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<br />UNIFORM CovENANn; Borrower .nd Lendercov.n.ntund ugree.s follow" 88- 106198
<br />I. Paymenl or Principal and Inlerest; Prepayment Ind Lale Chlrge.. Borrower sh.1I promptly p.y when duc
<br />the principal of.nd interest on the debt .videnced by Ihe NOI. .nd .ny prep.ymenl .nd lole cb.rges due underlhe Note.
<br />2. Funds rorTI.es IDd Insurance, Subjeclto .pplicablc luw or 10 a written waiver by Lcnder, Borrow.r sholl p.y
<br />to Lend.r on Ibe day monlhly payments are due under tbe Note. until the Note is puid in full, a sum ("Funds") equul to
<br />one-lwelRh of: (.) yearly I.... .nd .....smcnts wbich muy uuain priorilY over tbis Security Instrumenl; (b) y.arly
<br />leasehold payments or ground rents on Ih. Property. if any; (c) yearly h.zard insurance pr.miums; und (d) yearly
<br />mortgage insumncc premiums. ifaoy. These items are calJed Uescrow items." Lender may estimate the Funds due on the
<br />hasis of curren I datu ond reasonabl. ..timates offulure escroW items.
<br />The Funds ,bull be beld in 00 institution tbe deposits or uccounts of wbicb .re insured or guuranteed by a f.derul or
<br />sIal. agency (including Lender if Lender is such an institution). Lender sball upply tbe Funds 10 pay tb. escrow items.
<br />Lend.r may not charg. for bolding and applying tbe Funds, ooalyzing tbe account or verifying Ibe ..crow it.ms. unless
<br />Lcnder pays Borrow.r interest on the Funds und applicable law permits Lender to muke such a churge. Borrower ood
<br />Lend.r muy ugree in writing tbat interest shall be paid on tbe Funds. Unless an agreement is mad. or applicable law
<br />requires interest to be paid. lender shall not be required 10 pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, witbout ch.rge, an annual accounting oflhe Funds sbowing cr.dits und debits to tbe Funds and the
<br />purpose for which each debit to the Funds was made. Th. Funds are pledg.d as .dditionulsecurity for the sums secured by
<br />this Security Instrument. .
<br />If th. amounl of tb. Funds held by Lender, togetber witb tbe future montbly payments of Funds payable prior to
<br />the due dates of the escrow ii.ans, shall exceed the amount required to pay the escrow items when due, the excess shan be.
<br />.t Borrow.r's option, either promptly repaid to Borrow.r or credited to Borrowcr on monthly payments of Funds. If the
<br />umounl of the Funds held by Lender is not sufficienl to pay tbe escrow items wh.n du., Borrower shall pay to Lend.r .ny
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon paym.nt in full of all sums secured by this Security Instrument, Lend.r shall promptly refund to Borrower
<br />.ny Funds bold by Lender. If under parugraph ] 9 tbe Propert.y is sold or acquired by Lender, Lender shall apply, no I.ter
<br />tban immediately prior to lbe sale of tbe Propeny or its ucquisition by Lender, uny Funds bold by Lender .Ilhe time of
<br />application as a credit.gainst the sums secured by this Security Instrument.
<br />3. Application or PU)'lOents. Unless applicable law provides otherwis., .11 payments received by Lender under
<br />paragrapbs I and 2 sball be applied: first, to I.te ch.rges due under the Note; second. 10 pi'cpayment charges due und.r the
<br />Not.; third, to amounts pay.b1. under paragr.ph 2; fourtb, to interest due; and last, to principal du..
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments. charges, lines and impositions attributable to the
<br />Propeny wbicb may .ttain priority ov.r this Security Instrument, ood leasebold payments or ground rents, if ooy.
<br />Borrower sbull pay tbes. obligutions in tbe munner provided in paragrapb 2, or if not paid in th.t mooner, Borrower sball
<br />pay them on time directly to the person owed puym.nt. Borrower shall promptly furnish to Lender .11 notices of .mounts
<br />to be puid under this p.ragraph_ IF Borrow.r makes these payments directly, Borrow.r shall promptly furnisb 10 Lend.r
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any Ii.n whicb bas priority over this Security Instrument unless Borrow.r: (u)
<br />agrees in writing to the payment ofth. obligation secured by tbe lien in u mooner .cceptable to Lender; (b) contests in good
<br />faith the lien by. or d.fends .gainst enforc.ment oftbe lien in, I.gal proceedings whicb in tbe L.nder's opinion operate to
<br />preventlhe .nforcement of th. Ii.n orforf.itur. of any part of tb. Property; or (c) secures from the bolder of th. lien an
<br />agreement satisfactory to Lender subordinuling the lien to Ibis Security Instrument. If Lender determines that any part of
<br />-the Propen.y is subject to a lien which muy attain priority over tbis SecurilY Instrument. Lender may give Borrow.r a
<br />nOlic. identifying tbe lien. Borrower shall satisfy th.li.n or take one or more of tbe actions set forth above witbin 10 days
<br />of tb. giving of notice.
