|
<br />UNIFORM COVENANTS, Borrower and Lender covenant and agree as folio",,, SfI- 102310
<br />I. Payment of Principal and Interest; Prepa)'ment and Late Charges, Borrower s~all promptly pay when due
<br />the principal of and interest on the deb! evidenced by the Note and any prepayment and late charge, due under Ihe "'ote.
<br />2. "'unds for Taxes and Insurance. Subject 10 applicable law or 10 a wrillen waiver by Lender. Borro., er shall pa~
<br />10 Lender on Ihe day monthly paymenls are due under the NOle. unlilthe Note is paid in full. a sum ("Fund,") equal to
<br />one-twelflh of: (a) yearly taxes and assessmeRls which ma~ altam priorily over this Security Instrument: (b) yearly
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums: and (d) }'carl)'
<br />mortgage insurance premiums. if any, These items are called "escrow ilems:' Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates offuture escrow items,
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaraRlced by a federnl or
<br />slate agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay' Ihe escroll' ilems.
<br />Lender may not charge for holding and applying the Funds. analyzing the account or venfying the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to malte such a charge. Borrower and
<br />Lender may agree in writing that interest shall be paid on the Funds, t lrless an agreem ,It is made or applicable law
<br />requires interest to be paid, Lender shall not be required to pay Borrowc: 101\ H;lerest or earnings un the Funds_ Lender
<br />shall give to Borrower, without charge. an annual accouRling of the Funds s1:_ \.:mg credits and deblls to the Funds and the
<br />purpose for which each debit to the Funds was made, The Funds are pledl;led as additional securil}' for Ihe sums !o<<ured b)
<br />this Security Instrument.
<br />If the amount of the funds held by Lender. together with the future monthly paymenls of Funds pa)'able prior to
<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due. the excess shall be.
<br />al Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly pa)'ments of Funds, If the
<br />amount of the Funus held by Lender is not sufficient to pay the escrow items when due. Borroll'er shall pay 10 Lender an~'
<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 promptl~' refund 10 Bom:w..er
<br />any Funds held by Lender. If under paragraph 19 the Propeny is sold or acquired h)' Lender, lender shall appl)'. no later
<br />than immediately prior to the sale of the Propen~' or its acquisition by Lender. any Funds held by Lender at the lime of
<br />application as a credit against the sumssccured by this Security Instrument.
<br />3. Appliution of Payments. Unless applicable la~' pro\'ldcs OIheN~se. all pa~ments m:ei\'ed b~' Lender under
<br />paragraphs I and 2 shall be applied: first, to lale charges due under the NOle: second. to preJ::l)'ment charges due under the
<br />Note; third. to amounts payable under paragraph 2: founh. to mlerest due; and Iasl. 10 prinapal due.
<br />4. CIlaraeI; Liens. Borrower shall raY' all taxes, assessments. charl!cs. fines and impositions aunbut:abJc to lbe
<br />Property which may' attain priority over thiS Security Instrument, and leasehold pa~'ments or ground RIIts. If an~'-
<br />Borrower shall pay these obligations in the manner provided in paragr.lph 2, (\f If nOI paId m that manner. Born>-l:f WlI
<br />pay them on time direct I)' to Ihe person owed payment, Borro~'er shall promptl) furnish 10 Lcnder all not~ ofamounu
<br />to be paid under this paragraph, If Borro,,'er m.;.kes these payments dlreclly. Borro~'er shall promptl}' fuml\h to Lcndcr
<br />receipts evidencing the payments.
<br />Borro"'er shall promptly discharge any lien which has pnont~ O\er IhlS Secunt~ Inslrument unbs Borrowo-rr: (al
<br />agrees in wriling to the payment of the obligation secured by the hen 1R a manner acceptable 10 Lender. (b)cortle5U ID pX!d
<br />faith Ihe lien by. or defends against enforcemenl of the lien in. legal procecdinp whIch tn the Lender's opinion operate 10
<br />preventlhe enforcement of the lien or forfeiture of any pan of the Propen}-; or lei secures from the holder of lbe he:n an
<br />aareemcnt \IItmactory to Lender subordinating the lien 10 thIS Secunl~' lmotrument, If Lender detcnninn that &II)' pan of
<br />the Property is subject to a lien which may altain prionty' o"er this Security' Instrument. Lender may P\~ Bonoau a
<br />notice identifying the lien, Borrower shall satisfy the hen or take one or mon: of the actions set fonh abo\-c .ilhin 10da~"
<br />of the Jiving of notice.
