|
■
<br />6--• 100732
<br />U``3FORN COVFNANl"s Borrower and Lender ; :`ve ^am and agree as follows:
<br />Payment Principal and Interest; Prepaymeat and Late Charges- Borrower Shall promptly pay When due
<br />t. of
<br />the principal ofand interest on the debt evidenced by the Note and any prepay rent and late charges due under the Note.
<br />waiver by Lender. Borrower shall pay
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written
<br />to Lender 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 mas attain pnorin over this Security instniment iht yearly
<br />leasehold payments or ground rents on the Property, if any: (c) yearly hazard insurance premiums and (d) vearh
<br />"escrow Items." Lender mac estimate the Funds due on the
<br />mortgage insurance premiums, if any. These items are called
<br />basis of current data and reasonable estimates of future escrow items.
<br />are insured or guaranteed by a federal or
<br />The Funds shall be held in an institution the deposits or accounts of which
<br />state agency (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 />law Lender to make such a charge. Borrower and
<br />Lender pays Borrower interest on the Funds and applicable permits
<br />in that interest shall be paid on the Funds. Unless an agreement is made or applicable taw
<br />Lender may agree writing
<br />requires interest to be paid, Lender shall not be required to ray Borrower any mterest or earnings on the Funds - Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds show in redtts and debiis u1 the Funds and the
<br />for the sums secured fy
<br />purpose for which each debit to the Funds was made The Funds are -.hedged as adatnonal c curm
<br />this Security Instrument.
<br />If the amount of the Funds he:d by Lender, together with the future monthly payments of Funds ,sayable -prior ;:
<br />the due dates of the escrow items, shall exceed the amount required ti: pay the escrow items when due, the excess ,hail be.
<br />at Borrower's option. either promptly repaid to Borrower or credited io Borrower on monthly payments of Funds. if the
<br />of-the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower Shall Tay to Lender any
<br />amount
<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 Secunty Instrument. Lender shall promptly refund to Borrourr
<br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired hy. Lender, Lender shall apply. no later
<br />than immediately prior to the sale of 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 Security Instrument
<br />w
<br />3, Application of Payments. Unless applicable law provides otherise. all payments received by Lender under
<br />1 and 2 shall he applied: first, to late charges due under the Note' Second, to prepayment charges du: under the
<br />paragraphs
<br />Note: third, to amounts payable under paragraph 2: fourth, to interest due: and last, to principal due.
<br />4. Charges: Liens. Borrower ,hall pay all taxes. assessments, charges. fines and impositions attributahie to the
<br />Property which may attain priority over this Security instrument. and leasehold payments or ground rents. if ha
<br />Borrower shall pay these obligations in the manner provided m paragraph _, or if not paid in that manner. Borro shat!
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of atnounls
<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 shall promptly discharge any lien which has priority o••er this Security ln,trumeni unless Borrower tai
<br />agrees in writing to the payment of the ohhgation secured b\ the lien in a manner acceptable to Lender: (M coniesis in good
<br />faith the lien by, or defends against enforcement of the lien in. legal proceedings which in the Lender'; opinion Operate io
<br />prevent the enforcement of the lien or forfeiture of any part of the Property: or (cI secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Secunty Instrument. If Lcnaer determines that any cart at
<br />the Property is subject to a lien which may attain prior over this Security Instrument, Lender may give Bo, tnver a
<br />ity
<br />notice identifying the lien. Borrower shall Satisfy the lien or take one nr more of the acr011S set forth aftive :v it :..z h? days
<br />of the giving of notice.
<br />S. Hazard insurance. Borrower shall keep the improvements now existing or hereof icr erecied or: the Property
<br />insured against loss by fire, hazards included within the term "extended crwerage° and any other hazards for w hick Lender
<br />insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires The
<br />requires
<br />insurance carrier providing the insurance shall be chosen by Borrower subject 1.1 I ,.rider's epproya! which ,hail nor he
<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 right to hold the policies and renewals. If Lender requires. Borrower shall promptly give io Lender
<br />all receipts of premiums and renewal notices. In the event of loss, Borrower slrall give prompt nonce to the insurance
<br />paid
<br />earner and Lender. Lender may make proof of loss if not made promptl% by Borm%%er
<br />Unless Lender 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 secunty is not lessened If the
<br />restoration or repair is not economically feasible or Lender's secunty could he lessened. the insurance proceeds shall be
<br />to the sums secured by this Security Instrument, whether or not then due. with any excess paid tit Borrower. If
<br />applied
<br />Borrower abandons the Pritpert}, or does no; answer within 3,0 da} s a nonce from Lender that the insurance carrier 1 a1
<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 begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree m writing, any apphcation 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 chance the amount of the payments If
<br />under paragraph 19 the Property is acquired by Lender. Borrower's right to airy insurance policies and proceeds residing
<br />from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Properyy: Leaseholds. Borrower shall not destroy, damage or suhslanrially
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument !s ort 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 />fee title shall not merge unless L ender agrees to the merger in writing.
<br />7. Protection of Lender's Rights in the Property: "mortgage Insuran-c. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that mat %ignificanth affect
<br />I ender's rights in the Property (such as a proceeding in bankruptcy. prohatc• for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Properly and Lender',. rights
<br />in the Property Lender's actions mat include paying am sums secured by a hen which has pro city aver this Security
<br />Although
<br />ty
<br />i
<br />Instrument, appearing in court. paying reasonable attorneys' fees and Cntermg on the Property to make repairs.
<br />Lender may take action under this paragraph ,, Lender does not have to do sit
<br />Borri,uer secured by this
<br />l�r�
<br />Any amounts disbursed by Lender under this paragraph 7 shall hecome additional deft of
<br />1
<br />Security Instrument Loless Borrower and Lender agree to other terms of payment 'nC1C .in10111111 shall hear intere,l fr'orn
<br />the date of disbur emeni at the Note rare and shall he pavahic. with mterest. upon n, pn• In,rr. Lender ?it H��rn,ucr
<br />1
<br />requesting pa) nieni
<br />
|