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87-- 142405
<br />Ut sMM CovMANTa. Borrower and Lender covenant and agree as follow,, 11 trcinciPa. of and in *1 r � when due the
<br />Ntoteasid Lase �• Borrower shall promptly
<br />the debt raced by h pay
<br />Y Prepayment late
<br />and charge due under the Note.
<br />_. !1n/a hr Tateas W Subject to to a waiver by Leader, to
<br />era shag pay
<br />Leader on the day monthly Payments are due under theNote,un
<br />ti is und$,,
<br />twelfth oP: (a) YIY raze and assessments which nna attain over paid In full, a sum (Funds )equal to one -
<br />e
<br />Wytnswts or ground ttmu on the property, if
<br />thPremiums;
<br />i ?
<br />any; (c) Yearly hazard insurance and (d) yearly mortgage mortgage fnsurancsld
<br />pretnh me' If isay, Thaw items are called "escrow items." Lender may estimate the Funds due on the bads
<br />and
<br />reasonable etalmtua of future art.row harts. of current data
<br />The Funds shall be hold in an institution the deposits or
<br />accounts of which are insured or guaranteed by a federal or
<br />state apaey (Including Lender if Lender is such an institution). Lender shall only the Funds to pay the escrow Items. Lender
<br />may not charge for holding and applying the Funds,
<br />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 Lender may agree in
<br />writing that interest be
<br />f
<br />shall paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid,
<br />Lender shall not be required to Pay Borrower any interest
<br />i
<br />c or earnings on the Funds. Lender shall give to Borrower, without
<br />ge, 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
<br />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
<br />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
<br />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
<br />�
<br />one or more payments as required by Lender.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender
<br />held Funds held shall promptly refund to Borrower any
<br />by Lender If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than
<br />immediately prior to the sale of the Property or its acquisition by Lender,
<br />any Funds held by Lender at the time of
<br />aPPlkation as a credit against the sums secured by this Security Instrument.
<br />3. APP§ea ear of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />Paragraphs I and 2 shall be applied: first, to late
<br />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; and last, to
<br />4. due.
<br />principal
<br />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
<br />payments or ground rents, if any. Borrower
<br />shag pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on
<br />time directly to the person owed
<br />payment. Borrower shall promptly furnish- to Lender all notices of amounts to be paid under
<br />this Paragraph. If Borrower makes these payments directly, Borrower
<br />Payments. shall promptly furnish to Lender receipts evidencing the
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees
<br />in writing to the payment of the obligation secured by the lien in a manner acceptable
<br />to Lender; (b) contests in good faith
<br />the lien by, or defends 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 an
<br />rSecurny
<br />satisfactory to Lender subordinating the lien to this IInstprument. If Lender determines that arny the lien an agreement
<br />subject to ■lien which may Y Part of the Property is
<br />attain priority over this Security Instrument, Lender may
<br />lien. Borrower shall satisfy the lien or take one or more of the actions set forth B 10 ei
<br />b
<br />above within days of he ngtofnnotice.
<br />S. Hasard Insurance. Borrower shall keep the improvements
<br />t
<br />now existing or hereafter erected on the Pro
<br />against Ion by lire, hazards included within the term 'extended coverage" ICY insured
<br />and any Other hazards for which Lender requires
<br />Insurance- This insurance shall be maintained in
<br />the amounts and for the
<br />Providing the insurance shalt be chosen by Borrower subject to Lender's approval s hicheshall not be Fee. The unreasonably
<br />All insurance
<br />1 �
<br />withheld,
<br />policies and renewals shall be acceptable to Lender and shall include a standard morn
<br />shalt have the right to hold the Policies and renewals. If Lender clause. Lender
<br />+
<br />requires, Borrower shall promptly Lender
<br />of paid Premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier Lender ,ray make proof of loss if not trade
<br />Promptly by Borrower.
<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
<br />economically feasible and Lender's security is not lessened, If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />aPPhad to the sum secured by this Security Instrument,
<br />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
<br />offered to settle a claim, then Lender
<br />carrier has
<br />may collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Property or to pray sums secured by this Security Instrument, whether
<br />the notice is given. or not then due. The 30-day period will begin when
<br />Unthe Lender and he owes otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />the due date the fly payments referred to in paragraphs 1
<br />under p a Property and 2 or change the amount of the payments. if
<br />ed b
<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
<br />to the extent of the sums secured by this Security
<br />instrument immediately prior to the acquisition.
<br />prisservadea site property Mafnktana of Property; ) 2"bW s. Borrower shall not destroy, damage or substantially change
<br />Property to deteriorate or commit waste. If
<br />this Security Instrument is on a leasehold, Borrower shall
<br />comply with the provisions of the lease, and if Borrower acquires fee title to the Pr rtY. the leasehold and fee title
<br />merge unless Lender agrees to the merger in
<br />writing. she!! not
<br />7. ProlseUon of Len/a's ItlgYy IN the Property' M
<br />agreernaus contained in this Security Instrument, or there is a� Lnsao If Borrower fails to perform the covenants and
<br />Proceeding
<br />the Property (such as a proceeding in bankruptcy, probate, forndemna condemnation that MAY
<br />o rtt awes our regulations), then Lent der
<br />may ono and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Pr
<br />ge
<br />actions nay include Paying any sums secured by Property. Lender's
<br />L
<br />■ lien which has
<br />Paying renewtrk at priority over this Security Instrument, appearing in court,
<br />",nay's fan and entering on th e Property to
<br />make repairs. Although Lender may take action under this
<br />ParaMaph 7 Lander does not have to do so. MY amounts disbursed by Lender under this Paragraph 7 shall become
<br />additional debt Of Borrower secured by
<br />this Security Instrument. Unless Borrower and Lender agree to other terms of
<br />payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest,
<br />apes" Notice from Lender to Borrower requesting payment.
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