|
<br />88-
<br />UNlFOItM CoVENANTS. Borrower and Lender covenanl and agr.. as follows:
<br />I, PQ.HI of PrIDdpaJ ad laiuelt; PrepaYlIItII1 ad Lal. Cb"'ll'" Borrower shall prDmplly pay when due
<br />the principal of and inlerest on Ihedebtevldenced by Ihe Note and allY prepaymenland late charges due under Ihe Note.
<br />%. FlI... for T.....Dd I_ce, Subjecllo applicable law ariD a wrinen waiver by Lender, BDrrOWe"han pay
<br />10 Lender on lhe day monthly paymenls .... due under the NOle, until the Note is paid in full, a sum ("Funds") equal to
<br />.......twelflh of: (a) y..rly lUes and ......menU which may anain priorilY oVer this Security Inmumenl; (b) yearly
<br />Ieuebold paymenu or ground renls on lite Property, if any: (c) y....ly hazard insurance premiums; and (d) yearly
<br />Illlll1pae insurance premiums, if any. Th... items.... called "escrow ilems." Lender may eslimale the Funds due on Ihe
<br />buiJ ofCUJ1OllI data and reuonabl.estimal" offulUn:escrow ilems.
<br />The Funds shalllte held in an inslitulion Ihe deposiu or accounls of which are insured or guaranleed by a federal or
<br />ltate qency (including Lender if Lender is such an institution). Lender shall apply the Funds 10 pay the escrow ilems.
<br />Lender tII.Iy nol charge for holdilll and applyilll the Funds, analyzing Ihe accounl or verifying Ihe escrow items, unless
<br />Lender pays Borrower inleresl on the Funds and applicable law permiu Lender to make such a charge. Borrower and
<br />Lender may ..... in writinglhat inlerest .ba111te paid on Ihe Funds. Unless an agreemenl is made or applicable law
<br />requires inn,rest 10 be paid. Lender shaU nol be required to pay Borrower any interest or earnings on the Fund.. Lender
<br />shall give to Borrower, wilhoUI charge, an annuallCCOunling oftlte Funds showing credits and debiu to Ihe Funds and Ihe
<br />purpose for which each debit to the Funds was made. The Funds are pledged .. additional securilY for Ihe sums secured by
<br />this Securily IlIIlnIIIIenl.
<br />Irthe amounl of the Funds held by Lender, IDgether wilh the future monthly paymenu of Funds payable prior to
<br />the due dates of the escrow items, sball..c:ecd the amDunl required 10 pay Ihe escrow items when duc, Ihe..cess shall be,
<br />at Borrowet's option, either promptly repaid 10 Borrower or credited 10 Borrower on monlhly payments of Funds. If the
<br />amounl of the Funds held by Lender is nOlsufficient 10 pay the escrow ilems when due, Borrower shall po-y to Lender any
<br />amounl necessary 10 make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in full of all sums secured by this Securily Instrumenl, Lender shall promplly refund 10 Borrower
<br />any Funds held by Lender. If under pansraph 19 the Propeny is sold or acquired by Lender. Lender sball apply, no later
<br />than immediately prior 10 the ..Ie of the Property Dr ils acquisition by Lender, any Funds held by Lender atlhe time of
<br />application &Sa cn:dit against tbe sums secured by this Security Instrument,
<br />3. AffU..doa of Pa_1s. UnI... applicable law provides otherwise, all payments received by Lender under
<br />parqraphs I and 2 sball be applied: filSl, to late charges due under the NDle; second, 10 prepayment charges due under Ihe
<br />NOle; third, to amounU payable under pansraph 2: founh, to inlerest due; and I.." 10 principal due.
<br />4. ~ u-. Borrower shall pay aU lUes, assessments, charges. fines and impositions anributable 10 the
<br />Property which may attain priority.over lhis Security Ins'rument, and leasehold payments or ground rents, if any.
<br />IIorruwer shall pay th... obligations in the manner provided in paragraph 2, Dr if nol paid in thaI manner, Borrower shall
<br />pay than DlI time dircctly to the penon owed paymenL Borrower shall promptly furnish to Lender all nolices of amounts
<br />to be paid under this pazapaph. IrBorrower makes th... payments directly. Borrower shall promplly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower sball promptly disc:harge any lien which bas priorilY over this Securi'y Inslrumenl unl... Borrower: (a)
<br />....... in writing '0 the paymenl oflhe obliplion secured by the lien in a manner acceptable 10 Lender; (b) contests in good
<br />faith the lien by, or defends against enforcemenl of Ihe lien in, IcpJ proc:ecdings ..hich in Ihe Lender's opinion operolelo
<br />prevent Ibe enforcemenl oflbe lien or forfeiture of' any pan of'lbe Property; or (c) secures from Ihe holder oflhelien an
<br />_I satisfactory to Lender subordinating the lien 10 Ihis SecurilY Inslrumenl. If Lender determines Ihal any pan of
<br />the Property is Subjecl to a lien wbicb may altain priority over this Securily Inslrument. Lender may give Borrower a
<br />Dotioe idenlifyins the lien. Borro..er shall..lisfy Ihe lien or take one or more of 'he actions set forth above wilhin 10 days
<br />oI'the sivinloInodce.
