|
1�.
<br />�- 005048
<br />UNIFORM COVFNANIs Bt... ower and Lender covenant and agree as follow,
<br />1. Payment of Principal and Interest•, Prepayment and late Charges. Borrower shall promptly pay when title
<br />the principal Oland interest on the deht evidenced by the Note and any prepayment and )ate charges due under the Note.
<br />1. Funds for Taxes and Insurance. Subject to applicable law or to a wnitc• ter by Lender, Borrower shall pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is pa:0 m full, a sum ( "Funds ") equal to
<br />one - twelfth of. (a) yearly taxes and assessments which may attain priority over this Security Instrument, (b) yearly
<br />leasehold payments or ground rents on 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 due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a federal or
<br />state agency (including Lender if Lender 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 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, Lender 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 securnv 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 hems, 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 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 />applicatton 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) and 2 shall he applied: first, to amounts payable under paragraph 21 second, to interest
<br />due; and last, to principal due.
<br />♦, Charges; Lkss. Borrower shall pay all taxes, assessments, charges, nnes 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 manner. 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 he paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish to Lender
<br />receiptscyidericmg 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 In Lender; (b) contests in 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 solo ordinating the lien to this Security Instrument. If Lender delermnes 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 ben or take one or snore of the actions tit forth above within 10days
<br />of the giving of nonce.
<br />S. Hazard tnsurrience. 11orrowcr shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, harards Included within the term "extended c.,vcrage- and any other hazards for which lender
<br />requires insurance This insurance shall be maintained in the amounts and for 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 be acceptable to Lender and +hall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requites, Borrower shall promptly give to Ixnder
<br />all receipts of paid premiums and renewal notices. in the event of I(ns, Borrower shall give prompt notice to the tnsurance
<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 L.ender'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 set the sums secured by this Security Instrument, whether or not thCts due, with any excess paid to Borrower, If
<br />Borrower abandons the Properly, 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 />she Properly or In pay sums secured by this Security Instrument, whether or not then duc. The 30 -day period will begin
<br />when the not we is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />posspone the due date tof the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. 1f
<br />under paragraph Iq the Properly is acquired by Lender, Borrower's right to any assurance policies and proceeds resulting
<br />from damage too 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 />A. Preservation and Maintenance of Property-, l..eueholds. 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 comply with the provsiurs of the lease, and if lorrower acquires fee title in the Property, the leasehold and
<br />fee mle shall not merge unless Lender agrees to the merger in writing.
<br />7, Protection of Lender's Bights in the Property; Mo"XW Insurance. It Borrower fails to perform the
<br />covenants and agreements consumed in this Sec•unty Instrument, or there is :t legal proceeding that may significanlly affect
<br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condrmnation or to enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Ptoperiy and Lender's rights
<br />in the Properly. Lender's actions may include paying any sues% secured by a hen which has pnornv over this tic•.unio
<br />Instrument, appearing in court, paying reasonable attorneys' fees and enlersng tin the I'toperty to make repairs Although
<br />Lender may take action under this paragraph 7. Lender does not have to do u)
<br />Any amourits dishurwil tt) Lender under this paragraph 7 shall Ie,onie ed(ill ,.nal tied of Rorrowci secured by this
<br />Stxurity lnslrunent Vulrss ).a+rruwcr and l..ender agree to other resits of paoment, their .unounts shall roar inirrt•,t ti,nn
<br />The date of dshutsernscoi M .hr N,We talc and shall be payable. %tilt mtct•st, ul+un i1inte from 1 endrt t,1 ht,+rtowrr
<br />requesong pavn+rnl
<br />a�
<br />a
<br />�i
<br />a."° i
<br />
|