|
. `°,�
<br /> .,.�,,,,: .� , � .�_
<br /> -�wt►�r � �
<br /> ....:u. , ---
<br /> � , .. =_=
<br /> �'' 'd•�';!�;i�ir;. :,, , ti.,y
<br /> . . „�, � �r.n�rr►�rixr., . --- —�-------------... .-- --�-��-�-- . ., '_
<br /> _M ' r--- - •----...-----•------- .. � ,
<br />-., _ . . .'�r�s:°:e:.
<br /> E �L����� " , �.
<br /> �-a�r.nc instrumenta it i�r entit --
<br /> Tlic F'unds shall bc hcld in an institution wlio,c dcposits �irc entiumJ hy a fcdl�� y. �y. Y .��-.,
<br /> lin�ludiu�; L.cndr�•.if l.cndcr is such mi inuiwtion�ur in.�ny frdcr;d Il�,mc L��an 13:�nh. Lcndcr,hall upply tlic�und,u�pay dic � '
<br /> Fiticruw Itemti. L.ender iu:�y nut cliurgc 19cirrn�ver ti�r Iwldiu���ind applyin�Ilir I�und,. ,m�iunlly analyiin�:thc etirruw :�ccuunt.�u � _..
<br /> ^ verifying the E�crmv Items,unless l.ender pays Hnrrower inter�:tit un the Funds and,ipplic;iUlc law pcnnits Lende�ta inake tiuch . t�x
<br /> . . a eiiarge. However. I.,cnder may rcyui�c Borrower to p;ry a nnr-time�harge fur�ui indcpendcnt rcal estutc tax rep�irtin�; ,crvice r.
<br /> � uscd by Lcndcr in romicctiun with thi� Ic�an, unlr.sti upplicahlc law pmvidc, other�vitic. Unlohs an agrccrricnt is madc i�r
<br /> ° .ipplicablc law rcyuires intcrest to bc paid.Lendcr shull not he rcquireJ u�p.ry f3�irm�vcr�my interest or carnin�s on tltc Funds. , . I _
<br /> , � Qorrowcr and L.cndcr may agrcc in���riting. however. th�u intcrest shall hc paid on thc Funds. l.endcr tihall give tu Borrowcr. •,,r,
<br /> �vithout chargc, an annual acrounting ot'[hc Funds, showing crcditti und dcbits to thc Funds and thc purposc for �vhich cach ��
<br /> ' dcbit tu thc FunJs wua inada Th��f�un.le ar� plc.1��J ati adJitional sccurity 1'nt all�inm.,ecurcd hy ihi�Sccunry Instrumcnt. •. _-
<br /> If thc Funds hcld bv L.cndcr cxc�cd the amountti prrmiucd tn bc hcld hy applicablc law, l.cndcr shall account ta Barruwcr iffi-
<br /> '� for thc cxcc:+s Funds in accordunce witl� the rcquircmcnts uf��pplicablc law. If thc amount c+t thc Funds hcld by Lcrdcr at any
<br /> ' time is not sufficicnt to pay thc Escrow Itcros whcn duc, l.cndcr may+c�notiFy Barrowcr in writing,and,in such c:isc Borrowcr ' ��`
<br /> shall pay to Lcnder the amount necessary tii ntuke up the def'tciency. Borrower shall make up the deficiency in no more than �
<br /> twelvc monthly naytnents,at Lendcr's solc discretion. „ �. j1'C'�
<br /> • Upon paymcnt in Pull of all tiums securcJ by this Scruriry Instrwncnt, Lendcr �h.dl prompQy rcfund to Borrowcr any � -
<br /> � Funds held by L�:nder.If,under paragraph 21,Lcndcr sh.dl acyuire ur sell the Pmperty, L.ender. prior to the acquisition or sule ,`.;
<br /> � � of the Propeny, shall apply any Funds held by LenJer at the tiiue of acquisition or salc as:i credit against ihe tiums secured by „ . �}i
<br /> this Sccurity Instrument. �
<br /> 3.Application oP Payments. Unless applicahle law provides otherwise, aU payments rcccived by I.ender undcr paragraphs •
<br /> I and 2 shall be appliui: first, to any prcpayment churgcs duc under thc Notc; ,ccond, to amounts payablc under par.�graph 2:
<br /> ' , third, to interest due: fourth, to princ�pal duc:and last,to any late cfnarges Jue undcr the N��te. .
<br /> 4.Charges:Licns. Bnrrowcr shall pay all rrxes,ussessments, charges. tines and impositions attributablc to thc Property ,
<br /> which may attain priority ovcr this Security Instrument, and Ie:isehold payments ur grounJ rents, if'any. Borrowcr shall pay -
<br /> - - , ' . ' thesc obligations in thc manncr provided in paragrrph 2.ur if not paid in that manncr, Borro�eer shall pay them on time dircctly . . ..
<br /> [o the perxon owed payment. Borrow�r shall promptly furnish to Lender all nc�tices of amounts ta he paid under this paragraph. � , a
<br /> If Borrower makes these payments directly, Borrower+hall promptly fumi,h to l.ender reccipts evidencing the payments.
