|
<br />r-
<br />
<br />j 88- 101614
<br />
<br />UNIFORM COVENANTS lIorrower and Lender covenant and agree as follows:
<br />1. Payment oC 11rlnclpalllnd Interest; I'repayment and Lste Charges. Borrower ~hall 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 I he NOle.
<br />2, Funds Cor Taxes and Insurance, Subject to applicable law or [0 a wrilten waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly payments arc due under che Note, unlilthe Nole is paid in full. a 'iurn ("Funds") equal 10
<br />one-twelfth of: (a) yearly taxes and assessments which may attain priorily over chis Security Instrument; (b) yearly
<br />leasehold paymenls or ground renls on the Properly, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any. These itcms arc called "cscrow 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 arc insured or guaranteed by a federal or
<br />statc agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the ellcrow items.
<br />Lender may not charge Cor 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 />Lendcr may agree in writing that interest shall be paid on thc Funds. Unless an agreement is made or applicable law
<br />requires interest 10 be paid, Lender shall not be required to pay Borrower any interest or earnings on Ihe 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 />pUflXlse 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 10
<br />the due dates of the escrow items, shall cxceed the I1mount required to pay the escrow items when due, the exccss 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 oflhe Funds held by Lender is not 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 required by Lender,
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund 10 Borrower
<br />any Funds held by Lender, If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply. no later
<br />than immediately prior 10 the sale of the Property or Its acquisition by Lender, any Funds held by Lender at the time of
<br />application as a credit againslthe sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise, 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, 10 intcrest 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 Securily Instrument, and leasehold payments or ground rents, if any,
<br />Borrower shall pay these obligations in the 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 />10 be paid under this paragraph, If Borrower makes these payments direclly, Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments,
<br />Borrower shall promptly discharge 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 Il''lnner 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 te
<br />prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from Ihe holder of the lien an
<br />agreement satisfactory to Lender subordinaling the lien to this Security Instrument, If Lender determines that any part of
<br />th.e Property is subject to a lien which may attain priority over rhis Security Instrument. Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the giving of notice,
<br />S. Hazard Illiurance. 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 for which Lender
<br />requires in~urance, This insurance shall be maintained in the amounts and for the periods thaI Lender requires, The
<br />insural:ce carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
<br />unreasonably withheld
<br />All insufan~e policies and renewals shall be acceptable to Lender and shall include a slandard mortgage clause,
<br />Lender shall ha\'c the right to hold the polkic:; and renewals. If Lender requires, Borrowel- shall promptly give to Lendel'
<br />all receipts of paid premiums and I'enewal notices. In the evenl of loss, Bonower shall give prompt notice to the insurance
<br />carrier and Lender, Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoralion or repair
<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 I'epair is not economically feasible or Lender's security would be Ic:;sened, the insurance proceeds shall be
<br />applied to the sums secured by this SecurilY Instrumenl, whether 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 the insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Property or to pay sums secured by this Security Instrument, whether or nol then due_ The 30-day period will begin
<br />when the notice is gi\'en.
<br />Unless Lender and Borrower otherwise agree III writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred 10 in paragraphs I and 2 or change the amount of the payments. If
<br />under paragraph 19 the Property is acquired by Lender, Borrower's right 10 any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lender 10 Ihe ex lent of the sums secured by this Secunty
<br />Instrument immediately prior to the acquisition.
<br />6. PreMnation and Maintenance oC ProperJ5: Leaseholds. Borrower shall not destroy. damage or substantially
<br />change the Property, allow the Pmpcrty to detenorate or commit waste. If thiS Security Instrument IS on a leasehold,
<br />Borrower shall comply with Ihe provisions of the lease. and If Borrower acqUIre.. ree IItle to the Property. the leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writmg,
<br />7, Protection oC Lender's Rights in the Property; Mortgage Insurance. If Borrower falls to perform the
<br />covenants and agreements contained in this Security Instrument. or there is a kgal proceeding that may sigmficantly affect
<br />Lender's rights in Ihe 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 Properly and Lender's rights
<br />In the Property. Lender's actions may include paying any ~ums secured by a lien which has pnority over Ihis Sc-curity
<br />Instrument, appearing in court, paying reasonable altorneys' fees and entering on the Property to make rcpairs. Although
<br />Lender may take action under Ihis paragraph 7, Lender does not have to do !.o. Any amounts disbu~ by Lender under thi!. paragraph 7 shall become additIOnal debt of Borrower secured by thiS
<br />Security In&lrumenl. Unless Borrower and Lender agrct' to other lerms of payment. these amounts shall bear mterest rrom
<br />the dale of disbursement at the Note rate and ~hall be payalJle, WIth IIltcresl. upon notice rrom Lender to llorrower
<br />requC5tinr paymenl
<br />
<br />L
<br />I
<br />L
<br />+
<br />i.:
<br />. J-~.
<br />;:.~
<br />L~
<br />.l~
<br />~~~
<br />ill
<br />Efi
<br />\~
<br />:!
<br />fl
<br />'}
<br />
<br />~
<br />l~
<br />~
<br />
<br />~ .. ..",
<br />~ ,
<br />~.
<br />
<br />-1
<br />
|