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RE-RE cc>; u)87 -- 100811 87-- 100049
<br />L:ktuoksi f,nvtNAN, rS Borrower and lender covenant and agree as follows:
<br />1. Payment of Principal and interest; Prepayment and Este Charges. Borrower .hail promptly pay when due
<br />the principal of and Interest on the debt evidenced h_y the Note and an}' prepayment and late charges due under the Note
<br />2. Funds for Taxes and Insurance. Subiect to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly payments are due under the Notc. until the Note is paid in full, a sum ("Funds") equal to '
<br />tone- twelfth of: (a) yearly taxes and assessments which may attat.i priority over this Security Instrument; (b), yearik
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<br />leasehold payments or ground rents on the Property, if any: (c) yearly hazard insurance premiums and (dl yearly
<br />mortgage insurance premmm . if any. These items are d "escrow items." Lender may esi'mate the Funds due on the ;
<br />basis ofcurrent 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 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 />.ender pays Borrower interest on the Funds and applicable law perrnits Lender to make such a charge. Borrower and:
<br />Lender nay agree in writing that interest shall be paid on the Funds. Unless an agrreement is made tar applicable Iaa
<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 and debits to the Funds and the.
<br />purpose far which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by ' it
<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, shatl exceed the amoi -nt required to pay the escrow items when due, the excess shall be,
<br />at Borrower's, option, either promptly repaid to Borrower or credited to Borrower on 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 shall pay to Lender any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
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<br />Upon payment in full of all sums secured by this Security Iniiarument,' Lender shall promptly refund to Borrower
<br />ant Funds held by Lender. If under paragraph 14 the Property is sold or acquired by Lender, Lender shall apply, eta later
<br />than immediately, prior to the sale of the Property or its acquisition by Lender, any Funds held by'Lcnder at the time of .
<br />application as a credit against the wtris secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable taw provides otherwise, all payments received by Lender under,
<br />paragraphs I and 2 shall be applies): first, to late charges due under the Note; Second, ir prepayment charges due under the
<br />Note third. to amounts payable under paragraph 2; fourth, to interest dui and last♦ to principal due.
<br />4. Charges;. Liens. Borrower shall pay all taxes.' assessments. charges, fines and impositions attributable to the`.:
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<br />Property which may attain priority over obis Seeuritt Instrument, and ieasettoid payments or ground rcot,4. if sass.,
<br />Ilesrrower shall pay these rbhgatirrns in the manner provided in paragraph. oils not in that rttartiter. IiS?rrtyaver stall,
<br />pay them on time directly to the person owed payment- Borrower shall promptly' furnish to Lender all notices o(aviounts'
<br />to be paid under this paragraph. If Borrower makes these paymenm directly. Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any hen which has priority over this Sec -uritr Instrument unless Borrows: ta)
<br />agrees iii writing to The payment of the obligation secured by the hen in a Manner acceptab%to Lender, (tij c�5ftitsts nn goad
<br />faith the lien by, or defends against enforcement of the lien in. legal pioceediings winch in the Lender,'s opinion o} erase to.
<br />irevetnI the enforcement o: the hen or forfeiture of any part of the PrtvpeTty; or (c) secures from the holds of the Iirtr an
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<br />agreement satisfactory- it) Lender subordinating the lice to this Security Instrument- If tender determines that arty part cif
<br />the Property -is Subject to a lien which may attain - ,priority over this,_ Security tastrtnanent, Lender may- give Borrower a=
<br />nottice identifying the lien. Borrower shall satisfy the hest or take =*lie or mrire oft-he actions set forth abase wnletr y days
<br />of the giving of notice.
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<br />S. Hazard Insurance. Borrower shall keep the impnovrrnents now clustrixg or hereafter erected ell the Property
<br />insured against loss by fire. hazards included wit hill the term' extended covr_rage`" and any other hazards for which Lender
<br />requires insurance Thss insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier pro Otfing the insurance shall be Chosen by Borrower Subject to Lender's apprt-,val which shall not be
<br />unreasonlbly withheld.
