|
<br />.,
<br />
<br />88-
<br />
<br />105370
<br />
<br />UNIFORM COVENANTS norrower Bnd Lender covennllllllld agree u!<. fnUll"""
<br />I. Payment of Principal and Interest; Prepayment Bnd Late ChorRes. Borrower !<.hlll1 promptly pn)' when dul.'
<br />the pnncip.al ornnd interest on the debt evidenced by the Note and any prcpaymcnlllnd laic churgc!o due under the Noll.'.
<br />2. Funds for Taxcs and InSUrAnce. SubjecllO npplicnblc Inw or 10 a \\InlieR waiver by Lender. Borrower shall puy
<br />10 Lender on the day munthl)' pl1ymcnt~ arc due under the Note, until the Nole i1\ puid in full. a sum ("Funds") cqualw
<br />one.twclOh of: (a) yearly taxes and assessments which mftY attain prioril)' over this Security [nslrumenl; (b) yenrly
<br />leasehold payments Dr ground rents on the Properly, if any; (e) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums. if ony. These items arc called "escrow items." Lender muy estimate lhe Funds due on the
<br />basis of curren I dola nnd reasonable: estimates of future escrow items.
<br />The Funds shaU be held in an institution the deposits or accounts of which orc insured or guuranleed by 11 federD:1 or
<br />state: agency (including Lender if lender is such an institution). Lender shallupply the Funds to pny the escrow items,
<br />Lender may not charge for holding and applying the Funds. analyzing the nccount or \'crifying thc es:row items, unles~
<br />Lender pays Borrower intere.c;l on Ihe Funds and applicable law pcrmib lender to mukc ~uch a c:targe, Borrower and
<br />Lender may agree in writing thaI interc!i-t shall be paid on the Funds, Unles.s an agreement i:-" made or applicable law
<br />requires interest to be paid, Lender shall not be required 10 pay Borrower any interest or earning!. on the Funds. lender
<br />shall give 10 Borrower, without chargc. an annual accounting oflhe Funds showing '-redits and debits to Ihe Funds and the
<br />purpose for which each debit to the Fund~ was made. The Fund~ are pledged as additional securily for the sums secured by
<br />this Security Instrument,
<br />If the amount of the Funds held by Lender. together \\'lIh th~ future month!.y payments of Funds payable prior 10
<br />the: due: dates oflhe escrow items, shuH exceed the amount required 10 pay the escrow items when due. Ihe CAcess shal1 be,
<br />at Borrower's option. either promptly repaid to Borro.....er nr crcditcd 10 Borrower on monlhly payments of Funds. If the
<br />amount of the Funds held by Lender is nol sufficienlto pay the escrow Ilems when due. Borrower shull pay to Lender any
<br />amount neces..cmry 10 make up the deficiency in one or more payments u!. reqUITed by Lender.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph lQ Ihe Property i!'. !.old or acquired by Lender, Lender shall apply. no later
<br />than immediately prior to the sale of the Property or i1s ucqui!.itinn hy Lender, iln)" Fund!. held hy Lender at Ihe time of
<br />application as J. credit against the sums secured by this Sccunty Imtrumcnl
<br />3, Application of Payments. Unless applicable Inw p"ovldes ulherwise, all payments rccei\'ed by Lender under
<br />paragraphs 1 and 2 shall he apphed: firsl. 10 late charges due under the Note; second, 10 prepaymcnt charges due under the
<br />Nole: third. to amounts payabl,~ under paragraph 2: fourth, to interest due: .md Illst, 10 principal due.
<br />4. Charges; Liens, Borrower shall pay alllaxes, u!t~es~ment!oo, charge:-., finl..'S Ilnd impositions ullribulable to the
<br />Property which may altain priority over this Security Instrument, and leasehold payments or ground rents. if any.
<br />Borrower shall pay these obhgalinn~ In the manncr pro\"HJed III paragraph 2. or If not paid in that mllnner, Borrower shall
<br />puy them on time direclIy to the person nWl-d payment Rorrnw~r shall promptly furmsh to Lender un notices of amounts
<br />to be ptud under this paragraph If Btlrrowcr make, these pnymelll\ lhrcL:tly, Harrower !.hall plOmptly furnish to Lender
<br />receipts cvidencing the p.lymcnt\
<br />Borrower ,hall prOlnplly dl!.chargc any hcn which ha!; prmrtly ovcr lhi!> Secunly Instrumcnt unless Borrower: (a)
<br />agrees m writing to the paymenl of the ubhgulllm ..ecured b) Ihe lien III II manner acceptable to Lender: (b) contests in good
<br />faith Ihe Iicn by. ()f defends agall1s1 enforcement of the hen 111, legl.ll prUl:ccding~ which in Ihe Lender's opinion uperale to
<br />pre\'ent the enforcemenl IIf the lu:n or forfeiture of Ilny part of the Property. or Ic) s!:Cures from Ihe holder of the lien an
<br />agreement satisfaclOry 10 Lcnder ..ubnrdmalmg the hl'n to thl\ Security In!otrumenl. If Lender determines that uny part of
<br />the Propeny is !\Ubjloct to a hen \\'hll...h may altain pnonly over thi!O Secunly Instrumenl. Lender may give Borrower a
<br />notice idenllfY10g the hen. UormYo'er shall sausfy Ihe hen or tuke nne or mllrc of the act inns set forth above wilhan 1O days
<br />of Ihe gtving of Ilotil'e.
