|
��x' __ . .
<br /> � �- ��- - - -_—
<br /> .�. . �_...� `==- -
<br /> �t,;,x,�a; - — _._,. - �--- ..,.. •-- — -- _ _.__� - --- ._.�._r.�.�
<br /> 96-- l0�'�
<br />' �ihe Funcls shall t+c Fu1J in an inctitution whosc dcpu�its ;vc inwrcd h�• a frdcral agcnr}•. in.trunknt•rlity. �u ci�tity�
<br /> . (ii►:ludiug I.cn.i�r, if i.:�r i��uch an institutiun)rr in an�� Federal Hrn�e Lran N:�nk I.r�xl�r.I�all apply thc t'un:ls tu pa}• tlu
<br /> . Ekruw Itcros. I.eixler nuy �aK rtuu�ge B��rr��wer for halJing aiul:�ppl�•iug it►e hwui.. annuully air.►tyviu�; �Ik�.�r��u•ac.nunt.or =
<br /> verifying the Escruw•item�, unlet.I.en�ler r:+ys&irrowrr intercst on the Furulti und appGrahlr law �k�n�in Lcu.l�r t��mak��uch _
<br />' �rharge. Haw•e�•er. Lc�ufcr m•r}, ccyuirc&,rrawer a�pay a oi�e-tinx rtu�•ge ti,r�n iixicpe�ulcnt r�al c�tate tax r�{uming�crvicc
<br /> used by Lencfer m ronnection with this I:un, unlcx. appliwhlc law pruti•id�.� utheruiK. �nl�.. an agr�erncnt i� made i�r
<br /> applicablc law rcyuirc�intcm�t ta t+e p:►id, Lr�xlcr�hall rxx bc rcyuircd to{�;�y H��rrawcr uny intrrc�t r.r c:trmngs�m thc Fu►uls.
<br /> , &�rmwer aixi i.end:r may agrce in writine, liuwrr�r, that interczt�ha!! tk paid on ttu Fuiu1�. l.eixicr �hall �:i�•e ta Rurroucr. _
<br /> w'ithcwt char�*e, an annua! :uruunting of the Fundr, slwuinc c�lits arul debits tu the Fu�x1s •r�ul�he purpo�.`for which e:uh
<br /> ! �kbit tn the Fu�uls a�as m:tde.The Fund�are pleciged a�aciditia►w� �ecurity iur all wm�kcured hti� thi��curii}• Inctrument.
<br /> � !E tF:�Fz:�s lr4d hy t,•ncter excoai the a�iuwnts permttted to be held by appiirahie i�w,i.rsxler�i►:ti1 ac�uw�t tv :..���..u't�
<br /> ;� fur thc exceu Fuiuls in arcarda�ir�witli the requirenknts ��f applicable lau�. If the umnunt af the Fundc hetd hy i.ender at any -
<br />• time is not sufficient to pay the Escrow Items w•hen due,Leruler may so notif�• Sc�rr��w•er in writing,and.in such c�u Borroa�er
<br /> �. shall pay to Lender the anuwnt neces�ry to make up thc deficiency. Barro��•cr sh:ill m::4:e up the deticiene)• in no nx�rc than
<br /> twclve monthly p•ryments,at Lender's ude discr.tion.
<br /> Upon paynunt in fult af all sum� sccured by this Serurity Instrumc!�t. I.ender shall promptly �efund to Borrowcr any
<br /> s Funds held by Le�xicr. IF,und:r paraFraph 21, Le�uier shall acquin or sell the Propeny,I.endcr, prior ta the acquisition or sale
<br />' ; of the Property,shall apply any Funds iuld by Lender at the time of a�quisitioi�ar�ale as a cralit against thc wnu sewrcd by
<br /> ' this Se�:urity instrument.
<br />:� 3.Application of Paymeats.Unless applicable law provides otherwise.all payments received by I.encter under paragraphs
<br /> _ 1 and 2 shaU be applied: first, co any prepayment charg:s due under the Note; secotul,to amou�ts payable under paragraph 2;
<br /> third,ta interest due;fourth,to principal due;and last,to any late charges due under the Note.
<br /> 4.Charges; Liens. Borrow•er shall pay all taxec.assessments, charges, fines and impositions attributable ta the Property
<br /> which may attain prioriry ovcr this Secunty lnstrumcnt, and leasehold payments or ground rents, if any. Bc�rroW�er �hall pay
<br />;;� these ot+ligations in the manner provided in paragraph 2,ar if not paid in�hat manner,Borrow•er shall pay the��un tiu�directly ,
<br /> = to the person owed payment. Borrower shall prompdy fumish to l.ender all no[ices of umounts to be paid under this paragraph.
<br /> If Bormw•er makes these payment�directly. Bonower shall promptly furnish to Lender receipts evidenci�¢thc payments.
<br />��� Borrower shall promptly discharge any lien which has pnanty over this Security Instrument unless Bo�TOwer:(a)agrc:es in
<br />�' - wriiiu�iv ihc E.aj%r��t of.hc o�figatian s:.�urw by th�lien in a s�.ar.*�er Acce�+tah�e m lender:(b)contests in fiood faith the lien
<br /> by, or defends against enf�rcement of the lien in, legal pro��dings which in the l.ender's opinion operate to prevent the
<br />�•� enforcement of the licn;or(c)secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien ta
<br /> ., this Security Instrument. If Lender detemuaes that any part of the Property is subject to a lien which may attain priority over
<br /> — this Security Instrum�nt, Lender may give Bon�ower a notice identifying the lien.Bonower shall satisf}the lien or take one or
<br />� more af the actions set fonh abo�•e within 10 days of the giving of notice.
