|
85-005199
<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 wnnng that interest be
<br />shall paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to be paid, Lender shall not he 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 dehit to the Funds was made. The Funds are pledged as additional security for the
<br />this Security Instrument. sums secured by
<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
<br />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
<br />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, Borro wer shall pay to Lender any
<br />amount
<br />necessary to make up the deficiency in one or more payments a% required by Lender.
<br />Upon
<br />payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. if
<br />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 its
<br />or acquisition 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 2 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 2; fourth,
<br />paragraph to interest due; and last, to principal due.
<br />3. Charges; Liens. Borrower shall pay all taxes, assessments, charges, dries
<br />and impositions attributable to the
<br />Property which may attain pnonty over this Security Instrument, and leasehold
<br />payments or ground rents, if any
<br />&g .
<br />rower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that fnanner. Borrower shall
<br />pay them on time dirccily to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. If Borrower
<br />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 to a manner acceptable to Lender; tb) contests in good
<br />faith the lien by, or defends against entorcement
<br />of the lien in, legal proceedings which In the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of anv part of the Property; or (c) secures from the holder of the lien
<br />an
<br />agreement satisfactory to Lender subor dinating the lien to this Security Instrument. if Lender determines that any part of
<br />the Property is subject to a lien whicl may attain
<br />priority over this Secunry Instrument. Lender may give Borrower a
<br />notice identifying the lien. Borrower sl all satisfy the lien ,u take sine or more of the actions forth
<br />set above within 10 days
<br />of the giving of notice.
<br />5. Hazard Insurance. Borro ver shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards Included within the term "extended con cragc" 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
<br />carrier providing the insurance shall be chosen by Borrower subject it) Lender's approval which shall no[ be
<br />unreasonably withheld.
<br />All insurance policies and rer ;ewals :hall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold lite
<br />policies and renewals if Lender requires. Borrower shall promptly give to Lender
<br />all receipts of paid premiums and rer ewal notices. In the even[ of loss, Borrower %hail
<br />gise prompt notice to the insurance
<br />earner and Lender Lender may make proof of loss if no[ made prompriv by Born!wer.
<br />Unless Lender and Borrower otherwise agree in writing,
<br />ut%ui..I1:c prl,cecds shall be applied to restoration or repair
<br />of the Property darnaged, of the restoration
<br />or repair is econumicaiJv feasible and Lender's security is not lessened. If the
<br />restoration or repair a not economically feasible or Lender', securer; would be Irs.wned, the Insurance he
<br />proceeds shall
<br />applied to the sums secured by this Security Luirumrnt, whrlhrr , r nut riled due, wish any excess paid to Borrower If
<br />Borrower abandom the Property,
<br />or does not answer within 3o day, a noti:c from I Crider that the insurance carrier has
<br />Offered to Settle a claim, then Lender may, collect the
<br />insurance proceed, Lender may Ilse the proceeds to repair or restore
<br />the Property or to pay sums secured by this Srcur,ty instrument, Aheiher or not !brit due The 3(i
<br />when the notice is given -day period will begin
<br />Unless Lender and Borrower otherwise agree in wnting, any
<br />appiecatl,u; ,.i pro: reds to principal shall no[ extend or
<br />postpone the due date of the monthly payments referred to :n paragraphs I and or :hang
<br />the amr.[int Of! he pay rricnts. If
<br />under paragraph lU the Property is acquired h•. Lcnder. Br rrower'% right nl any lllsurar.cr pr,hcres and pr•cecds resulting
<br />from damage to the Property
<br />prior to the acqui,ition shall pass co Lender t,, iht' et!cnt of the sums se:ured by this Seturiry
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Property. Leaseholds. Borrower shall not dc%trov, damage ur substantially
<br />change the Property, allow the Property to deteriorate
<br />s, nt,(old.
<br />or commit waste. if thu Security Imtrurnrnt is on a
<br />Borrower shall comply with the pn>vevunS of tide lease, and if Borrower
<br />acquires fee otlr to the Property, the leasehold and
<br />fee title shall riot merge unless Lender agrees to the merger
<br />tit writing
<br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. if Borrower fails to perform life
<br />covenants and agreements contained in this Security instrument, or i here is a legal proceeding that may significantly :effect
<br />Lcnder'% nghis in the Property (such as a procceding eft bankruptcy.
<br />probate, for condemnation ,,r u) enforce laws ,u
<br />regulationsi, then Lender may do and pay for Ahareser is necessary to protect the value of the Property and Iender's
<br />right,
<br />in the Properi% Lender's actions stay inclu& paying any surns sec -ocai by a lien Atnch teas
<br />priori% ,,see this rcu : :r.
<br />Instrument. appranng In ;:oust, paying reason Ible attorneys• ices an.' entering .,n the Pr,,perry to nl. r :epaln Althrn: h
<br />Lender may rake a:h,in
<br />under this psi agraph'. Lender ;Ines not hal e !o do so
<br />4ny aril llUnT, defile Cscd hs i. Crl der undei the% paragraph ` shall bt:c"Ine addltalreai'let)t „I lfi!I r,lt4CI
<br />,e:nrCd os Ir11,
<br />Security Instrument, LnJCSS BiNfU ker and Ieniter agree to nificr Tenib. of pity inerit. tile,,. •rfnounh,had (,cal inivrest 11,E ?n
<br />the date of dlshurwrneni at the Note rate and be
<br />shall payahlC, All'1 Irslerest. nup.,fl 11,1il:e ff.?Irl J_ender 1,1 lit) lr+x�e:
<br />requesting payment.
<br />If Lender required mortgage insurance: as a condition of nrai ing 1n(! loin secured by this Secunty Instrument.
<br />Borrower shall pay the premiums required to
<br />rnumlain the Insurance in cfl'CCt until such rinse' as till' requiiCnlent for the
<br />insurance terminates to accordance with Borrower's and Lender's written agreement or applt:A)ie law
<br />L B, Inspection. Lender nr is agent may make reasonable entries upon and insltcn, its of the Property Lunde:
<br />shall BorroArr
<br />give duller. at the time of or prior d an inspection speclfsult reasonable cause for the of pection
<br />9. Condemnation, The Pf -ceds of anv award for
<br />sir claim warn rge% direct nr ;, llsequentlal. tie a?nnection A o:h
<br />any condcnanatian or „then taking if any part',,( the Pruprrt), .,r firr :, ,nc•,au:i Ill lieu „i ,,,n,ieninatlun, !irlrh,
<br />rR.
<br />are
<br />a %%Igned and Owil be Valli to !.ender
<br />1f1 the rs )! `t .i I `ial SJ %I'7W .,I 111 t' 11 `peel\ Iht d.'.1i,1 1 t'i •' 1 r, I!1 ( t`l 'hI. `e, ':r I'
<br />121iIr;11'tC -�hc 'll"11
<br />Ili •,r I1. 'I Mile,'Alih illy ex, :r' I-Ild Its lie. HCt 11 Ili V ,;1 .i .1 ,.li fA' I !!li 1'' pc, l,
<br />tnse,s rr w'! t -�n,l! r .l hr ;wise' cadre Ill aril; ig. !llr ,urr•. ,..:r ,, i,
<br />e fit st I! e 1 rirl;ttl Il ,l y the Hm� r..± r
<br />rltvr ...r .,n lnr _., il ,V -,l oil, gar m.l 4c ..f'.i .! t`•. 3'r r.i :,. -„
<br />1 .•LI
<br />
|