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UNIFORM COVFNANTS. Horrower and L.ender covenant and agree as fdbwt:
l. Pa~eat of Priocipd ~ud Ltaa~ Prea~rstat ud Lte Ctiarga. Borrower shall promptly pey when due
the principa! of and interest on the debt evidenood by the Note and any pcepayment and l~te charga due under the Note.
2. F~~ds tor Taua a~d Iawns~~e. Sebjoct to spplicabk law or eo a writtrn waiver by Lender. 8orrower shall pay
to Lender on the day monthly p~ymeats ue due under the Note, until the Note is piid in full~ a sum ("Funds") equal to
: ono-tweifth of: (a) yearly tues and asse.ssments which may attain priority over this Security Instrument; (b) yearly
leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurancx prcmiums; and (d) yearly ,
mortgage insurance premi~.ur~s, if any. These items are calltd "escrow items." Lender may estimate the Funds dut on the
basis of currant data and reasonabk estimates of' future escrow items.
'The Funds shall be held in an inatitution the deposita or accounts of which arc insured or guaranteod by a Podcral or
statt agency (incl~ing I.enda if I.ender is such an institution). i.ender shall apply the Funds to pay tho escrow items.
I.ender may not chargt for holding and applying the Funds. analyzing the account or verifying the escrow items. unless
Lender pays Borrower interest on the Ftuids and applicabk law permits Lender to make such ~ a charge. Borrower and
Lender may agroe in writing that interest shall be paid on the Funds. Unlexs an agrcement is made or applicable law
. requires interest to be paid, I.tnder shall not be required to pay Borrawer any interest or eacnings on the Funds. Lender
shsll give to Borrower, without chscge, an annual aabunting of the Funds show+ing credits and debits to the Funds and the
purpose for whicb each debit to the Funds was made. The Funds are plcdged as additional sxurity for the sums socured by
this Socurity Instrument. ,
If the amount of the Funds held by I.ender, logether with the future monthly payments of Funds payable prior to
the due dates of the oscrow items. shall eacceod the amoLnt required to pay the escrow itoms when due, the excess shall be,
at Borrower's option, rithu promptly repaid to Borrower or creditod to Borrower on monthly payments of F'uncis. If the
amount of the Funds held by L,ender is not suf6cient to pay the escrow items when due, Borrower shall pay to Lender any
amount nocessary to make up the deficicncy in one or more payments as r~quired by Lender.
Upon payment in full of all sums socurad by this Security Instrument, Lender shall promptly refund to Borrower
any Funds h~ld by Lender. If under paragraph 19 the Property is sold or acquirod by I.ender, L.ender shall apply, no later
than immodiately preor to th~ sale of the Property or its acquisition by L,ender. any Funds held by Lender at the time of
z application as a cr~dit against the sums socured by this Socurity Instrume~t.
3. Appiicatioe of Payateab. Unless applicable law provides otherwise, all payments roceived by Lender under
paragraphs 1 and 2 shaA be appliod: 6rst~ to lste charges due under the Note; second, to prepayment charges due under the
Note; third, to amounts payable under parsgraph 2; fourth, to intertst due; and last. to principal due.
4. Cbarge~ I3ena. Horrower shall pay all taxes, assessments, charges, 6nes and impositions attributablt to the
Property which may attain priority over this Socurity Instrument, and leasehold payments or ground rents, if any.
~ Borrower shall pay these obligations in the manner providod in paragraph 2, or if not paid in that manner, Borrower shall
pay them on time directly to the person owed payment. Bonower shall promptly furnish to Lender all notices of amounts
to be paid under this paragraph. If Borrower makes these paymenis directly. Borrower shall promptly furnish to Lender
receipts evidencing the paymmts.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good
faith the lien by, or defends against enforcement of the lien in, legal proccedings which in the I,cnder's oRinion operate to
prevent th~ enforcement of the lien or forfeiture of any part of the Property; or (c) securGS from the holder of the lien an
agreement satisfactory to Lendtr subordinating the lien to this Socurity Instrument. If I.ender determines that any part of
the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
of the giving of notice.
S. Haiar~i Insurance. Borrowe~ shall kcep the improvements now ezisting or hereafter erected on the Property
insured against loss by fire. hazards included within the term "eatended coverage" and any other hazards for which Lender
requires insuranoe. 'This insurance shall be maintained in the amounts and for the periods that Lender requires. The
insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
unreasonably withheld.
All insurance policies and renewals shall be acceptable to I.ender and shalt include a standard mortgage clause.
Lender shall have the right to hold the policies and reneRals. If Lender requires, Borrower shall promptly give to I,ender
all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
carrier and Lender. I.cnder may make proof of loss if not made promptly by Honower.
Unless Lender and Borrower otherwise agra in writing. insurance proce~ds shall be applied to restoration or repair
of the Property damagod, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
restoration or repair is not economically fe~sible or Lender's se~urity would be lessened, the insurance proceeds shall be
applied to the sums sacured by this Security Instrument, whether or not then due, cvith any excess gaid to Borrower. If
` Borrower abandons the Property, or dces not answer within 30 days a notice from I,ender that the insurance carrier has
; o6ered to settle a claim. then L.ender may collect the insurance procceds. Lender may use the proceeds to repair or restore
the Property or to pay sums securod by this Security Instrument, whether or not then due. The 30-day period will begin
~ F when the notice is given.
E-~ Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly paymen±s referred to in paragraphs 1 and 2 or change the amount of the payments. If j
under paragraph 19 the Property is acquired by Lender, Bonower's right to any insurance policies and procceds resulting ~
~ fr~m damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
~ Instrument immediately prior to the acquisition.
6. Preaervauoa and Mainteaaace af Property; I.ease6olds. Borrower shall not destroy, damage or substantially
change the Property, allow the Property to dtteriorate or commit waste. If this Security Instrument is on a leasehold,
k. Borrower shall comply vrith the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and
- fce title shall not merge unless Lender agrees to the merger in writing.
7. Protectian of Leeder's Rigtjts ie t6e Property; Mortgage Insursnce. If Borrower fails to perform the ;
covenants and agreements containcd in this Sec,urity Instrument, or there is a legal proceeding that may significantly affect i
Lender's rights in the Property (such as a procceding in bankruptcy, probate, for condemnation or to enforce laws or +
regulations), thrn I,ender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights
in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security
- Instrument, appearing in court, paying reasonable attorneys' fas and entering on the Property to make repairs. Although
Lender may take action under this paragraph 7, Lender does not have to do so. ,
Any amounts disbursed by I.ender under this paragraph 7 shall become additional debt of Borrower secured by this '
S~curity Instrument. Unless Borrower and Lender agrce to other terms of p~yment, these amounts shall bear interest from
~ the date of disbursement at the Note rate and shall be payable, with interest, upon notice from I.ender to Borcower
~ requesting payment.
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