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Home My WebLink About0944 UN~FORM CovENANTS. Borrower and Lender covenant and agree as follows: 1. Paymeat of Principal and Iaterest; Prepaymeat and Late CharBes. Borrower shall promptly pay when due the principal.of and interest an tht dcbt evidenced by the Nota and any prepayment and late charges due under thr Note. 2. Fwuds for Taxes aad Insurance. Subject to aQplicable law or to a written waiver by Lender, Borsower shall pay to Lender on the day monthly payments aro due under the Note, until the Note is paid in futl~ a sum ("Funds") equal to ono-twelRh of (a) yearly taxes and assessments which may attain priority over this Security Instrumtnt; (b) ycarly teauhold paymtnts or ground rents on the Property. if any; (c) yearly hazard insurance prcmiums; and (d) yearly moctgage insurance premiums, if any. These items a~re called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonabie estimates of future Gscrow items. The Funds shali be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including L.ender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not chargt for holding and applying the Funds, analyzing the account or verifying the escrow items, unless I.ender pays Boccower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender 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 shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without chargq an annual accounting of th~ Funds showing credits and debits to the Fundsand the purpox for which each debit to the Funds was made. T`he Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by I.~ader, together with tht futun monthly payments of Funds payable prior to the dut dates of the escrow items. shall eaceed the amount required to pay the escrow items when due, the ~xcess shall be, at Horrower's optian. either promptly repaid to Borcower or creditad to Borrower on monthly payments of Funds. If the amount of the Funds held by L,endar is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficitncy in one or mon payments as roquired by Lender. Upon payment in full of all sums sxured by this Socurity Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immedistely prior to the sale of the Property or its acquisition by Lender, any Funds held by I.zndar at the time of apptication as a credit against the sums s~cured by this Security Instrument. 3. Application of Payments. Unless applicable law pmvides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to lat~ charges due under the Nott; s~cond, to prepayment charga due under the Notr, third, to amounts payable under paragraph 2; fouRh, to interest due; and last, to principal due. 4. Chargex Liens. Borrower shall pay all taxes, asses~ments, charges, fincs and impositions attributable to the Property which may attain priority over this Security Instrument. and leasehold payments or ground rrnts, 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 io the pecson owod payment. Bormwer shall promptly furnish to Lrnder alf noticrs of amounts to be paid under this paragraph. If Borrower makes t6ese payments direcdy, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agreas in writing to the payment of the obligation setured by the lien in a manner acctptable to I.ender, (b) contests in good faith the lien by, or defends against enforcement of the litn in, legal procadings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures fcom the holder of the lien an agreement satisfactory to Lender subordinating the lirn to this Security Instrument. If Lender determines that any part of the Property is subject to a Gen which may attain priority over this Security Instrument, L.ender may gi~~e Borrower a notice identifying the li~n. Bonower shall satisfy the lien or wke one or more of the actions set forth above within t0 days of the giving of notice. S. Ha~rd Insurance. Borrower shall keep the improvements now ezisting or hereaRer erected on the Property F insured against loss by fire, hazards included within the ierm "eatended coverage" and any other hazards for which Lender ~ requirts insurance. This insurance shall be maintainai in the amounu and for the periods that Lender requires. The ~ ; insurance carrier providing the insurance shall be chosete by Borrower subject to Lender's approval which shall not be f unreasonably withheld. All insurance policies and renewals shall be acc~~table to Lender and shall include a standard mortgage clause. € Lender shall have the right to hold the policies and renewals. If Lender requires, Bonower shall QromQt(y give to Lender . ~ all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance - carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower oiherwise agret in writing, insurance proceeds shall be applied to restoration or repair ~ of the Property damaged, if the restoration or repair is economically feasibte and Lender's security is not lessened. If the ~ restoration or repair is not economicalIy feasible or Lender's security would be lessened, the insurance proceeds shall be & appiied to the sums secured by this Sxurity Instrument, whether or not then due, with any excess paid to Bonowfr. If ~ Borcower abandons the Property, or dces not answer within 30 days a notice from. Lender that the insurance carrier has t offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the procecds 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. ~ Untess Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or t postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. IF ~ under paragraph 19 the Property is acquired by I.ender. Bonower's right to any insurance policies and proceeds resulting ° from damage to the Property prior to ihe acc~uisition sha{l pass to I.tndtr to the extent of tho sums secured by this Security s Instrumtnt immediately prior to the acquisition. ~ 6. PresenAtion and Maintenance of Pro~erty; Leaseholds. Borrower shali not destroy, damage or substantially ` change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrowec shali comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and ~ fee title shall not merge unlas Lender agrees to the merger in wriring. , Protection of Leader's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agrcements contained in this Security Instrument, or there is a legal proceetiing that may significantly af~'ect ~ Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnaeion or to enforce laws or regulations), then Lxnder may do and pay for whatever is necessary to protect the value of the Property and Lender's rights ~ in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrumcnt, appearing in court, paying reas~nable attorneys' fees and entering on the Property to rnake repairs. A?though ~ Lender may take action undtr this paragraph 7, Lender does not have to do so. E ~ Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Bonower secured by this ~ ~ Security Instrument. Uniess Borrower 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 payable, wiih interest, upon notice from Lender to Borrower requesting payment. S'?,)K~~U ?~aE J`3`3 ~(IQK~~~ P~CE~O~U - - z..,..~;+_ _ ~ ~ - ~ r= -