|
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />I. Paymeat of PriDdpaJ and laterest; 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 />Z. Funds for Taxes uti IlIIUranre. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly pal'!".ents are duo: under the Note, until the Note is paid in full, a sum ("Funds") equal to
<br />one-twelfth of: (a) yearly ta"~ and asses~ments ~hich may altain priority over this Security Instrument; (b) yearly
<br />leasehold payments or ground rents on the Propel~Y, if auY; (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 offuture escrow items,
<br />The Funds shall be held in an instilution 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 inlercst on the Funds and applicable law permits Lender to make such a charge, Borrower and
<br />Lender may agree in writing Ihal interest shall be paid on Ihe Funds. Unless an agreement is made or applicab]e law
<br />requires inlerest to be paid, Lender shall not be required to pay Borrower any inlerest or earnings on the Funds. Lender
<br />shall give to Borrower, withoul charge, an annual accounling ofthe Funds showing credits and debits to the Funds and the
<br />purpose for which each debilto th~ Funds was made. The Funds are pledged as additional security for the sums secured by
<br />this Security Inslrument.
<br />If Ihe amounl of Ihe Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates or the escrow items, shall exceed the amount required to pay the escrow items when due, Ihe excess shall be,
<br />al Borrower's aptian, either promptly repaid to Borrawer or credited to Barrower an monthly payments af Funds, If the
<br />amount of Ihe Funds held by Lender IS not sufficienl 10 pay the escrow items when due. Borrower shall pay to Lender any
<br />amoun! necessary to make lip the deficiency in ane or more payments as required by Lender.
<br />Upon paymenl m rull or all sums secured by this Security Instrument. Lender shall promptly rerund to Borrawer
<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 immedialely prior 10 the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of
<br />applicalion as a credll agaln'lthe sums secured by this Security Instrument.
<br />J. Applintlon of Payments. Unless applicable law provides otherwise. all paymen!s received by Lender under
<br />paragraphs I and 2 shall be applied: first, ta late charges due under the Note; second, to prepayment charges due under the
<br />Note; third, to amaunt. payable under paragraph 2; fourth, to mterest due; and last, to principal due,
<br />4. Charlles: Liens. Borrower shall pay alltaxcs, a.ssessments, charges. fines and impositions allributable to the
<br />Property whtch may allalO pnonty over this Security Instrument. and leasehold payments or ground rents, Ir any,
<br />Borrower shall pay these obhgallons in the manner provided in paragraph 2, or if not paid 10 that manner. Borrower shall
<br />pay them on lime directly to Ihe pef!\on nwed payment. Borrower shall promplly rurnish to Lender all nOllces or amoums
<br />to be: paid under thiS paragraph, If Borrower mak"" lhese payments directly. Borrower shall promptly rumish to Lender
<br />rC<."Clpts evtdenclOg the payments,
<br />Borrower shall promplly discharge any lien which has priOTlty over 11115 Security Instrument unless Borrower: (a)
<br />agrct."S 10 wriling to Ihe payment orlhe obhgation secured by the lien in a manner acceptable to Lender; (b) contests in good
<br />fanh Ihe lien by, or de rends againsl enforcemem or the lien in, legal proceedings which in the Lender's opinion operate 10
<br />prevcnlthc cnrorcement or the lien or rorfeiture or any part of the Property; or (c) secures from the holder or the lien an
<br />agreemenl sallsractory to Lender subordlOating the lien to thIS Security Instrllment. IrLender determines that any part or
<br />the Property IS subject 10 a lien which may allain priority over this Security Instrument, Lender may give Borrower a
<br />noltce Identifying the lien, Borrower shall satisfy Ihe lien or take one or morc or the actions sel rorth above within 10 days
<br />orthe giving or notice.
