|
<br />88- 104722
<br />
<br />UNIH1RM COVENANTS Borrower and Lender coyensnl and agree us follow,,:
<br />I. Paymenl or Principal and IRle....l; PrepllymeRI and Lale Charg... Borrowcr shnll promptly pny when due
<br />the pnnclp.al ofond Interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or 10 n wrillen waiver h)' lender. Borrower !oolmll pay
<br />to Lender on the day monthly payments are due under Ihe Note. unlillhe Nole is paid in full. a !ium ("'Funds") cquullO
<br />one'lwelO:h of: (3) yearly taxes and assessments which ma)' allDin priority over Ihis Security Instrument; (b) yearly
<br />leasehold payments or ground rents on the Property, if any; (cl yearly hazard insurance premiums; Dnd (d) yearly
<br />mortgage insurance premiums. irany. These iltms are called "escrow items:' lender may estimate the Funds due on the
<br />basis of c:urrent data and reasonable estimates of future 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 Ihe Funds to pay the escrow ilems,
<br />Lender may nol charge for holding and applying the Funds, analyzing the account or verifying Ihe escrow items. unless
<br />Lender pays Borrower interest on the Funds and applicnble law permits Lender to make such a charge. Borrower and
<br />Lender may agree in writins thai interest shaH be paid on the Funds. Unless an agreemenl IS made or applicable law
<br />requires interest to be paid, Lender shall not be required to pay Borrower any interest or cnmings on the Funds, Lender
<br />shall give to Borrower. withoul charge. an annual accounting oflhe Funds showing credits and debits to the Funds and the
<br />purpo~ for which each debllto the Funds was made. The Funds arc pledged as addilionnl ,-ecudty for the sums secured by
<br />this Secunty In!.trumenl
<br />If the amount oflhc Funds held b)' Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates of Ihe escrow items, shall cAceed the amoum required to pay Ihe escrow Uem~ when due, the excess shall be,
<br />al Borrower', nptllln, enhcr promptly repaid In Borrower or credited to Borrower on monlhly payments of Funds, If Ihe
<br />amount of Ihe Fund, hdd hy lender is not sufficient to pay the escrow Items when duc, HtJrrower shall pay to Lender any
<br />amounl neccs~ary to make up the deficiency in one or more payments as required by Lender.
<br />Ufl\ln paymenl 111 full of alt sums secured by this Security Inslrument, lendcr shall promptly refund 10 Borrower
<br />any Funds held hy lender_ If under paragraph 19 Ihe Propcrty is ~old or ncqulTl~d hy Lender, Lender shull apply, no laler
<br />than immL.thaldy pnor lolh.: "ale of Ihe PropcrlY or its acqUisition by Lemlcr, any Funds held by lender lit the time of
<br />application a... a credit agalnsl Ihe ..urns sel.:urcd by Ihis Security Instrument.
<br />J. Application of Pa)'ments, Unless applicable law provides ntherwl..e, all payments received hy Lender undcr
<br />paragmphs I llnd 1 !'>hall be ;Ipplied: first, In late charges due under Ihe Note: sccond, to prcpayment charges due undcr the
<br />Note; IhlTd, tll amounl!'> payahle under paragraph 2, fourth. to inlerest due: and last. 10 principal duc,
<br />4. Charges; Liens. Borrower shall pay alllaAC'S. as!.essmcnts, charge!oo, fine~ and impositions altributable to the
<br />Property which may attain pnonty Cl'o't:r lhl!'> Security In!'>trumc:nl, and leasehold payments or ground rents. if any.
<br />Borrower ..hall pay thC!'oe (Jbhgall(Jn~ in the manner PTllvided in paragraph 2, or If 1101 paid II1l1ult mannc:r. Borrnwc:r shall
<br />pay them on IIl11e dlrL"Clly 10 the person owed payment. Borrower 'ihall promplly furnish 10 lender all notu:e!\ uf amounts
<br />to be paid under thts paragraph. If Borrnwer mako thl.~e payment!'> dlfcctly. Borrower '\hall promplly furmsh 10 Lender
<br />receipts eVidenCing Ihe paymenls.
