|
<br />UNlIV'" em '''''''' 1I",,,,,,"er IInd Lender eovcnan,"nd agree '" r"II"~~- 1 0 5 6 7 B
<br />1. PI)'ment (I' Print'lpRl nnd Interest; Prepayment and [.ute ChllrRCS. Bnrru.....cr ...hall prun1pll)' flu)' .....hen due
<br />lhe principal "fund Interc\! un Ihedcht evidenced by the Note nod nny prcp:l)'mcnlllnd lute chnrgc!\ due: under the Nole.
<br />1. Funds ror TRnl and Insurance. Subject 10 applicable law or 1(1 n wrtllcl1 waiver hy Lender. Burrower ...hull pay
<br />to lender un the day monthly pnyments ore due under Ihe Note, until the Note i!\ paid in full. II ...lIm (..Fund.....) l.'qulllllI
<br />on('--lwelflh of: (a) yearly lues. Dud assessments which may ullOIl1 priority over thi~ Security In!\trumcnl: (hI yenrl)'
<br />leasehold payments or ground rents on the Properly. if uny; (c) yenrly hllzard insunlllcc premiums: tlTuJ Cd) yearly
<br />mongnge insurnncr. premiums, if un)'. These items arc called "cscrow items:' Lender IOay estimate the Fund" due on the
<br />basis of current dnln and reasonable eslimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounlS (If which arc insured or guaranteed hy 11 fedcrnl or
<br />slate ogency (including Lt:nder if Lender is such an Institution), Lender shall apply the Funds to pay the C!'Icrow ilems.
<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 11 charge. Borrower and
<br />Lender may agree in writing Ihat interest shall be paid on the Funds. Unless an Ilgreement is made or applicable law
<br />requires interest to 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 llnd debits to the Funds and the
<br />purpose for which each debit 10 the Funds was made. The Fundf-ure pledgl.>d as additional security for the sums ~~curcd by
<br />this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates of the escrow items. shall exceed the amount required tn pay Ihe escrow items when due, the excess shall be.
<br />nl Borrower's option, either prompt!y repaid to Darrower or credited 10 Borrower on monlhly paymenls of Funds. If the
<br />amount of the Funds held by lender is nol su'fticicnllo pay the escrO\\' item!> when due, Borrower shall pay 10 Lender any
<br />amount necessary to make up the deficiency in nnc or more payments as required 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 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 its acquisition by Lender. any Funds held by Lender at the time of
<br />application as a credit against the sums secured by this Security Instrument.
<br />J. Application of Payments. Unless applicable law provides lltherwi!!.c, all payments received by Lender under
<br />paragraphs 1 and 2 shall be.applied: first, to late charges due under the Nole; second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth. to interest due; and lasl, tn principal due.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Properly which may attain prionty over this Security Instrument, and 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 thaI manner. Borrower shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish 10 Lend~r allnolices of amounts
<br />to be paid under this paragraph. If Borrower makes these payments directly. Borrower !'Ihall promptly furnish tn Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Securit)' 1I1!'11rUmel11 unles!>. Burrower: (u)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable It) Lender; (b) conlesls in good
<br />faith the lien by. or defends ugainst enforcement of the lien in, legal proceedings which in the Lender'!o. upinion operate In
<br />prevent the enforcement of the lien or forfeiture of any part of Ihe Property; or (1:) secures from the holder of Ihe lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines thut any purt of
<br />the Property is subject to a lien which may attain priority oyer this Security Instrument. Lender may give Borrower a
<br />nolice identifying Ihe lien. Borrower shall satisfy the lien or take one or more of Ihe actions !l.et forth ahove within 10 days
<br />of the giving of notice.
<br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on Ihe Property
<br />insured againslloss by fire, hazards included within the term "extended coverage" and any other hal.ards for which Lender
<br />requires insurance. ThiS insurance shall be maintained in the amounts and for Ihe periods that Lender requires. The
<br />insurance carrier prnviding the insurance shall be chosen by Borrower subject 10 lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance puhcll.'!\ and renewals shall he acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall hU\'t: the righllo huld the policies and renewals. If Lender requires, Borrower shull promptly give to Lender
<br />all receipts of paid premiums nnd renewal notices, In the event of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may muu proofofloss ifnot made prompl1y by Borrower,
<br />Unless Lender and Borruwer otherwise agree in writing, insurance proceeds shall be applied to restoralion or repair
<br />of the Property dumagl.>d, if the restoration or repair is economically feusible and Lender's security is not lessened. If the
<br />restoration or repair I~ not economically feasible or Lender's security would be lessened, the 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 />alTered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds 10 repair or restore
<br />the Property or to pay sums secured by this Security Instrument, whelher or not then due. The 30.duy period will begin
<br />when the notice is given.
<br />Unless lender and Borrower otherwise agree in writing, any application or proceeds 10 principal shall not ex.tend or
<br />postpone the due dale of the monthly payments referred to in paragraphs 1 and 1 or change the amount of the payments. If
<br />under paragraph 19 the Property is acquired by Lenper. Borrower's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to lhe acquisition.
<br />6. Preservalion and Maintenance or Property; Leaseholds. Borro.....er shall n01 destroy, damage or substantially
<br />change the Property. allow the Property to deteriorate or commit waste, If Ihi~ Security Instrumenl is on a leasehold,
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquire'!> fee title to Ihe Property. the leasehold and
<br />fee title shall nol merge unless lender agrees 10 the merger in writing.
<br />7. ProtecUon or Lender's Rights in the Property: Mortgage Insurance. If Borrower fails 10 perform the
<br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that muy significantly affect
<br />lender's rights in the Property (such as a proceeding in bankruptcy. probate, for ,,'ondcmnutil1T1 or to enforce laws or
<br />regulations), then Lender may do and pay for whalever is necessary to prolect the \.IJ!ue ofllle Property and lender's rights
<br />in the Propeny. lender'!. actions. may include paying any sums secured by a lien \\.11II:h has pTloril)' ovcr this Security
<br />Ins1rument. appearing in court. paying reasonable atlorneys' fees and ellteTlng on tlu.' Itrupert} In make repair... Although
<br />Lender Rlay take action under Ihis paragraph 7. lender does nol have 10 do 'in.
<br />Any amounls disbursed by Lender under this paragraph 7 shall become: addllhlllul dehl of Bmfll\\er "Cl,,'Ufl..>d by I hi!'!
<br />Secunty Inslrumenl. Unless Borrower and lender agree 10 other tenn!> nfpa)mL'lIl. IhL...e allll\Unt.. ..hall hl'ilr 11llcrest fTt11l1
<br />Ihe date of dlsburr.emenl al the No1e rate and shaH be payable. \\Iilh nllere..t. Upllll Ihllln' fnllll 1 L'lldL'r hI Bnrrll\\L'r
<br />requesting paymem
<br />
|