|
<br />r
<br />I
<br />
<br />;:.
<br />f
<br />"
<br />[i
<br />i
<br />!
<br />
<br />F
<br />~. L
<br />f
<br />f;
<br />1:
<br />l
<br />~
<br />
<br />'i
<br />f
<br />,.
<br />\
<br />
<br />88-
<br />
<br />100933
<br />
<br />r:"
<br />
<br />UNIFORM COVENANTS Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the 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) ye<,r1y
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) year;y
<br />mortgage insurance premiums, if any. These items arc 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 (including 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 applying 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 shall not be required to pay Borrower any lllterest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing 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 Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates of the escrow items, shall exceed the amount required to pay the l'scrow Items when due, the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
<br />amount of the Funds held by Lender is !lot sufficient to pay the escrow items when due, Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one or more payments as reqUlrcd by Lcndcr.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the Property is sold or acqUlrl'd by Lender, Lender shall apply, no later
<br />than immediately prior to the sale of the Property or its acquisition by Lcndcr, any Funds held by Lender at the time of
<br />application as a credit against the sums secu.ed by this Security Instrument.
<br />3, Application of Payments. Unless applicable law provides othl'rwise. all payments received by Lender under
<br />paragraphs I and 2 shall be applied: first, to late charges due under the Note: second. to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges. fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument. and leasehold payments or ground rents, if any.
<br />Borrower shall pay these obligations in thl' manner provided in paragraph 2, or ifnot paid in that manner, Borrower shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lende.
<br />receipts evidencing the payments.
<br />Borrower shall promptly jischarge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good
<br />faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or takl' onl' or more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the term "extended coverage" and any other hazards fOf which Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall nol be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof ofloss ifnot made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree In wnting, Insurance proceeds shall be applied to restoration or rep,.ir
<br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrumenl. whcther or not then due, with any excess paid to Borrower. If
<br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then Lender may collect thc Insurancl' procecds. Lender may use the proceeds to repair or restore
<br />the Property or to pay sums secured by this Securily Instrumcnt. whcther or not then due, The 30,day pl'riod will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writlllg, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to III paragraphs t and 2 or change the amount of thl' payments. If
<br />under paragraph 19 the Property is acquired by Lender, Borrowl'r's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lender to the extent ofthc sums secured by this Security
<br />Instrument immediately prior to the 3cquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds, Borrower shall not destroy, damagl' or substantially
<br />change the Property, allow the Propcrty to deteriorate or commit waste. If this Security Instrumcnt is on a leaschold.
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property. the leasehold and
<br />fee title shall not merge unless Lender agrees to the merger In writing.
<br />7. Protection of Lender's Rights in the Property; :\1ortgage Insurance. If Borrower falls to perform the
<br />covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may signilicantly alrect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Pwperty and Lender's rights
<br />in the Property. Lender's actions may include paying any sums secured by a lien which has priority over thiS Security
<br />Instrument, appearing in COUrl, paying reasonable attorneys' fees and entering on the Property to makl' rl'palfS. Although
<br />Lender may take action under thIS paragraph 7, Lender does nol have to do so.
<br />Any amounts dIsbursed by Lender under this paragraph 7 shall becomc additIOnal debt of BOrfll\Ver secured by thiS
<br />Security Instrument. Unless Borrower and Ll'nder agree to other terms of payment. these allll1Unls shall bear IIlterl'st from
<br />the date of disbursemcnt at the NOll' rate and shall hI' payable, with Interl'sl, upon notlL'c fwm Il'uder 1<1 Borrowl'r
<br />requesting payment.
<br />
<br />i
<br />i
<br />l~
<br />;,
<br />
<br />!'"
<br />
<br />;'.:;
<br />i'
<br />
<br />~
<br />
<br />-0"'1'
<br />l
<br />i
<br />!
<br />i
<br />I
<br />
<br />r---
<br />
<br />,
<br />
<br />
<br />~
<br />.~
<br />l
<br />
|