<br /> '� 5. Huzs�rd or Property Iawr�uu'c. Borrower shall keep the improvements now existing or hereafter erected on the
<br /> �� Property insurc�l against loss by fire, hazards includod within the term "extended coverage" and any other harards, including
<br /> �.� floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods
<br /> � that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval
<br /> which shall noi be unreasonably withheld. If Borrower fails to maintain coverage described above, l.euder may, ai Lendcr's
<br /> � option,obtain ooverage to protect Lender's rights in the Property in accordance with paragraph 7.
<br /> � All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender
<br /> � shall have the right to hold the poticies and renewals. If Lender requires,Borrower shall promptly give to L.ender all r�ceipts of
<br /> � paid premiums and mnewal notices.In the event of loss.Borrow•er shall give prompt notice to the insurance carcier and Lender.
<br />;,� Lender may make proof of loss if not made promptly by Borrower.
<br /> _� Unless Lender and Bonower otherwise agne in writing,insnrance procceds shall be applied to rescoration or repair of the
<br /> F�vyc�iy wuc�gw, �f'u`w�esi�rd.:�:.:.r rr�.:.:r i;:.�.r.::ni^.�!!y fe=sib!t a.•,�L!�!+�•r's��riry�c n�,r leesened.If the resiorrtion or
<br />,� repair is not ernnomically feasible or Lender's security wuuld be lessened,the insurancc procecds shall be applied to tht sums
<br /> -�� secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
<br /> � Property, or does not a�uwer within 30 days a notice from Lender that the insurance carrier has offered to sestle a cls�im. then
<br /> � L.ender may oollect the insurancc proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
<br /> secured by this Security Instrument,whether or not then due.The 30-day period will begin when the nocice is given.
<br /> Unless Lender ar�d Borrower otherwise agree in writing. any application of proceeds 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 paymenis. If
<br /> �� under paragraph 21 the Property is acquired by l.ender, Borrower's right to any insurance policies and proceeds resulting from
<br /> = danwg�tu u►�Fro�xY}+p�.or to L'�e acquisition sha11 p�ss to l,e�er to the aYteni of thc ss�ms secured by this Securiry Itutmment
<br /> $� inune�liately prior to the acquisition.
<br /> 6.Occupancy,R�eservation,Maintena�x�e and Pratection of the Property;Borrower's Lo�n Apptication;Leaselwlds.
<br /> Borrower shall occupy.establish,and use the Property as Borrower's principal residence within sixry days after the execution of
<br /> :=� this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after
<br /> '� the date of occupancy.unless Lender otherwise agrees in writing,which consent shall not be unreasonably withheld,ot uriless
<br /> —� extenvating circumstances exisi which are beyond Borrower's control. Borrower shall not destroy, damage or impair the
<br /> -- Property. allow the Property to deteriorate, or commit waste on the Property. Bonower shall be in default if any forfeiture
<br />�,� action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forFeiture of the
<br />'r±�.� Property or otherwise materially impair the lien created by this Security Instrumem or L.ender's security interest. Borrower may
<br /> �� wre such a default and reinstate,as provicied in paragraph 18,by qusing the xtion or proceeding to be dismissed with a ruling
<br /> -�° that, in Lender's good faid� determination, precludes forfeiture of the Borrower's interest in the Property or other material
<br /> '�"� impair►nent of the lien created by this Security Instnment or I.ender's security interest. Borrower shalt also be in default if
<br />'�� Borrower,during the loan application ptocess,gave materially false or inaccurate infortnation or statements to Lender(or failed
<br />.,r�� to provide l.ender v►ith any materia!inforn�ation)in connection with the loan evidenced by the Note, including,but not iimited
<br /> - to.represa►tations conceming Sarower's occupancy of the Property as a principal residence. If this Security Instrument is on a
<br /> leasehotd, Borrower shall compl} with all the provis�ons of the lease. If Borrower acquires fae title to the Property, the
<br /> lcasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br /> 'I.Pu►tection of i.ender's Rights in tlte Property.If Borruwer fails to perform the covenants and agteements contained in
<br /> ,"` t:�is�.curiry ;r�tr.:.:�"ni. �r ih�:�is�legs!p:r�ing Lhas p�ay SFgnificantly afFect Lender's rights in the Propert'y (such es a
<br /> �i proceeding in banlcruptcy,probate, for condemnation or forfeiture or to enforce laws or regulations), then L.ender may do and
<br /> pay for whatever is necessary to protect the value of the Propeny and Lender's rights in the Froperty. Lender's actions may
<br /> ine{�e p�ying any sums secured by a lien whicfi has prionty over this Security Instrument, appeanng in court, paying
<br />�-� reasonable attorneys' fees and entering on the Property to ma3ce repairs.Although l.ender may take action under this pazagraph
<br />�' ; 7.Ixnder dces not have to do so.
<br />� -' Any anwunts disbursed by Le�►der under this paragraph 7 shall become additional debt of Borrower securtd by this
<br /> Security Instrument. Unless Borrower and Lender agree to other terms of payment,these anwunts shall bear interest from the
<br /> _ , date of disbutsement at the Noi°, rate and shall be payai�le, with interest, upon notice from Lender to Sortower requesting
<br /> paYmeni.
<br /> 8.Dforigage Inwrance.If Lender reyuirai mortgage insurance as a condition of malting the loan sccured by this Security
<br />- Instrument. Borrower shall pay the premiums required to maintzin the mortgage insurance in effect. lf, for any reason, the
<br /> mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to
<br /> obtain coverage substantially equivalent ta th�mortgage insurance previously in effett, at a cost substantialiy equivalent to the
<br /> cost to Honowet of the mortgage inwrance previo�sly in effect, from an alternate mortgage insurer approved by Lender. If
<br /> o,o.z d� Form 3028 9/90
<br />
|