|
85j 004959
<br />UMIORMCIIy ENA]LS. Borrourntnd Lc.!! derc0tcn :tntanduvrcr.t,f,,llrt".
<br />I. Payment of Principal and Interest; Prepayment and Late Charges. BorroNwer ,half l romptiy pay utter due
<br />the principal of:md interest on the debt evidenced by I lie Notr and atn prcpaymcnt :uui le!c c ar,_r due tisidc•r file \„I c.
<br />2. Funds for Taxes and Insurance. Suhtect u) applicable last or is a "ruIcn ,r:utrr by I. ender. Borrowcr,hall pay
<br />to Lender on the dap monthly payment, arc due under the Note, until the Nrtc is paid in fit!!. a such l "Fundk' I equal to
<br />one•twelf1h of (a) year] taxes and a,sessments %%Inch m:ry anion priori,% oter tilt, Security In,iruntent: Ibis \ear]
<br />leasehold payments or ground rent, on the Property, if :my: tci ycarh hazard in,Iur nt:e prentiuutsi and (d) yaarly
<br />mortgage Insurance premiums, if any. These itents arc called escrow item,. Lender map e,tinlaie file Fund, due on the
<br />basis of eurrent data and reasonable est imates of future c,eroxv items.
<br />The Funds shall be held in an institution the deposit, or account, of tyhich are insured or guaranteed h} a federal or
<br />state agency (including lender if Lender is such an institution). Lendcr ,hall apply the Funds to pay the e,groty itents.
<br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender pa)'s Borrower Interest on the Funds and applicable law permits Lendcr to make such a charge. Borrower and
<br />Lender may agree in writing that interest shall be paid on the Fund,. Unless an agreement is made or applicable lacy
<br />requires interest to he paid. Lender shall not be required to par Borro%%ei .un uncre,t or ',' - _s ern the Funds. lender
<br />shall give to Borrower, without charge, an annual accounting of the Fund, ,ho"ing cry: dit, and debit, to the Funds and the
<br />purpose for which each debit to the Funds was trade. The Fund, are pledged as addi tonal security for the sums secured by
<br />this SecuraN 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, ,hall exceed the amount required t0 pay the escrow items when due, the excess shall be,
<br />at Borrower's option, either Promptly repaid to Borrower or credited tc Borrower on monthly payments of Fund,. ifihe
<br />amount of the Funds held by lender is not sufficient to pay the escrow item, %% lien doc, Borrower ,hall pay to Lender any
<br />amount necessary to make upjhe deficiency in one or more payments as required by Lender.
<br />Upon payment in full of all sums secured be this Security Insirnncnt. Lender ,hall promptly refund to Borrower
<br />any Funds held h) Lender. if under paragraph la the Property is sold or acquired by Lender, Lender shall apply, no later
<br />than immediaiel% prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />application asa credit against the sumssecured M thi,Securitc Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under
<br />paragraphs 1 and' shall he applied: first, to late charges due under the Note, second, to prepayment charges due under the
<br />Note: third, w amounts payable under paragraph'_: fourth, to interest due: and last, u) principal due -
<br />4. Charges; liens. Borrower shall pay all taxes, assessments. charges, fines and impositions attributable to file
<br />Property which may attain Priority Dyer this tievrny Instrument. and leasehold payments or ground rents, if any
<br />Borrower shall pay these obligations in the manner protaded n) paragraph 2, or if not paid in that manner. Borrower , ,hall
<br />pay them on time directly t0 the person owed payment Borrnuer ,hall promptiv furnish to Lender all notices of amounts
<br />to he paid under this paragraph if Borrower makes these ly . payment, direct. Borrower ,hall promptly furnish to Lender
<br />receipts evidencing the payment,
<br />Borrower shall promptly discharge am lien which ha, priority oxer till, Securt. In,tnunent unless Borrower (al
<br />agrees in writing to the payment of the ohhgacfon secured by file hen u) if manner acceptable to Lender: (b) contests tit good
<br />faith the lien by, or defends against enforcement of the hen in, legal proceedings tyhrch in the Lender's opinion operate to
<br />prevent the enforcement of the lien or forteture of any part of the Property: or (cl secures from the holder of the lien ins
<br />agreement satisfactory to Lcnder sub<irdmaling the lien to this Security instrument. If Lender determines that any part of
<br />the Property is subject to it ]fen which may attaui pnonry over the, Securn% Instrument. Lender mat goe Borrower a
<br />nonce identifying the hen Borrower ,hall ,at i,f} the hen nit takc „tic ,,r un,rr ,I ihr s: urn, ,el ! :coil ih ;,, r w ii bin 10 d:,t,
<br />of t he get utg of nor ice.