<br />All insurance policies and renewals shall be acceptable tit Lender and shall include a standard mortgage Clause
<br />Lender shall have the right to hold the policies and renewals. If lender requires,. Borrower shall promptly Vve to Lender
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<br />.' all receipts of pail) premiums and renewal notices. In the event of loss, Borrower shad] give prompt notice to ttie.insurance
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<br />carrier and Lender. Lender may make proofof loss if not made promptly by Borrower.
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<br />- - Unless Lender and Borrower n- rating. insurance prri -e shall be applied to restoration or repair
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<br />of the Property_ damaged, if the restoration or repair Is economically feasible and Lender "s security is not lessened. if the
<br />restotaticret ire repair is not eeonorr icaliv feasible or Len er's security wofuld be lessened. the tusurai.-e,proceeds shall be
<br />applied to the sums secured by this Security Instrument. whether or not them due. with any excess paid to Borrower If .
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<br />Borrower abandow, the Property or does net answer within 30 days a notice from tender that the insurance carrier has
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<br />littered to serf le i dairn. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore .
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<br />_ tlle'. I�rs: f?ti i=T- t( 1?3'4- Arms secured by this Securit% Ins rurriciii. whether oT ry i then due -The. OS Iaj' period will, begin
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<br />when the mitt <c is gi er.
<br />Viiee s Lender end Aor rower othemme s .ce in writing- any 3pplicauc�ii of proceeds to principal shall ,ot ecteod <tr
<br />ors ;j�?ne the due date of the monthly payments refer -ea to in Faragmphs 1 and _ orchange the amours= cif the t,:lyrneriv , If
<br />iinder paragraph 14 the Property IN acquired by Lender. Borrower's right .to anti ,insurance poticics and pi- oceztls resulting
<br />from damage Ix =.lie Praperty prior to the acquisition E,ball pass to Lender to theextent ofthe sums secured by ih:s Se :tits
<br />Instru mt imnnediatery nno' rto the acquisition.
<br />6, Preservation and Maintenance of Propert : Leaseltotds_ Borrower shad! not dcstroav, damage a r sec stantialis
<br />Change the Properiy, allow the Property to deteriorate err commit waste If this Security Instr=ument ;s en a lgsehold,
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the itasehold and . -
<br />fee title shall not merge unless Lender agrees tithe merger mwriting_
<br />i. Protection of Lender's Rights in the Property: Mortgage Insurance. if Borrower farts fc'. perform the
<br />covenants and agreements contained in this Sircl my Instrument, or there is a legs, pri eeding that may %ignificanttc alien
<br />Londrr's rights in, the Property (such as a proceeding in bankruptcy, prostrate. for iondcmnatnon or to enforce kaws or
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<br />€egulatinnsl, then 1. -ender may do and pay' fm whatever is necessary w p roiteci the «alue of the Pr operi 4 and Eend; c rtt,lit,
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<br />its the Prmtterty Lenders action& may include paving any sums secured bs a lien wht,:h has r ri :rriw t ver this Sr a tit
<br />insttitnicnz. -it pcar,ng its cs>urt. ay irg ess € ihls Utt xne)i le s a z i entc s g «ca the fir, I-,y ++ h, •.z.i
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<br />Lender Una}' take action under this paragraph 7. L-crider does nett have fo doo
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<br />Ant, atounts dtvbui ce l l } ),ender under this paragraph 'shall he r,., a ,.Ixriaal . #ilia + fi.. r. w .: uri * ; `_,,
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<br />`sa�urily loss ; "unsrn? t`Itlesc liisrr,=+ vet rind i- �-ssAic' =sy,r, -e'c, i,aher aerrn „?t,d�.,_r. r.a there .sir _t. �. a „t; �r, #_arc +K:iv „, -,
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<br />ihr :Sail` ..k i ei?rtsciner ^€ .dt Ow Note tale ;ins) agar) tx t`s >Lthie, w':rF �rerr. ;_ city.,, ra;ri ,r �r --I A ..7er : •. 13 -. == -was
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