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<br /> `, • The Funds shall be held in an institution whase depo�its are insured by a fe�eral agency, instnimentality, or ertity : , r = �
<br /> ` (including Lender,if Lender is such an institution)or in an}�ederal Home Loan Bank. Lender shall apply the Funds to pay the - . „ - -��:<�' �
<br /> � , .� �� Esrrow Items. Lender may not charge Barrower for holding and applying the Fund+,annually analyzing the e�crow account,or � �
<br /> verifying the Eccrow Itemc,unles.,Lender pays Borrower interest on the Fund+and applicable law permits i.ender to make such � � ,
<br /> `- - a chacge. How•evcr,lxuder may require Boaow•er to pay a oae-time ch:uge for an indepcndent real estate tax reporting servicc � f _ ' � �-.
<br /> , ° � used by Lender in connection witfi this loan. unless applicable law providcs otherwise. Ualess an agreemc�tt i� made or ' f � � .
<br /> applirable law requires inter�st to be paid,Lemier shali not be requimd ta pay Borroa•er sny intere:ct or eamings im the Funds. • �
<br /> � �� Bormwer:u�d Lender may agree in wnung,howe�•er,that interest�hall be paid an the Funds. Lender shall gi�e to Born,wer. < < , '., :
<br /> � . , �� without c�harge, an annual secountirtg of tiie Funds, sho�ving�rediGS and debits to the FunJs and the purpose fiir whinc�ach ; '
<br /> debit to the Funds wa�made.The Fund�are pledged a+additional securi[y for all sum�secured by thia Security In,trumem. `
<br /> . . •'� If the Fundr hetd by Lxnder excecJ the amounts permit[ed t��be held b}�applicabie law, Lender shall account ti�&�rrow�er ,� ,,`�' �
<br /> for the excess Fur.ds in accurdance with the reyuirements of applirablc law. If the amount of Etm Fr�nds held by Lxnde�at any
<br /> _ � ....; time is not suffic�ent to pay the Eu:row item�When due.Lender m�y w no�ify Burrower in writing,and,in.uch w.�r Borrawer Y .
<br /> • � shall pay to Lender Uie amount nece»xry to mak�up the defecirncy. Borruwer�hall make up the defteien�y in nu more than _ _ ._,^
<br /> - " '�`` twelee monthly payments.at Lender'�sule Ji..�etinn. . _ _ .
<br /> � . .� Upon payment in full of aQ sums v:cured by this Se�.vrity In.trument, l.ender shall promptly refund to Burrow•er any �-t�-�-."-;'�-��-�;�`
<br /> ,- • Funds held by Lender. If,under paragraph 31. Lender shalt acyuire or aelt the Property. L.ender,prior to the acquisition or sale
<br /> , , of the Property,shall apply any Funds held by L.ender at the time of acquisnion or sale as a credit against die sums secured by , • .,, �;.-
<br /> - ' [his Security Instrument. �
<br /> ''t �. ` - 3.Application of Payments.Unless applicable law provides otherwise.all payments received by Lender under paragraphs __ �
<br />'_j l and 2 shall be applied:first,to aay prepayment chazges due under the Note:second,to amounts payable under parai;raph 2: - � �•
<br /> third.to interest due;fourth.to principal due:and last,to any late charges due under the Note. "
<br /> - 4.Charges;Lie�ns.Borrawer shal! pay all taxes,assessments,charges,fines and impositions attrii�utable to ihe Property `�� �� ' �-�:
<br /> � which may attain priority over Biis Secority Instrumen[, and leasehold paymenu or ground rents, if any. Sorrower shall pay "�
<br /> . ` these obligatioru in the manner provided in paragraph'2,or if not paid in that manner.Sorrower shall pay them on ume directly , � ,� �
<br /> � to the person owed payment. Borrower shall prompdy furnish to L.ender all notices of amaunu to be paid under this paragraph. ;���r :� --`
<br /> ` If Borrower makes these payments d'uectly.Borrower shall promptly fumish to Lender receipts evidencing the payments. . ;�,�,
<br /> � Borrower shall pmmpdy discharge any lien which has pnonty over this Security Instrument unless Borrower:(a)agrees in • _
<br /> • : � • writing to the payment of the obligation secured by the lien in a maru�er acceptable to Lender.(b)contests in gaad faith the lien =_
<br /> by,or defends against enforcement of the lien in, tegal proceedings which m the Lender's opinion operate to prevent the . ' <�.z
<br /> • � enforcement of the lien;�r(c)secures from the holder of the lien an agreement satisfactory to Lender subordinaUng the lien w :•��� ••';_�:
<br /> - � this Security Instrumert.If Lender determines thal any part of ttte Property is subject to a iien which may attain priority.over . '���
