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<br /> ` � �` �`` �' The Funds shall be held in an institution whose deposits am insured by a federal agency. in�trumentality. ar entity . . .
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<br /> _ ° �r� (including I.e�der.if Lender is such�n institution>or in any Federal Home Loan Bank.Lender shall apply the Funds to pay the : � ., � �
<br /> ±`!` ` � Escrow Items. L.ender may not charge Borrower far holding and applyin8 the�unds.annually analyzing the escrow account.o� °•+
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<br /> veriEy+ing the Fscmw Items.unless Lender pays.Borrower interest an the Funds and applicable law permrts Lender to make such� l :
<br /> �� ' ` a charge. However.Lender may require Borrower to pay a one-time cIraige for an independert real estate eax reporting sen+ice � 't `-`:- ..;;<<<.<�:,
<br /> ''� s� used by Lender in rnnnection with this toan. anl� applicable taw providea otherwise. Untess an agreement is made ar :��` ',; . ;�: `.
<br /> '_ ' appli+able taw reqnires ineerest to be paid.Lender shall not be required to pay B��rrow•er any interest or eainings on the�unds. � .� t,.:�• ^`
<br /> � Aarroa�er artd Lender may agrec in writing.lu�wever.chat interest shali be paid on the Fundy. Lender shall give to Borro��+er. �i 8 . �,.- .-
<br /> ' • ° without c�arge,an annual accounting of the Funds,showing credits and debits to the Funds and the purpose for which each� '�
<br />` •,�`',` debit to the Funds was made.The Funds are pEedged as additional security for all sums secure3 by this Security Instrumezst. � �. ',. `�. :<<
<br /> � ' f�� �` ff the Funds held by Lenderexceed the aznounts pemutted to be held by applirable taw.Lender shall account ta Barrower� �•. _ ' ,: ; �
<br /> . ' .i-�-'"J' for the excess Funds in accordance with the requirements of applicable 1aw. (f the amount of the Funds held by Lender at acry :_t'�•;
<br /> � � ' �`""'��' [i m e is not sufficient to pay the Escrow Items when dae. Lender may so natify Borro�er in writing,and,in such case Borrower . :r.," . `
<br /> . -`-.��- sha11 pay w Lenaer the amount ►►e��7'to maice up t he de f iciertcy. B orro w e r s h a l 1 m a k e u p t h e d e f i c i en c y in no more than
<br /> • �. � � [wetve monthly payments,at Lender's sole discreiion. • : � �� ��
<br /> ' Upon payment en full oi ait sums secured by this Security Instrument, l.ender shall.pn�mptly refund to Borrower aay ;.'�� :,' � `:.
<br /> � .. �. Funds held by 4eader.lf,under paragraph 2l.Lender shall acquire or sep the Property.L.ender-prior to the acquis;tion or sale ,:. . °.�;,�,,,�� �
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<br /> • of the Praperty.sha11 aPF�Y�Y Funds held by Lender at the time of acquisition or,ale as a credit against the sums secured by ,,yw . : �
<br /> �-'" -�� ",-` tbisSecuriry lastrument. ;�':"
<br /> � � 3,Appticutton of Fay�nenis•11n1ess applicable law provides atherwise.all payments received by Lender under paragraphs _
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<br /> 1 and 2 stiall be applied: ftnt.to any prepayment charges due under the Nate: second,to amounu payabte under paragraph 2: , ;;�- _.
<br />� ' . , �t [hird,to irderest due:fourth,to pnncipai due:and tast,to any late charges dae under the Note. � � _ - _
<br /> q.t;harges; Lieus.Borroa•er shall pay a!l taxes. assessments,charges. fines and impc�,itions attributable to the Property
<br /> which may attain priority over this Security Instniment. and teasehotd paymeau or ground rents, if any. Barrower shall pay .�J;:�W
<br /> � these obligations in the rnanner provided in paragraph 2,or if not p�aid in that manner.Bom�wer shall pay ehem on time directly —
<br /> � � , • [o the Qe�son owed payment. Borrower shall promptly fumish to L.ender all natices of amounts to be paid under this paragraph. .
<br /> If Borrower makes these paymena directly.Borrower shall promptly furnish to Leader receipts evidencing the paymenu.
