|
87wo 104400
<br />UNIFORM COVENANTS. Borrower anal Lender covenant and agree as follows:
<br />1. Pity at of Principal and Interest; Prepayment and L inecharvio. grower shall promptly pay when due the
<br />Principal Of and interest on the evidivnrlid by the Nine and any propsyrnant and late char #rs due under the Note.
<br />I. Fulaillis few Toutlai and Lowrance. Subject to applicable law or Ina written waiver by I.stttslr, Borrower shall pay to
<br />Lender on the day monthly payflairinal are due under the Note, until the None is paid in full, it sum ( "Futufs ") equal to
<br />twelfth of: 441 yearly tatt64 And iisaimmorruto which may attain priority over this hecurky Instrument; (b) yearly leasehold
<br />p"mansts of ground rents on the p €operty if any; tt:) yearly hazard insurance premiums•, and fit) yearly mortgoor Insurance
<br />if any items off called "escrow items." Lender may estimate the Funds Clue on Ifni hasis of current data and
<br />"Noicallable Memories of future ,%crow items.
<br />The Funds shalt he held in an institutitfn the deposits or Accounts of which are insurrdorguarairuilied by a federal of
<br />witivaglemy (inchoullingborular iflAnder is such an institutlan). lender shall apply the Funds to pay shit escrow farms. Lsrtder
<br />y Was chatpyr filar hulling, and applying this, Funds, analyzing the account or verifying the escrow items, unless l..endttr pays
<br />Riarrowrr ifieffm on the funds and applicable law permits Lender to make such a charge. Burrower and Lender may agree in
<br />weiring thin inrill" shall be paid on the Funds. Unless an agreement is mate or applicable law requires interest to be paid,
<br />Lender shah nor be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without
<br />charge, an annual accountingof the Funds showing credits and debits tit the Funds and the put" for which eachtfrbit u) the
<br />Funds was . The Funds are pledvil its additional security for the sums secured by this Security Instrument.
<br />If the amount of the Funds field by lender, together with the future monthly payments of Funds payable prior to the
<br />Aar dates elf the escrow items, shall exceed the anumour required to pay the escrow items when clue, the excess shall bo , at
<br />Btarnawer'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 escfow items when due, Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one or moire paynxnis As required by Lender,
<br />Upon paytrxnt in full of all sums secured by this Security Instrument, lender shall promptly refund to Burrower any
<br />Funds held by Lender- If under paragraph 19 the Property is stud or acquired by I cruder, tender shall apply, no later than
<br />mmedistety prior to 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 Inxtrunnent.
<br />3. Application of Payments. Unless Applicable law provides otherwise, all payments received by lender under
<br />paragraphs 1 and 2 *hall be applied: first, to late charges clue under the Note; second, to prepayment charges due udder the
<br />Nttr, third, to amounts payable under paragraph ?; fourth, u) interest due; and last, tit principal due.
<br />;. C ; bites. Burrower shall pay all taxes, assessments, charges, fines anti unpositions attributable: to the
<br />Prtgwrty which may attain priority over this Security Instrument, and leasehold payments or ground tents, if any. Borrower
<br />shall pay these tiblogations in the manner provided in paragraph 2,01' it not paid in that manner, Worower shall pay them un
<br />time directly to the person owed payment. Borrower shall prornpt ly furnistl to l ender .t11 notices of amounts to be paid under
<br />this paragraph. If Borrower makes these payments directly, dtormwer shall promptly furnish to Lender receipts evidencing
<br />the Payments.
