|
lUR478 ;
<br />"A Pwhm
<br />p► � }f pay 7'hla6 itRli rlsb OaMd';, gOlOrr Hams 1,"w star cr m c env rtmw-nue was arc u.w...s ,..»:......,
<br />+41t estaataRen • of- future escrfx;Units
<br />fMa hitada alna� beheld is as iastipttion.thc.dposits os adxotrats of.wthlh are aatred a gwranteod by °a;fedetai or
<br />ats+s
<br />nay naogt a>�.deyn;>rftaase e iadit
<br />load 'if: L diadtioa). Leader shall apply the Funds ,to peg!: the,eaerowNe rt. Under
<br />for,aholding '
<br />am applying the Ir"&, analyzing. the amount verifying the escrow items, unless i endw pays
<br />sortnwar aterat oa he Fonds and applicable kw permits Lender to make such a charge. Borrower and Lender may epee in
<br />wgipi ,09 interest °shall be paid on the- Femds.,links an agreement is made or applicable law requires interest to be paid.
<br />Lander shall'eot be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without
<br />claw." an moos t. aecomstiog of the Funds showing credits and debits to the Funds and the purpose far which each debit to
<br />the Funds : was made. The Funds, are pledged as additional security for the sums secured by this Security In trurnent.
<br />If the amount of the Funds held by Leader, together with the future monthly payments of Funds payable prior to the
<br />due data of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at
<br />Borrower 8 option, either promptly repaid to Borrower or credited on monthly payments of Funds. If the amount of the
<br />Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Leader any amount
<br />necessary 10 make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in fall of all stuns secured by this Security Instrument, Lender shall promptly refund to Borrower any
<br />Funds held by Lender. If under paragraph 14 the Property is sold or acquired by Leader, Lender shall apply, no later than
<br />immediately prior to the sal 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 Applfem*n of Paysaeats. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs l: 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; Cbw"; Lim. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority ova this Security Instrument, and leasehold payments or ground rents, if any. Bo::ower
<br />shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower sball pay them on
<br />time directly to the person owed payment. Borrower shall promptly furnish to Lender an notices of amounts to be paid under
<br />this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish to Lender receipts evidencing the
<br />payments.
<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 to Lender; (b) contests in good faith
<br />the lien by. or defends against enforcement of the lien in. legal proceedings which in the Lender's 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 />satisfat:tory to Lends wbordinourig the lien to this security Instrument. if Lender determines that any part of the Property is
<br />subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the
<br />lice. Borrower :shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice.
<br />S.'Hva '- `Iwtaace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />agobig losa, by tire, hazards included - within the term "exteaded coverage" and any other hazards for which Leader requires
<br />raturance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier
<br />providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld.
<br />.,t AR: inumnnee: policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender
<br />`» ahsg,bavr'the right to hold the policies' and renewals. If Lender requites, Borrower shall promptly give to Lender all receipts
<br />of `paidpreelit and renewal notic . In the' evert of loss. Borrower shall give prompt notice to the insurance carrier and
<br />Leader Lander- may make proof of loss if not made promptly by Bot rower.
<br />Udess:Lerder and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />thol, 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 sum secured by this Security Instrument, wisetha or not then due, with any excess paid to Borrower. If
<br />Da iorrer`abaidons' the Property, or does not answer within 30 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 or restore
<br />theT'eapatty or "to :pay shoos secured by this Security Instrument, whether or not then due. The 30-day period will begin when
<br />Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or
<br />postpone the due Asst of the monthly, payments referred to in paragraphs 1 and 2 or choose the amount of the payments. If
<br />under paragraph 14 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br />frown smage`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 aaltnsitioa; ,
<br />IL lraanaYaa sad hgaialeaanee of Proµrty; Leaaele". Borrower shall not destroy, damage or substantially change
<br />the.Prop sly. allow the Property to deteriorate 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. the leasehold and fee tide shall not
<br />nsarge "astian Lssder f' to the merger in.trritius.
<br />T. traeaeti_Of tAmer's W*b is the;Preposty; howegage boaraaee. if Borrower fails to perform the covenants and
<br />agranaaa I contained is this Security instrument, or there is a legal proceeding that may significantly affect Lender's rights in
<br />the' Pt4a ty tsreh as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or regulations), then Lender
<br />my do #Ad,psy for wt is necessary to protect the value of the Property and Lender's rights in the Property. Leader's
<br />aalata way Joei*& paying any suou secured by a lien which has priority over this Security Instrument, appearing in court,
<br />psryMM; raaanaaik'attoraey's fees sad entering on the Property to make repairs. Although Leader may take action under this
<br />paryraph y Lander doer no have to do 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 agree to other terms of
<br />payatfal, these amounts "beer interest from the date of disbursement at the Note rate and shall be payable, with interest,
<br />tmoa i 66M (ran Lender 10 Borrower requesting payment.
<br />s
<br />{
<br />f:r
<br />
|