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<br /> Bor►ower'a escrow eccount under the faderal Renl Eetete 9ettlement Pracedures Act of 1874 ss amended irom timo to tlme, 12 U.S.C. _
<br /> 2H01 et seq.("REBPA"),unleae another law thet opplles to the Funda sets e lesser emount. If so, Lender may,at eny tlme,collect end �
<br /> hold Funde In an nmount not to excaed the losaer amount. Londer mc+y estirnato iho amount of tunds duo on tho 6asls of current dntn �' °
<br /> nnd reeaonebla estlmetea o1 expenditurea oi tuture Eacrow Itema or olhenvi�a In accordanco wlth appllcnblo law. „ }
<br /> Tha Funde ehell be held In en Instllu0on whoee depoelte ero In9ured by n toderal npency, Instrumontallty,or entity (Including ,_
<br /> Lcnder, tf Lender le such an InetRutlan) or In any FedRrel Home Loan Bank. Lender oheil apply the Funda to pay the Escrow Itema. ..-
<br /> Landu may not cherqe Bortowor for holdNg end appying the Funde, annueU�anayzing the escrow eccount, or veriying tho Eocrow
<br /> itema,unle» Lender peye BoROwer Interest on tho Funde end eppllcabte law pertnita Lender to mnke auch a charga. However, Lender
<br /> mey r�qulre Borcower to pay a one-time charge for an Independent reel ostate tax reporting eorvlce used by Lender In connectlon with .
<br /> tNla lo�n, unleaa eppllcebte Iew provldee atherwlae. Unleas an agreement Is m�de or appllcable law requlrea Interest to be pald, Lender
<br /> . ehalt not ba requlred to pny 8orrower any Intereat or eamloge on tha Funda.Borrower and Lender may agrea In wrlting, however,that
<br /> Interent ahell be pald an the Funde, Lender ehdll giva to Bortower,wlthoul chargo, en annual accounting of the Fundn, showing
<br /> credlte and debita to the Funds and the purpoae for whlch esch debit to the Funds was made. The Funda are pledged as edditlonal
<br /> security for all aume secured by thla Seeudly Inatrument.
<br /> II the Funde held by Lender exceed ihe amounte permlttad to be held by appNcable law, Londer ahall account to Borrower for the
<br /> excesa Funds In nccordance with the req�rements ot appllcabia law. If the emount of ihe Funds held by Lender at eny tlmo la not -
<br /> euifldent to pey the Eacrow Itema when due, Lender may eo notily Bortower In w�ling,and,In such case Bortower shall pey to Lender . . _ � _
<br /> . the emount neceseary to make up the deAGOncy. Borrower ohnll make up the deflclency In no more than tweNe monthly paymente,at =``-�^=_-
<br /> ::li�n: F;
<br /> Lender's ooio discretlon. °'•"'�.�;�%4 '=``
<br /> � Upon payment in tull of all sume secured by thla Secudty Inotrument, Lender shall prompUy refund to Bortower any Funda held by .,,, .�--_-_--
<br /> i Lender. II,undor paragreph 21, Lender ahdl acqulro or sell the PropeRy, Lender,pdor to the acqulsltlon or eale of the Property,shall �� -
<br /> � appty any Funds held by Lender ot the tlme of ecquleltion or sxle as e crsdit egalnet the euma secured by thls Security Inatrument. _
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<br /> • 3. Applleatlon of Payments. Unl�as applicabte lew provides othervvise, ell payments receNed by Lender under paragraphs ;��,�,��
<br /> � t and 2 shall be applled: flrot, to any prepnyment charges due under the Note; second, ta amounts payable under paragreph 2;thlyd , � :�
<br /> ' , to Interest due;tourth,to principai due; and last,to any late charges duo under the Note. ti
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<br /> � : 4. Cherges; Listts. Bortower shall pay en taxes, asaessmente, cherges, flnes and Impoc it ions a tt r i butabte to the Pro pe rt y . ,_�_
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<br /> whlch may attnln priority over thls Sec:udty Instrument, and leasohold payments or ground rents, It any. Bortower ehall pay these
<br /> obllgeUona In the manner provided In paregraph 2, or If not pald In thet manner, Borrower shall pay them an tlme dlrectly to the person
<br /> �•� owed payment. Bor►ower shall promptty Nmish to Lender ell notices ot amoun4a to be pald under thls paragrciph. if BoROwer makes r±;��. �:��
<br /> 1 these paymente direcly, BoROwer ahall promptly fumish to Lender receipts evklencing the payrtsents. ' �
<br /> � � Borrower shall promptlyr dlscharge any Ilen whlch has pdodty over thlo Secudry Instrument unless Borrower. (a)agreas In wr(ting tu ��'f � ��•'
<br /> , the pnyment of the obllgation secured by the Ilen In a manner accepuble to Lender, (b) conteste hi good takh the Ilen b�,or detends �.
