|
<br />R~.RECORDED 88- 104532
<br />UNIFORM COVENANTS Borrower nnd lender covenant and agree as follows:
<br />1. Payment or Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due
<br />the principal of and inleresl on Ihe dehl evidenced by the Nole and any prepaymenl and late charges due under the Note,
<br />2. Funds ror Taxes and Insurance. Subject to applicable law or to a wrilten waiver by Lender, Borrower shall pay
<br />10 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 or: (a) yearly laxes and assessments which may altain priority over this Security Inslruptent; (b) yearly
<br />leasehold payments or ground rents on the Propeny, 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 ofruture escrow items.
<br />The Funds shall be held in an institution the deposits or accounlS 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 inleresl on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender may agree in writing thaI interest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />requires inlerestto be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give 10 Borrower, without charge. an annual accounling of the Funds showing credits and debits 10 the Funds and Ihe
<br />purpose for which each debIt 10 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 Ihe Funds held by Lender. logelher with the future monthly payments of Funds payable prior to
<br />the due dates of tht: t:~rnw items, shan exceed the amount required 10 pay the escrow items when due~ the excer,s shan be,
<br />al Borrower', optlnn. ellher promplly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
<br />amount orlllc Funds held by lender is nol sufficient 10 pay the escrow item!. when due, Borrower shall pay to Lender any
<br />amount nc:ccsltary 10 make up the deficiency in one or more payments a'i required by Lender,
<br />Upon payment m full of all sums seeured by Ih" Secunty Instrumen!. Lender shall promptly refund 10 Borrower
<br />any Funds held by Lende, If under paragraph I q lhe Propert} IS >'old or acqUired hy Lender, Lender shall apply, no laler
<br />thnn immedialely pnnr 10 the 'illle of the ProperlY or lis acqul'ilhol1 by Lender, uny Funds ht:ld by Lender at lhe time of
<br />application as. a credit agamst lhe ~um~ ~ecurcd b)' thl~ Seeunty Instrument
<br />3. Appliealion of PlymenlS. Unl..., apploeable law pnlVld", otherw"e, all paymenls reeet_ed by Lender under
<br />paragraphs 1 and 2 ,hall be apphed: firsl, to lale eharg'" duc under the Nule; second, tu prepaymenl charges due under the
<br />NOle; third, 10 amoun" payable under paragraph 2. fourth. lu lI11er",t due; and last, III pnnclpal due.
<br />4, Charges; Liens. Dorrower shall pay alllaA~. asscssmenl.., charge\, flOn and imJlOsilions anribulUble tll Ihe
<br />Propcny which may aUam pnonly o'Ver thiS SccunlY In..lrumenl, ~nd lca\ehnld payments or ground rents, if any.
<br />Borrower shuJl pay thc.~ ohllgatlOns In the manner pnwtded '" rmrngr.lph 2. 'Ir If nlll paid in that manner, Borrower shall
<br />pay them on time dlreed)' 10 the [lenon owed paymcnl Borrower \hall promptl)' furmsh 10 lender all nollees of amounts
<br />to be pmd under IhlS paragraph. If B(lrrllwcr makt..... th~c paymenh lhreetly, Dorrowtr "hall prompdy furnish 10 lender
<br />receipl!t evidenCing the paymenh
<br />Dorrowcr ...hall prumptly dl~charge L1ny hen whu:h has pnOnl) (l"Cf Ilus SccuntylnMrument unless Borrower: (3)
<br />lIgr~ tn writIng to the paymC'nt {Irthe 'Ihllgallon ~c."CurC'd oy the: lien In a manner acceptable to lender; (h)conlests in good
<br />faith Ihe lien by, or dc:felld~ agolllst enfon:cmelll of the hen III, legal procttdmgs which In Ihe Lender's opmlOn o~rute tn
<br />prevent Ihe enforcemenl of the hen or forfct1urc of any part of the ProJ'lCny; or (c) !lccuro from lhc holder nf Ihe lien un
<br />agreement salisfacwry to I.ender ,ubnrdmatmg the loen 10 tht, Securlly Inslrument. If Lender determme., Ihat any parI of
<br />the Propcny i, ,ubJect to II hen which mll)' attain pnunty over Ihl' Sccunly Instrumel1l, lender ma)' give Ourru\\'cr ;1
<br />notice idenlifymg the hen, Borrower liohal1 !tallsfy the hen or lukc one or marc ufthe action!! set forth ubove withm 10 day...
<br />of the giving of notice.
<br />5, H.zard Insurance, Burrower ...holl kcc(llhc Improvemenl!. nuw eAlstmg or hereafter erected on Ihe IJrupert)'
<br />insured against loss by fire, hatards lIIc1uded within the term "cAlended coverugc" and any other hUl.ard!l. for whlL:h Lender
<br />requires insuTIlnee. Tlli'i tn~urnnce ..hall be mainlninal In the amounts and for Ihe periods thai tender rrquire<il. The
<br />insurance carrier pnwldmg the msurnnee shall be c!u~n b)' Borrower subJcct to Lender', ullprovnl which shnll nol he
<br />unreasonably Withheld
<br />All Insurance poloe,,,, and renewals shall be aceeplable 10 Lender and shall U1c1ude a standard mortgage elause.
