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86-- 102803
<br />[ >ttitFC ►R tit Cll1,°Fti;? tiT I±<errt over anti Under covenant aald agree as follows
<br />1. Psyment of P- incipal and interest; Prepayment and Late Charges. Borrower shall promptly pay when due
<br />the principal of and Wei, I on the dent evidenced by the Note anti anti prepayment and lato charges due under the Dote.
<br />(� 2. )Funds for Tax . and Insurance. Subject to applicable law or to 3 written waiver by Lender. Borrower shall pay
<br />to Lender on the day mu ::nly payments are due under the Nate, until th Note is paid in full, a sum ( "Funds ") equal to
<br />one - twelfth of (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />leasehold payments or ground rents on the Property, if any: (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable e-stirnatc s 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 institutwn). Lender shall apply the Funds to pay the escrow items.
<br />Lender may riot 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. 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 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 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 c'(me% of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be,
<br />at Dorrr, er's option, either promptly repaid to Bon tower 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 shall pay to Lender any
<br />amount necessary to make up the defictency in one or more payments as required by Lender.
<br />Upoin 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 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; 1.ourth, to interest due; arid 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 pnority 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 not paid in that manner. Borrower shall
<br />pay them on time directly to the person owed payment. Borrower %hail promptly furnish to Lender all notices of amounts
<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 whiten has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the paynient of the obligation secured by the lien tit a manner acceptable to Lender: (b) contests in gocxi
<br />faith the lien hy, or drfealds afaimst enforcerent of the licit tit, legal proceedings which in the Lender's opinion operate to
<br />prevent the enforcement cif the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an
<br />agrern-tent satisfactory to' Lril,der subordinatutg the hen to this Security instrument If Lender determines that any part of
<br />the Property is subtect to alien witich way attain priority over this Security Instrument, Lender may give Borrower a
<br />notice Identifying the lien Borrower shall satisfy thc lien or take one or more of the actions set forth above within 1Q Jays
<br />of the giving of notice
<br />S. Hazard Insurance. Borrower -half keep the itnprt•.eniciiis 11ow existing or hereafter erected on the Property
<br />Insured against loss thN fire, hazards included within the terin "extended : :o%eragc" and any other hazards for which Lender
<br />requires insuran_e 1-his insurance shall be maiwainvd tit the ainotunts and for the periods that Lender requires. The
<br />Insurance cattier providing thc insurance shall he chosen by Borroiwer subject to I eider's approval which shall not be
<br />unreasonably withheld
<br />All insurance PAICIes and renewals shall be acceptablc to Lender acid shall include a standard mortgage clause.
<br />Lender shall have the right :r_i h0d the policies and renewal: It i.ender requires, lloriower shall promptly give to Lender
<br />all receipts of paid prermurns avid renewal n(tr_e% In the of loss. Borrower shall give prompt notice to the Insurance
<br />carrier and Lender. Lender may rnakc proof of losti if not ina+le promptly by Borrower.
<br />Unless t ertdcr and BAirrower otherwise agree in writing, tnsurantr proceeds shall be applied to restoration or repa,Ir
<br />of the Property damaged, If the iestoratior, or repair a etoaotnically fc:ISib'e and Lender's security is not lessened. if the
<br />restoration or repair is not ecoinotincally feasible or Lcndcr's security o%otild tic le:scned, the insurance proceeds shall be
<br />applied to the sunis secured by this Security Instrument, whethe, or not then cii:c, with any excess paid to Borrower. If
<br />Burrower abandons the VTOP,erty. Or does not answer wohm, 10 :lass s notice from Lender that the insurance carrier has
<br />offered to settle a Jairn, then Lerider may collmi. the insurance proceeds Lender may use the proceeds to repair or restore
<br />the or !o pry Burns secured by this Security iilsitLMICIII, whether or not then due the 30 -day period will begin
<br />w he; i she tree is green
<br />1 ' • Lender and Nit- row'er otherwise agree 111 wrItIng. any appIi.:ation. of proceeds I(? principal shall not extend or
<br />postpone tt;._ fuc date of Itie monthly payments referred to in paragraphs 1 and ' or , hange the amount of the payments If
<br />under paragraph 1't the Proi -wrty is acquired by Lender. Brirroctrer's right to any insurance P ':,tes•:tncf proceed% resulting
<br />frown damage to the Property prior to the acquls111011 Shall pas: to Lender to the e: +tent of the sums secured by this Security
<br />Instrument immediately p ror to the acquisition
<br />6. Preservation and Maintenance of 11'ropert%; Leaseholds. Borrower shall riot destroy. d_ rnage or substantially
<br />chasige the PrcTwrty, allow the Property to deteriorate or commit waste If !his Sc.urtty instrument is sin a leasehold.
<br />Borrower shall coniply with the provisions of the lease, anti if Borrower acquire~ fer title to the Property, the leaschold and
<br />fee title shall not inergc unless Lender agrees to the merger in writing
<br />7. Protection of [sender's Rights in the Property; Mortgage Insurance. If Borro fixer fails to t- wrti>rrn the
<br />covenants and agreetncrits contained its this Security irnstrument. or there is a lrgnl proceeding that may significantly affect
<br />Lender's rights in the Propc•rry isuch w a proceeding in E,ankruptcy, probate. for condemnanon or to :nfotce laws or
<br />regula.to %n ^ : }, Then I.c'rt;ler ria'. do and pay flit whatcser is necessary to protect the %aisle off the Property and Fender' %rights
<br />In -tic Properiv. I..cndcr'% ,1,.tit,nr T1aly include paving, :tiny" %um% secured by a lien \+litchi lias ptiority i ?1er this `ectm!"
<br />3..
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