|
IN
<br />71
<br />$5--- 102106
<br />U�1FattstCneE1 :arts Borer.. lwerand Lender crncnantanlagree :,,.l�ifinws.
<br />1. Payment of Principal and Interest; Prepayment and I ate Charge,.. lorrower ,hall prnnnptly pay when due
<br />the principal ofand interest on the dcht ef,ideneed by the xtote and any prepaetncnt and tart charge, due under tilt• `,tc.
<br />2. Funds for Taxes and Insurance. Subject to applicable iaw or to it N%ittell w aivcr by L.cn Icr, Borrov,cr ,hall pail
<br />to Lender on the day monthly payment, are due under the Note, until the Note is paid in full, a ,tint (Funds") equal n,
<br />one- twelfth of: (a) yearly taxes and assessments which mac attain priority over this Scctarin' Instrument, lh) ve:uly
<br />I leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any. 7 here items are w1le "escrow Items.' lender map estimate the Fund, due tin the.
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall he held in an institution 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 ,hall apply the Funds to pay the cscrow 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 agree in writing that interest shall he paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to he paid. [ender shall not be required to pay Borrower any interest or earnings on 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 plcdgcd a, additional security for rite 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 cscrow 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 it) Borrower on monthly payments of Funds. if tfte
<br />amount of the Funds held by Lender is not sufficient to 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 full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If finder 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 as a credit against the sums secured by this Security Instrument.
<br />3. Application of Payments. Unless 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 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.
<br />Borrower shalt 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 tender all notice, of arnountS
<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 over this Security Instrument unitas Borrower. (a)
<br />agrees in writing to the payment of the obligation secured by the lien to a manner acceptable to Lender: (h) contests in good
<br />faith the lien by, or defends against enforcement of ilie lien in, legal proceedings which in the Lender:, Opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any part of the Property: or (c) secures front the holder of the hen an
<br />agreement satisfactory to Lender subordinating the lien to this Security I list rtnnent. If Lender determines that any part of
<br />the Properly is subject to a lien which may attain priority o\er this Secunry 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 lurch above within 30 days
<br />of the giving of notice.
<br />5. Hazard insurance. Borrower shall keep the nnprocemcnts now cxi ioig or hereafter erected on the Property
<br />insured against loss by tire, hazards included within the term "extended co\erage•' and any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained fit the amounts and for the periods that Lender requires. Ilse
<br />insurance carrier providing the insurance shall he chosen by Borrower subject a, I crider's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policies aad renewals shall he 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 pronlpily give to t.cndcr
<br />all reccipis of paid premiums and renewal notices. In the event of loss, Borrower shall gt%c prompt mace to the insurance
<br />carrier and Lender. Lender may make proof of loss if nut oracle 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 securilli would he lessened, the insurance proceeds shall he
<br />applied to the sums secured by this Security Instrument, whether or nut then due, with any exces, paid to Borrower. If
<br />Borrower abandons the Property, or does not answer w chin 30 days it notice front 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 re,torc
<br />the Property or to pay sums secured by this Security Instrument, whether or not then clue. The 30 -day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree In writing, ant apphcatit+n of pru.ceds to principal shall not extend or
<br />posip fie the due date of the monthly payments referred to in paragraphs I and _' fir change the amount of Iltc pan nnents if
<br />under paragraph it) the Property is acquired by Lender. Borrower's right to any Insurance politic, and },roaxd, rest, lung
<br />from damage to the Property prior to the acquisition shall pass to Lender to tile• extent of the sums secured by till, Security
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and (Maintenance of Property; Leaseholds. Borrower ,hall not de,troy, damage or substantially
<br />change the Property, allow the property to deleriorate or contrntt waste. If tilt , Security Instrument is tin it leasehold.
<br />Borrower shall comply with fire pn »„ion, of the lease, and if Bommer tcc1utrc, Ice lilt I+, the Property. !lie leawhold and
<br />fee title shall not merge time„ Lender agrees to the merger fit writing
<br />7. Protectiot, of Lender's Rights in the Property; Mortgage Insurance. It Borm\vcr Gil, t., peri„rnt the
<br />covenants and agreements coutauled in chi, Sccuntc In,tnuncfit. or there is a legal pn,ceetlulg that play sigmticallfly Affe, t
<br />Lender's right, fit the Property (such as a proceeding tea hankruptey. probate. Gar c„ndenv,anon ,,r I,, cnGace I:i\\, rev
<br />regulations). ,hen Lender may do and pay for whate%er is nccc"a y to protect the \.title A the Propo It ,aril I cndcl"r+ }:his
<br />tit the Property Lender's act „Its may Include plyrtlg any suns, secured by A hen which lids pri„rtty tract till, ,.stunt\
<br />Instrument appearing; n i court paying teuunable ult,rney, tees and cnternlg on life Property I,+ mdkr repass \ithc,;u:h i ZIP
<br />l Older may take .10 it,” "litter tfiis parag.l 31111 1 c note dons nit h.rvc to do so � s
<br />Am amounts b1hu11ed h\ Lrnli r .under till p +rage ,ph 'shill he tsr a,td n,,;,al drift .,I B„r„,w c, ccw'-d ht till,
<br />ie. °urn} (n,irunrcni (.!!ale,s K,tn+wet and l p_, nor :r ;h;,c• vmautl „01,111 to at :ni,,r , `rein
<br />the dal, ,+t da,h,u•.ca,enl .it tier N.I t.+lc nni ,hall I,r p .:, ;i !r. t%1111 ni, r, si ,ill,, m I tn,lu li, u••,\ 't r`.
<br />.,quc,ratig. pa} incnt�
<br />
|