.and rntcring on thr Pr���erty u���r.a�e repain. Althuugh Lendrr m�y take acttim under thi� pa:agraph .
<br /> 7, Lender doe�not have tu d��.o
<br /> Any amount�di�bun�tii b�• IAnder urtJer thi� pars�rsph 7 ,hal! he.ume a�iditi��nal �icM ��f B��rra�aer .crurrd bp thiti
<br /> Serurity Imtrument. Unle.� &�rrowrr and I.�Rdrr a_ree t��othrr term.��f pa}�ment, the>e atnuunt+.h:►il 2���r interc�t from the .
<br /> t date of disbuncment ut thc Nutc ratr and �hatf he p.�}aPolc. with intcr«t. u�xm n��tirr Irc►m l.rnder a• &�rr��wcr ceyue�anr
<br /> paymcnt.
<br /> S. MortRa�e Insurunce. It [.cndrr rryuir��i mortg:e���rn.ar�n�c a�a�onditiun��f making thc I��an xYUrcd hy th���tunty
<br /> lnstrument, &�rn���rr tihall pay the premium� rryuireS tu ma�nwm th� martgage in.ur.inrr in rffcwt. It', f��r nm rea,un, th:
<br /> mc�rtgagc insucanrc rovrrage n�yuirttl b�• [.endcr lap���ur rca+c�to hc �n.ff�tit.Ei��rcuwcr �hall pa� thc prem�um> rryuirc�f n�
<br /> obtuin coverage tiub�tunt�ally eyui�alent tu thc nxm�age imurancc pre��uu>I� in cff'crt, ut a ra.t �uh,tantiaUy eyunalent<<+rhe
<br /> . a��t ni &�rn�a�er of thc murtEage �n.uranre pre�iuu.rly in rff�tit. trum �n alccrnatr munga�:r in.urer a�pro���t h� PArtder 6f
<br /> ��„7�,,s Gorm 3028 9�90
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