<br /> � � . �. this Security Instrument,Lender may gi��e Borrower a notice identifying the lien. Borrower shall sausfy the lien or tatse one or - -�z-- �-'�� �`_�
<br /> � . :�. more of the actions set forth above within l0 da s of the ivin of notice. `" - `��--'
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<br /> 5. Ha�ard or Propecty Insw�nce. Borrower shall keep the impr�ovements now existing or hereafter erected on the , '�!-�_�,�,w.:
<br /> ' . �� Property insured against loss by fire, hazards incladed within the term "extended rn�e e" and an other liar.ards, includin ' �.; . `=
<br /> �S Y S .�:<•°.-
<br /> � � floods or flooding,fos which Lender reguires insurance.This insurance shall be maintained in the amoun�s and for the periads _ �+ .;t• �-•;5
<br /> ��� •. '' that Lender r ires. The insurance carrier rovidin the insurance shall be chosen by Borrower subject to I.ender's approval _ ,
<br /> •� which shall no be unreasonably withheld. If Borrower fails ta maintain coverage described above. Lender may. at Lender's � ' �•���a
<br /> . . ,y4:,�.�.��.
<br /> ' option,obtain coverage to ptotect Lender's rights in the Property in accardance with para�-aph 7.
<br /> '�' � AQ insurance policies and renewals shall be ucceptable to I.ender and shall include a standard mortgage clause. Lender r;",f: '. ;"'�'�_
<br /> �' � . shall have the right to hold the policies and renewals.If Lender requires.Borrower shalf promptly give to I.ender all receipts of .� '��'�"�
<br /> ` ' •;,. .':.• , :�
<br /> "` ' paid premiums and renewal notices. In the event of losc.Barrower shall give prompt notice to the insurance carrier and Lender. , �L '";�
<br /> Lender may make proof of toss if not made promptly by Borrower. . `� `'`'W""
<br /> ` � Uniess I.ender and Borrower otherwise agree m wntmg, iasurance proceeds shall be applied to restoration or repair of the '�i`k==
<br /> • Properry damaged,if the restoration or repair is economically feasible and Lender's security is not lessened.Tf the restoradon or ' . •:'�.'n�"
<br /> � repair is not economically feasibte or Lender's security would be lessened.the insurance proceeds shall be applied to the sums • . . �;�-
<br /> secured by this Seturity Instrument, whether or not then due, with any excess paid to Borrawer. If Borrower abandons the '" . _-.;:fin;,�
<br /> Pmperty,or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then • :��{;
<br /> � Lender may collect the insurance proceeds. Lender may use the praceeds to repair or restore the Property or to pay sums �.• .`, . �
<br /> • secured by this Security Instnsment,whether or not then due.The 30-day period will begin when the notice�s given. , .~,�''�
<br /> � Unless Lender and Borrower othenvise agree in writing, any appfication of proceeds to principal shall not extend or , ; �
<br /> '.' ' oct one ihe due date of th:monthl a ments referred to in ara ra hti 1 and 2 or chan e the amount of the a ments. If � ', ��v
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<br /> • , under paragraph 2l the Property is acquired by l.ender. Barcower's right to any iasurance policies and proceeds resulting from ��•' � • ,.�:.:
<br /> damage to the Property prior ta the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrutnent • ' � ��
<br /> „" immediate[y prier to the acquisition. . �,� � f�-`
<br /> .�•,. � • 6.Occupaacy,Preseevatlon,Maintenance and Protection of tfae Property;Borrower's Loan Application;Leaseholds. , �
<br />- . •';� . Barrower shall occupy.establish,and use the Propeny as Borrower'�principal residence within sixry days after the execution of • ' �: •
<br /> this Security Instrument and shall cantinue to occupy the Property as Borrower's principal residence for nt leASt one year after ����
<br />�i;',.. . the date af accupancy.unless Lender otherwise agree�in writing, whicL consent shall not be unreasonably withheld. or unless � . . " '
<br /> ` • extcntwtins circumstance. exist which are beyond Bonower's cantrol. Borrower shall not destroy, damage or impair the � ': ' _
<br /> Property, alta�v the Property to detcri�rate, or commit wastc on the Property. Borrower�hall be in default if any farfeiturc � :� . .,
<br /> ' , action or procceding. whether civil or criminal, is begun that in Lender's goad faith judgment could result in forfeiture of the •, , •
<br /> Property or otherw�se materially impair the lien created by this Security Instrument or Lender's security interest. Bnrrower may � . . .
