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UNIFORtit COVFtvnNTS. Borrower and Lender covenant and agree as f'olluws: .
1. Payment of Principal and lnteresh Prepayment and L.ste Charges, Borrow•er sha!! promptly pa~ ~vhen du~
the pnncipal of and interest on the debt evidenced by the Note and any prepayment and late charges due under thr Note- '
2. Funds [or Taxes and I~surance. Subject to ap~; ::a~:~ ~a ~`~^!ten waiver by Lender, Borro~~•er shall pay
to Lender on the day monthly payments are due under the Note, until the Note is paid in fufl, a sum C`Funds") equal to
one-twelflh of: (a) yearly taxes and assessments which may attain p~iority over ihis Security lnstrumeni; (b) )'N~fI)'
leasehold payments or ground rents on the Property, if any; (c) Yearly hazard insuranre premiums; and (d1 yearlr
mortgage insurance premiums, if any. 'These items are called "escrow items." Lender may estimatc the Funds due on the
basis of current data and reasonable estimates of future escrow items.
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a fecieral or
state agency (including Lender if Lender is such an institution). Lender shall apply the Punds to pay the escroK~ items.
Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
I.ender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law
requires interest to be paid, Lender shail not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Fur.ds st~~~::,b =r~:'.4 ~n~ ~i~h;ts to the Funds and the .
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured b~~ i
this Security Instrument. •
if the amount of the Funds held by Lender, together with the future monthly payments of na~~able prior to .
crow items shall exceed the amount r uired to a the escrow items when due, the excess shaii be.
the due dates of the es , e9 P Y
at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthiy payments of Funds. If the
amount of the Funds held by Lender is not sufficient to pzy the escrow items when due, Borrow~er shal) pay ro Lender any '
amount necessary to make up the deficiency in one or more payments as required by Lender. I,
Upon payment in full of alt sums secured by this Securit~~ Instrument, Lender shall promptlX refund to E3orrower ,
any Funds heid by Lender. 1f under paragraph 19 the Property is sold or acquired by Lender, Lender shall appty, no later i
than immediately prior to the sale of the Propeny or its acquisition by Lender, any Funds held by Lender at the time of
appiica'iiun as a:.: ~it against the sums secured by this Security Instrument.
3. Applieation of Paymenis. Unless appiicabte law provides otherwise, all parments received by Lender under
paragraphs 1 and 2 shali be applied: first, to late charges due under the Note; second, to prepayment charges due under the
Note; ihird, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. ` ~
4. Charges; Liens. Borrower_ shall pay ali taxes, assessments, charges, fines and im~sitions attributable to the
Property which may attain priority over this Security Instrument, and teasehoid payments or ground rents, if any.
Borrower shall pay these obligations in the manner provided in paragraph 2, or if nat paid in tnat manner, Borrow~er shall
pay them on time directty to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
to be paid under this pdragraph. It' Borrower makes these payments directly. Borrower shall promptly furnish to Lender
receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrow•er: (a) _
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender. (h) contests in goocl ~
faith the lien by, or defends against enforcement of the lien in, lega) proceedings which in the Lender's opinion operate to ~
preve~nt the enCorcement of the lien or torfeiture of any part of the Yroperty; or (c) secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
the Property is subject to a lien which may attain priority over this Security Instrument, Lender may gi?~e Borrower a
notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 da}•s
of the giving of notice.
5, Nazard Insurance. 8orrower si~all keep the improvements now• existing or hereafter erecied on the Pro}x:rt}~
insured against loss by fire, hazards included within the term "extended coverage" and any other hat.ards (or which Lender
requires insurance. This insurance snaii 've ~~~o~~~:ained in the amounts and for the periods that Lender requires. The ~
insurance carrier pro~iding the insurance shall be chosen by $o~rower subject to Lencler's approval which shall nut be
unreasonably withheld.
;:t ;^s~.~*ance poticies and rene~•als shall be acceptable to Lender and shall include a standard mortgage clause. ~
Lender shall have the right to hold the ~licies and renewals. If Lender requires, Borrower shall promptly gi~~e to Lender
all receipts of paid premiams and renewal notices. In the event of loss. Borrower shal! give prompt notire to the insurance
carrier and Lender. Lender may make prcwf of loss if m~t macie promptly by Borrower.
Unless l.ender and Borrower otherwise agree in writing, irtsurance proceeds shall be applied to restoratian or repair
of the Property damaged, if the resroration or repair is eeonomically feasible and Lender's security is not lessened. If thr
restoration or repair is not economicall}~ feasible or Lender's security w~ould be lessened, the insurance proceeds shall tx
applied to the sums secured by this Sec:urity Instrumei~t, whether or not then due, w~ith an~~ excess paid to Borrower. If
Borrower abandons the Pro~rty, or does not answer within 30 da}•s a notice from Lender that ihe insurance carrier ha~
oflered to settle a daim, then Lender may collect the insurance proceeds. Lender may use the prc~ceeds to repair or restore
the ProF?erry or to pay sums secured b}~ this Security Instrument, whether or not then due. The 30-day period will beg:n
when the notice is given.
U~less Lender and Borrower otherw~ise agree in w~riting, any application of proceeds to principal shali not extend or
postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the pa}~ments. It~
under paragraph 19 the Property is a~y~ired by Lender, Borrower's right to any~ insurance Emlicies and proc:eeds re,ulting
from damage to the Property prior to the acquisition shall pass to Lender tc? the extent of the sums secured b}• this Security~
Instrument immediatel}~ prior to ihe acquisition.
6. Preservation and 1~iaintenance of Property; Leaseholds. Bormw~er shall nat de~tro}~, damage or substantiall}~
change the Property~, allow• the Property to deteriorate or commit waste. If' this Securit}~ Instrument is on a leasehold,
Borrower shall compl}~ w~ith the provisions of the leatie, and if [~orrower acquires Fee title t~ the Yro~erty. the leasehold and
fee title shall not merge unless Lender agrees to the merger in writing.
7. Protection of Lender's Rights in the Property; ~tortgage Insurance. If Bc~rroa~er fails to ~x.rform the
covenants and agreernents eontained in Ihis Securit~~ Instrument, or there is a(egal prcx-ceding that ma} significantl~~ afiect
Lender's rights in the Yroperty (such as a prcxeeding in bankruptcy, probate, for condemnation or to enforce law's or
regulations), then Lender may do and pay for w•hatcver is necessary~ to protect the value af the Propert~• and Lender's right~
in the Property. Lender's actions may inc(ude pa}~ing any sums secured b}~ a lien which has priority~ over this Security
Instrumeni, appearing in court, pa}~ing reasonable attorneys' fees and entering on the Propert}~ ro make repairs. Although
Lender ma}~ take action under this paragraph 7, Lender does not have to do so.
An~~ amounts disbursed by Lender under this paragraph 7 shall becom~ additional deht oi Borroa~er secured ~b}~ this
Security Instrumcnt. Unless f3orrow~er and Lender agree to other terms of payment, these amounts shall bear interest from
the date of disbursement at the Note rate and shall be pa}•able. ~•ith interest, u~n notire from Lender to B~rrower
reguesting payment. ~ ~OK ~O~ r'~ ,
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