<br /> Borrower�hall prompdy discharge uny lien which has priunty over this Security intitrument unless Borcower. (al:+gree5 in �,
<br /> �vriting to die pa,yment of the c�bligation secured by the lien m a manner acceptable to Lender,tb)contests in good faith the lien �-
<br /> by, or defends against enforcement nf the lien in. Iegal proceedings which in the Ixndcr'� opinion itiperate to prevent the �._.,
<br /> enforccmcnt of thc licn; or(c)sccures from thc holdcr of thc licn an agrccmcnt tiatisfactory ta Lcndcr subordinating thc licn to �" ;
<br /> this Security lnstrument. lf Lender determines that any pan of the Property is ,ubject to a lien which may attain priority over � v.
<br /> this Security lnstrument, Lender may give Borrower a notice identifyi�g the lien. Borrower shall satisfy the lien or[ake one or �
<br /> more of the actiuns set forth above w�thin I 0 dayti of the giving of notice. . �'-'�
<br /> 5. Hawrd or Property Insurunce. Borrower shall keep the improvements no�v existing or hercaRer erected un the � � i�• ;:u��
<br /> Property insured ag:�inst lass by fire, harards included within the terrn 'extendeJ coverage" and uny i�ther hazurds, including „f v`
<br /> _ _ _.__._ floads or ftooJing, for which Lender res�uires insuranc�. Thi, irsurai�ce�hall be maintuined in the amounts and for the periods __�
<br /> - that Lr_ndcr reyuires.'I'he msurancc rarncr provimng inc m�uraucc anaii �����:'»�n ;:y °%rrc,�cr.::��': !^ I-^_nrlrr'c ��,�,rnval �_��-.. .
<br /> � which shall not be unreasonably withhclJ. If Borruwer failti tu m�intain ruvera�:e described above, Lender may. at Lender's r �-_—_
<br /> option,obtain coverage to protect L.cnder's rights in the Property in arcordance with paragraph 7. -
<br /> � -� All insurance poluies anJ renewals shall be ucceptable tu l.endrr and tihall include u standard mongage cluuse. Lender . ��
<br /> shnll have the right to hold the policies and renewals. If'Lcnder rcquires,Borrowcr shall promptly givc to I.cndcr all rcceipts nf
<br /> paid prentiums and renewal notices. Tn the event of los+. Borrower shall give prompt notice to the in�urance carrier and Lender. '�
<br /> L.endcr may makc proof of loss if not madc prompdy by Borrowcr. � '
<br /> Unless Lendcr and Borrower othcnvise agrcc in writing. insurance proccecis shall bc applied to restoration or repair of the ,
<br /> " Property damaged, if the restoration cir repair is economically feasible and Lender's seeurity �s not Iessened.If the restoration or «,•i�
<br /> " repair is iwt economically feasible nr Leixler'+ �ccurity would he Ie+sened, the insurance proceeds shall be applied to the sums �: , •
<br /> secureci by this Securiry Instrument, whether ur not then due, u�ith any rxces� paiJ to Borr�wer. If Borrower abanduns the � 4�
<br /> Property. or docs not ans�vcr within 30 Jay+a notire from LenJer th:u thc in,urance rarricr ha�offrred to�ettic a claim.then 'ti
<br /> " Lender may collect the insurance prorecd�. Lcndcr muy use the prcirecd� tu repair ��r re�ture thc Prnperty or tu pay +ums
<br /> • sc;cured by this Sccuriry histrumcnt, whcther or not thcn duc. The�0-day period will hcgin whcn thc nutirc i,givcn. � , ,
<br /> Unless LenJer and Burroa�er c�therwise agrcc in writing. :m}• appliuttion uf proceeds to prinripal ,hall not rxtend i�r ' `�., r_,;
<br /> postpone the duc datc af thc mimthlp paymcnts refcrrcd t�� in paragraphti I anJ 2 cir rhungc the umount of thc paymcntti. If I .• •� ��'�'�'
<br /> a�,,�.
<br /> ' undcr paragraph 2l thc Property is aryuircd hy Lcndcr, Burrowcr'ti right to any in.ur:�nrc polirics anJ procceds resulting from
<br /> ,�. damage to tlie Propeny prior ro the acyui�ition tihall pass to Lender to the cxtent uf thc sums�ccured by this Security lnstrumeitt I
<br /> immediatcly prior to thc acyuisition. �
<br /> 6.Occupancy. Pr�servadon,Maintenunce und Protection uf the Propert�•; 13orrower's Loun Application; 1.easehoAds. I �,° �
<br /> � Borrower shall accupy, establish.and use the Property as Aurruwer's principal residence�vithin sixty dayx after the cxecutiun of I �r,r,�;
<br /> this Sccurity Instrumcnt and shall cnrtinuc a�ciccupy thc Propcny a� Aorrowcr's principal residcncc fi�r at Icast unc ycar aflcr ..�
<br /> the date uf occupancy, unless i.ender othenvise agrees in�vriting, which conxent tihall not he unrea.wnably withhclJ, or unletis ,�.. y.�
<br /> extenuating circumstances cxist which are beyond Hnrrower's rontrol. Borruwer shall not de�troy, dam:�ge ur impair the ,� • ,
<br /> . . � ]Property, allow thc Property to dc�rriuratc.or commit wastc un the Pruperry. Borrrnvcr shall hc in default if any ti�rfciturc ?
