|
<br />r-
<br />88-.... 102015
<br />
<br />UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment llnd Late Charges. Borrower shall promptly pay whell due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges duc under I hc Note.
<br />2. Funds for Taxes and Insurance. Subjecltll applicable law or to ,\ writtcn waivcr by Lendcr, Borrowcr shall pay
<br />to Lender on the day monlhly payments arc due under lhe Nole, ulllilthe Note is paid in full, a sum ("Funds") equal 10
<br />one-twelfth of: (a) yearly talles and assessments whk-h may allain priority ovcr Ihis Security Instrumcnt; (b) yearly
<br />leasehold payments or ground rents on the Property, if any: (e) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any. Thcse items arc called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of fut urc escrow ikms.
<br />The Funds shall bl' held in an institution the deposits or al'counts of which arc insured or guaranteed by a federal or
<br />state agency (including Lender if Lender is such all institution), Lender shall apply the Funds to pay !he 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 Harrower interest on the Funds and applicable law permits Lender to make sllch ;\ charge. Borrower and
<br />Lender may agree in writing that interesl shall be paid on the Funds. Unless an agreemcnt is made or applicable law
<br />requires interest to be paid. Lender shall not be required to pay Borrower any interest elr earnings on t he Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of thc Funds showing credits and debits 10 the Funds and the
<br />purpOse for which each debit to the Funds was made: The Funds arc pledged as additional security for Ihe SUIllS sel'llTed by
<br />this Security Instrument.
<br />If the amount of the Funds held by lender, togdhcr with Ihl: future monthly payments of Funds payable prior 10
<br />the due dates of the cscrow items, shall exceed the amount required to pay the escrow items when due, t he excess shall bc,
<br />at Borrower's option, either promptly repaid to Borrower or crediled to Borrower on monlhly 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 necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in full of all SUIllS 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 acquired by Lender, 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 against the sums secured by this Security Inslrument.
<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, to interest due; and last, to prinl'ipa I due.
<br />4. Charges; Liens. Borrower shall pay all talles, assessments, charges, fines and impositions attributable to th~
<br />Property which may attain priority over this Security Instrument, and leasehold payments (lr ground rents, if any.
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in t hat manner, Borrower shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender aJlnotices of amounts
<br />to be paid under this paragraph. If Borrower makes these payments directly, 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 manner acceptable to Lender; (b) contests in good
<br />faith the lien by, or defends against enforcement of the lien in, legal proccedings which in Ihe 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 whieh may attain priority over this Security Instrument, Lender may gi\'e 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 gh'ing 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 "ell tended coverage" and any othcr hazards for whicn Lender
<br />requires insurance. Thi!. 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 not 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 ofloss. Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof ofloss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration 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 repair is not economically feasible or Lender's security wOl,lld be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrument, 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 not then due. The 3D-day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall nol ell tend or
<br />postpone the due date of the monthly payments referred to 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 to any insurance policies and proceeds resulting
<br />from damage 10 the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />, 6. Preservation and Maintenance of Property; uaseholds. Borrower shall not destroy, damage or substantially
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold,
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee litle to the Property, I he leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writing,
<br />7. Protection of l.ender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, or Ihere is a leg..1 proceeding that may significantly affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce laws or
<br />r~glllations), thenl.ender Illa)' do and pay for whatever is necessary to protect the value of the Property ..nd Lender's rights
<br />in the Property. Lender's actions may include paying any sums secured by a lien which has priorily over this Security
<br />Instrument, appearing in cour1, paying reasonable attorneys' fees and entering 011 thc ProperlY to Illake repairs. Although
<br />Lcuder may take action under this paragraph 7. Lender docs not have to do so.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of !~l)rrower sec II red by this
<br />~urjty In!itruJllcnl. Unless IJorrowcr and Lender agree 10 other terllls of payment, these amollnts shall bear interest from
<br />the dale of disbursement al the Note nile ,md shall be paynblc, with inlerest, UPOll lwtkc from Lender to BOHowcr
<br />requC\ting paymcnt.
<br />
<br />J
<br />
<br />,
<br />
|