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<br /> - v �ant and a rec ns followa: �
<br /> UNIFORM COVENANTS. Borcowcr nnd Lendee ca ci g
<br /> . � :�� 1. Pey�ricnt af Principal pn�l Interest;PrepAymentRnd I.ato Charges. Bonower shall promptly pay when Auc thc �.
<br /> �' principal of and interest on the d�bt evidenced by the Note and any prepayment and late chazges due under the Note. F•
<br />`.,;;�.�,.:;,. �� 2. 1Funds fur Taxe9 and InsurAnce. SubJ�ct to Applicable lnw or to a wrttten waiver by l.endcr,8onower shall pay to =
<br /> ` L.cnder on thc day monthly papments arc due under the Note,undl the Note{s pald in ful(,a sum("Funds")for: (a)ycarly �
<br />,_,��y`�_� ta:es and asscssments whtch may attain priority ovcr this 3ecudty InStn�ment;�s a lien on the P�operty;(t�)yearly tcasehold
<br />-- - nnvmnntn nr orn��nA rwnta nn the PrnnertY; if any: (cl vearlV h&78td oi' DIODeriV i�uurance premiums; (d)vearly fl�od �
<br /> y�� insurance pramiums, if any; (e)yearly mortgage insurartce premiums, if any; �id (f) any su►ns payable by Bnno�ver�o �
<br /> Lender, in accordance with the provisions of paragraph 8.in lieu of the payment of mortgnge insurance premiums. These °
<br />. • -. items are called"Escrow Items." Lcnder may,at any time,collect and hold Funds in an arnount not to exceed the maximum __
<br /> �� amount a lender for a federally retated mortgage lou►may require for�orrower's escrow accaunt under the federal Real __
<br /> • .=�,�� � Estate Settlement Procedures Act of 1974 as a�nended from time to time, 12 U.S.C.§ 2601 et seg. ("RESPA"),unless _
<br />.�.;;,��� anoth�r lt►w that applies to tGe Funds aets a lesser amount. If so, Lender may,at any time,collect and hold Funds ln a�► �
<br /> ._,.:. ����•
<br /> amount not to exceed tl�c lesser amount.I.endcr may estimate the amount of Funds due oii the basis of cunent data and
<br /> LL�-�._.P, reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law.
<br /> The Funds shall be held in an institution whose depostts are insured by a federal agency, instrumentality, or entity
<br /> -�'�`'�'� (including Lender,if LeQder is sucn an insiitutton)or In any Federal Home i,oan Rank. 1.ender shall apply the Funtis to
<br />-='�'°"'�� pay thc Escrow Items. Lender may not charge Borrawer for holding and applying the Funds,annually analyzing We escrow
<br />_�.� account, or verifyiag the Escrow Items.«nless L.ender pays Bonower interest on the Funds and applicable law perraits
<br />..=�•�� l.eudee to iiyake such a charge. However,Lender rnay rcquira Borrowcr to pay a one•time charge for an independent real •
<br />'����dr���� estate tzx reponing service used by Len�lsr in ccmnectton with this loan,unless applicable law provides otherwise. Unless an
<br /> .-_°,:;;;.f��.! agrecment is raade or applicable law requires interest to be paid,Lender shall aot be r�quired to pay B�nower any interest or
<br /> _;�_'_1.,�,t�� e.lmings on the Funda. Bonower and Lender may agree in writing, however,that interest shall be paid on the Funds.
<br /> l.eader ahall give to Bonower,without charge,an annual accounting of the Funds, showing credits and debits to the Funds
<br /> �;H;;� and the purpose fur which each debit to the Funds was made. The Funds�re pledged as�dditional secudty far all sums
<br /> secured by this 5ecurlty Instnunent.
<br /> ---�� If the Funds held by L.eader�xceed the amounts permitted to be held by applicable law, L.ender shall account to
<br />__�::��--� Borrower for the excess Funds Li accordance with the requirements of applicable law. If the araouat of the Funds h$ld by
<br /> - =,� Lender at any time is not sufficient to pay the Escrow Itema when due,I.ender may so notify Bonower in wdting,and,in
<br /> _ ---- such case Borrower �hall pay to Lcnder the am�unt uecessary to make up the deficiency. Borrowcr sbnll m�ake up the
<br />-- ---= deflciency in no more than twelve monthly payments,at Lender's sole discretion.
<br /> --- L'�:.n p:.�:sirnt�.z fa2!ot'a!!�um��sz�s3 b� 'sais�xc3sri;�tr�n�u*.,I.end:r � �� F*.+emg!1;refi!�r�n�,n�wpr an;
<br /> -=� Fwids held by L,ender. If,under paragraph 21,Lender shall acquire or sell the Property, Lender,prlor to the acquisition or
<br /> ,-___-- _= sale of the Properry, shall apply any Funds hetd by Lender at the time of acqulsition or sale as a credit against the sums
<br /> ��'�—� secured by th{s Securlry Instn►ment.
