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UNIFORM COvEN~NTS. Borrower and L.ender covenant and agroe as fQlbws: '
l. Paymeat of Prieclpal aod Iatehs~ Prepay~t tad Lte Chu~es. Borrower shall promptly pay when due
the principal of and interat on the debt evidenced by the Note and any prepayment and tate charges due under the Note.
2. Phnds for Tuas aad Iasurasce. Subject to applicable law or to a written waiver by I.ender, Borrower shall pay
to I.ender on the day monttily p~yma~ts ue due under the Note, until the Note ia paid in full. a~ sum ("Funds") equal to
ono-twelRh of (a) yeuly taxes and assessments ahich ~y ~ttain priority over this Socurity lnstrument; (b) yearly
leasehold payments or ground rents on the Pr+operty. if any; (c) yearly hazard insurance premiums; and (d) yearly
mortgage insurancx premiums, if any.1'hese items are called "escmw items." Lender may estimate the Funds due on the
basis of current data and i~onabk estimates of future escrow items.
The Funds shall be held in an institution the drposits or aa.ounts of ahich are insured or guaranteed by a foderal or
state agrncy (including I.ender if Lender is such an institution). I.ender shall apply the Funds to pay the escmw items.
I,ender may not chuge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
I.cnder pays Borrower interest on the Funds and applicsble law permits Lender to make such a charg~. Borrower and
Lender may agroe in writiag that interest shall be paid on the Funds. Unless an agnxment is made or spplicabk law
requires intereat to be paid, I,ender shall not be roquirod to pty 8orrower any interest or eamings on the Funds. Lrnder
shall give to Borrower, without charge, an annual aocounting of tfie Funds showing credits and debits to the Funds and tht
purpose for which each debit to the Funds was made. The Funds ue plodged as additional security for the sums socured by
this Security Instruma~t.
If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
the due dates of the escrow items. shall excc~ed the amount required to pay the escrow items whcn due, the eacexs shall be,
at Borrower's option. either prompdy rspaid to Borrower or croditod to Borrower on monthly payments of Funds. If the
amount of the Fuads held by Lender is not sutticient to pay tbe escrow items whrn due. Borrower shaU pay to Lender any
amount nece.4sary to mske up the deficia~cy in one or more paymrnts as roquired by Lrnder.
Upon payment in full of all sums secured by this Security Instrumrnt. Lender shall promptly refund to Borrower
any Funds held by Lender. If under p~ragraph 19 the Property is sold or aoquired by Lender. I.ender shall apply. no later
than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by Lender at the time of
application as a credit against the sums socurod by this Security Instrument.
3. Applicattoa of Pay~enb. Unless applicabk law pmvides otherwise, all paymcnts reaived by Lxnder under
paragraphs 1 and 2 shail be applied: first, to late charges due under the Note; second, to prepaym~nt charges due under the
Note; third. to amounts payable under pa:agraph 2; fourth. to interest due; and last, to principal due.
4. C6argex Li~ns. Bocrowtr shall pay al! taaes, assessments, charges, 6nes and impositions attributable to the
Property which may attain priority over this Sa;urity Instrument. and leasehold payments or ground rents. if any.
Borrower 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 person owed paym~ent. Borrower shall promptly furnish to I.ender all notices of amounts
to be paid under this paragrap6. If Borrower makes thest payments directiy, Borrower shaA pmmptly furnish to Lender
receipts evidrncing the payments.
Borrower shall promptly discharge any lien which has priority over this Socurity Instrument unless Borrowor: (a)
agroes in writing to the paymrnt of the obligation socurod by the lien in a mannu acceptable to Lcnder; (b) oontests in good
faith the lien by, or defends against enforcxment of the lim in, legal proceodings which in the Lender's opinion operate to
prevent the enforcement of the lirn or forfeiture of any part of the Property; or (c) socures from the holder of ehe Gon an
agreement satisfactory to Lender suboniinating the lirn to this Sacurity Instrumrnt. If Lender ddermines that any Qart of
the Property is subject to a lien which may attain priority over this Security Instrument. Lender may give Horrower a ~
notice identifying the lirn. 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. Hazard Iawrance. Borrower shall keep the improvements now eaisting or hereafter erected on the Property '
insurod against loss by fire, hazards includod within the term "extended coverage" and any other haiards for which Lender
roquires insurance. This insuranoe shsll be maintainod in the amounts and for the periods that Lender requires. '~'he ~
insurance carrier providing the insurance shall be chosen by Borrower subjoct to Lender's approval which shall not be ~
unreasanably withheld.
All insurance policies and renewals shall be acceptable to L,ender and shall include a standard mortgage clause.
Lender shall have the right to hold the policies and renewats. If L.eader requires, Borrower shall promptly giv~ to Lender
; all receipts of paid premiums and renewal notices. In the event of loss, Bonower shaU give prompt notice to the insurance
• carrier and Lender. Lenda may make proof of loss if not m~de promptly by Borrower.
Unless Lender and Borrower othenvise agree in writing, insurance proceeds shall be applia! to restoration or npair
E of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
; restoration or repair is not economically feasibk or I.ender's security would be lessened. the insurance proceods shall be
applied to the sums secured by this Security Instrumeat. whethor or not then due, with any ezcess paid to Borrower. If
Borrower abandons the Propaty~ or does not answcr within 30 d~ys a notice from Ltnder that the insuranoe carrier has ;
offercd to settle a claim. then Lender may collect the insurance proceeds. Lender may use ttu proceeds to repair or restore
the Property or to pay sums socurod by this Security Instrument, whetha or not thrn due. Tho 30-day period will begin i
~ when the notece is given. '
Unless Lender and Borrower otherwise agr~e in writing. any application of procxds to principal shall not eatrnd or ~
postpone the due date of th~ monthly payments refenod to in paragraphs 1 and 2 or change the amour+t of the paymrnts. If ~
undtr paragraph 19 the Property is acquired by Lender. Borrowa's right to any insurance policies and procoeds resulting
from damage to the Property prior to the acquisition shall pass to Lender to the extrnt of the sums secured by this Security ,
Instrumrnt immediately prior to the acquisition. _
6. Presenadoa aed MiIntenance of Property; Lea~e6old~. Borcower shall not destroy, damage or substantially
change the Property~ allow the Propaty to deteriorate or oommit waste. If this Security Instrument is on a leasehold,
Bonower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property. the 1=asehold and
fee title shall not merge unltss Lender sgras to the merger in writing.
~ 7. Protectioe ot Leade~'~ Rigbts in t6e Proptrty; Murtgatge Iusurana. If Borrower fails to pcrform the ;
~ covenants and agreements containod in this Socurity Instrument, oe then is a legal procoeding that may significantly a~'xt !
Lender's rights in the Property (such as a proceeding in banlcruptcy, probate, for condemnation or to rnforce laws or j
~ regulations), then Lender may do and pay for ahatever is nxessary to protect tht value of the Property and Lender's rights '
~ in the Property. Lender's actions may include paying any sums soeured by a lirn which has priority over this Socurity !
Instrument, appearing in court, paying reasonable attomeys' fces and rntering on the Property to make repairs. Although 1
Lender may take action undu this paragraph 7. L.ender does not have to do so. ~
Any amounts disbursed by Lender under this paragraph 7 shall babme additional debt of Borrower socured by this !
Security Instrumrnt. Unless Borrower and Ltnder agra to other terms of payment, thae amounts shall beat interest from
the date of disburxmrnt at the Note rate and shall be payable, with interest, upoa notice from Lender to Boreower
roquesting paymrnt. "
eoo~ 498 ~cE 92~4
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