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UNIFORM CO~~E~vArtTS Borrower and Lender covenan~ and agree~th f~llows:
1. Payment of Princips~l and Interest; Prepayment and I.ate Charges. Borrower shall promptly pay Hhen dur
the principat of and interest on the debt evidenced by the Note and any prepayment and late charges due under the tiote.
2. Hunds for Taxes and lnsurance. Subject to applicable law or to a written waiver by Lender, Borrow~er shall pay
to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") cqual to
one-twelfth oC: (a) yearly taxes 3nd assessments which may attain prioriry over this Security Instrument; (b) yearly
leasehald payments or ground rents on the Property, it any; (c) yearly hazard insurance prr~niums; and (d) yearly
mortgage insurance premiums, if any. These items are called "escrou• items." Lender may estimate the Funds due on the
basis oFcurrent data and reasanable estimates of future escraw items.
The Funds shall be held in an institution the deposits or accounts of w~hich are insur. ~ or gua~ anteed by a federal or
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds ta ~ay ihe escrow items.
Lender may not charge for holding and applying the Funds, analyzing the account or ve~ifying the escrow items, unless
Lender pays Borrower interest on the Funds artd applicable law permits Lender to make such a charge. Borrower and
[.ender may agree in writing that interest shal) be paid on the Funds. Unless an agreement is made or applicable law
requires interest to be paid. Lender shali not be required to pay Borrow~er any interest or earnings on the Funds. Lender
shall give to Borrow'er, without charge, an annua! accounting of the fiur.ds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additional serurity for the sums securcd by
this Security Insirument.
if the amount of the Funds held by Lender, together w~ith the future monthly payments of Funds payable prior to
the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess s6ai1 be,
at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
amount of the Funds held by Le~der is not sufficient to pay the escrow items when due. Borrower shall pay to Lender any
amount necessary to make up the deficiency in one or more payments as required by l.ender.
Upon payment in Full of all sums secured by ihis Security Instrument, Lender shall promptly refund to Borrower
any Funds held by ! ender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later .
than immediately prior to the sale ot the Property or its acquisition by Lender, any Funds held by Lender at the time of ~
application as a credit against the sums secured by this Security [nstrument. ,
3. Application of Payments. Unless applicabie !aw• provides otherwise, a!) payments rec:eived by Lender under '
paragraphs 1 and 2 shall be appiied: first, to late charges due under the Note; second, to prepayment charges due under the '
?vote; third, to amounts payable under paragraph 2: fourth, to interest due; and last, to principal due.
4. Charges; Liens. Borrower shall pay alt tases, assessments, charges, fines and impositions attributable to the
Property which may attam priority o~~er this Se~ urity Instrument, and leasehold p3yments or ground rents, if any.
Sorrow•er shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
pay~ them on time directly to the per~on oK~ed pa~~ment. Borrower shall promptly furnish to Lender all notices of amounts
to be paid under this paragraph. If Borraw~er make~ thrse pa~~ments diree:tl}•, Borrower shall promptly furnish to Lender
receipts evidencing the payments.
Borrow~er ~hall pr~mptly~ discharge an}~ lien w~hich has priority o~•er this Securit~~ [nstrument untess Borrow•er: (a)
agrees in w•riting to the payment of the ohligati~~n .crured b}~ the lien in a manner acceptable to Lender; (b} contests in good
faith the lien by, or defenJs against enfi~rcement cif the lien in, lega! proceedings w~hich in the Lender's opinion operate to
pre~~ent the enforcement of the iien or forfeiture ~~f an~~ part of the Property~; or (c) secures from the holder of the lien an
agreement satisfactorp to Lender subordinating the lien ro this Securit}~ Instrument. [f Lender determines that any part of
the Propert}~ is subject to a lien w~hich ma~~ attain priority o~er this Sec~rit} lnstrument, Lender ma~~ gi~e Borrou~er a
notice identifying the lien. Borrower shall satisfy~ the lien or tal:e one c~r m<~re ~~tthe artions set fc~rth ab~~ve within ]0 da}~s
of the gi~~ing of notice.
