|
ti
<br />s �5-- 00192.9
<br />UNIFORM COVENANTS Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest;
<br />Prepayment and Late Charges. Borrower shall rom tly
<br />P P Pa >' when due
<br />the principal ofand interest on the debt evidenced by the Note and any prepayment and late charges due under
<br />Tmonthl
<br />nder the Note.
<br />the Note.
<br />to Lender on the day
<br />shall pay
<br />monthly Payments are due under the Note, luntil the Note is paid in r full,
<br />one- twelfth Of (a) yearly taxes
<br />a sum (B to
<br />and assessments which may attain priority over this Security Instru
<br />6 leasehold payments or ground rents on the Property, if an merit; {b) year)
<br />mortgage insurance hazard
<br />premiums, if any. These items are called "escrow items
<br />basis ofcurrent data and reasonable estimates of future escrow items.
<br />may te estimate the Funds due oat he
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal
<br />state agency (including Lender if Lender is such an institution).
<br />or
<br />Lender shall apply the Funds
<br />Lender may not charge for holding and applying the Funds, analyzing the accoun to pay the escrow items.
<br />Lender pays Borrower interest t or
<br />verifying the escrow items, unless
<br />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
<br />paid on the Funds. Unless an agreement
<br />requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender is made or applicable law
<br />shall give to Borrower, without charge, an annual accounting
<br />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
<br />this Security Instrument.
<br />secured by
<br />- If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable pri or to
<br />the due dates of the escrow items, shall exceed the amount
<br />required to pay the escrow items when due, the excess shall be,
<br />l
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly pavments of Funds.
<br />amount of the Funds held by Lender is not sufficient
<br />i the
<br />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
<br />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
<br />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
<br />application as a credit against the sums secured by
<br />this Security Instrument. at the time of
<br />3. Application Payments. Unless applicable law
<br />l 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,
<br />Note; third, to amounts
<br />to prepayment charges due under the
<br />payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. Charges; Liens. Borrower shall
<br />pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold payments
<br />Borrower shall pay these obligations a
<br />or ground rents, if ate'.
<br />in the manner provided in paragraph 2,
<br />pay them on time directly to the person owed Payment.
<br />if not paid in that manner, Borrower shall
<br />Borrower
<br />to be paid under this paragraph. If
<br />Borrower m kes these
<br />receipts evidencing the payments. di a �y,pBorrower shall promptly furnish to Lender
<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
<br />faith the lien by, or defends Lender;
<br />to (b) contests in good
<br />against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeitu re of any
<br />agreement satisfactory to Lender subordinatin
<br />part of the Property; or (c) secures from the holder of the lien an
<br />the Property the lien to this Security Instrument. If Lender determines
<br />rly is subject to a lien which may
<br />that any part of
<br />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
<br />of the giving of notice.
<br />actions set forth above within 10 days
<br />5. Hurd lasunince Borrower shall keep the improvements
<br />insured
<br />now existing or hereafter erected on the Property
<br />against loss by fire, hazards included within the term "extended coverage" and any other hazards for
<br />requires insurance. This insurance shall be
<br />which Lender
<br />maintained in the amounts and for the penods that Lender requires. The
<br />insurance earner providing the insurance shall be chosen by Borrower subject to Lender's
<br />unreasonably withheld.
<br />approval which shall not be
<br />All insurance policies and renewals shall he acceptable to Lender and shall include
<br />Lender shall have the right to hold
<br />a standard mortgage clause.
<br />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
<br />carrier Lender.
<br />and shall give Prompt notice to the insurance
<br />Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower
<br />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
<br />restoration or repair is
<br />secunty is not lessened, if the
<br />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
<br />Borrower abandons the Property,
<br />any excess paid to Borrower. If
<br />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
<br />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 30.dav
<br />when the notice is given.
<br />period will begirt
<br />Unless Lender and Borrower otherwise agree in writing,
<br />any application of proceeds to principal shall not extend or
<br />Postpone the due oate of the monthly payments referred to in paragraphs I and 2 or change the amount of the
<br />under paragraph 19 the Property is acquired by Lender,
<br />payments If
<br />Borrower's right to any insurance policies and proceeds resulting
<br />from damage to he Property prior to the acquisition shall Pass to lender to the
<br />Instrument immediately
<br />prior to the acquisition. extent of the sums secured by this Secure,
<br />6. Preservation and Maintenance
<br />of Property; Leaseholds. Borrower shall not destroy, damage or suhstantial1%
<br />change the Property, allow he Property to deteriorate or comma waste If this Security Instrument
<br />Borrower shall comply with the
<br />a on a IeasehoW.
<br />provisions of the lease, and if Borrower acquires fee uilr to thr 1'ro
<br />Fee title shall not merge unless Lener agrees to the merger in Petty, the leasehold
<br />writing. and
<br />7• Protection of Lenders Rights in the Property; Mortgage
<br />covenants and agreements contained in this Security
<br />rrnaytsiginficanth
<br />Instrument, orereI% a legal procceding that
<br />Lender's rights in the Property (such as a Proceeding in hankruptcv, probate, for affect
<br />regulations), then l.ender'nay
<br />condemnation or to enforce larwstor
<br />do and Pay for whatever is necessan to protect the value of the Property and Lender's rights
<br />in the Property. Lender's actions may include avin
<br />appearing in court,
<br />Linstrument.
<br />paving reasonable attorneys fees and entering <arthe 1'n,o era% t noniy over thus security
<br />Lender may take action under this paragraph 7, Lender does not have t co P inake repairs Although
<br />Any amounts dishursed by Lender
<br />t
<br />antler tins
<br />the date of dishursenicnt ai the
<br />the date instrument Unless Borrower and Lender agree tcgrot! cr trrnhls (p aivn cntitthetie �,,,iirit'Ishall
<br />Note rale
<br />( '
<br />r
<br />and shall h , hcurcuuerest'ironi
<br />requeshnglaymrnt a tayuhlc• wuh mierest. upon noun• front I ender to !I„rnxvcr
<br />I
<br />pd', f
<br />i4
<br />
|