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89-- !02025
<br />VNlFfrard C40VV VANT% Borrower and Lender co versant and agrrc t% l'Alow%
<br />1. Payaseat elf Priaeipnl and interest- Prepayment and late ( arges. florniwer ,hall promptly pay when (toe
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and lisle charges due under the NLife
<br />2. Fuatds fir Tats and losareaee. Subject to applicable law or to a writ le, •.s a by Lender, M)rrower %hall pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is pwti in full, a sum ("Funds") cyual w
<br />one- twelfth of: (a) yearly taxes and assessments which may attain priority over this Security instrument: (h) yearly
<br />leasehold psymenes or ground rents an the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums. irony. These items are called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall he held in on instiluilnn the deposits or accounts of which are insured or guaranteed by a federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items.
<br />Lender may tied charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender pap Borrower interest at the Funds and applicable law permits Lender to make such a charge. Borrower avid
<br />Lender may agree 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 (m the Funds. Lender
<br />shall 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 for the sums secured by
<br />this Security instrument.
<br />If the amount of the Funds held by Lender, 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 hems when due, the excess shall be,
<br />at Borrower's option, either promptly repaid to Borrower or credited to Forrower on monthly payments of Funds. If the
<br />amount of the Funds held by Lender is not sufficient to pay the escrow iems when due. Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one err 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 hell by Lender. U 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 Lender, any Funds held by Lender at the time of
<br />application ass credit against the sums secured by this Security Instrument.
<br />J. Applk -Mlon of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs I and 2 shall he applied: first, to amounts payable under paragraph 2; second, to interest
<br />due; and last, to principal due,
<br />4, Charges Liens. Borrower shall pay all taxers, assessments, charges, hnes 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 ir rim 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 shalt promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower shall 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 Fender determines that any part of
<br />the Property is subject to a hen 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 />oft he giving of notice.
<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 ire 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 he
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a slandard mortgage clause.
<br />lender shall have the right 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. Lender may make proof of loss if not made promptly by Borrower.
<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 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 he
<br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If
<br />Borrower abandon& the Property, or does not answer within 10 days a notice 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
<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 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 payments. If
<br />under paragraph 19 the Property its acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to The acquisition shall pass to Lender to the extent of the sums secured by this Secunt_v
<br />instrument immediately prior to The acquisition.
<br />i. Preserirstiott and Ma)nteaatrce of Property; Leaseholds, Borrower shall not destroy, damage or suhstamially
<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 lensehold and
<br />fee title shall net merge unless Lender agrees to the merger in writing.
<br />7. Proteltdoa of Leader's Rights in the Properly; Mortgage Insurance. if Borrower fails to perform the
<br />covenants and agreements contained in This Security instrument. or there ma legal priwerding That may significantly affdr_I
<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws nr
<br />regu)alions). then Lender may do and pay for whatever is necessary to protect the value of the Properly and Lender's rights
<br />to The Property. Leader's actions may include paying any sums secured by a hen which has priority over this Security
<br />letsfrumeel, appearing in court, paying reasonable atlorneys' fees and entering an the Property to make repairs. Although
<br />Lender may take action under this paragraph 7. Lender doe+ not have to do sn.
<br />Any amounts disbursed by Lender under Ihis paragraph 7 shall become additional Licht of Borrower secured by this
<br />Security instrument Unless Borrower and Larder agree io other lernx of payment, these arno(mis shall hear intere,t hom
<br />the dale of diMurwonent at the Ncdc rate and shall he payahic, with interest, upon oriole from i eiittrr io lioor,wer tlp
<br />requesting payment. tt
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