<br />5, Huard Inlurance. Borrower shall keep the improvements now existlOg or hereafter erected on the Properly
<br />insured against loss by fire, hazards IIlcluded wilhin the term "extended coveragc" and any other ha7.ards ror which Lender
<br />requires insurance, This insurance shall be: malOtalOed in Ihe amounts and ror the periods that Lender requires, The
<br />insuranee carrier providing Ihe II\surance shall be chnsen by Borrower subject 10 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 morlgage clause.
<br />Lender shall have the righlw hold the pohcies and renewals. Ir Lender reqUIres, Borrower shall promptly give to Lender
<br />all reccipts of paid premiums and renewal notices. In the even! or loss, Borrower shall give prompt notice to Ihe insurance
<br />carner and Lender. Lender may make proof or loss If not made promptly by Bnrrower.
<br />Unless Lender and Borrower otherwise agree 10 wntlng, IIlsurance proceeds shall be applied to resloration or repuir
<br />or the Property damaged, ir the restoralion or repair is c:conomically reasible and Lender's secunty tS not lessened. Ir the
<br />restoration or repair is nOI economically reasible or Lender's secunty would be lessened, the Illsurance proceeds shall be
<br />applied 10 the sums secured by Ihis Security Inslrumem. whelher or not then due, wilh any excess paid to Borrower, Ir
<br />Borrower abandons Ihe Property, or docs not answer within 30 days a notice rrom Lender lhatthe insurance carrier has
<br />offered to sellle a c1aml, then Lender may colleclthe insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Property or to pay sums !'>eCured by this Security Inslrumem. whelher or not Ihen due, The 30-day penod will begm
<br />when the notice is given,
<br />Unless Lender and Borrower otherwise agree III writing, any application or proceeds to principal shall not extend or
<br />postpone the due dale orlhe monthly paymenls rererred to in paragraphs I and 2 or change the amount orthe payments If
<br />under paragraph 19 the Property is acquired by Lender. Barrower's right to any IIlsurance policies and proceeds resuhmg
<br />from damage to the Property pMor to Ihe acquisillon shall pa.ss 10 Lender to the utent orthe sums secured by 11m Secunty
<br />Instrumenl immedialely pnor to the acquisition,
<br />6. Preservation and Maintenance of Property; Leaseholds. Borrower .hall nal deMroy, damage or sub.tanllally
<br />change the Property, allow the Property to deteriorate or commil waste, Ir thIS Seeunty Instrument t. on a lea,ehold,
<br />Borrawer shall comply with Ihe provi.ions orthe lease, and if Borrower acquires ree title to the Property, Ihe lea.ehold and
<br />rre title shall not merge unless Lender agrees to 1 he merger in writing,
<br />7. Protection of Lender's Rip,s in the Property; Mortpge Insurance. If Borrower ralis 111 perform the
<br />covenanls and agreemenls contained III this Security InSlrUmenl. or there is a legal procl..,dlllg thaI may "gmlkantly atTee'l
<br />Lender's righls in Ihe ProperlY (such as a proceeding in bankruptcy, probale, ror condemnal1Lln or tLl enforce law, ,"
<br />regulations), then Lender may do and pay for whalever is necessary to protcctlhe value or t he Property and l.ender'. nghh
<br />in the Property. Lender's aclions may include paying any sums secured by a lien which ha' pnorlly ,Her Ih" Secunt)
<br />Instrument. appearing in court, paying rC<!SOnab]e attorneys' rces and entenng on the Pmpcrty In makt- .epal" Although
<br />Leoder may take aCllan under this paragraph 7, Lender docs not have loda ><,
<br />Any llmounts disbursed by Lender under this paragraph 7 shall become addll"",al debl of Hnrn>wer ,,','ured hy Itm
<br />Secunty Instrument, Unless Borrower and Lender agree to olher lerms or payment. the.e amount' .hall heal Illlere" f..lIn
<br />1M dale ar disbursemenl at Ihe Note rale and shall be payable, with IOterest, upon nollLl' 1'..>", I "Ilde! II. lIo"'1\\er
<br />requcstlllg pllymenl
<br />
<br />88- 104028
<br />
|