|
<br />88- 104963
<br />
<br />UNIFORM COVENANTS Harrower Ind Lender covenonland Dgree us follows:
<br />I. paym.nt 0' Prlntlp.1 ..d Int.....t; Pr.payme.t .nd Lat. Charg... Borrower shnll promptly pay when due
<br />theprincip&1 orand interest on the debt eyldenced by the Note and Bny prepayment nnd lale charges due under the Note.
<br />2. Funds 'orT.....nd In........ Subjecltonpplienble low orto n wrinen wnlver by Lender. Borrower shnll pny
<br />to Lender on the day monthly payments DfC due under the NOle. untillhc Note is paid in full. a sum ("Funds") equal tn
<br />one-.twclnh of: (a) )lurly taxes and assessments which may aU Din priority over this Securily Instrument; (b) yearly
<br />leasehold payments Of ground rents on the Propeny. if any; ee) yearly hozard insurance premiums; nnd (d) yearly
<br />monpge insurance premiums, if any. These: hems arc called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonableestimate5 of future escroW ilems.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />slale 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 interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender may agree in writing that interest shall be paid on the funds. Unlcss an agreement is made or applicable low
<br />requires interest 10 be paid. Lender sholl 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 und debits 10 the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds ore pledged as additional security for the sums secured by
<br />this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monlhly payments of Funds payable prior to
<br />the due dales of the escrow items. shall e,;ceed the amount required to pay the escrow ilems when due, the eJlcess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower 011 monthly payments of Funds. If the
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shllll pay to Lender any
<br />amount necessary to make up the deficiency in one or more payments as rcquirL>d hy Lender.
<br />Upon payment in full of all sums secured by this Security Instrumenl. Lender 'ihall promptly refund to Borrower
<br />any Funds held by Lender. If under poragraph 19 the Property is sold or acquired hy Lender, Lender shall apply, no later
<br />than immediately prior to the sale of the Property or ils acquisition by Lender. any Funds held by lender al the time of
<br />application as a credit againslthe sums secured by this Security Instrument.
<br />3. Application of rlyment8, Unle.'is applicable law provides otherwise, all payments received by Lcnder under
<br />paragraphs I and 2 shall be applied: first, 10 late charges due under the Note; second. 10 prepaymenl charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, 10 interest due; and last, to principal due.
<br />4. Quargesi Liens. Borrower shall pay all ta,;es, assessments, charges, fines and impositions attributable to the
<br />Property which may atlatn priority,over this Security Instrumenl, Bnd leasehold payments or ground rents. if any,
<br />Borrower shall pay these obligations in the manner provided in paragraph 2. or if not paid in that manner, Borrower shall
<br />pay them on time directly to Ihe person owed paymenL Borrower shall promptly furnish to lender all notices of amounts
<br />10 be paid under this paragraph. If Borrower make.o;. these payments directly, Borrower shall promptly furnish In Lender
<br />receipts evidencing Ihe paymenls,
<br />Borrower shall promptly discharge finy lien which has prionty over this Securily Instrument unless Borrower: (a)
<br />agrees in writing to the payment orthe obligation st."Cured by the lien in a manner acceplable to Lenderj (b) conCests in good
<br />faith the lien by, or defends against enforcement of Ihe lien in, legal proceedings which in the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any pan of the Property; or (c) secures from the holder of the lien UII
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. Jf Lender determines thai any purt of
<br />the Property is subject 10 a lien which may attain priority nVl.'r this Se<:~ri!y !m:.!!"U!Tu.nt. Lender may give Burrower u
<br />notice identifying the lien. Borrower shall salisfy the lien or lake one or more of the actions set forth above wHhill :0 d~~..
<br />of the giving ornotiee.
<br />5, Hazard Insurance. Borrower !>hllll keep Ihe impnwcmcnh now existing or hercafter erected on the Pruperty
<br />insured against loss by fire. hazards Included wilhin Ihe tenn "extended coverage'. and any other hazards for which lender
<br />requires insurance. This insurance shull be muinlalllcd 111 Ihe umounts and for Ihc periods that Lender requires. The
<br />insurance carrier providing Ihe insurance shall he choscn hy Uurrower 'ouhject In lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall he uc..:eplllhle It1 lender and shall include a slandard mortgage c1uuse.
<br />Lender shall have Ihe right to hold Ihe policie.. and rcncwnb. If Lender rc:qulrcs, Borrower shall promptly give to Lender
<br />aU receipts of paid premiums and renewal notices. In Ihe evcnt of Ilr.l~, Uorrower ~hull give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof of1oss If 1101 made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, Insurance proceeds shall be applied to restoralion or repair
<br />of the Propc:rty damaged, if the restoration or repair is economically feasible and lender's security is nol lessened, If Ihe
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrumenl, whether or not then due, with any excess paid 10 Borrower. If
<br />Borrower abandons the Propc:rty, or docs not answer within 30 days a notice from lender that the insurance carrier has
<br />offered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />tb. Propeny or to pay sums secured by Ihis Security lostrument. wbether or oot then due. The 30.day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, Bny application of procceds to principal shall not extend or
<br />postpone the due date of the monthly paymenls referred 10 in paragraphs land 2 or change Ihe amount orlhe payments. If
<br />under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br />from damage to Ihe Property prior to the acquisition shall pass 10 Lender to the extent oflhe sums secured by Ihis Security
<br />Instrumenl immediately prior 10 the a~qui5ilion.
<br />6, Praenation and Maintenance of Propcr)Yi Leaseholds. Borrower "hall nol destroy. damage or substantially
<br />change the Property, al10w the Properly to deteriorate or commit waste. If this Security Inslrument is on a leasehold.
<br />Borrower shall comply with the provisions of the lease, and ifOorrower acquires fee title 10 the Property, lhe lea~ehold and
<br />fee title shall not merge unless Lender agrees to the merger in wriling.
<br />7. ProtectioD of Lender', Rights in the Property: MortKDKe Insurance. If Borrower fails to perform Ihe
<br />covenants and agreements contained in this Security lnslrument, or Ihere is a legal proceeding Ihat may significantly affecl
<br />Lender's righls in the Property (such as a proceeding in bankruptcy, probate, for condemnatlon or 10 enforce law!. Of
<br />relulalions),lhen Lender may do and pay for whatever is necessary to prolcel the value oflhe Property and lcnder'!. rlghl!'.
<br />in the Property. Lender's actions may include paying Bny sums secured b)' a li.;:n which has priorit). o'o'C:r Ihi!'. Se..:uril)"
<br />Instrumenl. appearing in court. paying reasonable a1tomeys' fees and entering on the: Propert)' 10 mnke replltr!i. Ahhuugh
<br />Lender may take action under this paragraph 7, Lender does not have 10 do so.
<br />Any amounts disbursed by Lender under Ihis paragraph 7 shall become additional debt of Borrower ~c~url'lI by Ihl'o
<br />'SeaIri.)' Instrument. Unless Borrower and Lender agree to other terms of payment, Ihe!>c umount!<o !ihull hear 1I11Cf",1 from
<br />the date of disbursemenl at the Note ratc and '!ihall be payable. with interest. upon nollee from l.ender In 1I11ff11"L'r
<br />requesting payment,
<br />
|