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the title to the Property against all claims and demands, subject to any encumbrances of record.
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Payment of Principal, Interest, Default Interest and Late Charges. Borrower
shall pay when due the principal of and interest on, the debt evidenced by the Note,
default interest, if applicable, and late charges due under the Note.
297
2. Payment of Taxes, Insurance and Other Charges. Borrower shall make timely
payment of any (a) taxes and special assessments levied or to be levied against the
Property, (b) leasehold payments or ground rents on the Property, and (c) premiums
for insurance required by Paragraph 4. The Borrower shall furnish proof of payment
to Lender upon request by the Lender.
3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied
by Lender as follows:
First, to interest due under the Note;
Second, to amortization of the principal of the Note
Third, to late charges due under the Note.
4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements
on the Property, whether now in existence or subsequently erected, against any
hazards, casualties, and contingencies, including fire, for which Lender requires
insurance. This insurance shall be maintained in the amounts and for the periods that
Lender requires. Borrower shall also insure all improvements on the Property,
whether now in existence or subsequently erected against loss by floods to the extent
required by the Lender. All insurance shall be carried with companies approved by
Lender. The insurance policies and any renewals shall include loss payable clauses in
favor of and in a form acceptable to, Lender. Borrower shall furnish a copy of the
policy or policies of insurance to the Lender upon request by the Lender.
In the event of loss, Borrower shall give Lender immediate notice by mail. Lender
may make proof of loss if not made promptly by Borrower. Each insurance company
concerned is hereby authorized and directed to make payment for such loss directly to
Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance
proceeds may be applied by Lender, at its option, either (a) to the reduction of the
indebtedness under the Note and this Security Instrument, first to any delinquent
amounts applied in the order in Paragraph 3, and then to prepayment of principal or
(b) to the restoration or repair of the damaged property. Any application of the
proceeds to the principal shall not extend or postpone the due date of the monthly
payments which are referred to in Paragraph 2, or change the amount of such
payments. Any excess insurance proceeds over an amount required to pay all
outstanding indebtedness under the Note and this Security Instrument shall be paid to
the entity legally entitled hereto.
In the event of foreclosure of this Security Instrument or other transfer of title to the
Property that extinguishes the indebtedness, all right, title and interest of Borrower in
and to insurance policies in force shall pass to the purchaser.
5. Occupancy, Preservation, Maintenance and Protection of the Property;
Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and
use the Property as Borrower's principal residence within sixty days after the
2
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proceeds over an amount required to pay all outstanding indebtedness under the Note
and this Security Instrument shall be paid to the entity legally entitled thereto.
8. Grounds for Acceleration of Debt.
(a) Default. Lender may require immediate payment in full of all sums secured by
this Security Instrument if:
,(i) Borrower defaults by failing to pay in full any monthly payment required
by this Security Instrument prior to or on the due date of the next monthly
payment, or,
(ii) Borrower defaults by failing, for a period of thirty days, to perform any
other obligations contained in this Security Instrument.
(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law,
require immediate payment in full of all the sums secured by this Security
Instrument if:
(i) All or part of the Property, or a beneficial interest in a trust owning all or
part of the Property, is sold or otherwise transferred (other than by devise
or descent) by the Borrower, and
(ii) The Property is not occupied by the purchaser or grantee as his or her
principal residence, or the purchaser or grantee does so occupy the
Property but his or her credit has not been approved in accordance with
the requirements of the Lender.
(c) Default Interest. If Lender has not received the full monthly payment required
by the Security Instrument by the end of the thirty day calendar days after the
payment is due, Lender may increase the interest rate as described in Paragraph 2
of the Note to twelve percent (12 Lender may choose not to exercise this
option without waiving its right in the event of any subsequent default.
(d) No Waiver. If circumstances occur that would permit Lender to require
immediate payment in full, but Lender does not require such payments, Lender
does not waive its rights with respect to subsequent events.
9. Reinstatement. Borrower has the right to be reinstated if Lender has reguired
immediate payment in full because of Borrower's failure to pay an amount due under
the Note or this Security Instrument. This right applies even after foreclosure
proceedings are instituted. To reinstate the Security Instrument, Borrower shall
tender in a lump sum all amounts required to bring Borrower's account current
including, to the extent they are obligations of Borrower under this Security
Instrument, foreclosure costs and reasonable and customary attorneys' fees and
expenses properly associated with the foreclosure proceeding. Upon reinstatement by
Borrower, this Security Instrument and the obligations, that it secures shall remain in
effect as if Lender had not required immediate payment in full. However, Lender is
not required to permit reinstatement if: (i) Lender has accepted reinstatement after
the commencement of foreclosure proceedings within two years immediately
preceding the commencement of a current foreclosure proceeding, (ii) reinstatement
will preclude foreclosure on different grounds in the future, or (iii) reinstatement will
adversely affect the priority of the lien created by this Security Instrument.
4
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as trustee for the benefit of Lender and Borrower. This assignment of rents
constitutes an absolute assignment and not an assignment for additional security only.
If Lender gives notice of breach to Borrower: (a) all rents receive by Borrower shall
be held by Borrower as trustee for benefit of Lender only, to be applied to the sums
secured by the Security Instrument; (b) Lender shall be entitled to collect and receive
alt of the rents of the Property; and (c) each tenant of the Property shall pay all rents
due and unpaid to Lender or Lender's agent on Lender's written demand to the
tenant.
Borrower has not executed any prior assignment of the rents and has not and will not
perform any act that would prevent Lender from exercising its rights under this
Paragraph 15.
Lender shall not be required to enter upon, take control of or maintain the Property
before or after giving notice of breach to Borrower. However, Lender or a judicially
appointed receiver may do so at any time there is a breach. Any application of rents
shall not cure or waive any default or invalidate any other right or remedy of Lender.
This assignment of rents of the property shall terminate when the debt secured by the
Security Instrument is paid in full. The Lender or a judicially appointed receiver shall
not be required to post any bond or other security to enter upon, take control of or
maintain the property.
NON UNIFORM COVENANTS. Borrower and Lender further covenant and agree
as follows:
16. Foreclosure Procedure. If Lender requires immediate payment in full under
Paragraph 8, Lender may invoke the power of sale and any other remedies permitted
by applicable law. Lender shall be entitled to collect all expenses incurred in
pursuing the remedies provided in this Paragraph 16, including, but not limited to,
reasonable attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to
Borrower and to the person in possession of the Property, if different, in accordance
with applicable law. Lender shall give notice of the sale to Borrower in the manner
provided in Paragraph 12. Lender shall publish notice of sale, and the Property shall
be sold in the manner prescribed by applicable law. Lender or its designee may
purchase the Property at any sale. The proceeds of the sale shall be applied in the
following order: (a) to all expenses of sale, including, but not limited to, reasonable
attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any
excess to the person or persons legally entitled to it.
17. Release. Upon payment of all sums secured by this Security Instrument, Lender shall
release this Security Instrument without charge to Borrower. Borrower shall pay any
recordation costs.
18. Waivers. Borrower waives all rights of homestead exemption in the Property and
relinquishes all rights of curtesy and dower in the Property.
Riders to this Security Instrument. If one or more riders are executed by Borrower and
recorded together with this Security Instrument, the covenants of each such rider shall be
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