|
L - 102034
<br />UNIFORM COVENANTS. Borrower and Lender covenant arid agree as follows:
<br />I. Payment of Principal and Interest; Prepayment and late Charges. Borrower shall promptly pay when due the
<br />principal of and interest on the debt evidenced by the Note and any prepayment and lare charges due under the Note.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to
<br />Leaser on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds ") equal to
<br />one- 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. These items are called "escrow items." lender may estimate the Funds due on the basis of current data and
<br />P 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 Leader is such an institution). Lender shall apply the Funds to pay the escrow items. lender
<br />MAY tort 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 Lender may agree in
<br />writing that interest shall be 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 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 the
<br />Funds was matte. 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 />-Ise 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 in Burrower on monthly payments of Funds. If the
<br />amount of the Funds held by Lender is not sufficient ro 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 Sec rsty Instrument, lender shall promptly refund to Borrower any
<br />Funds field by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply, nn later than
<br />immediately prior no the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application
<br />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 Lender 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 due; and last, oo principal due.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, lines 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 />shall pay these obligations in the manner provided In paragraph 2, or of nut Patti in that manner, Burrower shad pay them on
<br />timedirectly to the person owed payment. Burrower shall promptly furnish t., Lender all notices of amounts to Ile paid under
<br />this paragraph If Borrower makes these payments directly, fiornowcr shall promptly furnish ni Lender receipts evidencing
<br />the payments
<br />Borrower shall promptly discharge any lien whidi has priority over this Security Instrument unless Burrower: (a)
<br />agrees in writing t1 rile payment of the obligation secured by the lien in a m;mner acceptable• ti Lender, (b) contests in good
<br />faith the lien by, or defends against enforcement of file lien on, legal prnteedings which in the Lender's opinion cirerate it,
<br />prevent the enforcement of the lien or forfeiture tit any part of the Property, or i c I secures from rile holder of the lien .m
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument, If Lender determines that any part of rile
<br />Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Burrower a notice
<br />identifying the lien. Borrower shall satisfy the lien or take one ur more of fhc• actions set forth above within 10 days of the
<br />giving of rvunce.
<br />5. Hazard Insurance. Borrower shall keep file Improvements flow existing or hereafter erected on the Property
<br />insured against loss by fire, hazards Included within the term 'extended coverage** ,Ind any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained m the amounts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject Ito Lender s approval which shall not be
<br />unreasonably withheld.
<br />All Insurance policies and renewals shall be acceptable it Lender and shall include a standard rnortgageclause. Lender
<br />shall have the right to lwld the policies and renewals. If Lender requires. Burrower shall promptly give to Lender all receipts
<br />of paid premiums and renewal notices. fn tile event of loss. Borrower shall give prompt notice in the insurance carrier and
<br />Lender lender may make proof of loss If not made promptly by Burrower
<br />Unless Lender and Borrower otherwise agree oil writing, Insurance pnKeeds shall be applied to restoration or repair
<br />of 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 L.endef s seuuoty would be lessened, the insurance proceeds shall be
<br />applied to the suns secured by this Security Instrument, whether or not then due, with any excess paid to Burrower. If
<br />Borrower abandons the Property, err does nut answer within ill days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then lender may adlect the insurance pnKeeds Lender may use the proceeds to repair or restore the
<br />Property or to pay sums secured by this Security Instrument, whether or nut then due The W -day period will begin when the
<br />notice is given
<br />Unless Lender and Borrower otherwise agree in writing, any application of prof eds it) principal shall not extend or
<br />Postpone the due date of the monthly payments referred to in paragraphs I and 2 or change• the amount of the payments. It
<br />under paragraph 1() the Property is acquired by lender, Borrowe'r's right fu any Insurance policies and proceeds reudnng
<br />Irum damage to rite Property print to the acquisition shall pass to Lender to the extent of the sums se(ure•d by this Security
<br />Instrument Immediately prior to the acquisition
<br />6. Preservation and Maintenance of Property; Leasehoids. Borrower shall not destroy, damage or substatrially
<br />change the Property, allow the Property to deteriorate or commit waste If this Security Instrument is on a leasehold,
<br />Borrower shall comply with the provisions of tic• lease• and if Borrower acquires tee title to the Propx•rty, the leasehold and
<br />fee title shall not merge unless lender agrees to file- merger in writing.
<br />7. Protection of lender's Rights in the Property; Mortgage Insurance. 11 liorniwer tails to lierfonn the (o%enarits
<br />and agreements c oniaitled in this Security Instrument, or there is a legal proteviling th.ot may significantly affect Lender's
<br />rights in the Property l suc h as a procreding in bankruptcy, probate, for condenufauo n ur to enlorcc laws or regulationsi, then
<br />Lender may do and pay for whateser is necessary to protect the value of the Pruperiy and Lender s rights in file Prupetty
<br />Lender's actions may Include paynlg any mulls %etureci by ,1 het, whl(h his priority liver this Seuirny Inst runle•nt, appearing tit
<br />(avert, paying reas(onabe atcorreys' fees and coffering on the Property ru inakc irpairs Although I ender may take I,o,in
<br />under this paragraph 7, Lcroler does nix have to do so
<br />Any amounts disbursed by Lender under this paragraph i shall become addntonal.leht ur Horniwrr seduced by rhos
<br />Security Instrument Unless Borrower and Lender agree u other terms of paymcnr, tic -sr amrnints shall hoar nurrest hmi-.,
<br />aft• date ul disbursement of the Note rate and shall Ie payable, with omrre•s I, upx,u cur occ• Irum Lender u. Bi nuwcl rryucsung
<br />paylPenl
<br />
|