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85- 005073
<br />UNIFORM COVENAN IS. Borrower and Lender covenant and agree as follow,:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay \'lien due
<br />the principal ofand interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />b Lender. Borrower shall pay
<br />2. Funds for Taxes and Insurance, Subject to applicable law or t03 written waiver }
<br />due the Note, until the Note is paid in full, a sum (Funds ") equal ht
<br />to Lender oil the day monthly payments are under
<br />of: (a) taxes and assessments which may attain priority over this Security instrunienl; (h) years}'
<br />one - twelfth yearly'
<br />leasehold payments or grouted rents on the Property, if any; (c) yearly hazard insurance premiums: and (d) yearly
<br />",escrow items." Lender may estimate the Funds due on the
<br />mortgage insurance premiums, if any. These items are called
<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 />or verifying the escrow items, unless
<br />Lender may not charge for holding and applying the Funds, analyzing ,lee account
<br />law Lender to make such it charge. Borrower and
<br />Lender pays Borrower interest on the Funds and applicable permits
<br />in that interest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />Lender may agree writing
<br />requires interest to be paid, Lender shall not be required to pay Borrower any Interest or earnings on the Funds. 1 -ender
<br />shall give to Borrower, without charge, an annual accounting of the Funds show'ing credits and debits to the Funds anti the
<br />security for the sums secured h)
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional
<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 />Borrower on nlonthl}' pa)nlcnls of Funds If the
<br />at Borrower's option, either promptly repaid fu Borrower or credited to
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to Lender ally
<br />amount necessary to make ug the deficiency in one or more payments its required by Lender.
<br />in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower
<br />Upon payment
<br />any Funds held by Lender. If under paragraph iQ the Property is sold or acquired by Lender. Lender shall apply, no later
<br />Funds held by Lender at the lime of
<br />than immediately prior to the sale of the Property or its acquisition by Lender. an}'
<br />application as a credit against the sum, secured by this Security Instrument.
<br />Payments, Unless applicable law' provides otherwise. all payments received bq Lender under
<br />3. Application of
<br />1 and 2 shall le applied: first, to late charges clue under the Note: second. to prepayment charges due under the
<br />paragraphs
<br />Note: third, loamounts payable under paragraph 2; fourth, to interest due: and last, to principal due.
<br />charges, fines and imposttons attributable In the
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments,
<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 />Borrower shall promptly furnish to Lender all notices of amounts
<br />pay them on time directly to the person owed payment.
<br />to be paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly funlnh if) Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any licit which has pnorny over this Sccunty Instrument unless Borrower: Of
<br />agrees in writing to the payment of the obligation secured by the lien in a manner accepiahle to Lender: (h) contests it, 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 />Pro or (c) secures from the holder of the hen an
<br />prevent the enforcement of the hen or forfeiture of any part of the pert:
<br />to lender subordinating the lien to this Sccunty Instrument. It Lender determines that any part of
<br />agreement satisfactory'
<br />the Property is subject to a ben which may attain priority over this Secunt5 Instrument, Lender flay give Borrower it
<br />set forth above \(flint I(f days
<br />notice Identifying the lien. Borrower shall satisfy the lien or take one or more of the actions
<br />of the giv ing of notice.
<br />S. i vArd Insurance. Boirowe'r shall keep the onriltwer' 'ill~ flow a•xl,llllg t,r lla're' :Itle'r efeiia'd till the PI'tlperll
<br />"extended and :my other hazards fill which Lender
<br />Insured against loss by tire, hazards included within the term coverage"
<br />This Insurance shall he maintained In the :'mounts and flit, the periods that Lender requires File•
<br />requires insurance.
<br />insurance carrier provedutg 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 .hail nlclude a st :uularJ nwrtgage clause
<br />Lender shall halve the right to hold the policies and renewals. If Lender requires. Horrt)wer shall promptly glee to Lender
<br />all receipts of paid premiums and renewal notices. I), the event of loss, Burrower shall give prompt nonce to the insurance
<br />carrier and Lender. Lender may make proxlf of loss if not trade promptly by Burrower
<br />Lilrle%s Lerlder and Borrower otherwiw agree In writing, insurance proceeds shall tic applied it) restoratic)n it repair
<br />is feasible and Lender's security is not lessened it the
<br />of the Property damaged, if the restoration or repair economically
<br />is not economically feasible or Lender's security would be lessened. the insurance proceeds shall he
<br />restoration or repair
<br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Burrower 11
<br />Borrower abandons the Property, or does not answer within 30 days a !,()flee front Lender that lite Insurance carrier has
<br />to settle a claim, their Lender may collect the insurance proceeds. Lender may fisc the proceeds mo repair or restore
<br />offered
<br />the Properly or to pay sums secured by this Sccunty Instrument, whether or not then due. life il) -clay period will hegnl
<br />when the notice is given.
<br />Unless Lender and Borro %leer olherwlsc agree 111 writing, ate} Application it proceed, it) prin'.1pal ,hall not extend of
<br />pcnri one the due dale of the monthly payments referred to in paragraphs I and 2 of change the alllount of tole pay meats. 11
<br />to aIle insurance policle" and proceeds resulting
<br />under paragraph 114 the Property is acquired by 1,entici. Borrower's right
<br />from damage to the Property prior to the acquisition shall pass to Lender to the extent of the wnls secured by this Security
<br />Instrument immediately prior to the acquisiUOn.
<br />6. Preservation and Maintenance of Property; Leascholds. Hot, row et, sit;, 11 fill drst rm, damage „r suh,lnnuall,
<br />change the Property, allow the Properly u, deteriorate or conlrnit via,lc if till, Insuonwill 1s on .1 Ic:nrh.,ld.
<br />ti•e idle to the Properly, the leasehold and
<br />Botrowcr shall comply %fill tilt proi,sit'n'.•of the lease, and if Borrower acywrrs
<br />fec mlie shall not merge unless Lender agrees to the merger if, wiling
<br />7. Protection of Lender's nights in the Property; Mortgage insurance. If Borrower falls Ill perform ihc•
<br />covenants and agreements contaltied ire thus Sccunty Instrtnncnt, it there Is 's legal I,rocecdnlg [hat net} vgnuicAmly altect
<br />in Properly (such as a proccedmg ill hankruptcy. prohale, tin eonden,famon of to c 1111IL • L+ws of
<br />Lender's rights the
<br />fellulallons), there Lender Ilia) do and pay for whatever Is necessary u, prole'cl the t aloe of tilt' Pr„peily and 1 a'IIJCI ,right,
<br />Ill the Property Lender', aclions nrq Include paying any sums set fired by e hen % Ill, h has prlont} ovcl tills Set ill
<br />the Prly,ctl} to make repass A11holq+
<br />Instrument. appearing ul ,ourl, 1,11) Ing reasonable utorneys' fees and L- 1111', Illg tin
<br />Lender ma) take action under Ihlr paragraph 7, Lender does nil have to do so
<br />Any amounts tllthll wd I,v I enticr kinder till, paragraph' shall hcc.mu• eddlunnal dehl .,I liorro%er ,cv ill rd by till,
<br />1,W
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