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$5--. 006068 <br />UNIFORM COVFNANI s Borrower and Lender covenant and agree as fiillm%s: <br />1, Payment of Principal and Interest; Prepayment and late Charges. Borrower shall 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 I he Note. <br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay <br />to Lender on the clay monthly payments are due under the Note, until the Note is paid in full, it 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 rile Funds title on the <br />basis of current data and reasonable estimates of future escrow items. <br />The Funds shall be held in an institution thedeposits or accounts of which are insured or guaranteed by a federal of- <br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow ilenis. <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 it 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 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 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 lime 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 1 and 2 shall be applied: first, to late charges due under the Note: second, to prepayment charges clue under the <br />Note; third, to amounts payable under paragraph 2; fourth, to interest due: and last, to principal due. <br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines 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 be 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 the obligation secured by the lien in a manner acceptable to 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 ]ten or forfeiture of any part of the Property; or (c) secures from the holder of the lien 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 give Borrower a <br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days <br />of the giving of notice. <br />5. Hazard Insurance. Borrower shall keep the improvements now extstine or hereafter erected on the Property <br />insured against loss by tire, hazards included within the term "extended coverage­ and any other hazards tits 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 appmtal %vhich shall not he <br />unreasonably withheld. <br />All insurance policies and renewals shall he 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 prontpth ; -,i%c to Lender <br />all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall gt%e prompt nonce to the insurance <br />carrier and Lender. Lender may make proof of loss if nol made promptly by Borrower. <br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair <br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the <br />restoration or repair is not economically feasible or Lender's security would he lessened, the insurance proceeds shall he <br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. if <br />Borrower abandons the Property, or does not answer within 30 days a notice front Lender that the insurance carrier has <br />offered to settic a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore <br />the Property or to pay %urns 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 tit writing, any application 111' proceeds to principal shall not extend or <br />postpone the due date of the monthly payments referred to u, paragraphs 1 and _2 or change the anunutt of file payments. 11 <br />under paragraph IU the Property n% acquired by Lender, Borrower's right to am insurance policies and proceeds resulting <br />from damage to the Property prior to the: acgwsrtion shall pass to Lender to the extent of the sums secured M 1111% Security <br />Instrument immediately prior to the acquisition. <br />6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not de%It0%. ddn,dge or suh.uuulelly <br />change the Property. allow the Property to deteriorate or commit waste. If taus Sccurily Insrrumcnt t% on a leasehold. <br />Borrower shall comply will, the Protist00%of the lease. 'Ilid II Borrower acquires fee title to the Property, the leasehold and <br />fec title %hall not merge unless 1. ender agrees to the merger au writing <br />1. Protection of Lender's Rights in the Property; Mortgage Insurance. 11' Borrowcl falls to perform the <br />covenantsand agreements contained nn this Security lnsanmicnl, or there n a legal Proceeding that may stgnllic:uuly affect <br />Lender's rights in the Property (such a% it proceeding in hankruplcy, probate. fir condennlanon or lo ellf'ol c laws or <br />regulations), then lender may do and pay for whatever Is necessary to protect the %alue of the Property and Lender's rights <br />in flit Property Lender's actions may include paving any suns secured by % a lien which has priority otcr this Securuy <br />Instrument, appearing of court. paying reasonablc ;uton,cys• fees and enter ing .,I] the Properly I., nnakc repair, Millough <br />Lender tna,v take action under this paragraph ?, Lender does not hasc to do so <br />Any amounts ch%hur%ed by I ender under tilts Imiagraph " shall hecolne addllt„ndl Ileht of lioriowcr se" urcd by tilts <br />5ceuraty lnstrunrenl Unless Burrower and I crtdct agter to'1111er Yentas of ;I ay nu•n1. Ihc.c.on.,un11 shell hc,u minrsl 11111 <br />flier date of dishur%cf -111 d1 the `iote rut• :and .11,111 1,, I,eyehle, with wl"Ir.l q—I) m.thr tr.,m I rnda•r to 1`10110%k,l <br />� <br />requesting liaynicnl <br />