<br />� � ' Burmwer shall prompdy discharge any lien which has priority over this Security Instrument unless Boaoa�er.(a)agrees in �
<br /> . ` ' writing to the payment af the obligation se�ured by the lien in a manner acceptable to Lender.(b)contests in gaod fait�h the lien • +--
<br /> • - by, or defends agairut enfoncement of the lien in, legal proccedings which in the Lender's opinion operate to prevent the �_, .. ._ = —
<br /> ` "�` enforcement of the lien: or(c)secures from the holder of the lien an agreetnent satisfactory ta Lender subordinating the lien to � � ��
<br />• ' �� ' this Securiry Instrument. If Lender determines that any part of the Property is subject[o a I�en which may attain priority over i�,�
<br /> , �'S-'�� this Securiry Instrumant.Lender may give Barrower a notice identifying the lien.Borrower shall satisfy the lien ar take one or
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<br /> more of the actions set forth above within 10 days of the giving of noti�:e. ,
<br /> � • � 5. Ha�rd or Prope�ty [nsurartce• Borrower shall keep the improvements now exi�ting or hereafter erected on the •�.�•_:_-f �
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<br /> - Properry insured against Ioss by fire.haTards included within the term "extended coverage" and any other hazards. including —_ 5,,��. _
<br /> floods or floading,fur which Lender requires insurance•'fhis insurance shall be maintaineA in the amoums and for the periods ,_
<br /> • , that Lender requires.The insurance carrier pro v i d i n g t h e i n s u r a n c e s h a l l b e c h o s e n b y 8orrower sub jece to Lender s approval .. ___
<br /> � which shalf not be unreasanab�y withheld. If Borrower fails to maintain coverage described abave. Lender may.at Lender's ..,��r
<br /> � , ` • option,obtain coverage to protect Lender's righu in the Property in accordance with paragcaph 7• • ;:�z
<br /> ' All insurance policies and renewals shall be acceptable to Lender and shall include a sta�edard mongage clause. Lender
<br /> � ' shaQ have the right to hold the policies and renewals.if I.ender requires,Boaower shall prompt�y give to Lender all receipts of `"
<br /> ' • ' ' paid premiums und renewal notices.In the event of loss.Borrower shall give prompt norice to the msurance carrier and Lender. �;'.�,�•�•_.
<br /> . �"� � • Lender may make proof oi lass if not made promptly by Borrawer. _
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<br /> ' '.^= Unless Lender and Borrower otherwise agree in wnting,insurance pmceeds shall be appliet!to restoration or repair of the _ _—
<br /> � ' � "• Property damaged.if the restarauon or repair is economically feasible and Lender's securiry is not lessened.If the restoratian or
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<br /> `�-- •��-�`= repair is�rot econamically feasible or Lender's securiry woutd be lessened,the insurance proceeds shall be applicd to the sums ,_ __�:--i
<br /> . � iecured by this Security Inswment, whether or not then due, with any excess paid to Borrawer. lf Borrower abandons the '�:.:;:. �`'_
<br />. . Property,or does not answer w'r•.hin 30 days a notice from Lender that the insurance c�arrier has offered to settle a claim. then _���_
<br /> ' � � Lender may ce�llect the insurance praceeds. Lender may use the proceeds to repair ar restore the Praperty or to pay sums -�—_
<br />' � � secured by this Security Instrument,whether�r not then due.The 30-day period wiil begin cvhen the notice is given. :,. �___
<br /> Unless I.ender and Borrower othenvise agree in writing. any application of proceeds to principal shall not extend or . __ —
<br />�:.. postpune the due date of the monthly payments referreci to in paragrapht 1 and 2 or change the amount of the paymenGS. If _____
<br /> under para�raph 21 the Property is acquired by Lender, Barrower's right to any insurance policies and proceeds resutting from __
<br /> ' ' - ' damagc ro ehe Pmperty prior to the acquisuion shall pass to i.ender to the extent of the sums secured by this Securiry Instrument '• _
<br /> � ' immediately prior to the acquisition. "� �• � --
<br /> • • � 6.ticcupancy.Pr�er�ation, Maintenance and ProtecUon of the Pcopert�:Borrower's l.oan Applira'�on;l.easeholds. __ .____
<br /> Borrower shall occupy.estsiblish, and use the Property as Borrower's principal retiidence within tiixty days after the execution of . _�
<br /> ' , . � � � this Se.:urity Instrument an d s ha l l continue to occupy t h e P r a p e r t y a.c B o r r o w e r s p ri n c i p a l r e s i d e n c e f o r a t I p s t o n e y e a r after
<br />• the date af accupancy, unletis Lender othenvise agree�in writing,which consent�hall not be unreasonably withheld, or unless . ���l�:;
<br /> • •� • extenuatin� circumstance� exi�t which are beyond BoRawer', control. Bnnowcr shall not destroy. damage or 'ampair the
<br /> Praperty.allow the Prupercy to deteriorate. or commit waste on the Pmpeny. Bottuwer shaU be in default if any farfeimre -.,.�•�-.;
<br /> '��,:•� � � uction or proceeding, whether civil or criminal. i,begun ihat in Lender's gcmd ta��h judgment could result in forfenure of ihe •• `. :
<br />. ':. ,i Properiy or utherwi>c materially impair the lien crcated by thiy 5ecurity Inhtrumcni or Lender's security imerext. Bonnwer may .��;,� ,i ___
<br /> . ` �1 cure sueh t►default and rein�tate. ati provided in paragraph IS,by causing the action or pr��ceeciing to be ditimitised with a ruling
<br /> ' • • that, in Lendcr'ti good faith dctcnnin:,tion. preclu�ies forfciturc of the Bnrrower's interc�t in the Property or othcr material .
