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<br /> ' The Funds shall be held in an i[tstitution whose depasits are insured by a federal agency. instrumentality. or entiry _� ' `
<br /> � (including L.ender, if Lender is such an instituuonl or in any Federal Nome L,oan Bank.Lender shall appiy the Funds to pay the ;,
<br /> `-'- — Facraw ttems. i.ender may not rharge Boriower for halding and appiying the Fund+_:u�t►uall�analyziog the escrow account.or __ ._
<br /> � veriiying the Escraw Items.unless Lender pays Borrover interest on the Funds and appfipbte law pernuts Lender to make such . :
<br /> • " ` a charge. However. L.ender may require Borrower to pay a one�-time ch:uge fi�r an independent real estate tau mporting service�. : `:`,��
<br /> u�ed by Lender in wnnection with this loan, unless applic�bte law provides otherw►se. Uniess :in agreement is madc or�� , '.° �
<br /> appiicabie!aw requires interest to be paid l.euder shall not he reyuired co pay Borrower any interest ar earnings on the Funds. � t . •
<br /> � �" Borrower and Lender may agree in writing.however,that interest shall be paid on the Fun d s. L.e n der shall givc to Borro�ver.�
<br /> ' •. � without charge, an annual accounting of the Funds,showing crediu and debits ta the Fands and the purpose for which each � . . .
<br /> debit to[he Funds was made.The Fund,are ptedged as additional security for all sums secured by this Security Instrument. ;� ,
<br /> � If the Funds held by L.ender exceed the amoun�s permitced to be hetd by applicable law.L.ender shall account ta Borrower�
<br /> • � for the excess Funds in accardance with the requiremenu of appiicable law. If the amount of the Funds held by Lender at any� � �
<br /> .__ __-� time is not su�cient to pay the Escrow Items when due.Lender may so notify Borrower in writing,and,in,uch rase Borrower , � ` •
<br /> ' , °- � shatl pay to Lender the amount necessary to make up the deficiency. Barrower shali make up the dcfi��iency in no mure than�
<br /> � • • twelve manthly payments.at Lender's sole discretion. ``. . .
<br /> ' Upon payment in full of all sums secured by this Security Instrument. Lender shall prompdy refund to Rorrower any . �.E
<br /> Funds held by Lender.!f,under paragraph 21.Lender shall acquire or sell the Property.L.ender,pnor to the acquisitian or sale
<br /> • - af the Property,shall apply any Funds held by I.ender at the time of acquisition or sale as a credit against the sums secured by , _ -
<br /> r, � this Security Instrument. _
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<br /> • 3.Appllration of Payments•Ualess applicabte law provides otherwise,all paymenu received by Lender under paragcaphti • . . ,
<br /> ' !and 2 shall be applied: first, to any prepayment charges due under the Note: second,to amounts payable under paragraph 2: �__
<br /> - _- _ thiml.to intenest dae:fo�nh,tv princ�pal due;and last,to any late charges due under the Note. ' � `�_�
<br /> th' .; .
<br /> � 4.CHarges, Liens.Borrower shall pay all taxes.assessments,charges.fines and impositions attributable to the Property _,���;4.V.
<br /> which may attain priority over this Security Instwnent, and lC:,sehald payments or ground rents, if any. Borrower shall pay ,.- ,
<br /> these obligations in[he manner provided in paragraph 2•ar if not paid in that manneF.Borrower shall pay them on time direcdy ,��_
<br /> ' ` to the person owedi payment. Borrower s6a11 pmmptly fumish to Lender all notices of amounts to be paid under this paragraph. -_� r ,-�--
<br /> If Borrower makes these payments d'srectly,Borrower shall prompdy fumish ta Leader receipts evidencing tfie payments. �..__
<br /> . � ' Borrower shall promptly discharge any lien�vhich has priority over this Security Instrument unless Borrower.(a)agrees in �:` . ,;-�
<br /> � 4tr ��.'`� wriung to the payment of the obligauon secured by the lien in a manner acceptable to L.ender;Eb)cantests in g�od faith the lien ,,,�.:: '� ;�. •:
<br /> <_� by, or defends against enforcement of the lien �,legal praceedings which in the Lender s opinion operate to prevent the � � _�-
<br /> . ...d.'.r.._
<br /> enforcement of the lien;or(c)secures from the holder of the lien an agrcement saUSfactory to Lender subordinating the lien to _. •s .�.-
<br /> • � ' � this Securiry Instrument. If Lende�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 notice identifying the lien.Borrower shalf satisfy the lien or take one or . ,�� _
<br /> ' °?� snore of the actions set farth above within 10 days of the giving of notice. ' •���:`
<br /> y.....•'t� . .:.: ::", 5. tlazard or Property Insurance. Borrower shall keep the imprcqemenu now existing or hereafter erected on the ,;p�::=�;n�,
<br /> • �'' Property insured against toss by fire, hazards included within the term "extended coverage" and arry other haznrds,including �c ..;;, �
<br /> ��' � floods or floading,for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods '��r
<br /> � • � ttiat I.ender requires.The insurance carrier providing the insurance shall be chosen by Boaawer subject to I.ender s approval , ; :.����
<br /> ` which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above. Lender may. at L.ender's •'�•r��.
