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<br /> l'tk 1•LnJ.r• shal! t+c hcld in an in�tiwtian wh��sc ar{xriits are in�ur�til hy a f�rlcral agcixy. imtrunkntaliiy, oc cntil��
<br /> (iixluJinp l,�ixter. IF i.�ixlcr is�uch an imtituti�m)ur in an}• F�vlcrrl Eiumr Li�an Bank. Lcixlcr�hail a�ply thc Fuixls ;a�y tiu
<br /> lis:row It�tn�. Lcr.d.r oiup rx►t ch•rrE:ti+�rn�w•cr ti�r hi�IJ:n�:ana!appl�•ing the F�u►x1s.annualh an.+lyiing thc c�ruW�x�wuut, ur
<br /> �critjing thc Ekruu•tt�m., unlcs�i.ciul.c p:,y�Barmv�cr intcrr�t on tt�c Fuixl.aixl a�+�+lirahle law p.rmitc lxixtcr to nu�.e carh
<br /> a rharbc. Howevcr,l.�ixic�nuy rcyuire&�rruwcr tu��} �+ink-fin►.:�IurFa tiu;ui i�xie�enticnt real c�t•rte tax rc�x�rting �e�virc�,p
<br /> uu:d by Lctutcr in rumxrtiun N•ith thi� I�un, unlc�r: applicahle luw� pn►vidc� .xhcru•isc. Unlc�> �ut a�;rccnknt i� ntadc ar
<br /> applicablc law rcyuire�intcre�t ti�hc{+aiJ, lwtxlcr.lwll +wu hc rcquir�y.i tu p:+}•I3urroW�cr any iutcrc�t ur carning�un thc 1'u►xl�.
<br /> &�rruwct aixl L�:�ufer nu}• •rct�ti in Writine, h��w•c�•c�, ttue intcrest.f►:ill hc pai�f un the Fwui.. L.etxler shall Fi�•e t�� Ei��rmwcr,
<br /> with�wt rhargc. JIl JIIIIU�I �:CPUOUII�;lty�IIIY FU11lIs. �lu�wing cr��Jit� aiul debi�s tu thc Fuikiti aiul thc purpo�c t'i,r W hinc�:kt�i
<br /> Jrbit tu the Futxfs w;:� nude. The Fu��l+s�re pletifbeJ a.c wkli�in�ial security fisr rll wms secun:ci b►�thi�Securiry [iutrunxnt. Q
<br /> If thc Fund� hcld b��Lc�uicr exca�l thc;►nxwnts nerntittec!tu t+e hcld by upplicahle law, I.enJer�hall :K��wne lu&��ruw�c�
<br /> r��iha tr_.�« F��rv1c irt wti.nevlun_g with�hn nvu�irrnx�ntc nP an�licahlc I�w. lf the amount of lhC Fut1d5�ItCld by Lc�x1�r �t an�
<br /> time is not �uflicient tc�p:►y the Escruw Rem�u�hen due, l.e�xier may w�tify Borrower in writiiig, aixl, in+uclti ea�e fG�rrow�c�
<br /> tihall pay to Lrnder�he a�iu�unt ncre.�sap� tu mal:c up thc deficiency. Borra�ti•cr s,twll n�l;e up die defic�erky in no nwre tha�
<br /> twclve monthly paymentc,ut Le�uler'ti w�le discreiion.
<br /> Upc�n p�yment i�full c�f all sum� secur��d by this Security Instrument, I.ender shall promptly�refund to Barrow•er any
<br /> Funds held by Lender. If,under paragraph�l, l.encier ahall acquire ar sell the Propcny, l.ender,prio�to the acquisition or sale
<br /> of the Praperiy,�hall apply any Funds heki by I.cn�er at the tin�e af acquisitiun or sale a�z credi�against the sums sccurcci by
<br /> this Security lnstrunxnt.
<br /> 3.Applicutiou of Poymeuts.lJnless applicable law provicies otherwise,all payments received by Lender under pa�agraphs
<br /> 1 m�d 2 shall be applied: fitst,to any prcpayment chargzs due under the Notc; sccond, to amounts payable undcr paragraph 2;
<br /> thicd,to interest due:fourth, ta principal due;and last,ta any latc cha�ges due under the Note.
<br /> 4.Ctiarges; l.lenc. Bonawer shall pay aU taxes,assessments,charges, fines and impositions attributable to the Property
<br /> which n�a�� attain priarity over thic Sccurity Instrument, and leusehold payments or gnwnd rents, if any. Fwrrou•er sh�ll pay
<br /> these�bligations in�hp mAnner omv?cic�d in paraeranh 2, or if not paid in that manner,Borrowcr shall pay them on time directly
<br /> to the person owed pa��ment. Bonower shall promptty furnish to Lender all notices of arn�wnts to t�e paid under this paragraph.
<br /> IP Borrower makes these payments directly. Borrawer chall promptly fumish to Lender receipt�e��ide;uing the puyre�ents.
<br /> Borrow•er shall promptly di�charge any lien w�hich has priority over this Security Instrument unless Borrower:(a)asrees in
<br /> writing to the payn�ent of thr abligation secured by the lien in a munner acceptable to Lender; (bl contests in good faith the lien
<br /> b�, or def�s�s�asin�i enfolre!!?e�1i of t� !i?R iR. lega) prcx'PtYlino� which in tl�e Lender's oainion operate to prevent the
<br /> enforcement of the lien;or(c)secures from the holder of the lien ar.Vagreement satisfactory to l.ender subordinating the lien to
<br /> this Security Inctrament. lf Lender determines that any part of the Property is subject to a lien which may attain priority over
<br /> this Security Instrument.Lender may give Borrower a notic�identifying the lien. Bonower shat: s.:uisfy the lien or talce one or
<br /> more of the actions set forth above within 10 days of the giving of notice.
