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200314437 <br />1. PAYMENT OF PRINCIPAL AND INTEREST. Borrower shall promptly pay when due <br />the Principal of and Interest on the indebtedness evidenced by the Note, and all prepayment and late <br />charges as provided in the Note or in this Security Instrument. <br />2. FUNDS FOR TAXES AND INSURANCE. Subject to applicable law or to a written waiver <br />by Lender, Borrower shall pay to Lender on each Due Date under the Note, until the Note is paid in full, <br />a sum (herein "Funds ") equal to one - twelfth of the yearly taxes and assessments which may attain <br />priority over this Security Instrument, and ground rents on the Property, if any, plus one - twelfth of yearly <br />premium installments for the insurance required to be maintained pursuant hereto, all as reasonably <br />estimated initially and from time to time by Lender on the basis of assessments and bills or other <br />reasonable estimates thereof. <br />The Funds shall be held by Lender and commingled with the Lender's other funds and, further, <br />Lender shall not be liable to Borrower for interest on such Funds. Lender shall apply the Funds to pay <br />said taxes, assessments, insurance premiums and ground rents. The Funds are pledged as additional <br />security for the sums secured by this Security Instrument. <br />If at any point during the term hereof, the amount of the Funds held by Lender shall exceed the <br />amount required to pay the taxes, assessments, insurance premiums and ground rents as they fall due <br />during the next consecutive twelve -month period, such excess shall be, at Borrower's option, either <br />promptly repaid to Borrower or credited to Borrower on future monthly payments of Funds. If the <br />amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance <br />premiums, and ground rents as they fall due during the next consecutive twelve -month period, Borrower <br />shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date <br />notice is mailed by Lender to Borrower requesting payment thereof. <br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly <br />refund to Borrower any Funds held by Lender. If under Paragraph 23 herein the Property is sold or the <br />Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale <br />of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a <br />credit against the sums secured by this Security Instrument. <br />3. APPLICATION OF PAYMENTS. Unless applicable law provides otherwise, all payments <br />received by Lender under the Note and Paragraphs 1 and 2 hereof shall be applied by Lender (i) first to <br />interest payable on the Note, (ii) then in payment of amounts payable to Lender by Borrower under <br />Paragraph 2 hereof, and (iii) then to the Principal of the Note. <br />4. CHARGES; LIENS. Borrower shall pay all taxes, assessments and other charges, fines and <br />impositions attributable to the Property which may attain a priority over this Security Instrument, and <br />leasehold payments or ground rents, if any, in the manner provided under Paragraph 2 hereof, or, if not <br />paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower <br />shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event <br />Borrower shall make payments directly, Borrower shall promptly furnish to Lender receipts evidencing <br />such payments. Borrower shall promptly discharge any lien which has priority over this Security <br />Instrument; provided, that Borrower shall not be required to discharge any such lien so long as Borrower <br />shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to <br />Lender, or shall in good faith contest such lien by, or defend such enforcement of such lien in, legal <br />proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part <br />thereof. <br />5. INSURANCE COVERAGES. Borrower shall keep the improvements now existing or <br />hereafter erected on the Property insured against loss by fire, hazards included within the term "extended <br />coverage ", and such other hazards as Lender may require, in an amount equal to the full replacement <br />value of the improvements (80% co- insurance clause permitted), as established by a competent insurance <br />appraiser. Comprehensive general public liability insurance will also be obtained, with a company <br />acceptable to the Lender, for an amount not less than $1,000,000.00 combined single limit. Rental value <br />insurance equal to the rental value for a twelve (12) month period, as established by a competent <br />insurance appraiser, shall also be carried throughout the term of the loan. The Property, if located in a <br />100 -year flood plain, shall also be covered, for the term of the loan, by flood insurance in an amount at <br />least equal to the outstanding principal balance of the loan, or the maximum limit of coverage made <br />available with respect to this particular type of property, whichever is less. <br />2 JI <br />