|
<br />B 104696
<br />
<br />UNIfORM COVENANTS, Borrower and Lender coven.nl.n~;c:c as follows:
<br />I. """""1 of PrIncipal anellol.rat; Pnpaym.nl and Lal. Charsct, Borrow.r shall promptly pay wh.n due
<br />Ihe principal of and inlercsl on Ihed.bl evid.nced by th. Note and any prcpayment and lat. charges due under ,h. Note.
<br />%. FuacIa for Taxct anellnaunnce. Subjecllo applicable law or to a wrill.n waiv.r by Lender, Borrow.r shall pay
<br />to Lender on Ih. day monlhly paym.nls are due und.r th. Nol.. unlllth. Not. Is paid in rull, a Sl'm ("Funds") equal to
<br />one-Iwell\h of: (a) yearly taxes and assessmenls which may allain priority ov.r this Security Instrum.nt; (b) yearly
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insuranc. premiums; and (d) yearly
<br />mortpF insuran:c: premiums, if any. These items are called "escrow items." Lender may estimate the Funds duc on the
<br />basis of currcnl data and re<osonabl. estimales offulure escrow items,
<br />The Funds shall be h.ld in an institution Ihe deposits or accounls of which are insured or guaranleed by a fed.ral or
<br />Sial. qettcy (including Lend.r if Lend.r is such an inslilulion). Lender shall apply the Funds 10 pay th. escrow it.ms,
<br />Lender may not charge for holdins and applying the Funds, analyzing Ih. accounl or v.rifying the escrow items, unless
<br />Lender pays Borrow.r inlercst on Ihe Funds and applicable law pennits Lender to make such a charse. Borrower and
<br />Lender may asree in writing lhal inleresl shall be paid on the Funds. Unless an agreern.nl is made or applicabl. law
<br />requires interest 10 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 lhe Funds was made. The Funds are pledged as additional securilY for lhe sums secured by
<br />this Security Instrument.
<br />Iflh. amount orth. Funds held by Lender, tosclher with the future monthly paym.nts of Funds payabl. prior to
<br />tbe due dates of the escrow items. shall exceed the amount required to pay the escrow items when due, the eXcess shal1 bel
<br />at Borrower's aprioo. either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
<br />amounl ofthe Funds held by Lend.r is not suffici.ntlo pay th. escrow it.ms wh.n due, Borrow.r shall pay 10 Lend.r any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon paym.nt in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower
<br />any Funds h.ld by Lend.r. If under parasraph 19 the Property is sold or acquired by Lender, Lender shall apply. no laler
<br />lhan immediat.ly prior to lhe sale of the Property or its aequisilion by Lend.r. any Funds held by Lend.r alth. time of
<br />application as a credit against the sums secured by this Security Instrument.
<br />3. AppUcatlon of Paymenta. Unless applicabl. law provides oth.rwise. all payments rec.ived by Lend.r und.r
<br />parasraphs I and 2 shall be applied: first. to late charges due und.r the Note: second. to pr.paym.nl charges due und.r the
<br />Note; third, to amounts payable under paragraph 2; founhl to interest due; and lastl to principal due.
<br />4, Cbar&es; L1CD1. Borrower shall pay all taxes, assessm.nts. charges. fines and impositions allributable to th.
<br />property which may attain priority. over this Security Instrument, and leasehold payments or ground rents. if any.
<br />Borrower shall pay these obligslions in the mann.r provided in paragraph 2, or if nol paid in that manner, Borrower shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this parasraph, If Borrower makes Ihese paym.nls directly, Borrower shall promptly furnish to Lender
<br />receipts evidencinS the payments,
<br />Borrower shall promplly discharsc any lien which has priority over this Security Instrumenl unless Borrower: (a)
<br />_ in writing 10 the paymenl of th. obligstion secured by lh.lien in a manner acceptable to Lender; (h) contests in good
<br />faith Ihc lien by, or defends asainst enforcement of th. lien in, legal proceedings which in the Lender's opinion operate to
<br />prevenl the enforcement of the lien or forfeiture of any part of the Property: or (c) secures from th. holder of the lien an
<br />asreemenl satisfactory 10 Lend.r subordinatinsthe lien to lhis Security Instrument. If Lender detennines lhat any part of
<br />the Propeny is subject to a lien which may attain priority over this Security Instrument, lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set fonh above within 10 days
<br />orlbe givins of notice.
<br />5, Huard lnaannc:e. Borrower shall keep the improv.ments now ..isting or h.reaft.r .rected on the Property
<br />insured apinst loss by fire, hazards included within the lenn ....Iended coverag." and any other hazards for which L.nder
<br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
<br />unreasonably withheld.
<br />All insunnce policies and renewals shall be acceptabl. to Lender and shall includ. a standard mortgsse clause,
<br />Lender dtaII have the right 10 hold Ihe policies and renewals. If Lender requires, Borrower shall promptly give to Lend.r
<br />aU receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Borrower,
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shaH be applied to restoration or repair
<br />of the Property damalled. if the restoralion or repair is economically feasibl. and Lend.r's securily is not lessened. Ir lhe
<br />rcstoralion or repair is nol economically feasible or Lend.r's security would be lessened, Ih. insurance proceeds shall be
<br />applied to the sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. If
<br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />oI'era:l to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Property or to pay sums secured by this Security Instrument, wh.ther or not tben due. The 3lJ.day period will begin
<br />..hen the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application ofprocecds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of lh. paymcnls, If
<br />under paragraph 19 the Propeny is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting
<br />rrom damage to the Propeny prior to the acquisition shall pas5 to lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6, Preoerntlon and Maialenaoce ofProPef1f; Leueho'.... Borrower shall not destroy, damage or substantially
<br />chanF the Propeny, allow the Propcny to deteriorate or commit waste. If this Security Instrumenl is on a leasehold.
<br />Borrower Ihall comply with the provisions of the lease. and irBorrower acquires fee title to the Propeny, the leasehold and
<br />fee title dtaII not mcrse unles5 Lender _ \0 tbe merger in writinS,
<br />7, ProlKdoD of Lender', RiIbta in the Property; Mortpge Insurance. If Borrower rails 10 perform lhe
<br />covenants and ~lS contained in this Security Instrument. or there is a legal proceeding Ihat may significantly affect
<br />l.eDder', riJhts in the property (such u a proceeding in bankruptcy, probate. for condemnation or to enforce laws or
<br />reauJationl), then Lender may do and pay for whatcver is necessary to protect the value ofthe Propeny and Lender's rights
<br />ill the Property. Lender.s actions may include paying any sums secured by 8 hen which has priority over this Security
<br />IDluumenl. appearing in court. paying reasonable attorneys' fees and entering on the Propeny to make repairs. Allhough
<br />l...ender may take action under Ihis paragraph 7. Lender docs not have 10 do so.
<br />Any amounts disbursed by Lender under this parq,raph 7 ih.U become additional debt of Borrower s.ccured b)' thiS
<br />Security Insuumcnt. Unless Borrower and Lender agree to other terms of payment. these amounts shall bear mleresl from
<br />the date of disbuncmcnl al the Nole rate and shall be pllyable. ""lIh mlerest. upon notice from lender 10 Borrower
<br />requcstifll paymenl
<br />
|