<br />Borrower shall promptly discharge any hen which has priority over this Seclrity Instrument unless Borrower: (a)
<br />agrees in writing to the pays m of the ,thl igat ion secured by the lien in A manner acceptable to lender, (b) contests in g,,trd
<br />faith the lien by, or defenods against enforcement tit the lien sit, legal proceedings which in the Lender's opinion operate to
<br />prevent the enftorerrtxnt of the lien or forleiture of any part of the Property; or it) secures from the holder of the lien an
<br />agreement satisfactory ro Lender subordinating the lien a.) this Security Instrument. If Lcmkr determine~ that any part of the
<br />Pff4wfty is WNW 10 a pit" which may attain priority over this Security Instrument, Lender may give Borrower a notice
<br />ukrnifymg the lien. Burrower shad satisfy the lien t)r take one or more of the actions set forth above within 10 days of the
<br />giving of hexice
<br />S. HWward Insuratice. Borrower %half keep the improvements now existing or hereafter erected on the Property
<br />insured against lass by fire, hazards included within the term "extended coverage' stud any other hazards for which Lender
<br />requites insurance. This tosurarce %hall be maintained in the amounts and for the periods that lender requires. The
<br />insurance carrier providing the insurance shall br chosen by Borrower subject to Lender's Approval which shall cwt be
<br />unreasonably withheld
<br />All insurance prh ors and rrnrwafs shall he actrptabM to len.k r anal shall include a standard muregagr clause. Lender
<br />shall have the right to hold the polices and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts
<br />of paid ptermiams and regal raxires. In the event of loss, Borrower shall give prompt notice to the insurance carrier and
<br />Lender, Lehr may make proof of fuss it not made promptly by harrower.
<br />Unless Lender and ht.arruwer otherwise agree in writing, insurance proceeds, shall be applied to restoration or repair
<br />of the Property damaged, if the restoration olr repair is economically feasible and lender's security is not lessened, It the
<br />restoration or repair is not economically feasible or Lcruke's security would be lessened, the im titance pronrrds shall he
<br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Lk)rrower. If
<br />Borrower alland ms the Property, or tires runt answer within in days a notice from lender that the insurance tArrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds Lender Clay use the proceeds fU repairor restore tlw
<br />Property or eta pay sums securest by this Secufity Instrument, whether or not then due. The ;O -day period will begin when the
<br />notice to given.
<br />Unless lender and Burrower otherwise agree in writing, any application of proceeds to principal shall nut extefud ur
<br />ptxsptor the due date of the monthly payments referred u) on paragraphs I and ? or change the amount of the payments. If
<br />finder paragraph 19 the Property is acquired by Lender, ldorrower's right u) arty insurance polities and prtxerds resulting
<br />from damage to the Property prior u) the acquisition shall pass to Lender to tie extent of the Sums secured by this Srturoty
<br />Instrument immediately prior to the Acquisition.
<br />69 Preservation and Maintenance of Property; Leaseholds. Njrtowrr shall not destroy, damage or substantially
<br />chiscip the Ptopetty, alllw the Property to deteriorate or (orttmit waste. if this Security lnstrtorwot is on a leaseludd,
<br />Borrower shaliccomply with the provisions ill the lease, and if Borrower acquires tee title u) the Property, the leasehold And
<br />fee tits Shall not merge unless Lender agrees to the merger in writing.
<br />1. Prouseetiola of lender's Rights in the Property; Mortgagor Insurance. If Notrrower fails to perform the to%vnano%
<br />agreements and contained in this Security Irtsuument, or there is a Iegal prtneeding that may sognilkintly affect Lendeer'+
<br />sin the Property i such Asa prt.reeding in bankruptcy, prt) hate, for eondenitwr it ur to enforce IAws d or regulat ions i, rheo
<br />Lender do And pay for whatever is necessary to proxecr Ow value of the Property and Lender'% rights lit the Pmperty
<br />Le t sit' may
<br />moctude paying any sums Sarcuredbya lien which has praerity over this security hrstnttnrntt, appearu)g in
<br />ouart, playing ranonAle arrormys' fees and entering oin the Property to make frpairs. Although I eodrr may take action
<br />this poragrito 7, Lendler does not have to do moo.
<br />Any arra nt* r by I*ri&r unoet this par Agfap it ' Shall leaone Add h Ili s(lal ctrhm dcf l9r,rrnwcr Set turd by thes
<br />Stswity Intifilumem, L.fnkst% borrower and Lendeer agree lot other tetras of payment, the%% arnantnt% 01,411 Ilc,tt tntefe" timll
<br />tie eoll disbufsormena at the, Ntxe rate Anti %hail fie payabkr, with mvefr%t, trpum rteuote frurn t etader m„ N'tI ,wrr re1jue0te1t9
<br />N
<br />
|