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86- 102864
<br />UNI IY RM COWUNAN7G Borrower and !.en(fer tCsertaWJ91(1:igrer.ts !'•lbws
<br />1. Payment of Principal and Interest: Prepayment and Late Charges. Ilorruwer shall proollid) J)A%
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and lore charges due under the Note
<br />1. Fiends fn►Tatea Ilad InisMrante. Subject to applicable taw or to a wnttc' •n cr by Lentirr, Borrower shall Pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is p,r:(f m full, a sum 1" 1 un4W1 c441131 to
<br />one - twelfth of: oar Earl} ta.aes anti assessments which may attain pnntity giver this Security Inslrtimrttl, (tot v,arty
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurancr premiums; and (d) searty
<br />mortgage insurance premiums, if any. These items are called "escrow items " Lender may eslimate the Funds due (in the
<br />hasis of current (tats and reasonahle estimates of future escrow items
<br />The Funds shall he held in an moilution the deposits or accounts of which are insured or guaranteed by a federal or
<br />state agency (including Lender if Lender is such an uMilution). Lender shall apply the 1=unds In 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 oxl the Funds and applicable law permits Lender to make such a charge. &.'rrower 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 he required to pay flormwrr any interest or earnings cm (he Fume Lender
<br />shall gi ii �R�}ert without charge, an annual accounting of the Lund% showing credos and debits to the Funds anti the
<br />purP0Za ite�t'eCr41 dchit In 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 ewrow item% when clue, the excess shall lie,
<br />at Borrower's option, either promptly repaid In Borrower or credited to Ilorruwer on monthly payments of Funds If file
<br />amount of the Fonds held by L.rndrr is not sufficient to pay the escrow Hems when due, fforrower shall pay to Lender anv
<br />amount necessary to make up the deficiency in one or more payments as requircu i,y Lender
<br />Upon payment in fill) of ail sums secured by this Security Instrument, lender shall promptly refund to fforrower
<br />any Funds held( by Lender. If under paragraph 1(1 the Property is sold or acquired by Lender. Lender shall apply, nn later
<br />than immediately prior to the sale of the Property or Its acquisition by Lrnder, any Funds held by Lender at the time of
<br />application as a credit against the sums secured by This Security lnsrrurnent.
<br />3. Applieatloa 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. CluirRes; Liars. Borrower shall pay all taxes. assessments, charges, tines 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 not paid in that manner, Borrower shall
<br />pay them on time directly to the pmon 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, M)rrower 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 (a)
<br />agrees in writing to the payment of the ohhgation secured by the lien in a manner acceptable to Lender; (h) conteas in good
<br />faith the lien by, or defends against enforcement (of the hen in, legal prreedings which in the Lender's opintoo operate to
<br />prevent the enforcement of the hen 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 hen to this Security Instrument. If lender determines that any part of
<br />the Property is suh)ect to a lien which may attain priority over Ibis Security instrument, lender may give florrower it
<br />notice ntentifying the hen. florrower shall satisly the hen or take one or more of the actions set forth above within Ill days
<br />of t he giving of not ice.
<br />S. Itazard 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 anv ether hazards for which Lender
<br />requites Insurance This insurance shall he roa got attied in the , Imounts and for the penodls that Lender requires fhe
<br />insurance carrier providing the Insurance .hall be chosen by f{orrower suhteet 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 standard mortgage clause.
<br />Lender shall have the right to hold the j%)hctes and renewais. if Lender require, 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 Mirrower otherwise agree in writing, Insurancr proceeds shall he applied in restoration or repair
<br />of the Property damaged, if the restoratwn or rrpaor 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 he lessened. the insurance proceeds shall he
<br />applied to the sums secured by this %county Instrument, whether of not then due, with any excess paid to llornower if
<br />Borrower abandons the Property, or does not answer within V) days it noose from Lender that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance ptocrrds Lender may use the pnicerds to repair or rrstore
<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 tin 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 2 or change the amount of the payments If
<br />under paragraph 19 the Property is :u: uired by Lender. Borrower's right to any insurance policies and proceeds resutling
<br />from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6. Presenatfarr and Mainleaance of Property; L,eaweholda. Borrower shall not destroy, damage or substantially
<br />change the Property, allow the Property to deteriorate or commit waste If this Security Instrument is nn a leasehold.
<br />Borrower shalt comply with the provisions of the lease, and if ilorrower acquires fee title to the Property, the leasehold and
<br />fix title shall not merge uulesi Lender agrees to the merger in writing.
<br />7. Protection of Lender's nights in the Property; Mortgage Insurance. If Borrower faib to Perform the
<br />covenants and agreements contained in this Security Instrument, or there is A legal proceeding that may signihc;anlly aliec:t
<br />Lender's rights in the Property (such as a proceeding to bankruptcy, probate, for concirmnvlon rr to enforce Laws or
<br />regulations), then Lender may (friend pay for whatever is necessary In protect the v!lue of the Property and Lender's rights
<br />In the Property Lender's aitn.ns may include paying any sums secured by a hen which his pronty over thus Security
<br />instrument, appearing in coup, paying reaxtnahle ationleys' fees and entering oo the Property to make iepaa% Ahh,:utth
<br />L.ent.ler may take actin under this paragraph 7, 1 rndter does not have to do so
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<br />Any arrvo nts dosbumed by Lender under ihts paragraph 1 shall hecrme addoionAl ,1eht of llorrowcr sri, wrd hs th,s
<br />Security Imitumeni Unless ikrrrower and I ender agree tool her irrm, of pay moot, thrsr am., nis shall hear uvetro 1, x"11
<br />the datt (it diif Ngl Kfnrill At the Note tale and hall he pai,Ahle, %h m(ft('l. .Ip, ". 11-1:r 1,,1,1 I,•,t, ?(( I.
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