<br />= 5, Hazard or Property Incura�u�e. Borrower shall keep the improvements now e�isting or hereafter erected on thc
<br /> Property insured against loss by fire,hazards included within the term "extended caverage" and any other huzards, including
<br /> floods or ftooding,for which l.ender reyuires insutance. This insurance shall be maintained in the amounts and for the periods
<br />- that I.ender requins. The insurance carrier providing the insurance shall be chosen by Borroµ•er wbject to Lender's approval
<br /> which shatl not be unr?�onably withheld. If Bonower fails to maintain coverage described abo��e, Lender may,at Lendec's
<br />- option,obtain coverage to pmtect Lender's rights in the PR.�rty in accordance with paragraph 7.
<br />- All insnrance policies and renewals shall be acce�.+!2..'`1e to Len.ier and shall include a standard nwrtgage dause. Lender
<br />- shall have the rigM to hold the policies and renewals. lf Lender requires,Borrower shall promptly give to Lender all.receipts of
<br />= paid premiums and renewal notices.In the event of loss,Bonower shall give prompt natice to the insurance carrier and L�ender.
<br />= Leiuler may mai:e proof of loss if not made promptly by Bonower.
<br /> Unless Lender and Borrower otherwise agree in writing. insurarx,�e proceeds shall be applied ta restoration or repair of the
<br />- • Property dat►�ed,if the restoration or repair is economically feasible and Lender's security is not tessenai•if the restoration or
<br /> . repair is not economically feacihle or Lender s security would be lessened,the�nsuraace procee�is si�aii be a�piied to�ne su�
<br />_ secured by this Security Instrument,whethet or not thcn due, with any excess paid to Bonower. If Borrower abandons the
<br /> Property. or does not answer within 30 days a notice from Lender that the insurance carrier has offered to seitle a claim,then
<br /> Lender may collect the insurance proceeds. Lender may use the proceeds to repair ar restore the Property or to pay sucns
<br /> secuted by this Security Instrument,whether or not then due.The 30-day period will begin when the notice u g�ven.
<br /> Unless Lender and Sorrower otherwise agree in writing, any application of procoeds to principal shall not extend or
<br /> postpone the due date of the monthly paymenu referred to in paragraphs 1 and 2 or change the amount of the payments. If
<br /> unizr paragraph 21 the PropeRy is acquired by Lender, Borrower's nght to any inwrance policies and proceeds resulting from
<br /> da.-nage to the Property prior to the acquisition shall pass to Lender ta the exteni of the sums secured by this Se�:uriry Instnunent
<br /> i�unediateiy prior to ti�e acquisition.
<br /> 6.OocupRnc.y,i'n5zrvatiou,Maiatenance and Protection of the Property;_Borr+o�er's I.osa Application;Leasehoids.
<br /> Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days aft�T the exoeutioa of
<br /> this Security Instrurt►ent and sh�ll continue to occupy the Property as Bonower's principal residence for at least one year after
<br /> the date of occupancy,unless Lcnder otherwise agrees in writing, which consent shall not be unreaconably withheld,or unless
<br /> eztenuating circumstances exist which are beyond Bor.ower's control. Borrower shall not destroy, damage or impair the
<br /> Propeny. allow the Property co deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeitt�re
<br /> action or procceding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the
<br /> Property or otherwise materially impair the lien created by this Security Inst�ument or Lender's security interest. Borrower may
<br /> cure such a default and reinstate,as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling
<br /> th�t, in Lender's good faith determination, precludes forfeituce of the Borrower's interest in the Property or other material
<br /> impaimtient of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in def�ult if
<br /> Borrower,during the loan application process,gave materially false or inaccarate infomtiation or staterteents to Lender(or failed
<br /> W provide Lender with any mzterial infarm3tion)in connection with the loan evidenced by the Note,including, but not limited
<br /> to,representations conccr:.i:g Borrou�er's�pancy of the Property as a principal residence. If th±s Security Instn�ment is ort a
<br /> lezsehold. Borrower shalt oomply with all the provisions of the lease. If Bonow•er acquires fee title to the Property. the
<br /> t�sehold and the fee title shall not merge unless i.ender agrees to the merger in writing.
<br /> 7.Protectioa of Leuder's R[ghis in the Property.If Borrower fails to perform the covenants and agreements contained in
<br /> � this Securily Inttrument, or there is a leaal proceeding that may significantly affect I.ender's r'sghts in the Property (such as a
<br /> = proceeding in bankruptcy, probate, for condemnation or farfeiture or to enforce laws ar regutations), then Lender may do ard
<br /> pay for whatever is necessary to protect the value of the Property and l.ender's rights in the Propetty. Lender's actions may
<br />= include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying
<br />- reasonable attomeys' fees and entering on the Property to make repairs. Although Lender may take action under this pa��raph
<br />— 7. Lender does not have to do so.
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
<br /> + Securiry Instrument. Unless Borrow•er and Lender agtee to other terms of payment, these amounts shall bear interest from tha
<br /> ' date of disburcemeiu at the Note rate and shall be payable, with interest. upon notice from Lender to Bonower requesting
<br /> ,� payment.
<br /> 8.Mortgage Ituuranee.If Lender required mortgage insurance as a condition of mnking the Ioan secured by this Security
<br /> Instrument, Borrower shall pay the premiums required to rnaintain the mortgage insurance in effect. If, for any rcason. the
<br /> mortgage insurarxe co�erage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums required to
<br /> obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the
<br /> cost to Borrowet of the mortgage insurance previously in effect. from an alternate mortgage insurer approved by Lender. If
<br /> , vap�s o+• Form 3028 9/90
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