<br />Borrower ')hall promplI)' dl')chargc any lien wlnch has prionty ll\iCr Ihl" Secunty IllslrumC'1II unlesl'o Borm\"'cr. (a)
<br />agrce!'o 10 Wrltlllg 10 the payment nfthe obllgatlon secured by thc hcn III a manner ai:ceptablc tll Lemler; (hi conlc!ots in good
<br />fnuh (he hen b)'. llr defends agamst enforcemenl (If the hen 10, Icgal procecdlllg!'> which 10 the Lender'!,> oplOlan opera Ie 10
<br />pre'w'ent The enftlTcemenl IIf Ihe: hen or forfeIturc of any part of the Property; or (c) secure!'> from Ihe holdcr of the lien an
<br />llgreemenl ..atl..factnry lu Lender ..ubordinalmg Ihe licn 10 lhls Secunty Instrument If Lender dderlllll1C!\ that any pari of
<br />thc Properl)' I!'> !'>ubJct.'1 tn a hen which may atlulO priority over Ihl!'> Security Instrument. LC'Tlder may glVC' Borrower a
<br />notice Idenllf)U1g the hen. Borrower ...hall satisfy the hen IIr t:Ikc one tlr mllre of the llclilln!'o set forlh above wnhin 10 days
<br />uflhe giVing uf lIullce.
<br />5, Hazard Insurance. Borrower shall keep the imprn\'e:lIlent!'> nllw clr.l!\IIO!; or hl'reafler erected on the Property
<br />in~ured aglJinsllm.!. h) lire. ha.l.ard!t Included WllluTlthe term "l'xtended cll\.eragc" llnd any nther hU7.llrds for which Lender
<br />reqUIre-. in!'>urance_ ThiS lO!'ouralh.:e shall be mallltalOcd III the ;lTuount.. and fur the reriod~ thai Lender requires. The
<br />in~urance carnC'r provldlllg the lO!'ouram:e shall be dlO!'oen b} nllrrll~'cr ..uhJcI..t 10 I.endcr'... approval which shall nol be
<br />unrca-,unably wllhheld.
<br />AlIlI1~urull~c pt.)hcIC!'o anti renewal!. ~hal1 be acceptahle hi Lender ami ...hall llIdude a "'Illndard mortgage c1ausc.
<br />Lender shall ha"'c the flghl 10 hold Ihc policie5 and renewal~. If Lcnder rcqulrc\, Ililrn.wcr ...hall promptly give 10 Lendcr
<br />all receipt!. of paid premium!'> and renewal noUce~, (n the event of lo~!'>, Hornlwer ,-hall give pnlmpt notice 10 lhe in!-ourance
<br />carner and Lender Lendcr may make proof of lo!'>~ If 1I0t made promplly hy f){lrrt\Wl'r
<br />Unle!t-.. Lcndl'r and Borrower olherV,I"C agree 10 wnl1ng. lII!1ouran!.:c PW!.:Cl'lb ..Imll hi:' apphed to reMoralion or rept.ir
<br />of the Property damaged. If the re!.tornllon or repair I!. eCllnomlcall)' j;eu.'olhk and Lender'!., \ecunty I!'> nol lessened. If the
<br />restoration tlr repalT I!o. nol eCl1Domlc<llIy feaSible or Lc.-nder'!<, SCCUnl} wl\uld he 1C'!'>\C'lll:d, the IOSUTUm.:c.- proceeds !-ohall be
<br />apphed 10 thc ...um!. ,-ecur.:d by thi~ Securil)' In!.trumenl. whelher or not Ihen due. with an~. exce!'>... paid to Borrowcr, If
<br />Borrower abandon, the J)wpcTly, or doC!! not an!'owc:r Wlthm 30 dilYS a nollCc from Lender lhatlhe insumnce c;;trrier ha~
<br />offered to ...eHIl' a claim. Ihen Lender may collet.'1 Ihe lI1!-ourancc proceed!'>. Lcnder may use Ihe pmceeds tn repair or rL"Store
<br />the Prnpert) ur Il\ p;iy ~um!'> !'>ccured b)' thiS Security Instrumenl, whcther or nol thclI due. The 3D-day pCrlod will begin
<br />when the notlc,: I'" gl\ell.
