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<br />UN IVORM COB I`. NA NJS. Bornmerand Lenderco,cnaat and agree,], h d 1oxe, ""- 102427
<br />I. Payment of Principal and interest; Prepayment and Late Charges. Hornmer ,hall prompth p:n wLcn Lille
<br />the principal of and interest on thedcht evidenced by the Note
<br />and ank. prepaynent and late charge, due under the Note
<br />2. Funds forTaxesand Insurance. Subiect to applicable: taw or to a w rirten w at, er h, Lender. Bornnycr `hall
<br />pay
<br />to Lender on the clay monthly payments arc due under the Note, until :he Note i, paid in fill], a ,urn 1 "Fund, "1 cuual to
<br />one twelfth of: (a) yearly taxes and assessmenis which may attain priority over this Security ln,trumcnl: (hi %early
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance
<br />prmtiunns: and left each
<br />mortgage insurance premiums, if any. These items arc called "escrow items." Lender inay estimate the Funds clue on the
<br />hasis ofcurrent data and reasonable estimates of feu ire escrow items.
<br />The Funds shall he held in an institution the deposits or accounts of which are insured or guaraniecd by a federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds m, pay the escrow items.
<br />Lender may not charge for holding and applying the Funds,
<br />analyzing the account or verifying the escrow items, miles,
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such ;I charge. Borrower
<br />and
<br />Lender may agree in writing that interest shall he paid on the Funds. Unless an agreement Is made or applicable Itnv
<br />requires interest to he paid. Lender shall riot he required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an
<br />annual accounting ofthe Funds showing credits and !chit, n, the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are a,, ad.lition;d for
<br />pledged security I he sums secured hx
<br />this Securitv instrument.
<br />Lf 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
<br />to pay the escro tents when clue, the excess shall be
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on' nionthh payments of Funds. If thc
<br />amount of the Funds held by Lender is not sufficient to pas' the escrow items when due. Horruwer shall pay to Lender arc
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in fill] of all suns 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 Lender,
<br />any Funds held by Lender It Ihe 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 1 and Z shall he applied: first, to late charges due under the Note; second, 10
<br />Prepayment charge, due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest clue; and last, to principal due.
<br />4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to [lie
<br />Property which may attain priority over this Security Instrument,
<br />and leasehold payments or ground rents. if any.
<br />Borrower shall pay these obligations in the manner provided in paragraph ', or if not pair) 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
<br />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 unless Borrower: fat
<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 enforcemea t lien in,
<br />of the 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 lice. an
<br />agreement satisfactory to Lender subordinating the lief: to this Security Instrument. If Lender determine, that am part of
<br />the Property
<br />is subject to a lien which may attain priority over this Security Instrument. Lender may gi,e Borrower a
<br />notice identifying the lien. Borrower shall satisfy' the lien or take one or more of the firth
<br />actions set aho,e wlthtn i0 day,,
<br />of the giving of notice.
<br />5. Hazard Insurance. Borrower shall keep the improvements flow existing or hereafter erctcd on the Propcn;
<br />insured against loss by fire, hazards included within the term "extended coverage" and :try other hazards dIn which Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance
<br />carrier providing the insurance shall be chosen by Borrower subject to Lender's appro,al which shalt not 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
<br />policies and renewals. If Lender requires, Borrnyer 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 snake proofof loss if not made promptly by Borrower.
<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 feasible
<br />economically and Lender's security is not lessened. if Ile•
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall he
<br />applied to the suns secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. B
<br />Borrower abandons the Property, or does not
<br />answer within 30 days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender
<br />may use the proceeds to repair or restore
<br />the Property or to pay' sums secured by this Security instrument, whether or 1101 then due. The 30 -day hegrn
<br />period w Ill
<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 I and _' or change the an7DUn1 of the payments. 11
<br />under paragraph 19 the Property is acquired by Lender, Borrow'er's
<br />right to any 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 b% this Seem
<br />It %
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds. Born,wer, half nol destnts, ,darn;n r or ,uh,t :mu :Lily
<br />change the Property, allow the Property to deteriorate or commit waste. If
<br />the Security Instrunellt Is on a leasehold.
<br />Borrower shall comply with the provisions of the lease, tilt(] It Horruwer acqunes fee title to tile Property. the leasehold
<br />and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Horruwer falls to Pcrtornt the
<br />covenants and agreements contained in Ihis Security Instrument,
<br />or there is a legal proceeding Il;u nt;ly stgnitie :Huh Ill, cl
<br />Lender's rights in the Property Isuch as a proceeding in bankruptcy. probate. for condemnation
<br />or to cnG,rcc fa,v, or
<br />regulations), then Lender may do and pay to' whatever is necessary to prolccl the slur of the Properly and Lender's right,
<br />in the Property. Lender's
<br />actions rtt,ry iucludc paying any stints secured by a hen which ha, prlonly o%cl till, Se:u11IN
<br />Instrument, appearing in court,
<br />paying reasonable attorney,' fees alid entering on Ihe Propert) to make reparl's Mihoul:h
<br />}..ender may take action under this 7. Lender does
<br />paragraph Hill ha, e r„ do ,o
<br />A.ny aulounis disbursed by Lender under till, p :u'agraph ? ,hall hcronle udLituon;ll Lich of Horl o,acl .nand h% till,
<br />Security Instrument. Unless lion•ower
<br />6t
<br />r`
<br />and I ender a'rrc to other te•rnt,,,i ;,, ,,
<br />I II Ie'Itl, Ile',e' �Ifl lt,lllll„II.111 hl'.II Illtl'I'c',I Ir��n)
<br />the cJaalc of dishurscnnenl at the Nntc r;ur ;Ind ,hail he payable. will uoeri,l. U,,m lWtl :l' tWvtl 1 cult 10 Bork,,',
<br />1
<br />requesting. paymentI
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