|
<br />I
<br />
<br />87-
<br />
<br />107384
<br />
<br />I
<br />
<br />UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late ChIll'geS. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced bylhe Note and any prepayment and late charges due under the Note.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to
<br />one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any. These items are called "escrow items," Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />state agency (mcluding Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items..
<br />Lender may not charge for holding and appl}ing the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to 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 law
<br />requires interest to be paid, Lender shaIl not be n:quired to pay Borrower an)' interest or earnings on the Funds. Lender
<br />shaIl give to Borrower, without charge, an annual accounting of the Funds sho~;ng credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by
<br />this Security Instrwnent. '
<br />If the amount of the Funds held by Lender. logether with the future monthI)' pa)"IIlents of Funds payable prior to
<br />the due dates of the escrow items, shaIl exceed the amount required to pa)' the escrow items when due, the excess shall be.
<br />at Borrower's option, either promptly repaid to Borrower or crOOited to Borrov.-er on monthly pa)"IIlents of Funds. If the
<br />amount of the Funds held by Lender is not sufficimt to pay the escrow items when due, Borrower shall pa)' to Lender any
<br />amount nece:ssaJ)' to make up the deficiency in one or nwre pa)'l1re1lts as required by Lender.
<br />Upon payment in fun of all sums secured by this Security Il1Strument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the Property is sctd or 3t.-quired b)' Lender, Lend<< shall apply, no later
<br />than immediately prior to the sale oftbe Property 0;' its acquisition by Lender. an)' Funds held by Lender at the time of
<br />application as a credit against the sums secured by this Security Instl1lllrellt.
<br />3. Appliatioe of Pa~ Unkss applicable law plUliidcs othen.isIe, all pa)'l1re1lts received by Lender uncia
<br />paragraphs 1 and 2 shall be applied: first, to late charges due under the Note:; s<<Cnd, to prepa)'l1re1lt chaJges due URda the
<br />Nok; third. to amounts payable IlDdu paragnph 2; fourth. 10 interest due:; and mt. to principal due.
<br />4. CIJaraes; Lietn. B0n01li'er shall pay aIIrnes. ~Is. charges. fines ;md impositions attributable to the
<br />Property whicb may attain priority. 0\'Cf' this Securil)' InstlllDlml. ;md kasehoId 1Kl)'l1re1lts or g,mund rents, if any.
<br />Borrov.'Cf'shall pay these obligations in lhe manner pro\ided in ~pb 2. or if not paid in that manner, Borrower shall
<br />pay them 0111 time dimctly to the pcfSOIl owed pa)'IIlCIlL Borrower shM) promptly furnish to Lender all notices of amounts
<br />10 be paid under this paragnpb. If Borro\ili'Cf' makes these pa)ments dim:tly. BonoW'Cf'shall promptly furnish to Lender
<br />Raipts aidc:ncing tbe payments.
<br />8oJrower shall promptly discharge any lien wbkb has priority mU' this Security Instl1lllrellt unless Borro\1i'ff: (a)
<br />agrees in writing 10 the payment oflhe obIigatioo SCICURd by the lien in illIWlDU a<<qltable to lender. (b) contests in good
<br />faith the Iim by. or defends apinst cnf'~t of the Iim in.1cpI proceedings which in the Lender's opinion opmtte 10
<br />pw.'ent the enfon:cment of the lim or forfatwe of any part of tbe Proper1),,; 01" (e) SlOCtlRS from the hoMer of the lien an
<br />agrument satisfactOl)' to Lender subordinating the Jim to this Security Instrument. If lmda determines tbat any part of
<br />Ihe Property is subject to iI Iim which may attain prioriI)' e\U' this Security Instrument. Ltnder may give Borro\1i'er a
<br />norioe identil}-ing the Iim. Borraa'Cf' shaD satisfY tbe litn<< take one or IDOfe of the :actrom set forth :above witbin 10 da}S
<br />ofthegiringofnotioe.
<br />s. Haanl ~ Borrower shalll.ecp the impro\m1aIts IlOW ui\ting or hcRafier em:ted on Ihe Propert)'
<br />inwred against ~ by lire. hazards included within the tenn -atended co\U'aie" ;md any oCher b:.muds for which Lender
<br />require:. insurance. This insunncc shall be mainlained in the amounts and for tbe periods th3t lender n:quires.. The
<br />inwranoe carrier providing lbe insu.raooe shall be COOsal by B0n01liU' subjcd 10 Ltnder.s approvlll which 5lu1l not be
<br />UI\IQSOIIIabIy 1Iiilhbdcl
<br />All insuranoe policies and rmca-m shall be liICCCJIlablc 10 Leuckr and shall include a standa.rd mortg;J&e d.ause.
