|
<br />UNIFORM CclVENANTS. Borrower and Lcndercovenant and agrectls follows: g~_ 105 B 01 7
<br />I. Payment of Principal and Interest; Prepayment and Late CharR;C5. Dorrow~\ftnll promptly pay when due
<br />the principal orand interest on thedebl evidenced by the Note and uny prcpuyment and hue charges due under the Nole.
<br />2. Funds for Taxes and Insurance; Subject to applicable low or to 11 wrinen waiver by Lender, Borrower shall pay
<br />10 Lender on the day monthly payments arc due under the Note, untillhc Note i5 paid in full. U :-ium ("Funds") equal to
<br />one-Iwelfih of: (n) yearly laxes and assessments which may aUain priority over this Security Instrument; (b) yearly
<br />leasehold paYl1'cnts or ground rents on the Property. if any; (e) yearly hazard insurance premiums, and (d) yearly
<br />monguge insurnnce premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />state agency (including Lender if Lender is such an inslitulion). Lender shaH 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 intere.'it 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. Unless an agreement is made or applicable law
<br />requires interesl 10 be paid, Lender shall not be required 10 pay Borrower any inlerest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting orthe Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged ns addition:\1 security for the sums secured 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 amounl required 10 pay the escrow items when due, the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited 10 Borrower on monthly payments of Funds. [f the
<br />amount oftbe Funds beld by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one or more payments a'i required by Len~er.
<br />Upon payment in fuJl 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 by lender, Lender shaJl apply, no later
<br />than immediateJy prior to the sale of the Property or it~ acquisition by Lender, any Funds held by lender at the time of
<br />application as a credit against the sums secured by Ihis Security Instrument.
<br />3. Application of Payments. Unless applicable Jaw provides otherwise, aU payments received by Lender under
<br />paragraphs I and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth. to interest due; nnd last, to principal due.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
<br />Borrower shaJl pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
<br />pay them on time directl)' to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge nny lien which has priority over this Security Instrument unJess Borrower: (n)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good
<br />failh the lien by, or defends against enforcement of the 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 an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender detennines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />orthe giving of notice.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the term Uextended coverage" and any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained in the amollnts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shaJl be chosen by Borrower subject to Lender's approval which sho'!l not be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the:: right to hold the JXllicics and Tlmcwals. If Lender requires. Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to tbe insurance
<br />carrier and Lender. Lender may make proof of loss if nor made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If tlle
<br />restorntion 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 Instrument, whether or not then due, with any excess paid (0 Borrower. If
<br />Borrower abandons the Propeny, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />offered to sc:ule a claim, then Lender may collect th.:: insurance proceeds. Lender may use the proceeds 10 repair or restore
<br />the PropeJ1y or to pay sums secured by this Security Instrument, whether or nol then due. The 3D-day perioci will begin
<br />when the notice is given.
<br />Unlo.s Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If
<br />under paragraph 19 the Propcny is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lender 10 the extent of the sums secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6.. Preservation and Maintenance of Property; Leaseholds. Borrower shaU nOl destroy. damage or substantially
<br />change the Property, allow the Property to deleriorate or commit waste. If this Securi1y Instrument is on a leasehold,
<br />Borrower shall comply \\ith the provisions of the lease, and if Borrower acquires fee title to the Propert)'. the leasehold and
<br />fee title shall not merge unless Lender agrees 10 the merger in writing.
<br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument. or there is a legal proceeding thai may significanlly affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay for whatcver is necessary to prolecl the value of the Property and Lender's rights
<br />in the Property. Lender's actions may include paying any sums secured by a lien which has priority o\'er Ihis Security
<br />Instrument, appearing in court. paying reasonable attorneys' fees and cntering on the Property to make repairs. Although
<br />Lender may lake action under this paragraph 7, Lender does nol have todo so.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured b)" Ihis
<br />Seeurit)' Instrument. Unless Borrower and Lender agree to other terms ofpllymenr. IhC!o>c amount!\. shall hear inrerest from
<br />the dale of disbursemc:nl at the Nore rale and shall be payable. wilh i"ler~l. upnn nnllce from lender In BnrTll\\'t'f
<br />requesting payment.
<br />
<br />If Lender rcqum:d mortgage msurani;e n!o. a i;oodllion of makmg Ihe loan ..ecurcd by Ihl!\. Secl1nl) ImlrUlTlent.
<br />Bllffowt:r ..hall PH) tht: premIUms required to maIntaIn the ,""urance in eff,::cl until such 11m!"" ll~ tht" fl'\llIlremenl fur tht"
<br />m..urance It'mllnat~ m accordance ",llh Borruwc-f'!'o and lender'.. wnllen agn.'emenl (If aprhcnhl(' la....
<br />8. In~pcctJon. Lender l\r It~ agent may make rCll!>onable t"1l1 ne<- Uf'lllll and lII..JX....'lllm.. (,f lIlt' pfppt'n ~ 11'lhit'f
<br />..hall g1\e Uuffll....e. nl\t1l"(' lltlhe lltoe nror pnor to an inspa:tulO "pC'C1rym~ rc.a..nnahl.: l'au..l'" fllr Iht" 11l"{X"l'llt1tl
<br />
|