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<br /> The Funds shall be hetd in an inst�wtiun whose deposits are iasured by a federal atenc�y. instrumentality. or entity ;r` . . ;�:._
<br /> linciuding Lender. if L.ender is�u�h att inscitution)or in any Federal Home[.oan Bank• 1-ender shall apply the Funds w pay the .� f :
<br /> Escrotr ttems. Le�der may nat charge Borrouer for holding and appl}•ing the Funds,annualiy anzlyzing the escrow account.or '. ; „4 ti,,y �
<br /> � verifying the Eticrow Items,unle�.+Lender pays Borrower interest un the Funds and applicable law perm�ts Lender to make such ,. :,�
<br /> a charge. Howecer, LenSer may myuire Borrower to pay a nne-time charge far an inde�endent real estate tax rePan�nB tiervice :� � r y �_,,�� :
<br /> ..,.,>x�,
<br /> u�ed by� Lxnder in connection with tttis loan, unle+s applicable law pra��idea otherw�i�e. Urttess an agreement is made ur , —
<br /> � applicable law reyuire,interest to be paid. Lender+hali not be reyuired co pay Borru«er any inier�t ur ramings on the Funds. _ __ .""'i.
<br /> Borrower and L.ender may agree in writing.howe�•er. that intere�t shall be patd on the Funds. Le�er Shal�B�v or hi h each � _ _ �:�"'�"__
<br /> without ch:nge. an annu�l accuunting of the Fund,. showing credits and debits t�i the Funds artd the purpose �.. __ _
<br /> debit to the Funds ws,made.The�unds are pledged:i+additiortal security fur ail sums,ctiurui bp th��Security Irutrument. ,
<br /> If the Funds heW by L.ender exceed the amouna�permitted to be held bg aQpl�cable law. L�'ndzr shall account to Borrower � >�•-:=-_�-;•�s'��
<br /> for the excess Fund, in acrnrciance��ith the requ�n�ment+vf applicable law. if the amuunt of the Funds held by Ixnder at an}' �
<br /> time is not sufficient tu pay die Escrow[te tl��e uuetheedet ei ncy�BnrroweBr�hali emalce up th deficiencych'case 8��� . _ _
<br /> � �hall pay to I.ender the amount necrssary P ,` `
<br />-- twelve monthly payments.at Lender's sole discretion. . , �
<br /> ' Upon payrt�ent in fuU uf all tiumti secureci by thia Serurity Instrument. L.znder shall promptly rcfund to Burro�vzr anY , . _ : +'
<br /> Funds hetd by l.ender. If,under pa.*agraph?l. L.ender,hall arquire or sell the Property. Lender.pncir to[he acqui�ition c�r sale e�,_ :,` �.,��
<br /> .�..'.�,:�:��-«��.--_
<br /> of the Property•shal� sPP�Y�y Fundti held by L.ender at the[iin�oF acquisition or,ale a�a credit a�:�in.t the sums secured b}� .:�..1 ;�`- ` ,
<br /> this Security lnstrument. � , �� �
<br /> 3.Appl'st�tion of Paymeni5. Unless epplirablr law pro�idcs othenvise.all payn:ent+receiv�,i h� l.�nder und�r paragr�phs . °�, _
<br /> ! and 2 shall be applied: first,[o any pre�ayment charg�s d¢e under the Note; tiecond. tu am�unt.payable under paragraph 2: r , .,i-�wv,� __
<br /> .�--t.-.
<br /> ..�:.aa;�.., .' . ,.,.
<br /> tbird.co interes[due:fourth,to prir.cipal due:and lase.to any tate charges due under the iJate. � ��;�,,, ,_
<br /> ' , g,Cfiafges; Liens.Sorrouer shall pay all iaxes.assessments,charges, fines and impositioru anributable to the Pro rtY ,..`�:;.
<br /> e. ",
<br /> L�. which may aitain priority over this Security Instrument, and leasehold payments or ground rents, �f any• Barrower shall pay �-�.:� ,.- '1.,
<br /> �. _ these obligations in the manner provided in paragraph 2.or if not paid in that manner.Borrower sha;l pay th�m on time directly '�q��
<br /> to the person o�ved payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this para�a�h• f,-'����
<br /> If Sorrower makes these payments direc�ly.Borrower shall promptly fumish to Lender receipt+evideocing the payments. _ _ _
<br />' � Borrower shall prompJ} 3ischarge any lien which ha+priority over this Security lnswment unleac Burro�ver: (al agr��n :;,``
<br /> w r i t i n g to the pa yment of t[t_chligation tiecured by the lien in a manner aeeeptable ta Lender. (bl contests in gaod faith�he lien .
