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87 105689
<br />1 UNIFORM COVENANTS- Borrower and Lender covenant and agree as follows:
<br />1. >lhty dpttd tt t ym�t I ate Char Borrower shall promptly pay when dug
<br />r the Principal Wand interest on the dot evidenced by the Note and any prepayment and late charges due under the Note.
<br />X FortilififarTliffiessindlaswism. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly payalants are due under the Norte, until the Note is paid in frill, a sum ( "Fonds ") equal to
<br />one-twelfth of., (a) yearly taxim and assouniffents which may attain priority over this Security instruptent; (b) yearly
<br />Wasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />moctiliago insurance premiums, if any, These items are called "escrow items," Lender may estimate the Funds due on the
<br />e basis elfcafffnit data and reasonable estimates of (inure grow items.
<br />That Fug shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />state aperfory (including Lender if Lender is such an 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 on the Funds and applicable law permits lender to make such a charge. Borrower and
<br />Lender may agroc in writing that interest shall be paid on the Funds. Unless 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 />shalt give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security !'or the sums secured by
<br />thisSecurity Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />The dim dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be,
<br />at Borrower'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 escrow items when due, Borrower shall pay to Lender arty
<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 />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 prior to the sale of the Property or its acquisition by I.endcr, any Funds held by Lender at the time of
<br />application as a credit against the sums secured by this Security Instrument.
<br />& Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs t 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. to principal due.
<br />4. Lien. 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 obligations 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 of 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 "I promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good
<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 part of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the giving of mice,
<br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on 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 be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the nigh* to hold the policies and renewals. if Lender requires, Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Leer may make proof of loss if not made promptly by Borrower.
<br />Unless Leader and Borrower otherwise agree in writing, insurance proceeds shall he 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 no economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />apphed to the sums secured by this Security Instrument, 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 carrier has
<br />coed 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 cured by this Security Instrument, whether or not then due. The 30 -day period will begin
<br />when the notice is given.
<br />Una Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the die date of the monthly payments referred to in paragraphs i and 2 or change the amount of the payments. if
<br />under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br />fircirit damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by t his Security
<br />Instrument immediately prior to the acquisition.
<br />ti. looreserviedois and Mallatimance *(Property; Lesselloolds. Borrower shall not destroy, damage or substantially
<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 the lease, and if Borrower acquires fee title to the Property, the leasehold and
<br />ft a title shall act merge unless Lender agrees to the merger in writing.
<br />7, Protection of Lander 's Rights In the Property; Mortgage inwrance. If Borrower fails to perform the
<br />coveriants and agreements contained in this Security Instrument, or there is a legal proceeding that map significantly affect
<br />s rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or
<br />L then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights
<br />nor the Property. Lender's actions may include paying any sutras secured by a lien which has priority over this Security
<br />Ifunriumonit.wpopearingin court, paying reasonable attorneys' fees and entering on the Property to make repair-. Although
<br />Lender y taste action under this paragraph 7, Lender does not have to do so.
<br />Any amounts disbursed by Leader under this paragraph 7 shall bet:ome additional debt of Borrower secured by this
<br />army Instriame t. Una Borrower and Lender agree to tether terms of payment, these atn ounts shall hear interest from
<br />the date of droitourrument at the Note rate and shall he payable, with interest, upon notice from I.ender to Rorrt,wer
<br />rontairituss payment.
<br />If Lender r irk mortgage insurance as a condition of making the loan secured by this 5rcurity instrument,
<br />Rmirowcor t1soll pay the premiums required to maintain the insurance in eftevi until such time as the requirement f,Rr the
<br />tatoramv wirimato in accordowe with rower's and Lender's written agreement or applicable law
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<br />forstrection. [coder of its agent may make reasonable entries upon and inspections of the I "rolwrty l endct
<br />Owl) give likororief wgwc at the time ref of prior to are fnspeciion specifyinp trimmab4c , muse for file invprc t urn.
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