|
87-, 101205
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />I. Payment of principal and fntt!r"t; Preppywat god Late tea s. gascower shad promptly pay when due the
<br />Principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Funds for Tax" tad Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to
<br />Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to ore -
<br />twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument (b) yearly leasehold
<br />payments or ground rents on the Property, if any, (c) Yearly hazard insurance premiums; and (d) yearly mortgage insurance
<br />premiums, if any' Tltese items arc called "escrow items." Lender may estimate the Funds due on the basis of current data
<br />and reasonable estimates of future escrow items.
<br />The Funds shall ire 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 Fonds to pay the escrow items. Lender
<br />may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays
<br />Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Leader may agree in
<br />writing that interest shall be paid on the Funds. Unless an agreement is trade or applicable law requires interest to be paid,
<br />Lender shall not be required 10 pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without
<br />charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to
<br />the Funds was made. The Funds are pledged as additional security for the sums secured by this Security instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the
<br />due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at
<br />Borrower's option• either promptly repaid to Borrower or credited on monthly payments of Funds. If the amount of the
<br />Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount
<br />necessary to make up the deficiency in one 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 any
<br />Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender 'hall apply, no later than
<br />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 />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Linder 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 dire: and last, to principal due.
<br /><. Charges; IJeas. Borrower shall pay all taxes, assessments, staargts, fires and impositions attributable to the
<br />Property which may attain priority over this Security instrument_ and leasehold payments or ground rents, if any. Borrower
<br />shat) pay these obligations in the manner provided in paragraph 2. or if not paid in that manner. Borrower shall pay them an
<br />time directly to the person owed payment. Borrower shall promptly furnish to Leader all notices of amounts to be paid under
<br />this paragraph. If Borrower makes these payments directly. Borrower shall promptly
<br />payments. furnish to Lender receipts evidencing the
<br />Borrower shall promptly discharge any lien which has Priority aver this Security Instrument unless Harrower: III) agrees
<br />in writing to the payment of the obligation secured by the lien It a manner
<br />the lien b
<br />or defends acceptable to Lender, (b) contests in good faith
<br />y against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent
<br />the enforcement of the lien of forfeiture of any part of the Property: or (c) smtres from the holder of the lien an agreement
<br />satisfactory to Lender subordinating the lien to this Security Instrument if Lents determines that any part of the Property is
<br />subject to a lien which may attain priority over this Security Instrument, Lender mac give Harrower a notice identifying the
<br />lieu:. Borrower shall satisfy the lien or take one or more of the actions set forth about within 10 days of the giving of notice_
<br />S. Based lummft e, Borrower shall keep the Improvements now existing or hereafter erected on the Property insured
<br />against loss by fire. hazards included within the term —extended coverage•* and any other hazards for which Leger requires
<br />insurance. This insurance shall be maintained in the amount' surd for the periods that Lender requires. The insurance carrier
<br />Providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld.
<br />All insurance Policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. tender
<br />shall have the right to hold the policies and renewals. If Leader requires, Borrower slt give to Lender all receipts
<br />of paid premiums and renewal notices. to the event of loss, Borrower bait gi ali protrtly ve prompt notice to the insurance carrier and
<br />Lender. Lender may make proof of loss if not made promptly by Borrows.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened- If the
<br />restoration or repair is not economically feasible or Lender's
<br />sum security would be lessened, Flu n wa a inns isc
<br />Applied to secured by this Security instrument. whether or not then due, wir}r any excess paid to Borrows. If
<br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds_ Lender may use the proceeds to repair or restore
<br />the Property or to pay sums secured by this Security Instrument, whether or not than due. The 30-day period will begin when
<br />the notice is given.
<br />Unless 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 I and 2 or -mange the amount of the payments. If
<br />under paragraph 19 the Property 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 to 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 shall not destroy,
<br />the Property. allow the Property to deteriorate or � riii ar.� it .. damage or substantrally change
<br />comply with the Provisions of the lease, and if Borrower acquires fee title tox:he property. enthesleawhold and t fee tititle shall not merge unless Lender agrees to the merger in writing.
<br />? Peehetlou of Lender's Itlgits in the Property. Mortgage lasaraan. If Harrows fails to perform the covenants and
<br />Agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender
<br />may do and pap for whatever is necessary to protect the value of the Property and Lender's rights In the Property. Lender s
<br />actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court,
<br />paying temonable attorney's fees and entering on the Property to make repair%..Although tender may take action under this
<br />adGhional debt of Harrower secured Lender
<br />and er t.ims paragraph ? shall become
<br />payment. these Amounts shall bear interest from the date of disbursement at the Note rate and shall he agree
<br />Upon notice from 1 ender Io Borrower requesting payment.
<br />J
<br />AV
<br />J
<br />
|