|
3S0a6
<br />Lender pert BeuroWer Interest on the r :ds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender mat agree in writing that it e. es shall be paid on the Funds. Unless an agreement is made or applicable law
<br />requires Interest to be paid. Lender shall not her wired to pay Borrower any interest or earnings on shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits tool a Funds and the
<br />1 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 the 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 Borrower'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 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 rrauired by Lender.
<br />Upon payment in full of all sums secured by this Security Instn.:mrni, Lender promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the property is sold or acoutred by Lender, Lender shall apply, no later
<br />than immediately prior to the sale of the Property or its acouisition 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 of Payments. Unless applicable law provides otherwise. all payments received by Lender under
<br />paragraphs I and Z 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 ieasehold payments or ground rents, if any.
<br />Borrower shall pay these obligations 'in the manner provided in paragraph or if not paid in that manner, Borrowershall
<br />nay them on rime 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 in good
<br />fauh 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 hen or forfeiture of any pan of the Property; or (c) secures from the holder of the lien an
<br />agreement satistaciory to Lender subordinating the lien to this Security Instrument. If Lender determines thaI any part n
<br />the Property is subject to a lien which may attain priority over this Security instrument. Lender may give Borrower a
<br />Of the fining of notice.
<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 />ofth
<br />5. Hazard insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against !offs h ;ire, hazards included within the tern -'extended :overage" and any other hazards for which Lender
<br />requires Insurance. Th;s insurance shall he maintained in the amount and for the perinds that Lender requires. The
<br />Insurance )airier pr;,>.i ling the Insurance shall be chosen by Borrower suhlect to. Lender's approval Which shall not be
<br />unr�onably wxhheld.
<br />Ml insurance 7ollcies and renewals shall be acceptable to Lenaer and shall include a standard mortgage clause.
<br />Lender shall have the -ight cc hold the policies and renewals. If Lender requires. Borrower shall promptiv give to Lender
<br />all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice: to the insurance
<br />carrier ana Lender Lender may make proof of loss if not made promptly by Borrower.
<br />Unless I.ender arid Borrower otherwise agree in writing, Insurance proceeds shall be applied to restoration or repair
<br />tit the Propert} damaged. If the restoration or repair is economicalh feasible and Lena er's security is not lessened. If the
<br />restoration -,r ;emir es ;lot economacaIly fe::sibie or Lender's securiv, wouid he lessened, ;he insurance proceeds shall be
<br />applied ere the ..tint, .ecureci by this Security Instrument. whether or nor then due, with arty excess paid to Borrower. If
<br />Borrow a'?a, n the P-opem , d ;_,. nn[ answer within 30 days a nonce from Lender that the insurance earner has
<br />ffere t ' s err aim. ;hen Lender gray collect the insurance proceeds. Lender .nay use the proceeds to repair or restore
<br />the P"t-7% IF •o pay sums secure; by this Security Instrument, whether or
<br />when the rott.x as -well, tint then due. The :0 -day period will begin
<br />t nirss Lender and Borrower ttherwise agree In writing, any application w- proceeds in pritic:pai shall not extend or
<br />Postpone the di,e ;:act of the monthly payments referred to in paragraphs 1 aria : or cf:ange ;:ere amount of the payments. If
<br />under paragraph i U the Property is acquired by Lender. Borrower'. <, right IF) am Insurance policies and proceeds resulting
<br />from damage [o the Property prior to the acquisition shall pass In Lender to the extent of tfte sums secured by this Security
<br />Instrument Immediate) prior to the acquisition.
<br />G. Preservation and Maintenance of Property: Leaseholds Borrower shall not destroy, damage or substantially
<br />change the Property. allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold.
<br />Borrower shall e(Imp ±y with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and
<br />fee title shall ror merge unless Lender agrees io 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 isuch as a proceeding in bankruptcy, probare. for condemnation or to enforce laws or
<br />regulations), they. Lrndrr may do and pay for whatever is necessary to protect the value of the Proper ty and Lender's rights .
<br />in the Property. Lender's actions may Include paying any sums secured by a hen which has priority over this Securty
<br />Instrument, appearing in court. paying reasonable attorneys' fees and entering on the Proper.: ti; make repairs AI[houah
<br />Lender may take •ct, Or? under this paragraph 7, Lender does not have it) do se,
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional I'ehr tf Horrowrr secured by tail.
<br />Security ]n53tumrntI Unless Borrower and Lender agree to other terms of payment. these amounts shall bran nwrresi
<br />the date of disbursement at the Note rate and shall be payable, with Interest. upon notice front Lender In Borr:,wrr
<br />requesting payment.
<br />If Lender rrquared mortgage insurance as a condition of making tote loan secured by this Incur tv Iris[rumcnt,
<br />Borrower shall pay the premiums required to maintain the insurance in rflect until such time as the rrqutsrmear i ,r she
<br />insurance tcrmrnite's tr accordance with Borrower's anti Lendcr's wntteri agreement or apple shie law
<br />il, Inspection. Lendcr or its agent mac make reasonable entries upon and irspccri >n. of :lie Prepe: _cndr,
<br />Shall slle &% Tl r',wrr .y6ti(e at the rime 0f07 pn,i,r to an inspection specifying rewonable cause alert t)ie insprrtu_m
<br />9. Condemnation. The proceeds of an} award or claim for damages. direct or cnnsryucsitauS. In connection wjtr
<br />zny condo nration art with r taking ,>f any part :of the Property or for ctonveyonce m lieu o, cc�nclerr rattan, a < he ^ter.
<br />assigned and `alai be hand ter: gild
<br />6r h. - r i'.al.ntF - ,he Pier ;reer:c.
<br />he t
<br />.sea .r :ins
<br />t ! :17lr Wlir7 Iiry PRi e3:; t -a Id i,: liftrrc3wer Iii rt t
<br />. rJia .it':'W .'. !. ip CS. 11; wYt2Sfl�. 'tt<' -•.ti rTt ..... ., f'.;, ant^ ,.
<br />> A. .. _. „_ �t �+a Yi•, t. .71SIC It I < P7 17X'77, .,.... £ .
<br />N
<br />
|