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87- 102722
<br />U tK)RMCOVENANTS �drrcaw� rat rc�3Veti�l�t�ildiP�r�e��f <)llo§ea:
<br />1. Paywat of Principe! and Interest; yt at Mul Late Chants. Borrower shall promptly pay when due
<br />the principal ofand interest on the delft evidenced by flit: }dote slid any prepayment and lute charges due under the Note.
<br />2' Funds for Taxes and Insure . Subject to applicable law or to a written waiver by Lender, dlorrdwer shall pay
<br />to L on the day monthly payments are due under the ?'dote, until the Note is paid to full, a Burn ("Funds") equal to
<br />ormi-twelfth of. (a) yearly taxes and as. ,sm nt% which may attain priority over this Security Insirunient; (b) yearly
<br />karsollark! 'pay is or ground rents on the Property,' if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />assurance premiums. if any. thesic items arc called "escrow Reins," Lender may 'estimate the Funds due on the
<br />basis ofeurraort data mW reasonable ti tes of fixture escrow items.
<br />The Funds shall be held in an institution the deposits or accounts cif which are insured or guaranteed by a federal or
<br />to agency Orelinding Lender if Leralcr is such on 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 />Lender pays Borrower interest oxtw the Funds and applicable law permits lender to make such a' charge. Borrower acid
<br />Lender y � �m writing chat intereat shall be Did on the Funds. Unle an agreement is made or applicable law
<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 florrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose fear which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by
<br />t Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />theducclates of the grow items, shall exceed the amount required to pay the escrow items when due, the excess shall Ids,
<br />at Borrowers (4-tion, either promptly repaid to Wrrowcr 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.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />y Funds held by lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later
<br />than 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 credii against the sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />n paragraphs 1 and 2 shall he applied: first, to late charges due under the Note: second, to prepayment charges due under the
<br />r Mote; third, to amounts payable under paragraph 2; fourth, ►t) interest due; acid last, to principal due.
<br />4. ; Liess. 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 shall pay these obligniums in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to lender all notices otf 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 any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation saxured by the lien in a manner acceptable to Lender; (b) contests in go txt
<br />faith the lien by, cr 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 part of the Property; or (c) secures from the holder of the lien an
<br />to Lender lien Security Instrument. If Lender determines
<br />agreement satisfactory subordinating the to this that any part of
<br />the Property is sifteco to lien which may attain priority over thisSecurity Instrument, Lender may give Borrower a
<br />mice ulenti44ng, the Riess. Borrower shall satisfy the lien or take one or more of the actions set forth above within Id days
<br />o f the gives cq° nmice.
<br />S. Hazardlovarame. Borrower shall keep the improvements now existing or hereafter erected (in the Property
<br />insured against loss by fire. hazards included within the term "extended coverage" and any other hazards for which Lender
<br />requires insurance, This insurance shall he maintained in the amounts and for the periods that l.endcr requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to i..ender's approval which shall not be
<br />marealionably withheld-
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Leader " have the ht to hold the Policies and renewals. If Lender requires, Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notifies. In the event of loss, Borrower shall give prompt notice to the insurance
<br />c*ffwr and Lender. Lender may make prool'ofloss if naat made promptly by Borrower.
<br />Unless Leader and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />of the Property damaged, if the restoraw -in or repair is economically feasible and Lender's security is not leaned. If the
<br />restoration or mTmr is not economically feasible or is purity would be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this purity Instrument, whether or not then due, with any excess paid to Borrower. If
<br />Borrower abandons the Prclicirty. or dccs not answer within 30 days a notice from Lender that the insurance carrier has
<br />offered to settle a claisri, then Leader r 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 then due. The 30-day period will begin
<br />when the notice is given.
<br />Unless 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 />graph 19 the Property is acquired by Lender, Borrower's right to any insurance policies avid proceeds resulting
<br />from to the Property prior to the uisition lI pass to Lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to the acqueution.
<br />6. Preserivistion sad Maintenance of ; LcmWds. Borrower shall not destroy, damage or substantially
<br />chaW that Property. allow the Property to detatorate or commit waste. if this Security Instrument is on a leasehold,
<br />Borrower shall comply with the provisions of the looisic> and if Borrower acquires fees title to the Property, the leaschold and
<br />tiles L to the merger in writing.
<br />7. ProtWOM of 's Rights in the Property. Mortgage Insurance. If Borrower fails to perform the
<br />coverinaft anal agreements contained in this Security Instrument, (.it there is a legal procceding that may significantly affect
<br />fib the Property (wh as a pfocceding in bankruptcy, probate, for condemnation or to enforce laws or
<br />t Then Lender may do and pay for whatever is necessary to protect the value of the Property and London's rights
<br />in The Prx4wly, 's seltons may include hying any sums seemed by a lien which hos priority over this Security
<br />16volturacal. appearing in court, Dying r altornepi'lers and entering on the Property to snake r paim Although
<br />Lender y take acitoo under this paragraph 7, Lender r does not have to do so.
<br />Any amounts disbursed by Lender under chi$ paragraph 7 shall become additional debt of Borrower securtd by this
<br />lJohm 11twrowo and Lender agree to other term% of payment. these annnou% shall bear tnicresi from
<br />The doe c-4 dsomrsensent at the Nine rate and shall he Dyable, with interest, uplo notice front Lender to Mitrooct
<br />r payrsasst
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