|
<br />UNIFORM COVENANTS Borrower and Lender covenanland agree as follows:
<br />1. Paymenl of PrIncipal and Inleresl; Prepaymenl and Lale Chal'Res. Borrow.r shall promptly pay wh.n due
<br />Ihe principal orand interest on Ihedebtevid.nced by th. NOI. and any pr.paym.nt and lal. chargc, due under the NOle.
<br />Z. Funds for To.. and Insurance. Subject to applicable law or to a wrillen waiver by Lender, Borrower shall pay
<br />to Lender on Ih. day monlhly paym.nts are due und.r the Nole, untillhe NOle is paid in full, a sum ("Funds") .quallo
<br />one-twelfth of: (a) yearly ta.es and assessm.nts which may anain priority ov.r thi, Security Inslrum.nt; (b) yearly
<br />leasehold payments or ground renls on the Property, if any; (c) yearly hazard insurance prcmiums; and (d) yearly
<br />mortgage insurance premiums, if any. These ilems are called "escrow items," L.nder may ..Iimale Ihe Funds due on Ihe
<br />basi, of cum:nl data and reasonable estimales offutureescrow ilem,.
<br />The Funds shall be held in an inslitulion Ihe deposits or accounts of which are insur.d or guaranleed by a fed.ral or
<br />state agency (including Lender if Lender is such an institulion), Lender ,hall apply Ihe Funds to pay Ihe escrow item,.
<br />Lender may nol charge for holding and applying Ihe Funds, analyzing the accounl or verifying Ihe escrow il.ms, unles,
<br />Lender pays Borrower interesl on the Funds and applicable law permils Lender 10 make such a charge. BOrrower and
<br />Lender may agree in writing Ihat inlerest shall be paid on Ihe Funds, Unles, an agreemenlls mad. or applicable law
<br />requires intereslto be paid, Lender shall nol be required 10 pay Borrowcr any interesl or earnings on Ih. Fund,. Lender
<br />shall give 10 Borrower, without charge, an annualaccounling oflhe Funds showing credits and debils to Ihe Funds and the
<br />Plll'JlO"C for which each debilto Ihe Funds was made, The Funds are pledged as addilional securily for Ihe sums secur.d by
<br />this Security Inslrum.nt,
<br />If the amounl of the Funds held by Lender, together wilh Ihe future monlhly paymenls of Funds payable prior to
<br />Ihe due dates of Ihe escrow ilems, ,hall e.ceed Ihe amounl required to pay Ihc escrow ilem' when due, the e.cess ,hall be,
<br />al Borrower's oplion. eilher promptly repaid to Borrower or crediled 10 Borrow.r on monlhly paymenls of Funds, If Ihe
<br />amounl of Ihe Funds held by Lender is nol suffici.nllo pay the escrow item, when due. Borrow.r shall pay 10 Lend.r any
<br />amounl necessary to make up Ihe deficiency in on. or more paymcnls as required by Lend.r.
<br />Upon paym.nl in full of all sums secured by Ihis Security In'trument, Lender shall promptly refund to Borrower
<br />any Funds h.ld by Lender. Ifund.r paragraph 191he Property i, sold or acquired by Lend.r. Lend.r shall apply, no lat.r
<br />Ihan immediately prior 10 Ihe sale of the Property or ils acqui,ilion by Lender, any Funds h.ld by Lender al the time or
<br />application as a credil againsllhc sum, secured by Ihis SecurilY In'lrum.nt.
<br />3. Appllcallon nf Paymenla. Unless applicabl. law provides olherwise, all paymenl' received by Lender und.r
<br />paragraphs I and 2 shall be applied: firsl, 10 late charges due under Ih. Not.; second, 10 prepaymenl charges due under the
<br />Nolo; third, to amounlS payable under paragraph 2; fourth, 10 inleresl due; and last, to principal due,
<br />4. CharlJeo; Ue.... Borrower shall pay all taxes, assessments, charges, fines and impo,itions allribulable 10 th.
<br />Propeny which may allain priorily.over this Securily Instrumenl. and leasehold payments or ground renl', if any.
<br />Borrower shall pay these obligations in Ihe mann.r provided in paragraph 2, or if nOI paid in thaI manner, Borrower shall
<br />pay them on time directly to the person owed paymenl, Borrower .hall promplly furnish to Lender all nonces of amounts
<br />10 be paid under Ihis paragraph, If Borrower makes Ihese payments directly, Borrower shall promptly furnish 10 Lend.r
<br />receipts evidencing Ihe payments,
<br />Borrower shall promptly discharge any lien which has priorilY ov.r Ihi, Securily lnslrumenl unless Borrower: (a)
<br />agrees in writing 10 Ihe paymenl orlhe obligation secured by Ihelien in a manner acceptabl. to Lender; (b) COnlests in good
<br />faith Ihelien by, or defend. against enforcemenl of the lien in,I.ga1 proceedings which in the Lender', opinion operalelo
<br />p.....enl the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from Ihe hold.r of the li.n an
<br />agreemenl satisfaclory to Lender subordinating the lien 10 Ihis Security Instrum.nt, If Lender determines thaI any part of
<br />Ihe Propeny i. ,ubject to a lien which may anain priorily over this Security Inslrum.nt, Lender may give Borrower a
<br />nOlice idenlifying the lien, Borrower ,hall satisfy Ih. lien or take one or mar. of the aClions sel fonh above wilhin 10 day'
<br />orthe giving of no lice.