<br /> uetion or proceeding, whether civil c�r rri�ninal, is begun that in Lender's guod faith judgment could result in furt'eitw•e��f the i
<br /> ' Property��r o4henvise materially impair the licn crcateJ by thi,Securiry Intitrument or Lender'ti security intrre�t. Borrcnver rnay 4 ,
<br /> cure such a default and reintitatc,a�providcd in paragraph 18,by rausing thc action c�r procccdinF tc�hc�ismi,�cd �vith a ruling 4
<br /> , , that, in I,cndcr's�ood faith detrmiin�tinn, prccluJc� tbrfciturc �z( thc Borrowcr's intcrest in thc Prupcny or ��thcr m.it�riul '
<br /> t . impairment of' thc licn rratted by thi. Security Instrument ur Lcndcr's ,u:uriry intcrest. Barrower ,h.►II altio hc in default if i �
<br /> • Borro�vcr, during the Ic�an application proress, ga��e m�+tcrially Ldre i�r inaccurate informatiun ur statcmentti tu Lendcr(ur 1'ailc�l � , �
<br /> to pruvidc l.cndcr with any matcrial infunnatiunl in runnection��•ith thc loan c��idcnccd by thc Notc. including, hut mu limitcd �
<br /> � to,representations cuncrrmng Borrower'� accupanry uf'Ihe Property as:i prinripal residenre. If thiti S�rurit}• ln�trutn�nt i+cm .i �� �
<br /> IeaSrhold. Borrower �hall rumply with nll thr pro��itiionti uf the Ic.i,�:. If Burrowcr aryuirc. frc iitlr ��� thc Propert}•. ihc I
<br /> lcaschold and thc fcc titic shall not mcrgc unlcss L.cnder agrces to thc mcrgcr in writing. i
<br /> � , 7.Protection of A,ender's Rishts in the Pmperty.:f Bi�rro�ver fails to perform the�ovenants and agrr,ententa containcd in
<br /> ., this Security Instrument, or there iti a Ie�al proreeding thac may significantly affect [.�:ndcr'ti rights in the Property (sue:h a+ a �-'
<br /> - • prorceding in bankruptcy. prohatc. for condcmnatiun or forfciwrc or to cnforcc laws or rcgulationtil. ti�rn lAnder ntay do and .
<br /> pay for whatever i,necessary to protect the value of the Propeny and Lender's ri�hts in the Preipertp. Lrnder'�artium may ���
<br /> - -- _ include navine anv sums xecured hy a lien whirh hati priority nver this Sccurity Imtrument, ap�earing in rourt, payins � �
<br />------ - _ - -_ _ .
<br /> n:asonabl�attorncys'fccs and cntcring nn thc Prciperty to�uakc rrpairs. AlthauEh lAnacr may taicc:icciim unucr iiii> ��ar.�E�:�pn ---�;
<br /> 7.Lcndcr doc�not havc tu do su.
<br /> � Any amount� disburstd by LrnJcr undcr thi, paragrapli 7 tihall hcromc additiunnl drbi u!' Burru«�rr +crurr� hy ihi� • .
<br /> � Security Instrumm�t. Unless Borro�ver :md l.�nder agrec to other terms uF pa}•mcnt, the.c amuunt� �hall hcar iutcrc.t Irum ihc
<br /> datc of disbuncment at thc Notc ratc and +h::ll hr payablc. with intcrc�t. up�m notirc t'rum Lrndcr tu E3urroarr rcqur�un� �
<br /> ;� paymcnt. �
<br /> 1 8.Alort�;a�;c In�urance. (f l,cndcr rcyuired mortgagc in�urunrc ati a cunditian uf making thr luan tirrurrJ hy ihi�Scrunty
<br /> • �. Inswmcnt. Burrowcr shall puy thr prcntium� rcyuircd t�� maintain thc m�,ngagc in,ur,inrc in rflrrt. II. t�,r an}• rcati�m. ihr
<br /> � . mortgagc insuranrc ru��cragc rcyuircd hy Lcndcr lapsc�or rcau� tu bc fn rlfcct. B��rru«•cr�hall pa� thr prrmiwm rcywrud tu
<br /> ubtain covcrigc substantiaUy cyui�•alent t��thc mottgagc insuranrc prc�•iuu.ly in rtfrrt.at a rust tiubstanually eyui�alent tu ihr
<br /> � , rost to Durrowcr uf thc mong:tgc intiuranrc prc�•iou�l�• in cffrct. Irum an :dtrrnatr mort�.agr in.urcr appn��cd h�• Lendcr. It , �
<br /> t, , .. '
<br /> • ;
<br /> ` �.;,,��,z�,,d Fonn 3028 9i90 '
<br /> . • �
<br /> � , ,� _
<br /> �- .. . .. . .. .. •
<br />
|