|
R
<br />UN1FORx! Co% I:':AS: t S_ Borrower and Lender covenant and agree as follows: 85-001040
<br />I. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pas when duc
<br />the principal ofand interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day, monthly payments are due under the Note, until the Note is paid in full, a sum i "Funds ") equal to
<br />One- twelfth Of: (a) yearly taxes and assessments which may attain priority over this Security instrument: ih) yearly
<br />leasehold payments or ground rents am the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any'. These items are called "escrow items." Lender may estimate the Funds clue on the
<br />basis ofeurrent data and reasonable estimates of future escrow items.
<br />' The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />state agency (including Lender if Fender is such an institution). Lender shall apply 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 stake such a charge. Borrower and
<br />Lender may agree in writing that interest shall be paid on the Funds. Unless all agreement is made or applicable jaw,
<br />requires interest it) be paid. Lender shall not be required to pa. any interest or earnings stn 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 sccurih liar the sums scoured by
<br />this Security' Instrument.
<br />if the amount of the Funds held by Lender, together with the future monthly payments of Funds pa)ahle prior to
<br />the due dales of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be,
<br />at Borrower's ()pilot,, 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 sufficient to pay the escrow items when due, Borrower shall pay u! Lender any
<br />amount necessary to make up the deficiency to one or more payments as required by Lender.
<br />Upor payment in full ()fall 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, I ender ,hall 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 t1,e sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments receives) by Lender under
<br />paragraphs I and 2 shall be applied: first, to late charges due under the Note: second, to pupa) ment 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, tines ;mat intposit'tills 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 ut that manner, Borrower shall
<br />pay them on time directly to the person owed Payment. Borrower shall promptly furnish to Lender all notices of arnounts
<br />ro be paid under this paragraph. If Borrower makes these payments dirccth'.
<br />Borrower shall prompt, titrnah ❑, Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority o%cr this Securuy lnstruntcnt unless Burrower: (a)
<br />agrees ui w'riling to the payment of the (obligation secured by the lien in a manner acceptable to Lcndcr. (h) s. nBorrs in good
<br />faith the lien by or defends against enforcement of the )ten in, legal proceedings which Ili 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 pan of
<br />the Property is subject to a lien which may attain priority over this Secunty Instrument. Lender may gi%e Bo-
<br />notice identifying the lien. Burrower shall satisfy the lien or take One or more of the acronx set ti,rth above w'uhin 10 days
<br />of the giving of nonce.
<br />S, Hazard insurance. Borrower shall keep the improvement% now extstmg or here:dter erected on the Property
<br />insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for %vhich Lcndcr
<br />requires insurance. This insurance shall be maintained ur the amounts and ti,r 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 />All insurance policies and renewals shall he acceptable to Lender and shall Include it standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If lender requires, Borrower 0,1111 prompth give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall gi%e prompt miner to the insurance
<br />carrier and Lender. Lender may make procdof loss if not made promptly by Burrower.
<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 1% economically fusible and Lender'% security is not lessened If the
<br />restoration or repair is not econOnlic;tlly' feasible or Leader's security would he lessened . the usurance pnnerd% shall he
<br />applied to the sutra% %ecured by this Security instrument, whether or not then due. %vuh any exec%% pat<1 to Borrower. If
<br />Borrower abandons the Property', or does nut answer within 30 day'% a notice from Lcndcr Ili then aid to e carrier its
<br />offered to settle a claim, then Lender may collect the insurance proceeds. 1_cuder may use the proceed% to repair or rest()[(, the Property or to pay sums secured by tilts Sccurtty Instrument, whether or not Then due. The 30 -d;ty period well hsem
<br />when the notice I%given.
<br />Unless Lender and Borrower otherwise agree in venting. any application of proceed% to pnncy,:d shall not estrmi „r
<br />I,o%tjwnc the due of the monthly pa�nicrots referred to in paragraphs l and 2 ur.hangc the am„un; „fthr p :ry xle n It
<br />under paragraph lot the Property s acquired hs. Lcndcr. Borrow'er's right to any Insurance policies and pro, rcd% re%ullulc
<br />Irmo damage to the Property pour to the acyusitiolt %hall pass It, Lender to the extent of the sun!% %ccured by tills secur Ii,
<br />!n%trumrm unmedtatrly prier to the acyut%iH(oit
<br />6. Preservation and Maintenance of Property; leaseholds. Horrower shall mat destroy, damage <,r %uhv.uill,tj
<br />change the Property. allow the Prupeny to deteriorate or conurlil waste. It ill'% Sccurtty Irslrurncni Is "n a Icsrhnld.
<br />Finrn,wer shall comply wuh the pro,tvurs of the lease. end if Horrower ,Iryuln% fee Orle In the Proper,%. the Ica%ehold and
<br />fee title %hall not merge unless Lcndcr agrees to the merger tit w nung
<br />7. Protection of Lender's Rights in the Property: Mortgage Insurance. II' Born,wcr Cub u, I'vil"rill file
<br />eo,enantsarid agreementscont :need nl 1111% curtly ln%Irunlrnt. or there I%.i Icy!al jar"credulg,hail rney %I) nlhs :uul, eticct
<br />Lender'% nghh lit the I'n F,crty I%uch :u a prt,ceedrrig In hankrupik%, pro,; ic, for coudenin,ltl „11 or I” cittiucc Loss "r
<br />regulations). then Lender Inay 'I,, and pay lit whatescr s necessary h, protect Ihe,alu7 "I tae i'roperty .ms1 1 ender '. ncht%
<br />ur the Properly Lender% acnnns nley 111Judc pa%nlg .toy stun% scoured I,% ,t 1171 wluch ha% pnonr\ ",71 fill, Srcunh
<br />Lender uwn appearing ua odor I' pesmg rra%nnehle elturnr, 0' firs and entering on the Proper,) I,� make• Icpan0 ,lhhou);h
<br />Lender may take;tcunn under this pa7ap!taph ' I rnde•r doe. n „t bane t„ do %o
<br />1ny amount%daf,ursed h, I , u,It1 under till% par ap;r'lph , 01,111 hecnme eddluon.1I de•I,t of H"rr "veer %eculI'd I,% Ibis
<br />Securiiy In%trun,rnl L'nles% HI,nl+wrr ,.ender Ia :ree I +,thee Dori.,,( I,:nm,nf. these .stn„ In;"h,111 hr.11 Inik li "I 11,111
<br />rho wade of dI%hur%ennr,tt A', qr ;ale end %hell hr j,,n .{tile. wuh inl c, r0; �il;,,u n,vi, , II "m I rnJrl I.• It"rl,„cr
<br />P
<br />;c
<br />4
<br />
|