|
86-:104178
<br />I
<br />UN I FORbt C(7vt.NJy; fS Borro%crandL..ender Cetienar�, ,:nu
<br />1. Payment Payment of Principal and Interest; Prepayment and Late t har t s. 11 orr,%ec ha I rt t, p t +her
<br />the principal ofand interest on the debt evidenced it% the \,;tt t..e3 ain prcpa..mcn' and lut c hai _t•. u.tt under , he 1,ae.
<br />2. Funds for Taxes and Insurance. Subject ro applicable laa or 10a written yyatycr by Lender_ Borrower shal, ;,ay
<br />to Lender on the day monthly payments arc due under the Note. until the Ni-,te i, paid In full. a sani ("F:In hs ") cve,ai 1 <1
<br />one-twelfth of: (a) yearly taxes and assessments which may ttiain p s rir. orer this Se mty Ir crru c.: o)) yearly
<br />leasehold payments or ground rent, on the Property, if an,. ie) ycaJy hazard insurance prcnnums, and Ed) yearly
<br />mortgage insurance premiums, if any. These items are called °c,cr'ow item,.,." Lender nim estimate the ['rind, due «n the
<br />basis of current data and reasonable emimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of •.vhiyh are insured or guaranteed by a federal t-r
<br />state agency (including Lender if Lender is such an institution). Lender shall apple 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 if charge. Borrower and
<br />Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applitiablc law
<br />requires interest to be paid, lender shall not he required to pay Borroucr any iruerest or earnings nn the Funds, lender
<br />shall give to Borrower, without charge, an annual accounting of the Ftmds showing credits and clebits to the Fund: and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged is additional security for the sunny 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 it) pay the escrow items when clue, the excess shall be.
<br />at Borrowers option. either promptly repaid to Borrower or credited to Borrower nn monthly pacmeniv of Fnndc Tf lho
<br />amount of the Funds held by Lender is not sufficient to pay tine escrow items when due, Borrower shall pay to Lender an
<br />amount 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
<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 he applied: first, to late charges due under the Note; second, to prepayment charges due under 'he
<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 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 shall 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 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; (b) contests in 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 lien an
<br />a`
<br />agreement satisfactory to Lender subordinating the lien to this Security instrument. If Lender determines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />1. 5. Hazard 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 any other hazards for which Lender
<br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
<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 policies and renewals. If Lender requires. 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 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 be lessened, the insurance proceeds 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 ±0 days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair of restore
<br />the Property or to pay sums secured by this Security Instrument, whether or not then due. The ±( -day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of pro Beds to principal shall not extend or
<br />postpone thedue 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 acquired by Lender. Borrower's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior io the acquisition shall pass to Lender to the extent of the suits secured b_v this Security
<br />Instrument immediately prior to the acquisition
<br />6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy. damage or substantially
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold.
<br />Borrower shall comply with the pn +visions of the lease, and if Borrower acquires fee title to the Property, the leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Lender's Rights in the Property; Mortgage insurance. if Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly afle; i
<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to cttiir r laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the %aloe of the Property and Lender's nRht.
<br />in the Property, lender's actions may include paying any sums secured by a Item which has priority •tier this Scnrrn%
<br />Instrument, appearing in tour,, paying reasonable attorneys' fees and entering on the Propei ty to make. repairs :t to :ugh
<br />Lender may take action under this paragraph', Lender does not have to do. ,o
<br />Any amounts dishursed by 1-under under this pai.tgrxph 7 shall he ""111C addtrton:tl deb, of B., n,we•r ,.'urea I,% h:,
<br />Security tntsirument. Unl ,s Borrower and l vndef agree to rrthrr tern, oft tyrn _r tl c r ,tit tit '11,111 b,%F
<br />the date of disbuisamcrtl it the Note cue -old hall tc l,ayahlr „nh ur,,t. u; n„ n�Itc; !r,..!
<br />re, ;ue,ttng pay mrttt.;
<br />
|