<br />5a Haant I...-..ce. BoJ'TlJWU shall keep the improvements now existing or hereafter erected on the Propeny
<br />insured against Iou by fire, baz.anh included wilhin Ihe ierm ....tended coverage" and any olher hazards for which Lender
<br />requires insunnce. This insurance shaD be maintained in the amounlS and for the periods that Lender requires. The
<br />insurance carrier providillllhe insurance sball be chosen by Borro..er subjecl 10 Lender's approval which shall nol be
<br />unralIOtIabIy withheld.
<br />AU insurance policies and renewals sbaII be acceptable 10 Lender and sball include a standard monpge clause.
<br />Leader sbaII have the righl to hold the policies and rmewals. If Lender requires, Borrower shall promplly give 10 Lender
<br />all receiplS of paid premiums and renewal notices. In the event of'loss, Borrow... sball give prompt notice to Ihe insur.nce
<br />carrier and Lender. Lender may make proof of'lou if not made promptly by Borro..er.
<br />UnIea Lender and BorT09o'U othenrise aaree in writing. insurance proceeds shaD be applied to restoration or repair
<br />of the Property damapd. if the restoration or repair is CCOIlDlltically feasible and Lender's securilY is nDllcsscned. If ,he
<br />ratoration or repair is not a:onDlltically f..sible or Lender's _urity ..auld be lessen.... the insurance proceeds shall be
<br />IlJIIlIicd to the sums secured by this Security Instrument, wbether Dr no' then due. with any excess paid 10 Borrower. If
<br />Bonower abaadons the Property, or docs not answer within 30 days a notice from Lender lhal the insurance c:arricr has
<br />olI'end to IeltIe a claim. lhen Lender may collect the insurance proc:ecds. Lender may use the proceeds 10 repair or ....Iore
<br />the Property or to pay sums sc:cured by this Security Instrument, ..hether or nol then due. The JO.day period will begin
<br />...... the -.-.,. is gMo.
<br />UnIeu Lender and Borrower otherwise __ in writinS, any applicalion of proceeds 10 principal sball not ..tend or
<br />JIOIlpooe the due date of the mDll,b1y payments referred to in parlllIllpbs I and 2 Dr cbange Ihe amounl of ,he paymenls. If
<br />UDder puaanpb 19 the Prupcny is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting
<br />from """- to the Property prior 10 the acquisi'iDll sbaII pass to Lender '0 Ihe ..tenl of the sums secured by this Securily
<br />InstnuDenl immcdia1dy prior to the acquisilion.
<br />6. ~... ~ of~ r-Jlol.... Borrower ,han no' destroy. dal\llBe or substantially
<br />chan&e the Property. allow the Property 10 deteriorate or c:ommil ....te. If ,his Securily Instrument is on a leasehold,
<br />Bonower sbaII comply wilb lite provisions of'the I..... and if Borrower acquires f.. title 10 ,he Propcny, Iheleasehold and
<br />f.. title abalI DOl oterJO UttIeu Leader...... to tlte merger in writilll.
<br />1. "- of leIoder's ..... ill .... ~; Mortpae I............ If Borrower fails 10 perform ,he
<br />_and...-ts contained in this Security Instrumenl, or Ihen: IS aleg.1 proc:ecding ,hal may significantly alrecl
<br />Lcader's ripts in lite Property (sucb .. a Proc:ecdilll in bankruptcy. probate. for condemnation or 10 enforce laws Dr
<br />rrpIatioas),1Iten Lender may do and pay for ..halever is oeoessary to prolCClthe value of the Propcny and Lender's righlS
<br />ill the Property. Lender's lICtiooJ may include paying any sums secured b)' a lien ..hich h.. priorilY over Ihis Security
<br />lmuttmettt, ...-nn. in court. payilll reasonable atlorneys' f... and entenng on Ihe Property '0 make repailS. A1lhough
<br />Lender may take action under 'hisparapoph 7, Lcnderdocs not have 'ado so
<br />Any amounts disbuned by Lender under this puapaph 7 shall become additional deb. of Borrower ....ured by .hlS
<br />So:urily IDIlrumenl. Unleu Bc:trmwci' and Lender agree to other terms ofpaymenr. theK' amounts shall bear intercst (rom
<br />the date 01 dilbuncmcnl al .he Note rate and shaJl be p8yable. with Inlcrest, upon notlcc from Lender 10 Borrower
<br />~inapaymcnt
<br />
<br />104832
<br />
|