|
GtilFORMCEn'ts:nvts Borrower and Lcndercovcnantandagrec3,foilow, OV"-e 102599
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when clue
<br />the principal of and interest nn the debt evidenced hy° the Note and any prepayment and late charges due under the Note.
<br />2. Funds for Taxes and insurance. Subject to applicable law or to a written wait er by Lender, Borrower ,hali Pay
<br />to Lender on the day monthly payments are due under the Note. until the Note is paid In full, a slim ("I`cmds ") equal to
<br />one - twelfth of (a) yearly taxes and acctssment< which may attain priority oker thi, Security Instrument: ib) yearly
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums: and (d) }earl)
<br />mortgage insurance premiums, if any. These items are called .1 escrow item,." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future m—row items.
<br />The Funds shall be hell; in an institution the deplxits 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 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 be paid on the Funds finless an agreement is made or applicable law
<br />requires interest to be paid, Lender shalt 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 Fonds showing credit, and debits n. the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the suns secured hi.
<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 dales of the escrow items, shall exceed the amount required to pay the escrow Items when due. the excess shall he.
<br />at Rot-rower's 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 to pay the escrow items when due. Borrower shalt pay to ixndi•s any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upx-)n payment in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph I4 the Property is sold or acquired by Lender, Lender shall apply. no later
<br />than immediately prior to the safe of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />application as acredit against the sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise. all payments recessed by Lender under
<br />paragraphs I and 2 shall be applied: first, to latecharges 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 taxts, 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 shall pay these obligations in the manner provided in paragraph 2, or if nut paid in that manner. Borrower shall
<br />pay them on time directly to the person owed payment. ileirrow•er shall promptly furnish to Lender all notices of amounis
<br />to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish I) Lender
<br />receipts evidencing the payments.
<br />• Borrower shall promptly discharge any hen which has priority over this Security Instrument unless Borrower: (a)
<br />agrees to writing to the payment of the obligation secured by the hen in a manner acceptable to lender: it)) contests in good
<br />faith the lien by, or defends against enforcement of the lien in• legal proceedings which in tore Lender's opinion operate to
<br />prevent the enforcement of the licit or forfeiture of any part of the Property; or (c) secures from the holier of the lien an
<br />agreement satisfactory to Lender subordi. -zing the lien to this Security instrument. If Lender determines that inn 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 hen. Borrower shall satisfy the lien or take line or more of the actions set firth above within M das,
<br />of t he giving of not ice.
<br />5. Hazard Insurance. Borrower shall keep the Improsemcnr, now existing or hereafter erected on the Property
<br />insured against foss by fire, hazards included within the term "extended coverage" and any other haaards for which Lender
<br />requires insurance. This insurance shall he maintained in the amounts and for the periods that lender requires. l he
<br />insurance carrier providing the insurance shall tk chosen by Borrower subject io Lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals :hall 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, flmower ,hall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of los,, Borrower ,halt give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Borrower
<br />Unless Levier 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 to lessened, the insurance prlxeeds 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 30 days a notice from Lender that the insurance carrier has
<br />otTered 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 Burns secured by this Security Instrument, whether or riot then due. The 30 -day period will begin
<br />when the notice isgiven.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the duc date of the monthly payments referred to in paragraphs i and ' or change the amount of the payment,. It
<br />under paragraph 11) the Property is acquired by Lender. Borrower's right to am Insurance• policies anti proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lender to the extent ,it the sums secured by tit, Securty
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Property; L.easehulds. Horrnwer,haII not de,lroy. danrage.0 sub,tani:aly
<br />change the Property, allow the Property to deteriorate or c•ommu waste. if this Security Insirunicnt is on a ica,choid.
<br />Borrower shall comply with the prosatons of the lease, and if Borrower acquires fee title to the Property. the leasehold and
<br />fee title shall not mgr_ c unless lender agrees to the merger in w sung.
<br />7. Protection of Lender's Rights in the Property; Mortgage insurance. If Borrower finis to perform the
<br />covenants and agreements contatned in this Security Instrument. or there I, a legal lin,,.-ceding that may ,tgnmcaiitl% :drect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnalIon or to enforce Iaw, „r
<br />regulations). then Lender may do and pay for whatever K necessai . nu protect the saluc of the 1'rt,l env and Lender', tights
<br />in the Property I.enicr's actions may include paying, airy ,urns secured by a ilen whn)I his, priority I,\er this Sc•cur!rk
<br />Irrstrurnent, appearing in Court, paying reasonable attorneys' fees unit enterltg on shy f'r ,petty to nnakc repass Mih„u :h
<br />!..ender may tilikt action under this t ar,tgraph 7i, Lender does not hake to I(, No
<br />An;: amo.uits disbursed by I ender n rider thi, t arit:raph ' ,hail fVLO llc uhhlt •11.11 deht 11 Hornws cr •e, ut ed !•k 'fu,
<br />Security Instrument l'nl s }knower and Fender agues to „the term, of par nleni_ sliest :am„uia, shali heir tit , e.i 'erns
<br />the date of d:,hursentem at the N„Ic rase and %btiH he pas.lhi". with inicr,•si ,.11.1n '1011! 1 c•lvcr Hor•.,wrr
<br />requesting payneenl
<br />W
<br />M
<br />
|