|
<br />103767
<br />
<br />UNtFOR.M COVENANTS. Borrower and Lender coJ3.8niiind 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 Ihe Note.
<br />2. Funds for TUe!! 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 Que under the Notc. 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 Inslrument; (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 "escrew 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 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 shaIl 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 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 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 escrow items when due, the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited 10 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 n~ 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. If under pangraph 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 Instrumenl.
<br />3. App1ic:atl0ll of Pa)'lltelltl. 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 patagnph 2; fourth. to interest due; and last, to principal due.
<br />4. Cbrps; lJeDs. 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 greund rents, if any.
<br />Borro.'er shall pay these obligations in the manner provided in paragnph 2, or if nOI paid in thaI manner, Borrower shall
<br />pay them on time directly to the pcr50n owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this paragrarh. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrolll'er shall promptly discharge any lien which has priority over Ihis Security Instrument unless Borrower: (a)
<br />qrees in writing to the payment of the obligation secured by the lien in a manner acceptable 10 Lender; (b) contests in good
<br />faith the lien by, or defends agaimt enforcemenl 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 par1 of tbe propeny; or (c) secures from the holder of the lien an
<br />qreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determmes that any part of
<br />tbe Property is subJCCt to a lien which may attain priority over this Secunty Instrument, Lender may give Borrowcr a
<br />notic:e identifyinltbe lien. Borrower shall satisfy the lien or take one or more of the acnons set fonh above within 10 days
<br />g( the givin, of notice.
<br />5. HaunI bRnuIc:c, Borrower shall keep the imprevements nollo' eXIsting or hereAfler erected on the Prepcny
<br />ill5Ured apinst loss by fire. hazards mcluded wilhin the term "extended covenge" and any other hazards for which Lender
<br />requires insurance. This Insurance shall be mainlamed in the amounts and for Ihe penods that Lender requires. The
<br />insurance carrier previding the msurance shall be chosen by Borrower subject to Lender's approval which shall nOI be
<br />unreaonably withheld.
<br />All inlurance poliCIes and renewals shall be ecccptable to Lender and shall include a standard mongqe dause.
<br />Lenckr 1ba11 have the right to bold the policlCS and renewals, If Lender reqUIres, Borrower shall premptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the evenl of loss. Borrower shall 81ve prompt notice to the insurance
<br />carrier and Lender. Lender may make proofofloss ifnOl made promptly by Borrower,
<br />Unless Lender and Borrower olhefWISC agree in wntmg. msur&nce proceeds shall be applied to reslontion or repair
<br />of the Property damqed, if tbe restoration or repair is economically feasible and Lender's secunty is not lessened. If the
<br />restoration or repair is not economically feasible or Lender's securily would be lessened, the insurance proc:eeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not Ihen due, with any excess paid to Borro....er. If
<br />Borrower abandons the Property. or does not answer withm 30 days a notice from Lender that th: insunnce carrier has
<br />O<<ered to settle a claim, then Lender may collect the Insurance proceeds. Lender may use the proceeds to rcp&u or fC$tore
<br />the Property or to pay sums secured by thi.\ Secunty Instrumenl, whether or nOl then due. The 3<klay period will begin
<br />when tbe notice 15 given.
<br />Unlea Lender and Borro..er otherwise ague In wntlng, any application of proceeds to principal shall not extend or
<br />poItpone the due date of the monthly payments referred 10 In paragraphs 1 and 2 or change Ihe amount of the payments. If
<br />under parqrapb 19 the Property IS ~ulred by Lender, Borrower's nghl to any msurance pohcles and proceeds resulung
<br />from damqe to the Property prior to the acqulSlllon shall pa\S to Lender In the extent of Ihe sums secured b~' lhls Secunty
<br />Instrument immediately pnor to the ~UISIUon.
<br />6. Pr8enati0ll aad MaintellUlce of~; LeaIeIIoltll. Borrower shall not destroy. damage or substanl1all~
<br />chanJe the Propeny, allow the Propeny to deteriorale or comml! waste, If thiS Secunty Inslrument IS on a leasehold.
<br />Borrower 1ha11 comply with the preVISions of the lease. and If Borrower acquires fee title to the Propeny, the leasehold and
<br />fee title Iha1I DOC merae unlea Lender agrees to the merler 10 wnung.
<br />7. ProIec:doII of LeIItIer'. Ripta In the Propn1y; Mortpp! Iftlurance. H Borrower falls In perform the
<br />covenanll and qreemcnts contailled In this Secunty Inslrument, or Ihere IS a legal proceeding that may slgmlicanlly afl'ecl
<br />Lender', ripll in the Property (,uch as a proceeding in bank rupley, probate, for condemnauon or to enforce Inis or
<br />rqulatlOlll),tbcn Lender may do and pay for whatever 15 necessary to pretecllhe vllue of the Propeny and Lender's nghts
<br />In the Property Lender', action. may Include paymg any sums secured by a hen which has pnonly o\'er lhls Secunty
<br />IMlrument, appeannl 10 coun, paymg rea.\Onable anomeys' fees and entenng on ,he Proper.y 10 make ~pal" Althoullh
<br />I..aIder may take action under thIS paralraph 7, Lender does nol have 10 do so
<br />Any amounts disbursed by Lender under thiS paragraph 7 shall become addl!lonal delll of lklf"'IIo'er \CCUrN b~ Ih..
<br />Secunty Imnrumenl Unless Borrower and Lender Illrce to olher lerms of naymenl. IhC\C am(lunlS .hall hear IOlere\l from
<br />thr date of dlsbuncmenl II lh~ NOI~ ral~ and .hall he pllyable. wllh 1O'~re\1. u!".n nOllce from l~nder 10 o.'ITo,,'e,
<br />requestln. r-ymenl
<br />
|