|
- - _• ° o .. , , ,..,,,, , a,u„ w; one.
<br />In a a year .taxes. and.asseum�nts which "'May, attain priority over this Security lnet?ument;' @)yeuty, �kasehold
<br />Payments or,grounAre[tts on the Property, tf any; '(c) yearly Hazard insurance 'insurance
<br />premiums; and (d).yearly mOrtgage
<br />" p if, agye. �7wre tl� a' V ,cwled *,escrow items.,, Lender may estimate the Funds due on the basis of - current data
<br />juW reieOnabk estimates Of futu G tSCt'Ow,,
<br />-
<br />T1te.I 'n shatl;be. held in an, histitution the deposits or accounts of which are insured or guaranteed by a federal or
<br />1, state agency CutetucGn ;LLender if- Lender :is,suck an institution). Lender shall apply the Funds
<br />to pay the escrow items. Lender
<br />rosy not charge for holding and applying the Funds; analyzing the account or verifying the escrow items, unless Lender pays
<br />Borrower interest on she Funiis.and applicable law permits Lender to
<br />make sucn a charge. Borrower, and Lender may agree in
<br />¢ wrItmg, that interest shall be paid on the Funds. Unless an, agreement is made or applicable taw requires interest be
<br />to paid,
<br />Lender shall not be` required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without
<br />charge, an annual accounting of the Funds
<br />showing-credits and debits to the Funds and the purpose for which each debit to
<br />the Funds was made. The Funds are pie ged as additional'secrinty for the sums secured by this Security lnstrument.
<br />If the amount of the Funds held by Lender,'together with the future monthly payments of Funds payable prior to the
<br />due dates of the escrow items, shall exceed the
<br />amount required to pay the escrow items when due, the excess shalt be, at
<br />Borrower's option, either promptly repaid' to Borrower or credited on monthly payments of Funds. If the amount of the
<br />Funds held by Lender is riot sufficient to the
<br />pay escrow items when due, Borrower shall pay to Lender any amount
<br />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 any
<br />Funds held by Lender. 'If under paragraph 19 the Property is sold or acquired by Lender, Lender
<br />shall apply, no later than
<br />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 by
<br />secured this Security Instrument.
<br />° 3. App4canos of Payweats. Unless applicable law provides otherwise, all
<br />paragraphs I and`2 shalt be payments received by Lender under
<br /># applied: first, to late
<br />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 />'
<br />4. Ckarges; Litaa. 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
<br />ground rents, if any. Borrower
<br />shall pay these obligations in the'manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on
<br />time directly to the person owed payment. Borrower
<br />`
<br />shall promptly furnish to Lender all notices of amounts to be paid under
<br />this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish
<br />payments. to Lender receipts evidencing the
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees
<br />in writing to the payment of the obligation secured by the lien in a manner acceptable
<br />t to Lender; (b) contests in good faith
<br />he lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's
<br />SW
<br />opinion operate to prevent
<br />the enforcement of the lien of forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement
<br />satisfactory to Lender subordinating the lien to this Security
<br />Instrument. if Lender determines that an
<br />subject to a lien which may attain priority over this Security Instrument, Lender may Y part notice the Properly e
<br />e identifying the
<br />lien. Borrower shall satisfy the lien or take
<br />one or more of the actions set forth above within 10 days s of heCg
<br />Y giving of notice.
<br />S. Hazard Ir surnace. Borrower shall keCP the improvements
<br />now existing or hereafter erected on the Property insured
<br />against loss by, iue, hazards. included within the, term; "extended coverage" and any other hazards for which Lender; requires
<br />insurance. This insurance shall be maintained
<br />in the amounts and for the periods that Lender requires. The insurance carrier
<br />providing the insurance shalt: be chosen by Borrower subject to Lender's approval
<br />which shall not be unreasonably withheld.
<br />All insurance. policies and renewals shall be
<br />shall have the right to hold the
<br />arota dard mortgage clause. Lender
<br />policies and renewacceptable If Lender requires, Borrtower shall
<br />of paid Premiums- and renewal notices, In the even( of loss, Borrower shall p �Y give to Lender allreceipu
<br />Lender. Lender may . make give notice to the insurance carrier and
<br />Y proof of 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 of
<br />the Property damaged, if : the restoration" or repair is
<br />economically feasible and Lender's security is not lessened. If the
<br />restoration or- repair is -not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sum secured by this Security Instrument,
<br />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
<br />Lender that the insurance carrier has
<br />offered to settle a claim, then Leader may collect the insurance proceeds. Lender
<br />may use the proceeds to repair or restore
<br />the Properly`orto pay sutras secured by this Security Instrument; whether or not then due. The 30-day period will begin when
<br />the ngtke W given.
<br />eUnksr Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />Postpone the.dut date of the monthly payments =referred.,to in paragraphs I
<br />and .2 or change the amount of the payments. If
<br />under paragraph 19 the Property is acquired' by Lender, Borrower's right to any insurance
<br />policies and proceeds resulting
<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
<br />acquisition.
<br />G. presmad" and Malaleasece of Property; LeasehoNs. Borrower shall not destroy, damage or substantially change
<br />the Property; tallow the Property to deteriorate
<br />or commit waste. If this Security Instrument is on a leasehold, Borrower shall
<br />comply with the provisions of the lease, and if Borrower acquires fee title to the Property, leasehold
<br />the and fee title shall not
<br />merge unless Lender agrees to the merger in writing.
<br />i. Mtectloa of L rider's Riots is ere Property; Mortgage Insurance. If Borrower fails to perform the covenants and
<br />agreements contained ih this Security Instrument, or there is a legal
<br />proceeding that may significantly affect Lender's rights in
<br />the Property(such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender
<br />may do and pay for whatever is necessary
<br />to protect the value of the Property and Lender's rights in the Property. Lender's
<br />actions tra
<br />may include paying any sus secured by a lien which has priority over this Security
<br />Instrument, appearing in court, i
<br />paying [reasonable attorney's fees and entering on the Property to make repairs. Although Lender may take action under this J
<br />paragraph 7 Lender does not have to do
<br />so. Any amounts disbursed by Lender under this paragraph 7 shall become
<br />additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender
<br />"amounts
<br />paYtttent, these agree to other terms of
<br />shall bear interest from the date of disbursement at the Note rate and shall he payable, with inte
<br />upon notice from Lender to Borrower requestinv payment. rest,
<br />J
<br />
|