|
1.1NIV list CoVI"NANT a grower and 1-an4er covenant and agree as follows
<br />I. Payment of Principal and Interest; Prepayment and Late L'bafps- Borrower shall prc,mplly peer) ashen due
<br />the principal ofand interest on the evidenced by the Note nod any prepayment and late s hargcs due kinder ihr N(u
<br />$, 1' for Taseti 1 . e, Sub,�ttl to applicable law ,or Ire R wnttsn waiver lay L- ender, 11rsPrca�et %hart I >�y
<br />to Under on the day monthly I*ymqntk are due under the Nate, until the Note is paid to full, a sour f "Furt4s °) equal to
<br />one-twelfth of: (a) yearly larics and ants which may attain priority over this purity Instrument, (hi )Carl)
<br />WwAboM payments of ground rents on the Property, if any; (c) yearly hazard )nsuramce premiums. and (dl )early
<br />tricitypolite stAormt premiums, if arty. These items are calf " "crow items." Leader may estimate the Funds due on the
<br />boraiia(carrent data and rilawabloommisies of future grew Items.
<br />The Funds shall ba held in an institution the clopovils or account% of which are insured Of guaranteed by a federal of
<br />agency state (inching Lender if Leader is much an institution). Lender shall apply the taundt, to pay the row items .
<br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the grow {terms, unless
<br />Leader pays Borrower interest on the Funds and applicable law permits Lender to make such a charge Borrower and
<br />Lender y agree in writing that interest shall be paid on the Funds. Unless an Agreement 1S made or appheable law
<br />requires interest to Its pod, Lender shall not he required to pay Borrower any Interest or earnings on the Funds Lender
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />plurpose for which each debit to the Funds warm . The Funds are pledged as additional security for the sums secured by
<br />i his Svc unty I ust rument
<br />If the amount of the Funds held by bender. together with the future monthly payments of Funds payable prior to
<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be,
<br />at is option, either promptly repaid to Borrower or credited to Borrower on monthly payments M Funds. If the
<br />ammmi of the Funds held by Leader is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any
<br />mwouni necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment to full of all sums secured by this Security lnstrumcni, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. if under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply, no later
<br />than immediately pnor to the sale ,d'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 Secunty Instrument.
<br />3. Application of Payments. Untess 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 nos payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. Lkza. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable it) the
<br />Propeny which may attain prionty over this Security Instrument, and teaschold payments or ground rents, if any
<br />>r.
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
<br />pay than on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notice of amounts
<br />to be pod under this paragraph. If Borrower makes thaw payments directly, Borrower shall promptly furnish to Lender'
<br />receipts evidencing the payments.
<br />Borrower shalt promptly discharge any lien which has priority over this Security instrument unless Borrower (a)
<br />in to the the obligation by lien in [..ender;
<br />agrees writing payment of secured the a manner acceptable to (b) contests in get
<br />faith the lien by, or 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 pan of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Under subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />4
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />nottice identifying the lien. Borrower shall satisfy the lien or take one or more of the action-; set forth above within lq days
<br />of the giving of nmwe.
<br />S. Hazard losamaee. Borrower shall keep the improvements now existing or hereafter crested on the Property
<br />insured against loss by fire. hazards included within the term "extended coverage" and any other hazards for which Lender
<br />require% insurance This insurance shall be maintained in the amounts and for the period% that Lender require -The
<br />-
<br />insurance earner providing the insurance shall be chosen by Borrower subject to I "ender's approval which %{tall not he
<br />unreasonably withheld.
<br />`
<br />All insurance policies and renewals shall be acceptabit io Lender and shall include a standard mortgage clause
<br />Lender shall have the right to hold the policies and renewals If Lender requires, Borrower shall promptly give to Lender
<br />;
<br />all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the m %uraoce
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />of the Property damaged, if the remoration or repair is economically feasible and Lender's security is not lessened If the
<br />remoration of repair is not economically feasible or L.endcr's secunty would he Icswned, the insurance proceed% shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Burrower. If
<br />florrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance caner 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 then due. The 30 -day period will begun
<br />when the notice is given.
<br />Ltniess Leader 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 payment% If
<br />undtf 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 pan to bender to the extent of the sums secured by thi %"security
<br />Instrument immediately prior to theacquisnmr;
<br />E. M of Property; i etue Borrower shall not destroy, damage or substantially
<br />change the Property, allow the Propeny to deteriorate or commit waste. If this ".security Instrument is on a Ieawhotd.
<br />Borrower %lifillcomply with the provistom of the lease, and if Borrower acquires fee title to the Property, the leasehold anA
<br />lea title shall not merge unless, agrees to the merger in writing.
<br />1, Protection of Loodoes Rights In the Property; MeirtgW Insurance. If Borrower fad, it, perform file
<br />onveawsand eel ru% continued in this Security instrument, or there is a legal proxceding that may significantly afiecf
<br />L! is rights in the Property (moch as a proceeding in bankruptcy, probate, for condemnation or io enfor4e laws or
<br />r ), then 11-crukr may do and pay for whatever is necessary to protect the value of the Properiy and 1. ender'% rights
<br />em the Properly L 's actions y include paying any sums secured by a lien which has priority ocet this !%count~
<br />Instrument. ring in court, paying reasonable attorneys' fees and entering on the Proprtte to make repaov% !N11hough
<br />[Aadirr, my take acium under this paragraph 7, (."ender ,tows not have io dss %n
<br />Any mnounti, dtdmrwd by Utnder umkf this paragraph 7 shall become additional debt of Rottoaer %c, a /ell h% ato%
<br />urtty lrmir nt I[Jnkms Borrower and Leader agree toothet term %of pavmew, these amoun1%shall Feat mirtt °%f loo,
<br />itw date f-4 d"humemem at the Note rate mid shall be pavahle, *1111 InlCteso, Of`00 110tWC f(OM I Cnllr'r li it,,tr :N,•t
<br />r tfng "Vmrru
<br />
|