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S6 • 100014 <br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and <br />Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law <br />requires interest to be paid, Lenderl shall not be required to 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. The Funds are pledged as additional security for the sums secured by <br />this Security Instrument. <br />If the amount of 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 to pay the escrow items when due, the excess shall be, <br />at Bixrower'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 suficient 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 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. Applicauoit o(Paynteau. ' 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 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 scanner, 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. 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 />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 />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property <br />insured against toss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender <br />requires insurance. This insurance shall he maintained in the amounts and for the periods that Lender requires. The <br />insurance carrier providing the insurance shall be chosen by Borrower subtect 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 p%e 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 he 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 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 />the Property or to pay sums secured by this Security Instrument, whether or not then due The 10 -day period will begin <br />when the notice is given. <br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal s} all not extend or <br />postpone the due date of the monthly payments referred to in paragraphs I and Z or chance the amount of the payments. If <br />unaer 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 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 Properly, 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 />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 affect <br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or io enforce laws or <br />regulations). then Lender may do and pay for whatever is necessary to protect the Value of the Property and Lender'; rights <br />in the Property. Lender's actions may include paying any sums secured by a lien which has priority oler this Securit% <br />Instrument, appearing in court. paying reasonable attorneys' fees and entering on the Property To make repairs. Although <br />Lender may take action under this paragraph'. Lender does not have to do so <br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured b% this <br />Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from <br />the date of disbursement at the Note rate and shall be payable, with interest. upon notice from Lender to Borrower <br />requesting payment. <br />If Lender required mortgage insurance as a condition of making the ioan secured by this Security Instrument. <br />Borrower shall pay the premiums, required to maintain the insurance in effect until such time as the requirement for the <br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. <br />S. lttspectian. Lender or its agent may make reasonable entries upon and inspections of the Property LcndrT <br />shall give Borrower notice at the lime of or prior to an inspection specifying reasonable cause for the inspection <br />9. Condemnation. The proceeds oi'any award or claim for damages, director consequential, in connection with <br />any condemnation or other taking of any pan of the Property. or for conveyance in lieu of condemnation, are hereb, <br />assigned and shall be paid to Lender. <br />In the event of :i total taking of the Ptoperty, the proceeds %hail he applied to :he tom, :e;urrti r,% chi% Secant, <br />Insirument, whether or not then due. with any excess paid to Brirrowcr in the event ,t s i:.rt:.ii ikintt ,,I the Pmrt:r,. <br />unless lJot %c-it and lender otherwise agree ui writing. the •,umt, se;.ured ti% !hi% 1e,uw% ln,tr;itirnt tltaii i�c tesi,;,vd ',, <br />the Amount cif the pr(a:ree,- multiplied by the following fractvui jai the vial .im:uini •t .iii din, •.eciarrd .rnn:resiuteh <br />!s tr,re. the faking'. ,:r hied !w 01 i thu till market value m 'hr Prat�etr, .m• -.f . , ., !!° P i!:r .,K �r, +,+„ al.;n.:.F.t!! ', <br />paid I" H ..f!;•.6rt <br />JI <br />