<br />5. Huanll.....raace. Borrower ,hall keep th. improvemenls now e.isling or hereaft.r erected on the Property
<br />insured against loss by fire. hazards included wilhin Ihe term .....ended coverage" and any other hazards for which Lender
<br />requires insurance. ThIS Insurance shall be maintained in Ih. amounts and for the period, that Lender requires, Th.
<br />insurance carrier providing the insurance shall be chosen by Borrower 5ubjecl to Lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewah shall be acceptable to Lend.r and shall includ. a slandard mort gag. clause.
<br />Lender shall have Ih. righlto hold the polici.. and renewals. If Lender requires, Borrower shall promptly give 10 Lender
<br />all receipts of paid premiums and renewal notices. In Ihe event of loss. Borrow.r ,hall give prompt nOlice 10 Ihe insurance
<br />carrier and Lender, Lender may make proof ofloss ifnot made promplly by Borrow.r.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceed, ,hall be applied 10 restoralion or repair
<br />of 1M Property damaged, if the reslOralion or repair is economically feasibl. and Lender's security is nollessened. If Ihe
<br />realoration or repair is nol economically feasible or Lender's security would be I....ned. th. insurance proceeds shall be
<br />applied 10 the sums secured by Ihis Security Instrumenl, whelher or nOllhen du., wilh any e.cess paid 10 Borrow.r. If
<br />Borrower abandons Ihe Propeny, or does nol answer within 30 day' a nOlic. from Lender thallhe insurance carrier has
<br />oIrered 10 5eltle a claim. then Len~r may colleclthe insurance proceeds, Lender may use Ih. proceeds 10 repair or restorc
<br />the Property or to pay sums secured by Ihis Security lnstrumen" whelher or nOI Ihen due, Th. 3O-day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower olherwise agree in wrillng, any applicallon of proceeds to principal shall nol ..Iend or
<br />postpone the due date oflhe monthly payments referred 10 in paragraph, I and 2 or change Ihe amount of Ihe payments. If
<br />under paragraph 191he Propeny is acquired by Lender, Borrow.r', nght to any m,uranc. poliCIes and proceed, resulting
<br />from damage 10 Ihe Property prior 10 Ihe acquisilion shall pas' to Lend.r to ,h. c,l.nl of thc ,urn. secured by thi, Securily
<br />IMlrumenl immediately prior 10 Ihe acquisition,
<br />6. Praenatlon and Malaletwlee of 1'roperJr; Leueholds. Borrow.r .hall not destroy. damage or ,ubstantially
<br />change Ihe Property, allow the Property to deler10rate or commil wasl.. If th.. Secunty Inslrumenl .. on a leasehold,
<br />Borrower shall comply with the provisions of the I..... and if Borrower acquires fee IIl1e to th. Property. the leasehold and
<br />fee title shaD not merge unless Lender agrees to the merger in writing.
<br />7. PnIIedIoa or ~'I R1Pts in the Property; Mort_ Inlurance. If Borrower fails 10 perform the
<br />covenant. and agrecmuns contained in tbis Security Instrument, or [here l!o a legal proceedmg thaI may significantly affect
<br />laKIer's rights in the Property (such as a proceeding in bankruptc)'. probate. for condemnation or to enforce laws or
<br />reaulalionsl, then Lender may do and pay for whltever i, nee....ry 10 proleclthe valu. of th. Propeny and Lender', nghts
<br />ill the Properly. Lender's actions nulY include payin8 any sums secured by a hen which has prlOrily over this Secunl)'
<br />IMtrumall, appearing In court, paymg reasonable anomey" f<os and .ntenn~ on th. Propeny 10 make rcpalrs, Although
<br />Lender may la.ke action under thi5 pa~lr.pb 7. Lender doo nOI have to do ~o
<br />Any amoun" dISbursed by L.nder und.r this paragraph 7 ,hall become add,""nal d.bt of Borrower secured by thIS
<br />Secunty Instrument UnleS! Borrower and Lender agree 10 olher lenns of payment. Ih~ amounl' \hall bear Intcrt'~it from
<br />lbe dlle of'disbuncment .1 the Note rDlc and shall be pay.ble. wllh IOlcre\l. upt"ln nollce from Lender 10 Borrower
<br />req....lIng payment
<br />
<br />88-
<br />
<br />104597
<br />
|