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<br />88- 101824
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<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. hymen! 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 Insuranre. 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 assessme-nts 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 (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 inteRSt 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 agreemt:nt is made or applicable law
<br />requires interest to be paid. Lender shan not be required to pay Borrower any interest 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 mad~. The Funds are pledged as additional security for the sums secured by
<br />this Security Instrument.
<br />If the amount or the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates oftbe escrow items. shall exceed the amount required to pay the escrow 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 not sufficient to pay the escrow items when due. Borrower shall pay to Lender any
<br />amount ~ 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 to Borrower
<br />any Funds held by Lender. )funder paragraph ]9 the Property is sold or acquiled by l..ender. Lender shall apply, no later
<br />than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />application as a credit apinst the sums secured by this Security Instrument.
<br />3. A.....~ of Pa,...... Unless applicable law provides otherwise, all payments received by Lender under
<br />parqraphs I and 2 shall be applied: first. to late charges due under the Note; second, to prepayment charges due under the
<br />Note; thinl. to amounts payable under paragraph 2; fourth. to interest due; and last, to principal due.
<br />of. CIIlIr.-; Uea.. Borrower shall pay all taxes, assessments. charges. fines and impositions attributable to the
<br />Propert)' which may attain priority. over this Security Instrument, and leasehold payments or ground rents, if any.
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
<br />pay than Oft 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 Lender
<br />receipts evidenci.ng the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: <a)
<br />qra:s in writiD& to the payment of the obliption 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. l~aI proceedings which in the Lender's opinion operate to
<br />prevent the mfon::cment of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an
<br />apa:ment satisfKtory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />tbe Property is subject to . lien which may attain priorily over this 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 to days
<br />~the Jivina ~ notice.
<br />5. Haanll--~. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />imured apinst loss by fire, hazards included within the tenn "extended coverage" and any other hazards for which Lender
<br />requires insuraDc::e. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insu.nnce c:anier providing the insurance shall tie chosen by Borrower subject to Lender's approval which shall not be
<br />UIlrasonably withbdd.
<br />All iDsunnce policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lader shall have the ript to bold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
<br />aU n:ceipts ~ paid premiums and renewal notices: In the event of loss. Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender IDay make proof of loss ifnOl made promptly by Borrower.
<br />Unless Lc:nder and Bonower otherwise agree in writing, insuraJli:e proceeds shan be applied to restoration or repair
<br />~ the Property dam""". if the restoration or repair is economically feasible and lender.s security is not lessened. If the
<br />restoration or npai.r is DOl: economicaJ.ly feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />qpIied to the sums secured by this Security Instrument, whether or not then due, with ~ny excess paid to Borrower. If
<br />Bormau abudons the Property, or does DOl answer within 30 days a nOlice from Lender that the insurance carrier has
<br />~ to IdtIe a cWm, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Prop..nj or to..y sums secured by this Security Instrument, whether or not then due. The 3O-day period will begin
<br />when the nocice is Jiven.
<br />Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or
<br />poItpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount oflhe payments. If
<br />UDder pananpb 19 the Property is acquired by LcDdu, Borrower's right to any insurance policies and proceeds resulting
<br />from daJuae to the Property prior to the acquisilion shall pass to Lender to the extent ofthe sums secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6. P'lA.... ...... ... Maiatnuce of ProperJr; leMelin'" Borrower shall not destroy, damage or substantially
<br />chauae the Property, allow the Property to cIeteriorate or commit waste. If this Security Instrument is on a leasehold,
<br />Bormwc:rsball comply with the provisions ofthc lease, and irBorrower acquirt$ fee title to the Property, the leasehold and
<br />fee title sba11 not IIIaJC IIIlIcss Lender &pees to lhe nterler in writina.
<br />7. Pr~oI J..tIer9. ...... ia __ rr....y; M~ IlISul'UCe. If Borrower fails to perform the
<br />covenants and qnx:mcots contained in this Security Instrument, or there is a legal proceeding that may significantly affect
<br />Lender', rightl in tbe Property (such as a prOOCiedinB in bankruptcy, probate. for condemnation 0::- to enforce Jaws or
<br />rqulations), thal1..cnder may do and pay for whalever is necessary to protect the value of the Property and Lender's rights
<br />in the Property. Lender', actions may include payinB any sums secured by a lien which has priority over this Security
<br />IlUUUmenl, appearin. in court, pa)'inl reasonable attorneys' fees and entering on the Pro~rty to make repairs, Although
<br />I..ader may take action under this parqraph 7, Lender does not have to do so.
<br />Any amounts disbursed by Lender under this parqraph 7 shall become additional debt of Borrower secured by Ihis
<br />SIlcurilY Imlrument. Unless Borrower and Under agree to other terms ofpayment,lhese amounts shall bear intert$t from
<br />lhe date of disbursement at the NOle rate and shall be payable. with interest, upon nOlice from Lender to Borrower
<br />requesti. p.ymmt.
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