5. Nazard Insurance. Barrower shall keep the im~rr~ements now existing or hereaiter ererted on the Propert}~
insured against loss b}~ fire, hazards induded w•ith~n the rerm "e!ctended a~verage" and any other hazar~s for w•hich Lender
reyuires insurance. This insurance shall be maintained in the am~~untti and f~~r the periods that Lender require5. The
in~urance carrier pro~~iding the intiurance tihall t~e rh«srn h~ B~~~niwer whject t~~ Lender's apprnva! w~hich shalt nat be
unreas<~nably withheld.
All insuranre policies and renewals ~h~ll be ~rcr~tahle t~~ Lender and ~hal) ?nclude ~i st~ndard martgage clsuse.
Lender shall hare the right to hald the pulirieti and renewal~. {f Lender rec~uirrti. &~rrow~er shall p~omptl}~ gi~e to Lender :
a!1 rereiptl of paid premiums and renewal n~~tice~. In the e~ent af lo~ti, Borro~cer shall gi~e ~re~mpt nuure ta the insurance
carrier and Lender. Lender may~ make proof of luti, if not made prom~tl}~ b~ Bc~rrowcr.
Unles~ Lender and Bcirrow er otherw itie agrer in w riting, insuran~e pnkerd~ tihall be applied te~ restoration or repair
of the Pro~ert}~ damaged, if the restorati~n or re~air is eronomicall}~ feasible and Lender's securit~~ is not lesuned. If the
restoration or repair is not economically feasihle or Lender's securit} w~~~uld be lessened, the insuranre prcxeeds shall be
aPplied to the wms secured by this Securit} Instrument, w~hether or not then due, w~ith an} excess paid to Borrower. [f
Borrow~er abandons the Property, or d~~es not answ~er within 30 days a notice Cr~m Lender that the insurance carrier has
offered to settle a rlaim, then Lender may rollect the insuranre pr~xeeds. Lender ma}• u~e the ~roc.eeds to repair or restore
the Pmpert}~ or to pa}~ sums secured b~~ thiti Serurit~ Instrument, whether ~r not then due. The 30-da}~ period will begin
w~hen the notice ~s gi~en.
l'nless Lender ancf Borrower otherwi~e agrer in w~riting, any appiication ~~f prexeeds to principal shall n~t extend or
~>titpt~ne the due date of the monthl~ pa~~mentti refrrred to in paragraphs 1 and' or rhange the amount of the pa}~ment~. If
under paragraph 19 the Property ?s acyuired by Lender, Borrower's right tc~ an~• inwranre ~ticies and rrekeeds rewltir~g
frc,m damage t~ the Property pric~r to the acquisition shail pass to Lender to the extent of the sums ~ecured b} th+s Securit~
Instrument immediately prior to the acquisition.
6, Preservation and ~laintenance of Property; Leaseholds. Borrower shall not destro}~, damage ur substant~all~
change the Property. allow~ the Property to deteriorate or commit waste. If thiti Securit~ Instrument is on a lea~ehold.
Borrc~wer shall compl~ with the provisions of the lease, and if Borrower acyuires fee title to the Propert~-, the leasehold and
fee title shall not merge unless Lender agrees to the merger in w~riting.
7. Protection of Lender's Right~ in the Properi3~; ltortgage Insurance. If ~3~rrower fails to perfurm the
co~enants ~nd agreemenis contained in this Security Instrument, or there i~ a legal ~+rcxeed~ng that ma~ significantl} affect
Lender's rights in the Property (such as a proceeding in bankruptry. probate, for condemnation ~r to enforce laws or
regulations), then Lender may~ do and pay for whatever is necessar}~ to protect the ~~alue of tne Property~ and Lender's rights
in the Propert}. Lender's actions may~ include paying any sums secured by a lien a~hich has priority o~er this Securit}~
Instrument, appearing in court, pay~~ng reasonabie attorneys' fees and eniering on the Property to make repairs. Alth~ugh
Lender may take action under this paragraph 7, Lender does nc~t have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrow~er secured b}~ this
Secunty Instrument. Unless Borrower and Lender agree to other terms of pa}~ment, rhese amounts shall fiear interest fram
the date of disbursement at the Note rate and shall be payable, w•ith interest, u~wn notice from Lender ta Borrou~er
requesting payment.
°o~~ 4ss ~74
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