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$6 - 100011 <br />l tiJMR!ct COVENANTS Borrower and Lender covenant and agree as foil Bnnawer shall tom tiv ay when due <br />I pa)"Mt of Principal and Interest, Prepayment and Late Charges- <br />Note P P P' <br />the principal of and interest on the debt evidenced ixt the <br />p icable law or to a written and by Lender. Borrower hall pay <br />2. Faads for Taxes and IASarasm bj PP <br />to Lender on the day monthly payments are due under the Note until the Note e paid in full. a sum t"Fund ')equal to <br />txratwelitlt of: (a yearly taxes and assessments which may attain priority over this Scs urin instrument: (h) yearly <br />hazard insurance premiums: a <br />kasehold payments or ground rents on the Property. if any: (c) yearly d fed) yearh <br />tntxtgagt insurance premiums. if any T'tiese items art called "escrow' items." Lender may estimate the Funds due on the <br />bates of currena data acrd reasonable esiamates of future ekcrtyyy items. <br />The Funds shall be held in an institutitan the deposits or accounts of which are insured or guaranteed by a federal or <br />start aga+cy (including Lendu ii Lender is snch an institutitm)- Linder <br />all apply the Funds to pay the escrow items. items. unless <br />account or vetiVing the iettder may not charge fur holding and apply utg the F amble law y �rmib Lender 10 make f such a charge. Borrower and <br />Lessder pays Borrower interest On the Funds and app ix <br />Leridtr may agree in writing that iriterestshall be paid on the Funds. Unless an agreement is made he applicable lave <br />requires interest to be paid. Lender shall not be required so pay Borrower 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 to the Funds was made. Tate Funds are pledged as additional security for the sums serurec by <br />this Security Instrument. <br />If the amount of the Funds y. held b Lender, together with the future monthly payments of Funds payable' pm s 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 Borrowers Option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. 1f 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 in full bf 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 steall 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 o! paytweats. Unless applicable law provides otherwise, all payments received by Lender under <br />paragraphs 1 and 2 shall be applied: first, to late charges due under the Note: second. m prepayment charges due under it. <br />at d, to amounts payable under paragraph 2: fourth. to interest due: and last. to principal due. <br />4 Car'ges; 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 payzttents or ground rents, if any. <br />Borrower shall pay these obligations in the manner provided in paragraph ?. or if not paid in that manner. Borrower steal] <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 Secunty Instrument unless Borrower (al <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 in <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 />agreement satisfactory to Lender subordinating the lien to this Secunty Instrumen t. If Lender determines that any pan of <br />the Property is subject to a lien which may attain prionty over this Secunty lnstrument. 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 />$ r r <br />Hazard Immance, Borrower shall keen the improvements now existing Or hereafter erected on the Pmpem <br />insured against loss by fire, hazards included within the term "extende ' cm erage" and any other hazards for which Linder <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 he chosen by Borrower subject to Lender's approval which shall not he <br />unreasonably withheld. <br />Ali 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 />AD reCCipts 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 aot made promptly by Borrower. <br />Uniess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair <br />of tke 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 abando the Proprty, or does not answer within 30 days a notice from Lender that the insurance carrier has <br />ns e <br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore <br />by this Security Instrument, whether or not Bien due. The 30 -day period will begin <br />the Property or to pay sums secured <br />when the notice is given. <br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or <br />postpone the due date of the monthly payments referred to in paragraphs l 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 to the acquisition shall pass to Lender to the extent of the sums secured by this Secunty <br />instrument immediately prior to the acquisition. <br />preat�vatiaa wend Maiateaaoce of property; Leaseholds. Borrower shall not destroy. damage or substantially 6. <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 provisions 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 />t;e Insurance if Borrower fails to perform the <br />7. Protection of header's Rights in the Property: <br />covenants and agreements contained in this Security instrument. or there is all legal rr proceeding that mrytog nif can affec t <br />Lenders rights in the Property (such as a proceeding in bankruptcy, p <br />reguiatitmi.). then Lender may d and pay for whatever is necessary to protect the value of the Prnpem and Lender's rights <br />in the property. Lender's actions may include paying any sums secured by a lien which has priorin over this Secun;v <br />Instrument, appearing in court. paying reasonable attorneys' fees and entering nn the Properly to mar r repairs. Although <br />Lander may take action under this paragraph'. Lender does not have to do se <br />Am atrtounti disbursed by Lender under this paragraph' shall hecomc additional debt of Borrower secured by this <br />Secunty Instrument Unless tk-Wrrower and Lender agree to other tetms of payment. ihew anu,unts sh ill bear mierest from <br />" flit date• of dishut anent at lite Noie rate and shall tx payahlc. with interest. noble from l ;ndcr tr B�•rt�rwc °r <br />requcim .g paynieni <br />