<br /> • ' eure sucb a default and reinstate,ati pmvidecl in paragraph 18,by causing the action or proceeding ta be dismissed with a ruling �
<br /> that. in Lender's goad fai[h determination, precludcc forteiture of the Burrower's interest in the Pmperty or other material :
<br /> impairmcnt uf the lien crcated by this Security Instrument or Lender's security interest. Bnrrawer shall also bc in default if •
<br /> ,��; � ' Borcnwer,during the loan application proce+�.gave materially falsc or inaccurate information or statcments to l.ender 1or failed , • •
<br /> . t�pmvide l.ender with any material information)in connection with the loan evidenced by the Note, including,but nc�t limitecf ' �
<br /> tn.representation,concemmg Borrower',occupancy of the Property as a principal recidence. If thi.r Security lnstrument i�on a � :
<br /> IeascholJ. Borrowcr �haU comply with aIl thc pruvitiiuny uf thc lca�c. If Borrowcr acyuircti fcc titic to thc Pmperty. thc •. .' '
<br /> . I�a+ehold and the fee title shall not mcrge unles.Lender agreeti to the merger in writing. + '
<br /> ' . 7.Protection of t.ender's Ri�hts in the Property.If Borrower fails to perfomi the cuvcnams and agreements a�nt;iined in .
<br /> this Srcurity Instrument, or there iti a legal pr<xceding that may tiignifiwmly affect Lender's rights in the Propeny Isuch su a � �
<br /> •• • , pruceeding in bankruptcy. pmbate, for cundemnation or fi�rfeiture nr to enfotce laws or regulations), then I.ender may d��and . . '
<br /> • pay fiir whatever is nece.tiary t�+pn�tect tl�e value uf the Propeny and Lender's rights in the Pruperty. L.ender'� action�may . •
<br /> . � include paying any wmr tiecurcJ by a licn wfiich has pri��rity �wer this 5erurity In�trument, appearing in c��urt. paying .
<br /> rra+onahlc auurncy+' fee+and entering un the 1'rnpeny tu makr repair.. AltNuugh Lender may take�ction under thic paragr.�ph
<br /> 7.Ixndcr doc+not havc tu d„tio. ' �
<br /> ' Any amount� di�hurred hy IAndcr undrr thi+ paragraph 7 .hcdl hernme additional deb! uf Bnrr�+wer +ecured hy thi� � .
<br /> � Sccurity Intitrofncnt. 11n1�,� H„rroarr:�nd I.�ndcr agrcc to nthcr tcmi�uf payment. Ih��c amuunt+tihall hwr intcrc.rt frnm thc ,
<br /> ' ' datc �,f ditihur.emcnt at the Nutc ratc anJ +hall hc payahlc. with intcre.t. upun noticc f'rum I.�ndcr tu Bnrr�nvcr rcyuc+ting .
<br /> .�`�� � ' payincnt. • � .
<br /> .. � 8.�U►rtk:+�;c Insarancr. if I.�ndcr rryu�red n�ortgagc mwrancc ati a cunJitiun„f making thc I�,an�ccurcd hy�hi�Sccurity .
<br /> � Insirumcut. H��rn,w�r ,liall pay the pr�miumti rcyuircd tu maintaiu tlir murtgagc intiurance �n effect. If. for any ru��an. thc . .
<br /> � murtgagr inwrancr cuvcragr rcyuire�l hy I.�nd�r lapu�ur rrarc.ti�hc in effcct. Hurru�scr�h:ill pay thc prcmium. nnyuircd tu :
<br /> . : .{ ��Main coeeragc �ub�tantiallc cyun•:drnt h,thr m�,rigagr insurancr prrvii�utily in rffcct. at a co�t�ubtitantially cyuivalcnt ta Ihc .
<br />. . � ru.t t�� Bnrroner nl Ih� mnn�:a�e m+urancr prrvi„utily in rffect. frum an ahernatr m�trlt:agC in�urer appr�rved by Lender. If
<br /> � o,�,,,i,.�a Form 3028 9/90
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