<br />Lender .hall ht.-e Ihe right 10 hold lhe policies and renewal, If Lender reqUlr..., Borrower shall promplly gl\'e to I.ender
<br />nil recclpts (If pUlll premiums nnd renewal notices, In the event of IO!ls. Borrower __hnll ~I\'C prompt notice to Ihe IIlsurance
<br />carner and Lender. Lender may make proof of los, ir no' made promplly by Borro"'tr
<br />Unless Lender nnd Borrower otherwise agree: in wnllllg. lI1~urancc proceed~ ..hull be apphct110 rC'\loralloll or repolf
<br />or lhc Propert)' damaged. if Ihe reslOration or repair IS economically feasible und lender's seeun'y IS nOllo.\Cncd. If Ihe
<br />restorallon or repulr IS 1I0t economically feasible Dr lender'!! sccunty would be: losened. 1 he Insurance proceeds shall be
<br />applied tn rhe ~um... secured by IhlS Security Instrument, whelh~r or not Ihen due. wllh nny CAces!!. paid 10 Borrower. If
<br />Borrower ahundons the IJropcny. or does nol answer wllhm 30 days a notice from Lemler thuI the msurance carner ha..
<br />offered to seule a claim. then lender may collecIlhe insurance proceeds. l.ender may uo..e ll1.e proceeds III repair or r~lorc
<br />the Propcny or In pay sums secured by thi!. Security Instrument, whether or nol Ih",:" LlUC:. The: -'O~day period Will begin
<br />when the notict is given.
<br />Unl",s Lender and Borrower otherwise agree ID wnlIDg, any appllca1tnn of proceeds to pnnclpal shall nol extend or
<br />postpone Ihe due dale of Ihe monthly paymenls referred 10 ID paragraphs I and 2 or change ,he amounlllflhe payments. If
<br />under paragraph 19 the Property is acquired by Lender, Borrower's righlto any insurance' p(})icl~ and proceoo!'i r&:!'lulling
<br />from damage to lhe Propeny prior 10 Ihe acquisilion shall pass 10 Lender to the exten! of the sums secured by ,hI' Secunly
<br />Instrument immediately prior 10 the acquisition.
<br />6. Preservation and Maintenance 0' Property; Leaseholds. Borrower shall nor deslruy. damLlge or ...ub~lanllally
<br />change the Property, allow the Property to deteriorale or commit waste. If thiS Secunty [nstrumenl 1~ on a Icu!..dlOld,
<br />Borrower shan comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the: Ica!'IChuld and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection or Lender', Rights in the Property; "ortgage Insurance. If Borrower far" tll perform the
<br />covenants and agreements contained in Ihis Security Instrumcnl. or there is a legal proceeding Ihat may !'Ilgnilkunlly affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy. probale. for condemnatlllfl or In enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to prolect the value of the Properl)' and Lcndcr''ij nghl~
<br />in the Property. Lender"s actions may include paying any sums secured by a lien which has prtonty o\'er 1111'0, Securlly
<br />Inslrument, appearing in court. paYing reasonable auomeys' fees and entering on the Property In muke repair"' Allhnu~h
<br />Lender may take action under thi. paragraph 7. Lender does not h3\'e to do '0.
<br />Any amounts disbursed by lender under this paragraph 7 shall become :lddltlUnal dchtllf Unrrowl'r ..cl,:urco h~ I hl!'l
<br />Security Instrumenl. Unless Borrower and Lcnder ogrce to other term!' of payment, these anwunl, ..h1l11 hcar IIlIC-rl'..1 !"rlm,
<br />the date of disbursemcll1 at the Note rule ilnd ~hull be payable, "'ith 1l1lerc:st, upnn I1nth:1." from Ll"lllk~ t\l UorflH.\t'r
<br />requesting payment.
<br />1f Lender required mortgage ItIsuruncC' as a condition of making the loan secured h~ 1111'. Sl'l.'unl) In,lrurncnt.
<br />Borrower !ilhall puy the I"lfC'lIllum\ required to mamtmn the insurance In effect until ~u~h lime a' thl.' rCLllltn.'n1Cllt for tht'
<br />InSUflmcC' term1l1nl~ In accordance Yo'ilh Borrower's Dnd Lender', \\Tl1ten ngrcC'mcnl or "pph.:ahk 1,,\\
<br />, 8" Inspection, lender or tI'i agcnt may make reasonable enlw.", upon llntl1l1"tpn'lhHl' l\1 I hl' l'r\lpC'rf~ I ,,'uder
<br />'shall gl"'c norrowcr nnltcC' 111 the rime (If or pnor to an 1nlopC'ctlOl1 'JlC'--"lrYlng rca~onahlc L'l1us:;:m I h..~ lI\~~'\:II(111
<br />
<br />88-
<br />
<br />104449
<br />
|