<br /> ___— w�;;�; �,,;i����t.,}t�w�in� in,leaal oroceedinas whlch In the Lender's apinlon operete to prevent the entorcement ot the Ifen;or(a) +; •
<br /> , - aecures from the holder ot the Ilen an agreement eatisiactory to Lender au6ordlnating lhe Ilen to this Securky Inetrument. If Lender �v.
<br /> �`� determinea that eny part of the Praperty Is subJect to a Ilen which mey atteln pdoriry over this Secudty Instrument, Lender may ghre �'
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<br /> Borrower a noUce IdentHying the Ilen. Barrower ahell satisfy the Ilen or take one or mare oi the actlons set forth ebove wlthln 10 days ;q
<br /> of the gh�np ot noUce.
<br /> ',. � b. Hsz�rd or P�oporty Insurmce. Borrower ehell keep the Improvemente now exlating or hereatter erected an the
<br /> Property Inaured egainat lasa by flro, hezards Included within the term"extonded coverage' and any other hazardo, Including flooda or i
<br /> tl�oding,lor whlch Lender requUoa insurence. 1'his Insurance shail be melntained In the nmaunts and for the perioda thnt Lendor
<br /> requiros. The inaurcnce carrier providi�g the Insurance shall be chosen by BoTrower subjeat to Lender's approrel whlch shall not be -
<br />_ unreesonebty wfthhe{d. If Borrower hil�to maintain coverege deaaibed ebove, Lendar may,at Lender'e option, obtaln coverage to �
<br />- protect Lender'a dghte in the Properry in eccordance v�ith perngreph 7. -�='=`
<br /> ' �. All Ineurance policles and renewala ehell be scceptable to Lender nnd ehell Inciude e stnnderd mortgage clauae. Lender ehall have
<br /> r .�• I the dght to hoid the poilcies and renawde. It Lender requlres, Borrower shall promptly glve to Lender all receipts ot pald Rremiuma _,-- ---
<br /> - • nnd renewai notices. In the event ot loee, Borrower ehali give prompt notice to tho Insuranco cartleP and Lender. Lender may make __
<br /> � pmof of lo�s B not mnde prompty by Bortower. = -
<br />° ' Unleaa Lender and 8orrower olherwixe apree in writing, Insureince proceeds ehall be apptled to restoration or repalr of the Roperty _���';�-
<br /> -= damaped,N the restoreUon or repalr is economlcalty fesalblo and Lender's eecurily ts not leseened. fl the restwttlon or repalr Is not �� _ _
<br /> eeonor�i�caliy feasibta or LendaYS sec�city would be teseenecl, Ihe Insurance praceads �hail be appffed to ths�nums secured by thle � __ _____
<br /> � Security Instrument, whether or not then due, with any exceae peld to Bortower. U Borrower abandons the Property, or does not �' __. , �
<br /> ���::rt�� answer wRhin SO daya a notice irom Lmder that the {nsurence cartier hea ottered to setdo a ctaim, then Lender may collect the
<br /> V � insurence proceeds. Lender may uae the proceeda to repetr �r restore the Proparty or to pay sums secursd by thl� 9ecurity ����`.`°
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<br />— �� InaWment,whether or not then due. The 3�dey peelod wlll bepin when the notice Is gNen. ,,,�: ,�'?��°
<br /> Unbss Lender end Borrower otherwlae agree In writing, any appucatton of proceeds to pdnclpal shall not exlend or postpone the ��,rf�+��R
<br /> due date of the monthy payments reterrM to In paragraphe 1 and 2 or change the amount of the peyments. It under paragraph 21 ;'.�`�F��-
<br /> j the Roperty le ncquired by Lender,8orrower'e right to any Inaurance policles and proceeds resulting from damage to the Proporly pdor - >.,, - ° -
<br /> • '� to the ecqufaltion shafl pass to Lender to the extent of tho oum� seared by lhla Securlty Instrument immodlatery prlor to the .