<br /> . " ' � t'r option.obtain coverage to protecc lxnder's rights in the Property in accnrdance with paragraPh 7. ; � � ;z� -'
<br /> , � All insurance policies and renewals shall be acceptabte to Lender and shall include a standard mortguge clause. Lender ,, ;�§ ,�;
<br /> r.'<� ,; t�.�t�.
<br /> � shall have the right to hold the policies and renewals.If I.ender requires.Borrower shall pramptly give to Lender all receipts of , . __
<br /> , �' . " paid premiums and renewal notices.In the event of loss, Borrower shall give prompt nodc�to the msurance carrier and l.ender. �:_.
<br /> � Lender may make proof of loss if not made promptly by Borrower. '� "'
<br /> � ' Unless Lender and Borrower otherwise agree in writing,insurance proceeds sha11 he applied to restoration or repair af the ��"�:
<br /> . . - , . . Property damaged,if the restorauon or repair is economically feasible and L.ender's securiry is not lessened.If the restoration or . , ,; : t. ;�-l;A;'.
<br /> � repair is not economically feasibie or Lender's security would be Iessened,the insurance proceeds shall be applied to the sums . _ ;'� `;-
<br /> - secured by this Security Instrument, whether or not then due. with any excess paid to Bortower. If Borrower.abandons the _ ____:.Si<<-=!
<br /> ' . ,. Property. or daes not answer within 30 days a notice from l.gnder that the insutance carrier has offered to settle a claim. then ,,: �:�,_
<br /> _ � - I.ender may wllect the insurance praceeds. 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 periad will begin when the notice is given. ���_=•
<br /> � Unless Lender and Borro«er otherwise agree in writing. any application of proceeds to principal shall nat extend or .'>;• . ' ',.
<br /> . � postpone the due date of the monthly payments ret'erred to in paragraphs 1 and 2 or change the amount of the payments. Tf .�� ' ` ``='
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<br /> . . � uader paragraph 21 the Property is acquired by Lender. Borrower's right ta any insurance policies and proceeds resutting from .. �,.
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<br /> �. damage to the Property prior to the acquisition shalt pass ta I.ender to[he extent of the sums secured by this Securiry Instrument . ' ��;
<br /> • ' " '! immediately prior to the acquisition. � "_..
<br /> � . 6.Occupancy.Preservatloa.!1lsintenance a�d Protec3ion of the Property;Borro�ver's Loan Applicat[on:I.easeliolds. . :.•___
<br /> ' • , Borrower shall occupy.establish,and use the Property as Borrower's principal residence within sixty days aftcr the e�cecution of .
<br /> ' � .'.� this Security Instrument and shall continue to occupy the Property az Horrower's principal residence for at least one year after .
<br /> : ' 1 the date of occupancy, unless Lender otherwi.e agrees in writmg.which consent shall not be unreasonably withheld, or unless .