<br />5. Hazard Insurance. Borrow.r sball keep tb. improv.m.nts now existing or her.after erected on tbe Property
<br />insured aguinstluss by fire, hllZllTds included within the t.no ....lended cover.ge" and any otber hazards for wbich Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing Ibe insurance sball be chosen by Borrow.r subject 10 Lend.r's approval whicb sbull not be
<br />unreasonably witbheld.
<br />All insuranc. policies and_ren.wals shall be ucceptable 10 Lender and sball include u stoodard mortgage c1uuse.
<br />Lend.r shull have tbe right to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender
<br />all receipts of paid premiums ood r.newal notices. In th. event ofloss. Borrow.r sball give prompl notice to tbe insurance
<br />carri.r ood Lend.r. Lend.r muy make proof ofloss if nol made promptly by Borrow.r.
<br />Unless Lender ood Borrow.r otberwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />of tbe Property damaged, if the restoration or repair is economically feasible and Lend.r's securit.y is not lessened. If tbe
<br />restoration or repair is not economica1l.y feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums secured b.y this Security Instrument, wbether or not then due, with oo.y excess paid to Borrower. If
<br />Borrower ubandons the Property, or does not answer within 30 days a notice from Lend.r that the insuranc. carrier has
<br />offered to settle a claim, Iben Lender may collect tbe insurance proceeds. Lend.r may use tb. proceeds 10 repair or restor.
<br />the Property or to pay sums secured by tbis Security Instrum.nt. whether or not then due. The 30-day period will b.gin
<br />when the notice is given.
<br />Unless Lender ood borrow.r otherwise ugree in writing, any application of proceeds to principal sball not ext.nd or
<br />postpone the due date oflbe monthly payments referred to in paragraphs] and 2 or cbang.tbe amount of the paym.nts. If
<br />under paragraph 19 tbe Property is acquired by Lender, Borrower's right to ooy insuranc. policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass 10 Lender to the e.tent of the sums secured by this Security
<br />Instrumentimmediutely prior to the acquisition_
<br />6. Presuvatinn and Maintenanee or Property; I.easebolds. Borrow.r shall nol destroy. damage or substootially
<br />choog. the Property. allow lb. Property 10 deteriorate or commit waste. If this Security Instrument-js PPIII leosebold,
<br />Borrower shall comply witb the provisions oftbe lease, and if Borrow.r acquires fee tit I. to the Propeny,-lh'e-l~old and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Lender's Rigblll in the Property; Mnrtlllllle Insurance. If Borrower fails to perfonn the
<br />covenants and agreements contained, in this Security Instrument. or there is a legal proceeding that may significantly affect
<br />Lender's rights in the Property (such as a proceeding in b8Jlkruptcy, probate. for condemnation or to enforce laws or
<br />reguJations),Jben Lender may doood pay forwbateveris necessary to protectlhe valu. of the Propeny and L.nd.r's rights
<br />in the Property. Lender's actions may include paying any sums secured by a lien which has priority Q\'er this Security
<br />Instrument, appearing in court, paying reasonable attorneys' fees and ent.ring on tbe Propeny to m.ke r.p.irs. Although
<br />Lender may tak.action under this paragrapb 7, Lender does not huv. to do so.
<br />. Any amounlO disbursed by Lender und.rtbis paragraph 7 sball become additional debt of Dorrow.....ecured by Ihis
<br />~urity Instrument. Unless Borrower and Lender agree to other tenns of payment. these amounts shall bear interesl from
<br />.he date of disbursement at the Note ratc and shall be payable, \\oith interesl. upon notlce from lender 10 Borr('lwer
<br />.requesting paymenl.
<br />If Lender required mongage insurance as a condition of making the loan secured by thllt Security Instrument.
<br />Borrowc-r iball pay the premiums required to maintain the insurance in effect until such 1ime a~ 1he requircmcnl ftlr 'he
<br />in\urancc (erminalo in accordance with Borma'cr's and Lender's written agreement or applicahle In'"
<br />I. IDQrCtion. Lender or ill agent may make reasonable entries upon and mspcction~ of The Propert~ I.ender
<br />..ball ~i\'c Borro...er nottee.1 the lime of or prior to an inspection specifying reasonable cnu~ for tilt: m..peclllHl
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