<br /> �' acqulattlon. � , ,.' �
<br /> 6. Occupancy. Preservation, Mainten�tece and Protection of the Property; Borrower's Loan �"�
<br /> _ " Applic�tlon; LeesehOlde. Bortowx shall occupy, establish, and use ihe Property es Borrower's principel resldence wfthin sixty ,
<br /> ___ days after the execuUon of this Security Instrument and shall continuo to occupy the Property as Borrower's p�ncipal resldonce tor at
<br /> L least one year efter the date oi occupenay, unless Lender othenvise �grees In writing, which consent she�not be unreaeonabty
<br /> tit withheld,or unless extenuating clrcumstences exlst which are beyond Bortower's control. BoROwer shall not desVOy,damage or Impair •
<br /> - the Property,allow the Property to deterlomte,or commk waste on the Property. Dortower shall be In default If eny forfelture actlon or , �
<br /> proceeding, whether cfvll or crlminal,Is begun that In Lender's good takh �udpment could resuit In to�telture of the Property or othenrrise •
<br /> � _.,___ .:.._— " _ '. . . . . . .. "'..��. �_._�_. n_�...� ��.. �.... �..�L .. .I�I�..N �n�l _ ._- __.__...
<br /> - . .__. _,._ I118t8(�31� IItlPB�� 1118 IIEYI Cflal@d D�1 tlna ,ecumy mstrument or Lt,'nact a aovmiry �utwaa�. wovnc� ..�a� ....�a ......�. .. .....«.... ..�... --__._�- _--..-:.-:_- .
<br /> - relnstnte,as provided In paragreph 1B, by causfng tho ttctlon or proceeding to be dismiseed wkh a ruling ihat,In Lender's good faith '
<br /> detertnlnetlon, precludes tortoRure of tho Bortower's Interest In the Property or other materlal Impalrtnent oi the Ilen created by this
<br /> Security Instrument or Lender's security Interest. Bortowe► shail also be In detautt il Borrower, during the loen uppllcaUon procesa,
<br /> gava rnnterialy false or Inaccurete Infarmation o� etatemente to Lender (a falled to provlde Lender with eny materktl Iniormntlon) (n
<br /> connecUon with the loan evidenced by lhA Note, Including, but not Iimited to, representatlons concoming Bomower's occupanoy of the
<br /> Rroperty as a pdncipel rasidenco. I} thls Sacurity Instrument Is on a leasehold, Bortower shafi comply with aU the provislone ot the
<br /> lease. It Dortower ecqulres tee titln to Ihe Properly, the leasehold and tho feo tRie shall not merge unless tho Lendar agrees to tl�o
<br /> — rt'lBrgCr YI W:ftlltg. Form ]020 9/90
<br /> F1049.LM0(?/86) Papo 2 of S
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<br /> 10000070
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