<br /> . extenuating circumstances exist which are beyond Borrower's control. Barrawer shall not destroy, damage or impair the
<br /> � ' Propetty. allow the Property to�'rteriorate. or commit waste on the Propecty. Borra�cer shall bc in default if any forfeiture ,
<br /> ' . " action ur proceeding, whether cit�!or criminal, i�,begun that in Lender's good faith jcslgment cauld result in forfi�iture of the •
<br /> . Property or otherwise matcrially i:ipair ihc lien createcl by this Security Instrument or L�.-der's security interest. Borrower may . ,
<br /> � cure such a default and teinstute.ay provided in paragraph 18,by causing the action or p,-ocecding to be di�mic.ted witi�a ruling
<br />, that, in l.ender's good faith dctermination. prc�:luJe+ furfeiture of the Borrower's interest in the Propeny ar other material . .,.,
<br /> • impairment of the lien crreted by this Security In�trument or Lender's security interest. Borrower ,haU also be in default if .
<br /> ; Borrower,during the loan applicatian process,gave materially false or inaccurate information ar statements t��Lender tor i'�iled .
<br /> -_ � to provide Lender with any material information►m connertion witb the laan evidcnceil hy the Nc�te, induding,but not limited ,. .
<br /> .. • ta, representations concemin�Burrower's uccupanry of the Property as a princiQal residertce. lf this Sccurity Instrumcnl is un a .
<br /> ' Ira�ehold. Borrower shall comply with eU thc prov�sians of the Iease. If Borrower acquires fee title to the Property. the .
<br /> � � Ieatiehc�ld and the fce title sh:+ll not merge unless Lender agrees t��the merger in writing. . ,.�
<br /> 7.Protectfon of l.ender's Rights in the Pr��perty.If Bonower fails to perform the crnenant�anJ agrccments contained in ,
<br /> , ihi�Security lo�trument.or thcrc i.a Iegal procceding that may significantly affect Lender's rights in the Propeny Isach as a . ,
<br /> . , , pruceeding in hunkruptcy. probate. for condemnation or fnrfeiture or to enforce laws or regulation.r),then Lender may du and
<br /> ��'' � p,ry fur whatcvcr i�ncce+wry to pratect thc valuc af thc Property anJ L.cnJer'ti rights in the Pr�perty. Lender's actions may .
<br /> � � mcludc paying any tiums sccurcd by a licn �vhich hay prionty ovcr thiti Sccurity Imtrumcnt. appc:iring in court, paying � �
<br /> ,+ ,7 rea��mablc•runrncyti fcc�anJ entering on the Propcny t��malce rep:►irti. Althnugh l.endcr may take acuun under thi�para�raph
<br /> • • 7. �.CildCf l�l1Cti tlltt h:lYl't��tjt��t�. � .
<br /> � '" Any amuu�yts di.hur.rd by l.ender under thi� paragraph 7 tihaU hecome addiuunal debt ��f Borru�ver .ecured by Ihiti • •
<br /> � - Sccurit}� In�trument. Unlc.� Borc�nver anJ IAnder agrce to othcr terms��f p.�yment. thetie amountti shall hcar intcre�t frutn the
<br /> .r:�� � date uf di+bur.cmcut ai ihr tiutr rate and shall hc payablc. �cith intere�t. upim notice from Lcnder to &�rr„�vcr requc�ting . .
<br /> payment.
<br /> � � 8. 11nrt�a�;e Insurance.If L.�:udcr rryuired murtgagc imurancc ati a ronditi��n af making thc luan tierureJ by thi�Srruriry
<br /> i In�ttument. Borri�wer tihall pay tlm premiuui. rryuireJ tu maintain thc murtgagc imurancc in ci�fccl. 1(. tiir any rea�nn. thc
<br /> � nu�rtgage mwr.�nre ruvcrage reyuired hy l.�nder lap�e.ur reax.t��he in ef7ert. &�rrowcr.hall pay tlie premium.rcyuircd tu � _
<br /> i ubtam cuvera�:r .uh,tantially eyuivalenl tv 1hr m�,rlgage mwrance prcviou�ly m eifect.at a r�nt �uh�lanliaUy eyuivalem tu Ihe
<br /> . . i ru.t i�� E3nrr„�ccr nF Ihc nu�rigagc in.urance pnrwu.l} in cffcct. fmm an altcmat� mortgagr inwrcr appruvrJ hy IAndcr. lF
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<br /> • . �.,.,,,�.,,� Form 3028 9�90 . �
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