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8$.i„, U058 ?i5
<br />I.INIFORM C'OVFNANTS .Borrower and Lender covenant and agree as follow% -
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower %hall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2, Frtadsier Taxes sad lnarrnnee. Subject to applicable law or to a writtc-: t,s er by Lender, Borrower shall pay
<br />to Lender om the day monthly payments are due under the Note, until the Note is part n-i full, a sum ( "Funds ") equal to
<br />one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (h) yearly
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, Warty. These items are called "escrow items." Lender may estimate the Funds due on the
<br />bases of current data and reasonable estimatesof future escrow items.
<br />The Funds shall he 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 escrow items.
<br />Lender may not charge for holding and applying 'the ` *q (K 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 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 debit to the Funds was made. The Funds are pledged as additional security 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 items, shall exceed the amount required to pay the escrow tents 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 -;hall 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 furl ofall 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 />application as a credit against the sums secured by this Security Instrument.
<br />3. A} plicatiwt of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br />paragraphs 1 and 2 shall he applied: first, to amounts payable under paragraph 2; second, to interest
<br />due; and last, to principal due.
<br />4. Charges; Lierts. Borrower shall pay all taxes, assessments, charges, lines 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 />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 i he obligation secured by the ben in a manner acceptable to Lender; (b) contests in good
<br />faith alit hen by, or defends against enforcement of the hen 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 (c) secures from the holder of the hen an
<br />agreement satisfactory to Lender subordinating the hen 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 give Borrower a
<br />notice identifying the lien. Borrower shall satisfy the hen or take one or more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />S. Hazard lnwranee. Burrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against hiss by fire, hazards included within the term "extended coverage" and any other hazards for which lender
<br />requires insurance. This insurance shall be maintained in the amounts and for the perio d% 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 shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. if Lender requires. Borrower shall promptly give 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 if not made prompt ly by Lorrower
<br />Unless Lender and ikirrower otherwise agree in writing, insurance proceeds shall he applied to restoration or repair
<br />of the Property damaged, if the restoration or repair a economically feasible and Lender's wcunty is not les%cned If the
<br />rextoratoon or repair is not economically feasible or Lender's security would be lessened. the insurance proceeds shall he
<br />applied to the sums secured by this Security Instrument, whether or not thin due, with any excess paid to Borrower. 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 procceds. Lender may use the proceeds to repair or restore
<br />lire Property or to pay sums secured by thins Security Instrument. whether or not then due. i'he 30 -day perinea will begin
<br />when the notice is given.
<br />unless L.cnder and Borrower tit herwm a agree to writing, any application of proceeds to principal shall not extend or
<br />poMprme Cite due date of the monthly payments referred to in paragraph% 1 and :car change the amount of the payments If
<br />under paragraph t9 the Property is ac tied by Lender. Borrower's right to any insurance policies end pnxteds resulting
<br />from damage lo the Property poor hit a acquisition shall pass to Lendet to the extent of the sums %rc•ured by this Security
<br />Instrument immediately pour to the acquisition
<br />b. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or %uhstanttatly
<br />change the Property, allow the Property to deteriorate or commit waste If this Security Instrument is on it leasehold,
<br />Borrower shall comply with live provisions o)lhe lease, and if Borrower acquires fee wlc to the Property, the leasehold and
<br />fee toile shall not merge unless Lender agrees to the merger in writing.
<br />7. Protection of Movder's Rights in the Property; Mortttalje Insurance. if Burrower fails to perform the
<br />covenants and Agreement% contained in this Security Instrument, or there i% it legal proceeding that may significantly affect
<br />L.toder'% rights in the Property (such as a proceeding in bankruptcy, prubair, for condemnation car to rnlotce laws or
<br />regulawns). then Lender may do arid pay for whatever is nece%sary ton protect stir value of the Property and Lender '% Light%
<br />in the Property. L.ender'% avtions may include paying any sums %muted by a hen which ha% priority over this Security
<br />Instrument, appearing m churl. paying reaunrable aitoniey%' fee% and entering on the Propriv) to make repairs Although
<br />L
<br />Lender may take action under this paragraph 7, t rrider doe% not have Indio sin :
<br />Any ahnrunt%di%hursed by Lender under this paragraph 7 shall hm omr addirouitl drhi o1 Nrin,rwrr securrd by flit%
<br />Srxurty (nstrutorni Unlr %% Borrower and I ruder agrer to ofbrt Irmo%,,f pasinrm, these anxninIs %hall hear nurre%I Itnin
<br />the dale of disbursement of thr Note fair and shall he r•dyahte. Minh none• +t, uponi nitilr troni i r11drr h. Rol inwrr
<br />rrqursung payrnrnl
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