<br />. • � � impairment of the lien created by thi� Security lnstrument ur l.ender's security interert. Burrower shall also be in defs�ult if .
<br /> � • Bonuwer, during the loan applir.►tion proce.,. gave materially fulse��r inaccurate infi�rmatian or�tatemems to l.ender(or failed
<br /> : , to provide lxnder with any material infc�rmatiun)in cannecti�m with the loan evidencul by the Note.including,but not limited ' .�:
<br /> to,representatium a�nceming Borrow•er'��+ccupancy of thc Propeny a�a principal residenu:. lf thiti Security Imtrument iti on a ' � '�
<br /> . �- Icasch��ld, Borrower shall c<>mply «ith all thc pravi�ions i�f thc le�tie. If Borrower acyuire� fee title to the PrapeAy. the `
<br /> Ic�tichulJ and thc fce titic tihc�U uot mcr�c unlc��l.cndcr agrccti tn thc mcrgcr in writing. �•.
<br /> � 7.ProteeUon of Ixnder's RiKhts in the Pr�►perty.lf B��rruw•er fail.to perf��rni the covcnantti and agreement�cuntained in ,
<br /> this 5rcurity]nstrument.nr there i.a Iegal procecdin� Ihat n�:�y �i�;nificanlly' atfut I.ender'+ rightti in Ihe Property Itiuch as a � .
<br /> pmceedin�in bankruptcy. proh;�te. for cundemnation or t�+rtcitum nr to enfore�law.��r rcgulationtit.then I.ender may do:md .
<br /> • pay fi+r whatcvcr is nc�s.�ary.to prutcct tl�r �•aluc of thc Proprrty a;�d I.cnder'y rigMti in �hc Prnperty. Lcndcr'� uction.may
<br /> � � incl¢dr paying uny tiumti �ccurcd by a licn which has priurity uvcr thi+ Sccurity In�trumrnt. appeanng iu couri. paying
<br /> � . rca�vnahle attomcy�' fec.und cntenng an the Property t��make repair�. Alth��u�h I.�nder may wkr action under�hi�paragraph
<br /> 7.1.endcr ducti nuI havc lu do+u. •
<br /> Any .m�E�unl� di�hurtieJ by l.rnder undrr thi+ (1J(:l}tfaph 7 +hall hrcunir additiim;d deM of' Burrower �ecured by this .
<br /> Srrurity In,trwnem. Unlc,� Rurruwcr anJ Ixndcr agrre a,�aher terms of paymcnt. Ihe��amuunt� .hall hc�ir intete.t f'r��m the - :
<br /> � � d.�tc nf di�bancment :n �hc Nntc ratc t�n J ti lut l l hc pa�a h lc. wi t h i n t c rc�t. u p o n n u t i r r f r a m I A n d c r t�� Hum»vcr rc yuctitin g .
<br /> ' � pa�men1. :
<br /> , $.11orl��;r Insnrunce.It l.cndcr reyu�red murtgagr iu.urancc as a conditii,n uf makin},thr I��.in,rcurcJ hy thi�Security . .
<br /> In,trumcnt. 13+�rr„wcr �h.�ll pay �hr prcmiuu�, rrywrrJ tn maintain thc mnrtg:��;e in.uranrv in cflcct. If. for any rca.�+n. thc : _
<br /> . murt�;agc iu�ur,uur c�n•cru�r rcyuircd hr (.cndcr lapu�„r cca,ry tu hr in rffcct. Hurru�scr �hall pay thr prcmium� rcyuircJ tu .
<br /> �. � ��ht;un.�nrr:�gr �uh,tantially �yui�:dr�u tu Ihc mart�,a�e m,ur:wce pre�wu.ly in rltcct. .n :�:n.l �ub,lan��ally eyuivalent tu the . .
<br /> � .�,�� t„ti�,rrnw�r n( tbr inurt�;�Te ui�araixe precu,u.ly �n eflec�. Irum an :ihematr IIIItI1L"J_L'l' m�urer approved by IAndcr. If
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