<br />Lender shall hue the right to hold the policies and rmew.ili.. If Lmdcr requires, Bonowu- shall promptl)' give to lmder
<br />all Raipts or paid praniums and rme1Ii-.al DOIias. In the C'\mt of b:s. Bono\1i-ef" shall give prompt notitt 10 the insUl1l1ltt
<br />carrier and l..ender. Lmder may make proof of~ if DOt uwIe promptly by B0rr01liU".
<br />Unless Lender and Borraa'er other1liise ~ in .'litin,. insunnoe proceeds sh.:aIl be:applied to I~Or.ltion or rqxsir
<br />of the Property daJD:a&ed, if the restoratioo or repair is ecooomieally feasible and I.cnd<<'s security is net lessened. If the
<br />restoration or rqWr is not economically feasible or Lmder's security 'ilfOtdd be ~ the insul3J\tt pro;:ccds shall be
<br />applied 10 the sums secured by this Security ItlSllWt1enl. 1Ii'bdber or not tbm due.. .itb any excess paid 10 Bonowec. Ir
<br />Borraa'ec abandons the Pmper1)', or does not 3IlS1Ii'Cf' "itbin JO cb)'S iI notice from Lender that tM insur;mce ,,-.urier has
<br />oIf'ered to 5dtle a claim. tbm Leoder IIl1lY coiled the insurance ~ Lender may use the proceeds to repGir or I~ore
<br />lbe Pmper1)' or to pay sums secured by tM Security Instrument, "hether or net Ibm d~. The JO.wy periOO will begin
<br />when the notice is gi\U1.
<br />Unless Lender and 80rT0'A-er otben.is.e ~ in writin,. an)" application or proceeds to principal sh:tll not utend or
<br />postpone the due date of the monthly pa)metlts menro to in pIU'.agrapM I and 2 or change the amount of the lKlym<:nts.. If
<br />under paraJ,apb 191he Property is acquired by Lender, BorrowU"s right to any insurance rolides and proceeds resulting
<br />from damage to the Property pt;or to the acquisition shall JWS to Lcnckr to the eAtent (lrthe sum~ secured b)' this Securit)'
<br />Instrument immediately prior to the acquisition.
<br />6. PresenatiOll aDd MaiDtRuIce of PropuJt, ~ Borro.....u !>hall nol deslro)". damage or !>ul>>tantially
<br />change the Property, allo..... the Propert)' to deteriorate or commit "'"Mle. If Ihis Securil)' Instrument is on a leasehold.
<br />Borro,,'er shall comply .....ith tbe pIO\Uions ofthe~. and if Borrower acquires fee title to tM Prorert)\ the: leasehold and
<br />foe title sball not me1'ge un~ under agrees to the merger in wriling.
<br />7. ProtedioD of Lettder's Ripts IIIl die Propat). l\Iort~ 111SUJ'&IItt. If Borrower fails 10 perform the
<br />co\"mants and agreements contained in this Securit)'ln~trumenl. or there i~ a legal proceeding Ihat may signilkantl)' affect
<br />Lender's rights in the Property (such as a proceeding in bankruplC)'. probate. for condemnation or to enforce lalli'S or
<br />regulations), then under may do and pa)' for whate\'er is ne<<SSar)'to protecl the \'alue of the Properl)' and lender's rights
<br />in the Propert)'.lcnder's actions may include pa);ng an)' sums secured b)' a lien which has priority o\'er thi!> Securit)'
<br />Inslrument. appearing in courl. paying reasonable allOme)'S' fees and entering on the Properly to make repail'S, Although
<br />lender may lake action under thiS paragraph 7. Lender docs not have to do so.
<br />An)' amounls disbursed by under under thi,> paragraph 1 shall become additional debt of Bornlwer secured by this
<br />Security Inslrument. Unless Borrower and lender agree to olher terms of pa)'ment, the'>e amount,> shall bear interesl from
<br />the date of diwursement .II the Nole rate and shall be payable, ".ilh inlerest. upon nOllee from tender 10 Borrower
<br />requesting paymenl.
<br />
<br />L
<br />
<br />I
<br />
<br />.:.,
<br />
<br />
<br />[ill
<br />~lf
<br />Jtz"
<br />
<br />:~.f!f
<br />
<br />
<br />...
<br />
<br />-.I
<br />
|