<br />S. Huard IDllI1'UCe. Borrower shall keep the Impnwemenh no.' c"isttng or hcrafter em:led (lit lbe Pmpcny
<br />insured .,.in" 10liS by fire. hazards mcluded wilhm the lerm "extended c(weTaJe" and an~' other har.ilrds far .i1ich Lender
<br />requires insul1l11cc, Thts insurance shall be maintamed 10 the amounts and for the rc:mtds thlt I.cftder require.. ~
<br />insurance carrier providing the insurance shall be chosen b)' Borro.er subJCCI to Lender', ;arrm\a1 .'bleb WlI DOl be
<br />unreasonably withheld,
<br />All imuranc:e policies and renewlls shall be acceptable to Lender and ~hall tnelude a slandard mortpae da__
<br />Lender .hall ha~e the riaht to hold the policies Ind renewals. If Lender requires. Rorro.-er ~hlll rromJIII~' ,.hoe to Lender
<br />all receipt. oCpaid prnniums and renewal notices. In the event of loss. Bo~-n shall ,i\e promJII notice to the iMllrantt
<br />carrier and Lender. Lender may make proof of loss if not mille proml't1)' by BorTO'A'er.
<br />Unless Lender and Borrower otheN'ise IgfCC tn ,,'riting. tnSUfallCC proceeds shall be a('plied to fC'lolOra.Uon (\f Iq'8Ir
<br />ohhe Property damaged. if lhe rat oration or repair is economically feasible and Lender'~ seamt) IS not 1clMMd. Ihhe
<br />restoration or repair is not economically feasible or Lender's securit). .'ould be Iessetled. the insurance proceeds..1 be
<br />applied to the sums secured by this Securitylnslrument, ,,'hether or nOI rhen due. ,,'ith an)' CAcess paid 10 BorTo-u, If
<br />Borrower abandons the Property. or does not Inswer ",'ithin 30 day'S I notICe from Lender lhalthe Insurance carner Iw.
<br />ofered to lettle I claim. then Lender may collect the insurance proceeds. Lender may' use the proceeds to repIlr or fC'!oI(ft
<br />the Property or to pay sums IecUred by this Security Instrument. ,,'hether or not then due The 3O-da)' period .ill bepn
<br />when the notice is Jiwen.
<br />UnlCSl Lender Ind Borrower other*ile .,ree in writin8- any' application of prn:ccds In pnnclpal '!ihall not ~lltend "'t
<br />JlClItpone the due dale of the monthly payments referred to in parqraphs I and ~ or chan(le the amount <!flhe pa)'1nCnh If
<br />under paraaraph 19 the Propeny is acquired by Lender. Borrower's righlto an)' tnsurancc plhclcs and rroceeds fC'loulltn~
<br />from dlmage to the Property prior to the acquisition shall pass 10 Lender 10 the e"ent ofthr sums 'IC'l:um1 b) Ihl'" Secunt~
<br />In\Crumml immediately prior to the acquisition.
<br />6. Pnlenlltion ad Malnteuace of Property; Lalelaolds. Borro"er '!ihallnot destro}. damage or ",ub!.tanllall)
<br />chanae the Propeny, allow the Propeny to deteriorate or commil "'aste, If thl'!i Sc..'unIY' Instrument is on II lea~h(lld.
<br />Borrower shall comply wilh Ihe proviSIons of the lease. and if Borrower acquIres fet: III Ie 10 thr rrope"~. the leasehold :tnd
<br />fee litle shall not mer,e unless Lender agrees to lhe merger in "'ritin(l.
<br />'7, ProtKttoa of Lender', Rlpt' In the Property; Mort... Insurance. If Borrower fltl, tl' perfl\rm the
<br />cowenlnll and larcements conlained in this Securily Instrument. or there is ale,all'roceedlRlIlhat mlY s'l!mlkanll~ alf<<1
<br />Lender's riahtl in the Property (lIIch as II proceedin8 in ban~ruptcy'. probate. for cllndemnlllon or 10 enfor~'C la., l\r
<br />rClul.lion.). Ihm Lender ma)' do and pIIy for whatever is necessary to protecllhr \alue ofthr rropc"~' and l.t'nder', "(lh"
<br />in lhe Property. Lender's actions may include paying any sums secured hy a lien" hlCh ha'" rnllnt~ ,\,,'1\1' tl..~ ~unt~
<br />Inslrument, appearing in courl. pa)'in(l reaMlOablr allorne)'s' fees and entennll on thc Pn'l'crty 10 ma"~ ~~r\ ,"llhou~h
<br />Lender may lalee aclion under thiS paragraph 7. Lender does nOI hne to do so
<br />Any amoutlls disbursed lIy lender under Ihis parmgraph 7 shall becomc additional dehll,f n"rTl'''~r ~l-':lIred hy 1'"'
<br />Security Instrumenl. Unless Borrower Ind lender agree Illllther lerms of pay' melli, Ihr'!ir alllOlln1' ,hall ~ar mlcresl ffl'm
<br />the dlle of disbursemenl al the NOle rate and ~hal1 be plyable. ....lth mlcrc,l. upon notlcc fTl'm Lcmlrr 11' tl.'rt""','r
<br />requnllnll paymenl
<br />
|