<br />S. Hazard Insurance. Uorruwcr shall keep the ImprlJ\emcnts now cXIsl108 or hereafter erccted on Ihe Property
<br />msured againsl los!! h)' lire, hal.llrd!. included wllh10 the teml "extended co\'erug:c" and un)' other hazards for which Lender
<br />requires insurance. Thts IJlsunll1ce ...hall be mainlaifled in the amount!. and for the periods that Lender requires. The
<br />msumnce carrier providmg Ihe Insurance ..hall he chosen by Bnrrnwcr 'iuhJcct In Lender'!. approval which shall not be
<br />unreasonably withheld.
<br />AU insurance poliCies and rC'lIC'wuls shall be Ilcceptuble In Lender and ~hall include a stllndard mortgage: clause,
<br />Lender shall have the right 10 hold the poiicic!. and renewuh.. If Lender requires. Borrower !.hall promptly give 10 Lendcr
<br />all receipts of paid premlum~ and renewal nollces. In the event of tllS!., Borrower !.hall give prompt nollce to the insurance
<br />carrier and Lender. lo:nder may mllke proof of loss if not made promptly by BOrTilWer.
<br />Unless lender and BurrowC'r otherwise agrec In wntmg. In!.UfllIlCC proceeds "hull be applied to restorallun or rcpuir
<br />of the Propt:rty damaged. If the rt:storallon or rcpalT is economically feasible and lemler'.. !.ccurity i:-" nol lessened. If thc
<br />restoration or repaIT IS nut ecunomlcally fcasible or Lender'o; !.ccunty would he lessened. the insurance proceeds !.hllll be
<br />applied III the sums !.<<:ured hy IhlS Security In...trumcnt. whelher or not Ihen due, With any eJl.Cc.:sS paid hJ Borrower. If
<br />Borrower ubandons the Property, or doo not ans.....er within JO days J..l nut ice from lender that the insurance carrier ha.~
<br />offered to ~eltle a c1lllm. Ihen lender may collect the insurance proceed~. Lender may use Ihe proceeds to repair or restore
<br />the Property or tll pay ..urn!. ..ecured hy thl'" Security Instrument. whether or not then due. The 30-day pcnnd will begin
<br />when the notice i.. g:1'\i(~n
<br />Unless lender Ilnd norrn\\l~r otherwise agree 111 wril1ug. an~' applicatHlJl of proceed!. III pnncipal shall not extend or
<br />postpone the due dute of the munlhly pa)'menh referred 10 10 paragraphs I and 2 or change the amount of the payments. If
<br />under paragrnph I q Ihe I)rnpcrty l!"o acqu1fcd hy Lender. Borrower'!; nghl to any llI~urance policies and proceeds re!.ultll1g
<br />from damage 10 the Properl)' pnur to the acquISItion shall pas.. to Lender to the extent offhe sums secured hy thi!oo Sel-unty
<br />Instrument immediately pnnr In Ihe I1CqUI"IIH1I1
<br />6. Presenation Ind ~lainlen.n(e of '.ropert)'; Leaseholds. Burrower ~hall not de..truy, damagc Of ..uh~tantially
<br />change the Property. allow the Property to detenorate or commit waslt~, If thl' SccunlY In~trumel1t i!oo on a lea!.ehold,
<br />Borrower shall comply wnh the pr(1\"1"'-1lln~ of the Ica~e, and If Borrower acqulTt.... fce Iltll' 10 the I)roperty, the leasehold and
<br />fee I1tle shall not merge unles..... Lender a~rec:s to Iht: mc:rger 111 wnung.
<br />7, Proleclion of Lender'l Rhtbts in Ihe I)ropert}'; :\lortj;tBKC Insuranct'_ If Borrower fail!. 10 perform the
<br />CO\lenants and agreements contuinro IIIlhlS Sl'cunlY lnslrumenl, or there I~ a IC}!:lIl prm:cel1l11g Ihut mu) ",gllllkanlly affect
<br />Lender's rights In Ihe Ilmperty (such a!lo it prnt:C'C'dmg In bankruptcy, prnbate. for L"llIIdl'fTlnatllJn or III cnforce Inw~ or
<br />rC"p1lationsl, then ll:'ndcf rna)' do ;lI1d pOl)' fm whate"'-er i.. neccssllry III prnll'\:llhc \ alue Ilflhl'IJrnpcrty .Hld Lender'., righl"
<br />.n the Propcrt)' Lender'~ actlon~ ma)" ,"dude paY1l1g all) ,",um!<l 'tl'CUrL-U h) ~I hcn \\hl\"h Iw.. rflllrllY mcr 1111''' Se~urll)'
<br />Im,trument. appeanng 1II court, paym~ rea..lmllblc attorney\' fcc!<l and entcring: nn I Ill' Prllpl'f1\ hI rnah' rcpittr" ^hhllUEth
<br />Lender may Illkc: actIOn under thl" paragraph 7, LcndC'r does nul ha\c t(l dll "II
<br />Any arnoun;~ dl1.hur.cd h~ Lcnd['f" undC'r thl"'- paragraph 7 ...h1l11 hcl:.mlc aJJlllllltal deht ~.f Ih'rn1\\l'f ,"cL'ured h) Iht...
<br />S<<url1) In!ilrument t !nIC"o" U()rrowcr .and Lender altrre to (I(her term' (If Pll\fl1l'Tlt. lhc-:'oc allll'Ulit" ..hall bl'af Illlere..' fnllll
<br />1hc date: of dl~bur'-CllIent al Ihe "llllc f..lte and ..halt tlC r:.~atll('". With Inll'rI',I. Upllll n,'Ih..T fn'lII Il,tldcr III ni'rrl'\\~'r
<br />fC'qUe-r,t1Oit p3}menl
<br />
|