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UNIFORM COVENAM"S. 80rt'OWtr Blld I.~ridt~ COVCRBtIt attd 8gtte 85 fO110WS:
t. PAymeat of Priactpa! apd Jnt~ Prep~ymsat u~d Late C~ar~a. Burrower shall promptly pay when duc
the principal of snd i»terest on the dcbt evidenced by the Note and any prepayment snd late charges due under the Notc,
2• P~ud~ toc Taxes aad I~uun~nee. Subjoct to spplicable law o~ to e writtea waiver by Lender~ Horrower shall pay ~
to Lender on the day monthly payments arc due under the Note. until the Note is paid in full~ a sum ("Funds") oqual to ~
onatwelRh of (a) yearly taxes and as.gessments which may attain priority ove~ this Socuriiy Instrument; (b) yearly {
leasehald payments or ground rents on the Property, if any; (c) y~arly hazard insurance premiums; and (d) yearly ~
mortgage insurance pnmiums. if any. These items are callai "ascrow items." Lender may estimate the Funds due on the
basis of current data and reasonable estimatcs of f~ture escrow items.
1 The Funds shaU be hcld in an institution the deposits or accounts of which are insured or guarantetd by a federal or
. state agency (inciuding Le~der if Lender is sucb an institution). I,ender shalt appty the Funds to pay the escrow items.
. I.Ender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
' I.ender pays Borrower interest on the Funds and applicable law permits Lende~ to meke such a charge. Borrower and
Lender may agroe in writing that interest shall be paid an the Funds. Unless an agrament ~is made or applicable law
requires interast to be paid, I.~nder shall not be requirod to pay Horrower any intcrest or earnings on the Funds. Lender
shall give to Honower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpcrse for which each debit to the Funds was made. The Funds are plodged as additional security for the sums secured by
this Security Iastrument. • • ~
If tha amount of the Funds h~id by Lender~ together with the future monthly payrnents of Funds payable prior to
the due dates of the escrow items, shall eacoed the amount roquirod to pay the escrow items when due~ the eacess shaQ be,
at Borrower's option, either promptly repaid to Horrower or credited to Borrower on monthly payments of Funds. If the
amount of the Funds httd by Ltnder is nat sutficient to pay the escrow iterns when duz, Borrower shal! pay to I.ender any
amount necessary to m~lce up the deficiency i~ one or more payments as roquired by Lender.
Upon paymont in full of all sums secured by this Security Instrument,l.ender shall promptly nfund to Bonower
any Funds held by L,ender. If under paragraph 19 the Property is soid or acquited by I.ender, Lender shall apply, no later
than immaliately prior to the sale of the Property or its acquisition by Lendee, any Funds held by Lcnder at the time of
appiication as a credit against the sums secured by tbis Security Instrument.
3. Appllcatlon ot Paymenta. Unless applicable law provides otherwise, all payments received by Lender under
paragraphs 1 and 2 shall be appliod: first, to late charges due under the Note; second, to prepayment charges due under the
Note; third, to amounts payable under paragraph 2; fourth~ to interest due; and last~ to principal due. ~
4• ChArgea; Ltens. Bonower shall pay all taxes, assessments, charges, fines and impositions attributable to the
Property which may attain priority over this Security Instrument, and leasehold payments or groanc! rents~ if any.
Borrawer shall pay these obl~gations in the manner provided in paragraph 2~ or if not paid in that manner, Borrower shall
pay them on time diroctly to the person owed payment. Borrower shall promptly furnish to Lender all notic,es of amounts
to be paid under this paragraph. If Bonower makes these payments directly, Bonower shall prornptly furnish to Lender '
~ receipts evidencing the payments.
Borrower shaU promptly discharge any lien which has priority over this Security Instrument unless Bonower: (a)
agrees in writing to the payment of the obligation socured by the lien in a manner accepiable to I.ender; (b) contests in good
faith the li~n by, or defends against enforcement of the lien in, legal proceeciings which in the I.ender's opinion operate to
prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an
agramrnt satisfactory to Lender subordinating the lien to this Security,Instrumsnt. If Lender determines that any part of
the Property is subjoct to a lien which may attain priority over this Security Instrument, Lender may give Horrower a
notice identifying the tien. Bonower shall satisfy the lien or take one or more of the actions set forth above within 10 days
of the giving of notice. -
5. Hazard Iasurance. Bonower shall kap the improvements now existing 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 insurance. This insurance shali be maintained in the amounts and for the periods that I.ender roquires. The
insurance carrier providing the insurance shal! be ch~en by Bonower subject to Lender's approval which shall not be
unreasonably wiihhtld.
All insurance policies and renewals shall be acceptable to Lender and shall include a standard morigage clause.
_ Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to L.ender
all receipts of paid premiums and renewal notices. In the event of loss, Bonower shail give prompt notice to the insurance ~ i'
carrier and Lender. Lender may make proof of loss if not made promptty by Honower.
Untess I.ender and Borrower otherwise agree in writing, insurance proceeds shaU be applied to restoration or repair
of the Property damagod, if the restoration or repair is economically feasible and I.ender's security is not lessened. If the
restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shaq be
appli~ to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Bonower. If
Borrower abandons the Property, or does not answer within 30 days a notice fram I.cnder that the insarance carrier has
offerod to settte a claim~ thert Lender may collxt the insurance pr~s. Lender m~y use the proceeds to repair or restore
the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin
when the notice is given. .
Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date oithe monthly payments referred ta in paragraphs 1 and 2 or change the amount of the payments. If
under paragraph l9 the Property is acquired by Lender, Borrower's right to any insuranee policies and procceds resulting
from damage to the Property prior to the acqujsition shall pass to Lendei to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition. -
6. Yreaerratton and MAintenance of Property; Lesseholda. Borrower shall not destroy, damage or substantially
change the Property. allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold,
Bonower shall compty with the provisions of the lease~ and if Borrower acquires fee title to the Property, the leasehold and
fee tiile shall not merge unless Lenrler agras to the merger in writing.
7. Prot~ectiou of Leader's Rig6ts in the Property; Mortg~ge Inauranee. If Borrower fails to perform the 1~!
covenants and agreements cantained in this Security Instrument; or there is a legal proceeding that may significantly affect C~
Lender's rights in the Property (such as a proceoding in bankruptcy, probate, for condemnation or to enforce laws or C~i
regutations), then Lender may do and pay.for whatever is necessary so protoct the valne of tHe Property and Lender's rights O
in the Property. Lender's actions may include paying any sums secured by a lien which•has priority over this Security ~
Instrumtnt, 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 disbursod by I.ender under this paragraph 7 shall become additional debt of Horrower secured by this ~
Socurity Instrument. Unless Borrower and I.ender agrea to other terms of payment, these amounts shall bcar interest from ~
the date of disbursement at the Note rate and sha11 be gayable, with interest. upon notice from Ixnder to Borrower
requtsting payment.
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