<br />5. Hazard Insurance. Burrower ,hall keep the !mpro.cmc•nt, Ill- c.xl,ung ,,r hertraltC: created on the Prnsperty
<br />insured against loss by tire, hazard, included truhm the tern)'•esicnded ro,clavw" and any other hazards for w hitch lender
<br />requires insurance. This insurance shall he tnaoll allied ui the amount and for the period, than I ender require, The
<br />Insurance earner prodding the Insurance ,hall he chosen M Borrower sub LT to Lcnder', approtal rtIlkh ,hall not he
<br />unrcasonabl) withheld
<br />All insurance policies and renewals ,hall he acceptable to Lender and ,hall melody a .tandard mortgage Clause
<br />Lender shall hate the right to hold the policies and renc "als. If Lender require,. Borrower ,hall pr; +n)ptly give to Lender
<br />all receipts of paid premiums aed renewal notices. [n the etcnt , d lox,. Borrower ,hall gnc promPt notice to the Insurance
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Burrower
<br />Unless Lender and Borrower otherwise agree in wr:ting, insurance proceeds shall be• applied It i estoratin or repair
<br />of the Property damaged, if the restoration or repair is economicalll, feasible and Lcnder', ,crunik is not lesenvd ]f the
<br />restoration or repair is 1101 c011101"nically feasible or Lender's sccurnty would he ic,sened. the insurance proceeds ,hall he
<br />applied to the sum, secured by this Securn) Instrument, whether or not then due. unh any excess paid t0 Borrower It
<br />Borrower abandons the Property, or dues not an, "er within 30 days a notice from Lender that the m,urance carrier ha,
<br />offered to settle a claim, then Lender may collect the insurance proceeds. Leader may use the proceed, tt repair or re,iorc
<br />the Property or to pay wens secured b% this Securn) instrument. whether or 1101 then due I he ?ti -day perrod "iii hec"'
<br />when the notice is gi%en
<br />Unless Lender and Borrower otherwise agree m "rising, any apphcauon of proceeds t„ pin: ipal ,hall not emend or
<br />postpone the due date of the monthly payments referred tom paragraphs 1 and 2 or , haugc• the am, nml ,d the pan menu, 11
<br />under paragraph IQ the Property I, acquired In Lender. Borro"cr's right tt ant in,urancr polnCiC, ant] Proceed, rr,tlllilg
<br />frori damage t0 the Property prior to the acquisition shall Pass to Lender t0 the cxtCIll of the ,urn, ,.cured ht till, secnrrlr
<br />ln,trumeni immediately prior to the acquisition
<br />6. Preservation and Maintenance of Property: leaseholds. Borrouc•r ,hall Tito cdc,lroy, Jaowv.C,.r suh,ianually
<br />change the Pn,lcr± all(" the Propc•ri} t0 cdetern,rate :,r :ornnul "asR It till, `I, lJro, In.,IfL•r1Kn1 1, cm a
<br />Borrower ,hall con)PIy with the pro :,Ion, ;,f the lease, and it Borrowct acquire, tec uric !„ the I'll q +refs . ihe• !ranch, d,1 --1,d
<br />fee title shall not nwrge unless I ender agrees to the Iricrgcr Ili wrung
<br />7 Protection of Lender's Rights in the Property: Mortgage Insurance. 11 Hi,rn,urr tail, 1„ p ;rf „nn .hr
<br />c0,caao , and agreements contained to this Security Instrument, or :here is a legal pro,vcdur_ Ihai nlat ,Icnifi, :ol'r, .tired
<br />Lender's ri ht% n) the Property (su:h as a piocccdmg in haukrupio, pmhate. I— , tnde•ninal ;,,n ri 1` rnG,rc,; tau, tit
<br />rfgulanons). then i curler Ina% do and pat for whatelc'1 14 ric'esart to pr„Ir :t the ,:!fur I,fthe Prn,;,,m .uid I coda', n_nt
<br />Ili the Proper)} I eu! aCri,n, 711th ntclucic patun any ,ton .c :,ircJ h, .i aril uht.ii h n pnt,•rt •ui !t, st tit
<br />hr,trunncnt, appcannp n court, payoig reasonable atu,ntt•ys fees and cntenng 011 ihr I'!, putt to nr,ikc rcp,w, 1 011 h
<br />I Mdcr ma take r nor. under ifil, tr.. :rl•r_i},h I rn I r 1 ,not hJ%C i„,1,,,,'
<br />Ant r,t L,adcr 'ci ,a ! u r:, h hall, w, i.i lit era' „I t 1 It
<br />ur:t•, Irt.,rum"w 1 nit„ Iii r, air and r
<br />I 'kit” ., h; ;t•" .i. mr,. ! ,, ,n ,. ..�. .t ❑: " r
<br />th tt , r 111hur,t,,,.ii .,i ;;,r
<br />„gl".'!Ir;t { n+ent
<br />AW
<br />R,
<br />eflb
<br />�i
<br />___j
<br />
|