<br /> by. or defend� against enforz�ement of the lien in, legai proc e e dings w hi c h in t he L e n d e r's o pinion o perate to pre�er.t tt►�e '.� �. �i�G`.. _�� :..,
<br /> enforcemer.t�t�r the lien:or(c)secures .`~em the hoider of the lien an agreement satisfactory to Lender subordinating the 7�.�
<br /> , � this Security instrument. If C.ender�'�:�-�ines that any part of the Praperty is subject to a lien which may attain priorir• *t�er _ `' c
<br /> -�:_.
<br /> �is Securiry Instrument, Lender may giye Borrower a notue identifying the lien. Borrower shall satisfy the lien or take��a=or rm^�, �, ,. ;� �� ' �'
<br /> ^�ore of the actions set forth above with�n 10 dayy of the giving of natice. °"'��-.._._`
<br /> • 5. Hazard or Propercy
<br /> Insvrance. Bonower shall keep the improvements now existing or hereafter erected on the ,�,,, . p .:�,,�
<br /> � p roperty insur e d a g a i n s t loss h y fire. h:s.-�rds included within the term extended cuverage" and any other haz�uds, inci�ading -,�:-��,,: �
<br /> floods or flooding, for which L.ender ce.:��•:'�s insurance. This insurance shall be maintain e d in t he amou n ts a n d for the geziods r
<br /> . ir . The irtaurance c�.r:r providing the insurance shall be chosen by Borrower subject 1Or made at L.e���etas � 'a"i� �
<br /> �;a;.;�• that Lender req� � -
<br /> � , � which shall not be unreasu�,syly w�thheld. If Borrower fails to maintain coverage de�cribed above. Len e y ; ��;� 3
<br /> h7.
<br /> �?:;` �ption.obtain coverage co��[cxt Lender's rights in the Property in accordance�••�t;�p�B�P ,� _
<br />".:`,�;�4�' All i��ran�et P�hold the pol'ciesaand renev al.s I f1-enderr e�ndzs.Borro e�r halldpromptly g ve to Len er all recei,�n's of .�t�; ,.
<br /> �f,� shall have g �1i
<br /> ,���r��� paid premiuT�s and renewal notices.In U�.e event of loss.Borrower s�.all give prompt notice to t•'.:insurance carrier and LEnder. f��ti � �
<br /> � '�'%��- �.ender may make proof of loss if not rn�w��romptly by Borrower• "'
<br /> Unless Lender and Borro�ver otherwise agree�n wnnng. insurance proceeds shall be app.ie3 Fo restoration or repair of¢fie �;y . .
<br /> � � � Pcoperty damaged.if the restoration or repai�is economically feasible and Lender's sec.uriry is rai lessened. �7 the restoration or ;{� :,�
<br /> repair is not economirally feasibte or Lender's security would be lessened.the insurance procceds shali be zp�lied to the sums ' ,,.
<br /> ' setvred by this Security Instrument. whether or not then due. with any excess paid to Born����r. lf Bortower abandons the
<br /> Property.or daes not answer within 30 days a notice from Lender that the insurance carrier ta:offered to settle a claim,then —��''',_�_^
<br /> I.ender may co11ect the insurance proceeds. I.ender may use the proceeds to repair or restore the Property or to pay sums ���
<br /> � secured by this Security Instrument,whether ar not then due.The 30-day period wiq begin when the notice is given. , ;� •.:,..°�-
<br /> Unless Lender and 3�rrower otherwise agree in writing. any application of procceds to principal shall not extend or � "� ,...�� .,�_ .._,_,_,
<br /> • � . postpone the due date of�:z monthly payment� referrecl to in paragraphs 1 ar_��:or change the amaunt of the payments. If ����,_
<br /> _ under paragraph 2l the r��Pert the acqu��i�onYshall pa�sBo Le des unghe exteni of the arr►s secuYecl by tph s Secusrity Itnst�iumeni s:�. �
<br /> damage to the Property prior to , :'��--
<br /> . immediately prior ta the acquisition. �"Z;'�'�"'��
<br /> 6,pccupancy,Preservatton,Maintenance and Protection oY the Property;Horrower's Loan Appltcation;Leasettotds•
<br /> . 3orra�ver shall accupy.es.tablish,and use the Propeny as Bonower's principal residence within sixty days a�t¢-r the execution of , f,�'��
<br /> this Securiry Instrument and shall continue to occupy the Property as Borrower's principal residence far at t;zst one year after �y ...: .-
<br /> �'. : , the date of occupancy.unless Lender otherwise agrees in writing, whici Borrowerdshallt notud�y�bldamaSehordimrair the � �'����'_ ___
<br /> p ,.��;; ,.; ••
<br /> extenuating circumstances e x i s t w h i c h a r e b e y o n d B o r r o w e i s w n t r o ,!. .�,�__ ��.._
<br /> � � Property.allow tfie Property to deteriorate, or commit waste on the Property. Borrower shall be in de fau lt i f any f o r f e i t u re �_ _
<br /> . action or proceeding, wi-r:ther civil or criminal. is begun thac in Lender's good feitSi judgment could result in furfeiture of the '' • `x�°`.+.0
<br /> •' Property or otherwise��:�.�erially impair the lien created by this Security Instrument or Lender'�security interest. Borrower may �Y����. ..•'. ':_
<br /> '� cure such a default ana ���state,as provided in paragraph 18,by causing tLe zrti�n or proceedin�to be dismissed wich a ruling __
<br /> that, in Lender's good faith Jetermination, precludes forfeiture of the Borr��.:i s interest in the Property or other material .. ,+ :;_
<br /> � . i m p a i r m e n t o f t h e li en created b y this Security lnstrument or Le�der'ti secur.:y intere�t. Borrower shal) also be in default if � , ' y_,+`.�
<br /> Bonower,during the loan application r,nTCess,ga+.��ateria l ly f=:��e or ina c c u rz:�i n f o r m a t i o n o r s t a t e m e n t s to Lender(a:fa�led :� .µ�� �..