<br /> `� 3. Application of Payments. Unless applicable taw provides atherwise, all payments recclved by Lender under
<br /> ==� paragcaphs 1 and 2 shall be applied: first, to any prepayment chazges due under the Note; second, to umounts payabla
<br /> under paragreph 2;third, to tnterest due;fourth,to principal due;and last,to any late chargcs due under the Note.
<br /> 4. C6arges;Ll�aLV. Bonower shall pay all taxes,assessments,charges,fuaes and impositions attributable to the
<br /> Property which rnay attatn priorlty over this Securiry Instrument, and leasehold paym�nts or ground rents. if auy.
<br /> Borrower shall pay these obligatioms in the manner provtded in pazagraph 2,or If not paid in that mauner,Borrower shatl
<br /> - pay them on time directly to the person owed payment. Bonower shall promptly fumish to Lender all notices of amounts to be
<br /> paid undtr this paragraph. If Borrower makes these payments directly,Bonower shall pmmptly fumish to Lender receipts
<br /> evidencing thc paymenta.
<br /> Borrower shall promptly discharge az►y lien which has priority over this Secudty [nstniment unless Borrower: (a)
<br /> agrees in wdting to the paymeat of the obllgation secured by the lIen in a manner accepcable ta Leader;(b)contests In good
<br /> fa�th the licn by,or defends aga9nst enforceraent of the lien in,legal proceed3nga which in the Lender'�opinion operate to
<br /> — prevent the enforcement of the lien; or(c) secures from the holder of the lien an agreement satisfactory to Lender
<br /> suborAinating the lien to thfs Security Instrument. [f Lender determines that any part of the Property ls subjtct to a lien
<br /> which may attain priartry over this Securiry Instrument,Lender may give Borrowcr anatice identifying the lien. Bonower
<br /> shall satisfy ttte lten or telce one or more of the actions set forth above within 10 days of the giving of autice.
<br /> "—- 5. Haznrd or Pruperty Iasur�nce. Borrower shall keep the improvemenra now exfstwg or hereatter erectal on the
<br /> Aropeny Insurtd agalnst ioss by fire, haznrds included within the term "eatended coverage" and any other hazards.
<br />- --_ � includ[ng floods or flooding,for which Leuder requires insurance. Thfs insurance shall be tmaintain�ed'en the amounts and
<br /> for the pedods that Lender nquires. The lnsurance carrier providing the insurance shall be chosen by Borrewsr subjact to
<br /> — � Lendec's approval which shall not be unreasonably wid�held. If Borrower faila to maintain:overage described abovo,
<br /> - Lcndcr may,at Lender's option,obtaln coverage to protect Lender's i�ighu in the Property in accordance with paragraph 7.
<br /> -_=�= All insurance policies end Yenewals shali be acceptable to I.ender and sU�ll inclune a standard mortgage clause.
<br /> _=_�_��a Lender shall have the right to hold the policies and renewals. If Lender requires,Borrower shall promptly givc to Lender
<br /> - all receipts of paid premiums and renewal notices. In the event of loss,Bonower shall give prompt noticc to the Insurance
<br />--�;��� carrier and Lcnder. Lcndcr may makc proof of loss if not made promptly by Bonower.
<br /> '`='�� Unless Lender and Borrower otherwise egree In writing,insurance proceeds shall be applied to restoration or repair of
<br />-- - the Property dcuna�cd, if the restoration or repair is economically feasible and l..ender's security is not lessened. if the
<br />-�;a�;;���'� restoration or repair is not economically feasible or Lender's securiry would be lessened,the i(ieulrq¢ce¢rdc�eds shall be
<br /> -Y•`��='ti'��:`-�� applicd to the sums secured by this Security Instrument, whether or not then due. witti any excess paid to Borrower. If -
<br /> `����� Borrower abattdons the Property, or daes not answer within 30 days n notice ftom Lender that the insurance canier has _
<br /> •�-- offered to settle a claim,then Lender may cotlect the ussurwce proceeds. I.r.nder may use the proceeds to repair or resrore _
<br />'u+1!��"' d�e Property or to pay sums secured by d�is Secudty Instrument, whether or not then due. The 30-day perlod wUl begin =
<br /> ---=<ti;'�:,?:�"� ..,.r..,._ -
<br /> .,..:w:b..v.. _.
<br /> '•'��-•� ��fV��Unless�Lender and Borrower othenvise agrce in writing, any application of pzoceeds to principal shall not extend or `
<br /> �•�"�� �� .,� ost one thc duc date of the monthl a ments refcrred to in aza ra hs 1 and 2 or chan e the azuount of thc a ments. If
<br /> . P P YpY P 8 P E PY
<br />- :• � under paragraph 21 the Propeny is acquired by Lender,Bonower's r3ght to any insurance policies and proceeds resulting
<br /> ' , from damage to the Property prior to the acquisition shall pass to L.ender to the extent of tlie sums secured by this Securicy
<br /> �'��.�`� ., Instrument immediatcly prior to the acquisition.
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<br /> .? Form 3025 9/90 fpage 2 oJ S pogerl
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