|
<br />I"
<br />
<br />84 - 00282/
<br />
<br />r
<br />
<br />UNIFORM COVENANTS Borrower and Lender covenant and agree a., follows'
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shaH promptly pay \\ hen dut:'
<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. Funds for Taxes and Insurance. Subject to applicable law or to a \\T1tten waiver by Lender, Borrower '\hall pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a 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 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 escrow items.
<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 permils 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 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" 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 deficlency 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 />~"Y 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 hdd 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 />pamgraphs 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 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 obligallons in the manner provided in paragraph 2, or if not paid in that manner, Borroweuhall
<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 10 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 LO the payment of the obligation sc-cured by the lien in a man.ner acceptable to Lender; (b). contests in:-gQOd
<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 lien or forfeiture of any pan of the Property; or (c) secures fromthehQldercOfth~I!~'lllb'
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument, If Lenderdetermines.tbat'l!IlY"~!lfi-."' - .
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lenderl11aygiyeBO~#,a_"
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more oftheactions setforth'above .1iI(ithin.-IO;411fS-'
<br />of the giving of notice, . - .
<br />5, Hazard Insunmce. Borrower shall keep the improvements now existing or hereaftei'cerll!:ted.onthe:"'rtl~Yf
<br />insured against loss by fire, hazards included within the term "extended coverage" and any other_h~rds:f9l':whic~~-':
<br />reqUIres insurance. ThIS insurance shall be maintained in the amounts and for theperiocis thaLLend~-r~lIires,::~:;'
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's apPfovaIWhilili..shal!;nl1t:-lie:\:.
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall incl\ldea'standard..nt~
<br />Lender shall have the right to hold the policies and renewals, If Lender requires; BorroweuhJlll,pr911l,Plly::gii\lr
<br />ail receipts of paid premiums and renewai notices, In the event of loss, Borrl;>wer,shll/lgiv..prOmPl-OQli
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Borrower, .
<br />Unless Lender and Borrower otherwise agree in writing. insurance,proceeds ~beappJ.itld:lQ'i'
<br />of the Property damaged, if the restoration or repair is economically fe8$ihle and,Let>der.~s ~!lriw;S;:
<br />restorat.ion or repair is not economically feasible or Lender's security would be.I~C!l.;the-i
<br />applied to the sums secured by this Security Instrumenl, whether oroot then dU.e;. with. AAY,
<br />Borrower abandons the Property, or does not answer within 30 days a "otice fromLenderth@HlHfUIJU
<br />offered to settle a claim, then Lender may collect the insurance. proceeds, Leoder mllY.use theproc,~'!,9
<br />the Property or to pay sums secured by Ihis Security Instrument, whether or not then due, The3().411Y'
<br />when the notice is gi>en, .-
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds 19,p~ci~ .
<br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change th~ amoullt.of
<br />under paragraph 19 the Property is a"'luired by Lender, Borrower's right toanyinsllrllllce policiesllndp,
<br />from damage to the Property prior to the a"'luisition shall pass to Lender to the extenl ofthe sums securedbyt
<br />Instrument immediately prior to the acquisition,
<br />6. Preservation and Maintenance of Property; Leuehol4 Borrower shall not deslroy, damllge or su~t~lltillllY
<br />change the Property, allow the Property to deteriorate or commit waste. If this Security Instrumen.! is I;>n aJ~QJ4'.
<br />Borrower shall comply WIth lhe provisions of the lease, and if Borrower a"'luires fee title to the Property. thel~cl.'8nil,
<br />fee title shall not merge unless Lender agrees to the merger in writing. .. .
<br />7, Protection of Lender's Rights in the Property; Mortpge InslII'llnce, If Borrower failsc to P!ln:omt~the:,
<br />covenants and agreements contained in this Security Instrum~nt, or there is a legal proceeding that may sigWficAAtly lI1fll!:1
<br />Lender:s rights in th~ Property (such a. a proc~eding in bankruptcy, probate, for condemnation ono enfor~e law.scqr
<br />regulanons). then Lender may do and pay for whate>er is necessary to protect the value of the Property and Lendet'Higl1ts
<br />m th~ Propeny, Lender's actions may include paying any sums secured by a lien which has priority over thisS!:curity
<br />Instrument, appearing in court, paymg reasonable attorneys' fees and entering on the Property to make repairs, AIlho\lgh.
<br />Lender may take acllon under thIs paragraph 7, Lender does nOI have to do so.. ,; ;1, " .<. ;:'.'~;
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of lJoHowerS<<\Iredby this
<br />Security' Instrument. Unless Borrower and Lender agree to other tenus of payment. these amounts shall bear interest from
<br />the date of di.bu.rsement at the Note rate and shall be payable. wnh mterest, upon notice from Lender to Borrower
<br />requesting payment.
<br />
<br />;,/;~
<br />F'
<br />
<br />(;.,
<br />
<br />f'"
<br />
<br />L
<br />
<br />
|