|
lJtitFORM COVINAKTS Borrower and Lender covenant and aerec as fnllou,:
<br />95- 005367
<br />1, Payment of Principal and Interest; Prepayment and Late Charges. Borrower ,hall prompth pay •.%hen due
<br />the principal ofand interest on the debt evidenced by the :Vote and any prepayment and late char 2e, due under the Notc.
<br />2. Fundsfo• Taxes and Insurance. Subject to applicable l aw orToa, yriticnuaiecrhSl ender. Horroucr shall p:te
<br />to Lender on the day monthly payments are due under The Note, until the Nole ie paid in full, a sum ("Fund,") equal Tip
<br />one - Twelfth of; (a) yearly taxes and assessments which may attain prionty ocer this Security Instrument: (h) %tarly
<br />leasehold payments or ground rents on the Property, if any; (c) ~earl; hazard insurance premiums: and td) cearly
<br />mortgage insuratthe premiums, ifany. These items are called "escrow hems." Lender may esitmatc 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 are 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 word u nems,
<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 iau
<br />requires interest to be paid, Lender shall not be required to pad Borrower an% interest or earnings on the Funds. Lender
<br />shall give To Borrower, without charge, an annual accounting of the Funds shou ing credits and dehu , to the Funds and The
<br />purposefor which each debit to the Funds was made. The Funds are pledged as addntonal se.urtt ti ?r lilt: suns sr.ur ; d h-,
<br />this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior r
<br />the due dates of the escrow items, shall exceed the amount required to pay The escrow items u hen due, the cscess shall be.
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Fund,. If the
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower ,hall pay Tn Lender am
<br />amount necessary to make up the deficiency in one or more payments as required b% Lender.
<br />Upon payment in fyll of all sums secured by this Security Instrument. Lender shall promptiy refund to BorroweT
<br />any Funds held by Lender. If under paragraph 1Q 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 />application as a credit against the sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otheru Ise. all payments received by Lender tu;dcr
<br />paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prep..yment charac`% Lille antler 7hc
<br />Note; third, to amounts payable under paragraph 2: fourth, to interest due: and Iasi, to principal due-
<br />4. Charem Lim. Borrower shall pay all taxes, assessments. charges, fines and snip - Ismons aitrihrtablc r,, the
<br />Property which may attain priority over this Security Instrument, and leasehold payments or ground Tent,. if arts.
<br />Borrower shall pay these obligations in The manner provided in paragraph 2, or if not paid in that manner. Borr.mcr,hall
<br />pay them on time directly to the person owed payment. Borrouer shall prompth furnish To Lender all notices of amotmT,.
<br />to he paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish in Lender
<br />receipts evidencing i he payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower to i
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: Ib) mnte,t, 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 hen or forfeiture of any part of the Property: or (ct secures from the holder of the hen an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument. Lender may gtyc Borrouer a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the acunms set forth ahoye within 110 day;
<br />of the giving of notice.
<br />S. Hazard Insurance. Borrower shall keep the improvements nou existing or ficreaner •rooted on it-,c PT,)perTe
<br />insured against loss by fire. hazards included within the terns "extender. %erase'" and .lm of her hazards fist much Lender
<br />requires insurance. This insurance shall he maintained in the amounts and for the periods that Lender requ :res. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subtext to Lender's approval u hich ,hall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and .hail include a standard morga" clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires. Borrouer shall promptly gixe 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 and Lender. Lender may make proof of loss ifnot made promptly by Borrouer.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />cf the Property damaged, if the restoration or repair is economically feasible and Lender's security 1, not lessened. If The
<br />restoration or repair is not economically feasible or Lender's security would he lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, uTth any excess paid To Borrouer. If
<br />Borrower abandons the Property, or does not answer within .10 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 nr restore•
<br />the Property or To pay sums secured by this Security Instrument. whether or not then due. The 30 -day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree to writing. any application of proce.vds To principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs i and 2 or c hanger the amount ,+f the, aymenrs It
<br />under paragraph 19 the Property is acquired by Lender. Borrower's right io any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lender to rho• extent of the sum, secured by this Securnt,
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, da111age OT snhstaTrt;ally
<br />change the Property. allow the Property to deteriorate or commit waste. If this Security instrument is 011 a leasehold.
<br />Bortowershall comply with the provisions of the lease, and if Horrowei acquires fee title To the }'n,pertc. the leasehold arc.
<br />f e e title shall not merge unless Lendcr agrees t o t he• merger in writing
<br />?. Protection of Lender's Rights in the Property: Mortgage Insurance. If Horroxci falls i,, perlomi the
<br />covenants and agreements contained in this Security Instrument• or there is a legal prorced)Ttg That may stgtnfic:nuh afft"I
<br />Lender's rights in The Property (such as a pi-eding in hankrupicc, prrthate, for ondcmnatton nT to cnfntce lull, , t
<br />regulatitms), then Lendcr may do and pay for whatever is necessary to pruned the a alue of the Pr,+perty and 1 ender', rtiall,
<br />in the Property. L•cnder's actions may include paying any sums secured h} a !lcn which has pr1, nn ,%cr 1111, >ccurlt
<br />Instrument. appearing in court. paying reasonable atturnrys' ices and rnhrrng,m the }'r'oper's m Tn kc repaits 1lthnuP}
<br />Lender may take action under this paragraph ?. Lender doe's not ha %c to do so
<br />Any amounts disbursed by 1-ender under this paragraph , shalt inc +roc add:unnal dcht +f HOT e,er W,111 i H, 111:1
<br />Security Instrument l'nlcss Bortower and Lender agrcc to order Tern, or pa} rnenT, the•,c .011-1111111 1h;J! c;n t, rc-.t 'ern,
<br />the dare of dtshurserntew at the N,atc• rate and shall he I,a�ahlc, uith tniere,T. llr -t!. T t T,�ni 1 �udci H�r,u:a g.
<br />requesting paEnrent
<br />E
<br />
|