<br />Vnles., LenJe:r and Burrml,cr otherwl\c agree III wriling. an)" apphcatlon of proceeds tll prinCipal !thaI! nol e:'l;lend or
<br />postpone the due clah: oflhe monthly pa) menl~ n:ft'rrl'd 10 In paragraph!. 1 and 2 or change the ilmoullt oflhe payment!'>. If
<br />under paragraph Iq the PTllpt'rty I!'O tu:quucd by Lender, Borruwer"!t right 10 any m~lIrance policle!'> and proceed.. rC'iuhmg
<br />from damage 10 Ihe })ropert)' pnor to the acqUl"llun ..hall pa,,_". to lcndl'r l(lllle eJtlent uflhc ..urn.. ..ecurl'd hy Ihl!'> SenmlY
<br />Irnuumenllmmedllltt'l)' pnor 10 tht' acqul!'Olllnn
<br />6. Presenation and :\-laintenBnce or PropenYi l..eB5eholds. Borruwer ..hallnol deslroy. damngc or ..ub'-Iantlillly
<br />change Ihe ProperlY. allow the ProperlY to detenorale llr commit wa!ote. If thl'" Se:cunty Instrumcnl l'i 1m 3 IC'lI'ichnld,
<br />Borrower shall comply wllh the pro'w'I~lon!'> of the lea!.c, and If Borrower acqUlrcs fee tilll' to Ihe Pn)pl.'rl}, I hI." leasehold and
<br />fee IIl1e shall not merge unl~s Lc:nder agrees tn Ihe merser 111 wruing.
<br />7, Protection of Lender'" Rhthts In the l"rupcrly; MortK8Kc Insurance, If Bnrfl)~e' fad.. 10 perform I Ill.'
<br />cO'llenanh and agreement!. contained 111 thl" Secunl)' In!otrumenl. or Ihere I~ a Ie:gul proCl'eding Ihal rTJ:l)' !'>1g:llllic.lI1ll} ,Ifle~'l
<br />Lender's nghl!i. In thC' Properly (!'>uch 11') a proceedmg In bankruptcy. probale, for condemnutum or III l'lIfon:l' la........ IIf
<br />regulallOn<,). 1hen under may do and pl1)' for whalc~'w'er IS nec<."SS.llT)' 10 pmteclthe \alut." urlhe Pnlpcrt} and I.cn<l('r'... nghl"
<br />III the Propc::rI). Lender'!!. aclruns. ma)' mclude paymg anl sum!. secured by a lien which ha.. pnOllt) Inet ttw, S.:cunl)
<br />Instrument, appeanng in court, palmg rea!Jonl1ble I1l1orne)'s' fcclt and entenng on the ')ropert} In make H'plllr.. "\llhou~h
<br />Lender ma)' talle "cllun under 11m, paragraph 1, lender doc!. not hu\c to dn"'ll
<br />Any amounts dlSbuned by l.ender under IhlS paragraph 7 'ihall beCOI11(' addltll'llall.khr llf Bllrn1\l,'ct "clure,1 h} thl"
<br />Sc:cUnI) In!.trument lJnle\~ Borrower and l.ender agree tn nther terms of paYll1e:nl, IhL~l' "n1lIurll.. ..hall hl'.tr IIltl'rl"'\r fflllll
<br />,he date of dl!ihuf\rmen1 at the Note: rale and ..hall he pa)'ahle, With mlcrl"'l, Uplll\ IH111"-'l' frnm LClllkr I,' Hn1'1I1\H'f
<br />requotmg pa) ment
<br />
|