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103705
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<br />UNIFORM CC W'F 1% Borrower and Lender cos ^nant and agree as follows
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptl% pay u hen due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note
<br />1. Funds for Taxes and Insurance. Subject to applicable law or to a wniten waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly payments are due under the Note. until the Note is paid to 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 id) 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 estimates of future escrow items
<br />The Funds shalt be 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 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 permit. Lender to make such a charge. Borrower and
<br />Lender may agree in writing that interest shall be paid on the F=unds [ niess an agreement is made or applicable law
<br />requires interest to be paid, lender shall not he required to pay Borruuer 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 io the Funds was made The Funds are pledged as additional security for the sums secured hp
<br />this Security Instrument.
<br />If the amount of the Funds held by Leader, 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 escrow items when due. the excess shall be,
<br />at Borrower'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 shall pay to lender any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment to 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: fourth, to interest due, and 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 priority over this Security Instrument, and )easehold 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 shall promptly furnish to Lender all notices of amounts
<br />to he 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 which has priority over this Security Instrument unless Borrower (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: (h) contests m good
<br />faith the lien by, or defends against enforcement of the lien in. 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 hen an
<br />agreement satisfactory to Lender suhordmating the lien to this Security Instrument If Lender determines that any part of
<br />the Property is sub)cct to a hen which may attain pnont% over this Security instrument, Lender may give Borrower a
<br />notice identifying the hen Borrower shall satisfy the hen or take one of more of the actions set forth above within M days
<br />of the giving of notice
<br />5. Hazard Insurance. B)rrowcr shall keep the improvements now emsting or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender
<br />requires insurance phis insurance shall hr maintained m the aniounts and for the periods that Lender require~ file
<br />insurance carrier providing the insurance shall hc, chosen by Flurrowcr subject :o I ender's approval which shall not he
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<br />unreasonably withheld
<br />All insurance policies and renewals shall txi acceptable to Lender and %hall Include a standard (nortgagr clause
<br />Lender shall have the right to hold the policies and renewals if Lender requires. Burrower shall promptly give n. Lender
<br />all receipts of paid premiums and renewal notices In the event of loss. Burrower shall gise prompt notice to (tie ,rsurance
<br />carnerand Lender Lender may make pr —l'of loss tf not made promptly by 1orrower
<br />Unless Lender and Borrower otherwise agree in writing• insurance proceeds shall he applied to restoration or repair
<br />of the Property damaged, If the restoration or repair is economically feasible and tender'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 he
<br />applied to the sum; secured by this Securtiy instnimeni, whether or not then due, with any excess paid io Borrower If
<br />Borrower abandons the Property, or does run answer within N) days a notice from lender that the insurance carrier has
<br />offered to settle a elairut. then L.coder 11111% collect the insurance proceeds Lender may use the proceeds to repair -4 resiorc•
<br />the Property or to pay suits .retard by this Security instrument. whether or not then due The u) day period will brgm
<br />when the notice is given
<br />Unless Lender and Borrower otherwise agree in writing, any apphcanon of proceeds to principal shall not c xtend � r
<br />postpone the due date of the monthl) payments referred to in paragraphs 1 and 2 o, change the anioun of the ras rimes If
<br />under paragraph i9 the Property Is acquired by Lender, Bonower's right to any insuran, e policies and prarrds r,rsul,Ing
<br />from damage to the Properly prior to the acquisition shall pass to I ender io the extent of the sums soured by ibis sec uriru
<br />Instrument immcdta,ely prior to the acquomwn
<br />6. Preservation and Maintenance of Property; Leaseholds. Iorrower shall not destroy. damage. +r suhs(enu.tlly
<br />change the Property, allow the Property to deteriorate or commit waste If this Security instrument I (•n a Ic.asrh,00.
<br />Borrower shall comply with the pmst%wris of the lease, and if Borrower acquires Re title to the Pr„periy. the icasr_how and
<br />fee title shall not merge unless Lender agrees to the merger in carting
<br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. It Borr—er !a,is ;,. Ik•rf,.rm ihr
<br />eovettantsand agreements contained in this Security htstrurnent. nr there is a legal pnrreding that may sigvthcaons ttFa!
<br />Lender's rights in the Property isuch as a proceeding tie bankruptcy. probate, for condemnation ,,r to oworsc lass ..r
<br />regulations), there [ raider may do and pay for whatever as necessary to protect the value of the Proper`.. and I ender . Tiglii,
<br />in the Property I ender . irct —his may n l ,dt• paying any sums secured by a her, which has prI Ill. „vrr Oil,
<br />Instrultterlt, appearing.' ,urn I tyleg as tame lornr.is fees ind rnicrinC n hr Pn I t% tiaka
<br />t cndiir may lake a, two u rider th A pa, ig:; ph ' L ender dot's not ha, r 1
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<br />Ant amounts iishi rNed t . I curler under this paragraph r+.tl! !x, owe 'i ldii,:"nai debt .•I hiv,rrrwcI sc, .41 .,,
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