<br /> to provide Lender with e^y mxterial infottnat.en; .-.c���nection Uith the loan e��a.nced by the Note.including,but not iirr.±ied ����_ :R}�t_�u_..,�:_
<br /> to.representations a�r..:��ng Borrower'���ccup�.:�'.:: ����he Property as a prin��.ra:residenc�.If this Securi'y lnstrument is an a o�i��-,•.�
<br /> � leasehold. Borrower sn�'�� n,mply with all tl.e cr,,:sions ��f the lea,e. If ��-rower acyuire� fee titic t;, thc Pmpe^}, the � `},��,
<br /> ' leasehold and the fee[ic��shall not merge unles�L-�:��ier agrces to the merger in writing. [�pii�"�',:,:_"-: ----
<br /> 7,l'+h>c:ctton of dxnder's Rig�tta�i:y ihe PropeRy.lf Borcower fails to perform the covenants and agreements corl��:s�sd in .,,�,r,�.--
<br /> this Se�_�c'; ins[rumer�t. or there is a:egal proceeding that may significantly affect Lender's rights in the Propeny {s�.h as a -:�ri.;�:���4�_
<br /> ' proceeding in bankruFrw:. probate. for condemnatinn or forfeiture or to enforce laws or regulations), then L.ender may do and <��;',,._.•
<br /> ��;,.�.. pay for whatever i�iux�_�yary to protect the value of the Property and [.ender's rights in the Pmperty.�L�nder's actions may . ���::Y �
<br /> mclude paying any t�:�s tiecured by a lien which fia, priority over this Security instrument, appearing in court, paying � ..'
<br /> • reasonable attomey�'feeti and entering an the Property to make repairti. Although Lender may take action under this paragraph 4�� �_
<br /> � 7,l.ender does nat have tc�do si�. ' �� !'�
<br /> �,,r:.s-;c•�. ,
<br /> • Any :unounts disbuned by L.ender undcr thi+ paragraph 7 shall bewme additiunal deSt of Banower �ecured b� this �,„.;. . �.:f
<br /> Security Instrument. Unles� &tirrawer and Lendcr agree to other tcrms i�f payment. thetie amounl5�hall bear interest from the ,�.Y,`. _
<br /> • � date of disbur+ement at ihc Nute rate and �hall hc payahle, w�th intere.t. upon not�cc from Lender to Buttower reyuesting =-�
<br /> _. . . payment. _ �
<br /> � S.l�lortg�ge insurartce. If Lender requinxl mortgage imurance as a cundition of making the loan+ecured h�•th�y Serurity �t:,:;;.�:..�: .. .�
<br /> Instniment. Borrower xh:�ll pay the premium� rryuired to maintain the mortgage insurance in effect. If, for any rea+on, the u:,,,���,,-�,
<br /> mortgage insuran.e coverage requir��l by L.ender lap+eti nr cease�tu he in effect. Bt�ttower+hall pay the premium. reyuirai ta
<br /> � obt�in mverage�ub+tanti�lly cyurvalent to the mi�rtgsge insurance previously in et'f'ect. at a m�t �ub�tantially ryuivalent t��the
<br /> . � cost to Burn�wer of the m��ngage inwrattcc prcvi��u�ly in effect. Irom an altemate murtgagr inxurer appmval h�� Lender. If ,
<br /> � ��.
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<br /> Form 302E 9l90
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