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8f -100043 <br />UNIFORM' COVENANTS. Borrower and lender covenant and agree as follows- <br />1, 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 late charges due under the Note. <br />2- Funds foe Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to <br />Lender on the flay monthly ,payments are due under the Noce, until the Note is paid in full, a sum (. "Funds') equal to <br />one riselfth of: (a) yearly,tuttes and assessments which may attain priority over this Security Instrument (b i yearly leasehold <br />payments orground reiusbn the Property, if any; (c7 yearly hazard insurance premiums, and (d) yearly mortgage insurance <br />premiums, if-it". These items atecalled "escrow items." Lender may estimate the Funds due on the basis of current data and <br />ressuirable estimates of future escrow Reims. <br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or <br />stateagettty (including Lender if Leader is such an institution). Lender shall apply the Funds to pay the escrow items. Lender <br />may riot 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 Ixnder 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 sha11 give its 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 made. 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 />due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at <br />Borrowers 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 nr 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 fuliof all sums secured by this Security Instrument, Lender shall promptly refund to Borrower ant <br />Funds held by Lender. if under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply. no later than <br />immediately 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 Instrument. <br />i. Application of Payments. Unless applicable law provides otherwise, all payments receives by Lender under <br />paragraphs I and 2 shall be applied: first, to late charges due under the Nate; 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. Charges; Liens. 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. Borrower <br />shall pay these obligations in the manner provided in paragraph ?, or if not paid in that manner, Burrower shall pay them on <br />time directly to the person owed payment. Borrower shall promptly furnish to Lender all nor ices cif :(mounts to be paid tinder <br />this paragraph_ if Borrower makes these payments directly, Borrower shall promptly furnish to lender receipts evidencing <br />the payments_ -'Ms <br />Borrower shall promptly discharge an lien which has priority over this Security Instrument unless Brnrower: Ia) t <br />P P g Y P S i <br />Agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, i 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 parr of the property: or rc) secures trorn the holder of the lien an «r <br />agreement satisfactory to Lender subordinating the lien to this Security instrument. If tender determines that any part of the Q <br />Property is subject to a lien which may attain priority over this Security Instrument, Ixnder may give Borrower a notice' <br />identifying the lien. Borrower shall satisfy the lien or take one or inure of the actions set for above within 10 days of the n <br />giving of notice. <br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected tin the Property <br />insured against loss by fire, hazards included within the term 'extended coverage" and any other hazards tilt which Lender <br />requires insurance. This insurance shall be maintained in the amounts and for the periods rhai Lender requires. The <br />insurance carrier providing the insurance shall be chosen by Borrower subject to ]enders approval which shall not be <br />unreasonably withheld. t <br />All insurance policies and renewals shall be acceptable to I.,ender and shall indudr a standard mortgage clause. Lender <br />shall have the right to hold the policies and renewals. If lender requires, Borrower shall promptly give to Lender all receipts <br />of paid premiums and renewal notices. in the event of loss, Burrower shall give prompt notice to the insurance carrier and <br />Lender. Lender may make proof of loss if not made promptly by Borrower 4 1 <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 restoration or repair is economically feasible and Lender's security is not lessened. if The <br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be <br />Applied 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 ;o days a nonce from Lender that the insurance carrier has <br />offered to settle a claim, then Lender may collect the insurance proceeds lender may use the proceeds to repair or restore the <br />Property or to pay sums secured by this Security Instrument, whether or not then due. The 30 -day peri(A will begin when the <br />nut ice is given. <br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or <br />postpone the due date of tine monthly payments referred it) In paragraphs I and ' or change the• amoum of tilt- payments It <br />under paragraph 19 the Property is acquired by tender. Borrowers right to any insurance policies and prucreds resulting <br />from damage to the Property prior u) the acquisition shall pass to lender III the extent of the sums secured by this Security <br />Instrument immediately prior to the acquisition. <br />6. Preservation and Maintenance of Property; Leaseholds. Burrower 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 file provisions of the Iease, and if Burrower acquires fee title to the Property, the leasehold and <br />ft- title shall not merge unless Lender agrees to the merger in writing, <br />7. Protection of Lendet's Rights in the Property; Mortgage insurance. If Burrower fails to periurm tilt covenants <br />wild a;,treernertts comAined in this Security Instrument, or there is a legal pnicerding that ITlay Significantly affMI Lenders <br />notts in the Property ouch as a proceeding in bankruptcy, probate, for condemnation or w enh>re laws or regulations i, then <br />lender may dry and pay fur wharevet IS necessary it) protect rise value of the Property and lender s rights tin the Pniperty <br />letxler's actions may include paying any sums secured by a lien which has pnrirrry veer thts Serclrty Instrument, app uirtnv, in <br />court, paying reasonable alunneys fees and cntermg on the Propene} to make wpairs Although Lender nla) take action <br />Wider this paragraph i. Lender does not have Its do so <br />Arty amounts dasbuised by Levide•r under tilts paragraph " shall iecume additional deist of Hot niwet inured by (Ills <br />5ecuuty losttument Unless Borruwet and Lrndrr agree u„rther terms of I"wiunt. tht•sr . +niouo(s .hall tear 11;tcrrst train <br />rfx date eri oltsburu °recent at rtx %ice rate aril Shall lc payahlr. -'1111 rrrtrr-st, cipi+n rn olio troni l ethic! [o Ki ! lower rt•�luesr;n,,:. <br />pat'rrtenz <br />�1 <br />