|
<br />r
<br />
<br />84,-
<br />
<br />004473
<br />
<br />r
<br />
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge, Bqrro\Verand
<br />Lender may agree in writing tha.t intereSt shall be paid en the Funds. Unless an 'agree~ent is made (jr,..appli~b;I_~:J:a_~'
<br />requires interest to be paid, . Lender shall not be required to pay Borrower any interest or earnings onth~ FUJ1dS,:Ll;~der,
<br />shall give to Borrower, without charge, an annual aecountingofthe Funds showing credits anddebits to theFun~sandth~'
<br />purpose for which each dehit to the Funds was made, The FundS are pledged as additional security for the suinssecUred1:lY
<br />this Security Instrument, . .. . .,' .... ..... ...'<..
<br />If the amount of the Funds held by Lender, together with the futuremonthJypaytpentsofFun~payabIe,p~i:lr:tc:\
<br />the due dates of the escrow items. shall exceed the amount requir~ to pay the escrow items when-du~;;:t_h~~~::~~s~:~_~~~:~r~
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower onmo!lthIy paYmentsllf:F~~t\,S/l.ft!t~,.
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due,BorrowershalIpay.to{-ertil~illhY
<br />amount necessary to make up the deficiency in one or more payments as requiredby Lender; . ....... . .... ..... ..... ......
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall prompdyrefundtoB()tT"lw'el
<br />any Funds held by Lender, If under paragraph 19 the Property is sold or acquired by Lender, Lendersha11appIY;'1101~ter,
<br />than immediately prior to the sale of the Property or its acquisilion by Lender, any Fundsheldby Lenderaqhe:titneof
<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 Lendetunder( .
<br />paragraphs I and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges dueundefthe
<br />Note; third, 10 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 groundrents,ifany,
<br />Borrower shall pay Ihese obligalions in the manner provided in paragraph 2, or if not paid in thai manner; Borrowersha,ll
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender aHnoticesofam,oun:ts
<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 mar-,er ac;:eptable to Lender; (b) contests in good
<br />faith the lien by, or defends against enforcement of the lien in, legal proceed', ~s which in the Lender's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any part of the' .:J'_n.., 0r (c) secures from Ihe 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 Properry is 5ubj~t to a lien which may atrairl priority Over {his Security InstrumerH, Lender rOilY 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 existing or hereafler erected on the Property
<br />insured against loss by fire, hazards included within the term "extended coverage" and any other hu<:ards for 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 be chosen by Borrower subjecl to Lender's approval which shall not be
<br />unreasonably withhe1d,
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause,
<br />Lender shall have the right 10 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 evenl of loss, Borrower shall gIve prompt notice 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 economicaUy feasible and Lender's security is not lessened, If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<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 from lender that the insurance carrier has
<br />offered to settle a claim, Ihen Lender may collect the insurance proceeds, Lender may use the proceeds to repair or restore
<br />the Property or to pay sums secured by this Secunty Instrument, whether or not then due, The 30-day period will begin
<br />when Ihe notice is given.
<br />Unless Lender and Borrower mherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments, If
<br />under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulling
<br />from damage to the Property prior to the acquisition shall pass to Lender to tlie extent oflhe sums secured by this Security
<br />Instrument immediately prior to the acquisiuon,
<br />6. Preservation and Maintenance of Property; Leaseholds, Borrower shall not destroy, damage or substantially
<br />change the Property. allow the Property to deteriorate or commit was Ie, If this Security Instrument IS on a leasehold,
<br />Borrower shall comply with the pro\'isions oflhe lease, and if Borrower acquires fee titk to the Property, the leasehold and
<br />fee title shall not merge unless Lender agrees to the merger in writing,
<br />7, Protection of Lender's Rights in the Property; :\tortgage Insurance. If Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, or there IS a legal proceeding that may significantly affect
<br />Lender's righls in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay for whatel'er is necessary to protect the value of the Property and Lender's rights
<br />in the Property, Lender's actions may include paying any sums secured by a lien which has priority ol'er this Security
<br />Inslrument. appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although
<br />Lender may take action under this paragraph 7, Lender does not have to do so.
<br />Any amounts disbursed by lender under this paragraph 7 shall become addlllonal debt of Borrower secured by IhlS
<br />Security InslrUment, Unless Borrower and Lender agree to other terms ofpaymem, these amounts shall bear interest from
<br />the date of disbursement at the :-late rate and shal! be payable, with mteresl. "pon notice from Lender to Rorrower
<br />requestmg payment,
<br />If Lender required mortgage insurance as a condition of mak.mg the loan secured by this Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and lender's writlen agreement or applicable law,
<br />8. Inspection, Lender or ils agent may make reasonable entries upon and inspections of the Property, Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection,
<br />9, Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or other taking of any pan of the Property, or for conveyance in lieu of condemnatlon, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied 10 the sums secured by this Secunty
<br />Instrument, whether or nOI then due. with any excess paid to Borrower, In the event of a Pllrtial takmg of the Property,
<br />unless Borrower and Lender otherwise agree in wnting, the sums secured by this Security Instrument shall be reduced by
<br />the amount of the proceec~ multiplied by the following fraction: (a) the total amount of the sums secured llTlmedllltely
<br />before the taking, divided by (b) the fair market value of the Property Immediately before the rakmg Any balance shall be
<br />paid to Borrower.
<br />
<br />
<br />I
<br />I
<br />
<br />L
<br />
|