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Home My WebLink About0955 UNtFORM COVE[VANTS. Borrower and Lender oovenant and agra as follows: l. Paymea~ ot Princtpal aod Incerar, PrepaymeAc and La~e Gl~ar~es, Borrowe~ stwll promptly pay when due ~ the principal of and interest o~ the debt evidenoed by the Note and any prepaymrnt and late charges due under the Note. 2. Fuads tor Taza aad Inaurance. . Subjoct to applicable law or to a writtrn waiver by Lender. Borrower shalt pay to Lender on the day monthly paymrnts sre due u~der the Note, until the Note is paid in full~ a sum ("Funds") equal to ono-twelfth of (a) yarly taaa and asse.ssmrnts which may attain priority over this Security lnstrument; (b) yearly leasehold paymtnta or ground rtnta on the Property. if any; (c) yearly haurd insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." L.ender may estimate the Funds due on the basis of current data and reasonabte estimates of futun escrow itema. Tht Funds shaU be held in an institution the deposits or avcounu of which are insured or guaranteod by s federal or state agency (including Ler.der if I.ender is such an institution). Lender shaU apply tho Funds to pay the escrow items. Lender may not clurge for holding and applying the Funds. analyzing the account or verifying the escrow items. unless Lendor pays Borrower inierest on tht Funds and applicabk law permits Lender to make such a cha~ge. Borrower and Lender may agree in writing that interest shall be p~id on the Funds. Unless an agroement is made or applicable law requirea interest to be paid, L.ender shall not be required to pay Borrowcr any interest or earnings on the Funds. Lender shall give to Borrower, without charge. an annual ac~unting of the Funds showing credits snd debits to the Funds and the purpcue for which each debit to the Funds was mada The Funds are pledg~d as additioaal security for the sums secured by this Security Instrument. IC the amount of the Funds held by Le~der. together with the fatun monthly payments of Funds payable prior to thetiue datES of the escrow items. shall ea~cood the amount required to pay the escrow items when due, the eacess shatl be. st Bonower's option, either promptly repaid to Borrower or creditod to Borrower on monthly payments of Funds. If the amount of the Funds held by Lrnder u not sut6cient to pay the escrow items when due, Borrowa shall pay to Lender any amount necessary to make up the deficiency in one or ruare psyments as required by Lender. Upon payment in full of all sums socund by this Socurity Instrument~ Lender shall promptly refund to Borrowar any Funds held by Lender. If under paragraph 19 th~ Pc+operty is sold or acquircd by Lender, Lender shatl appty~ no later than immediately prior to the sale of the Property or its aoquisition by I.ender, any Funds held by Lrnder at the time of appiication as a credit against the sums securod by this Security Instrumrnt. 3. Application of Paymeab. Unlesa applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; sa:ond, to prepaymeat chargrs due under the Note; third. to amounts payable under patagraph 2; fourth. to interest due; and lsst, to principal due. 4. Chuge~ Lens. Borrower shall pay all taxes. assessments, charges, flnes and impositions attributable to the Property which may attain priority over this Security Instrument. and leasehold paymrnts or ground cents, if any. - Borrower shall pay these obligations in the manner providod in paragraph 2. or if not paid in that manner. Borrower shall pay t6em on time dir~tly to the person owed paymrnt. Borrower shall promptly furnes6 to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Horrower shall promptly furnish to Lender roceipts evidencing the Payments. Borrower shall promptly dischargt any lien which has priority over this Security lnstrument unless Horrower: (a) ~ agras irt writing to the payment of the obligation securod by the lien in a manner acceptable to Lend~r; (b) contests in good ~ faith the lien by, or defends against enforcement of the lien in, legal.procoedings which in tht Lender's opinion operate to prevent the enforcement of the lien or forfeiturc of any part of tihe Property; or (c) secures from the holder of the lien an ~ agreement satisfactory to Lender subordinating the lien to this Sxurity Instrument. If Ixader determines that any part of the Property is subject to a lien wfiich may attain priority over this Security Instrument, I.ender may give Borrower a notice identifying the lien. Borcower si~all satisfy the lien or take one or more of the actions ut forth above within 10 days ' of the giving of notice. S. Huard Insunace. Borrower shall keep the improvements now eaisting or hereaiter erected on the Property ` insured against loss by fire, ha7ards included within the term "extended coverage" and any other hazards for which I.ender € requires insurance. This insurance shali be maintained in the amounts and for the periods that Lender roquires. The insurance carrier providing the insurance shall be chosrn by 8onower subject to Lender's approval which shall not be unreasonably withheld. AU insurartce policies and renewals shall be acceptable to Lender and shall indud~ a standafd mortgage cfause. ; Lender shall have the right to hold the policies and renewals. It Lender requires. Borrow~r shall promptly give to Lendtr ~ all recei?ts of paid premiums and renewal notices. In the event cf loss, Borrow~r shall give prompt notice to the insurance ~ carrier and Lender. Lender may make proof of loss if not made promptly by 8orrower. Unless Lender and Borrowsr otherwix agree in writing. insurance proceeds shall be applied to restoration or repair E of the Property damaged~ if the restoration or repair is economically feasible and L,ender's security is not {essened. If the ~ restoration or repair is not economically feasible or I.ender's security would be tessened, the insurance proceeds shall be applied 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 answ~r within 30 days a notice from Lender that tbe insuranoe carrier has offered to settle a claim, then Ltnder may collect the insurance proceeds. Lender may use thc proceeo~ to repair or restore the Property or to pay sums secured by this Security Instsyment, whether or not then due. The 30-day penod will begin whrn the notice is given. Unless Lender.and Borrower otherwise agra in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly paymer~ts referred to in paragraphs 1 and 2 or change the amaunt of the payments. If under paragraph 19 the Praperty is acquirod by I.tnder. Borrower's right to any insurance policies and procoeds resulting from damage to the Property prior to the acquisitian shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Presenation and Mainteeance o[ Property; Lease6olds. 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, ~ Borrower shall comply with the provisions of the lease~ and if Borrower acquires fee title to the Property, the leasehold and ~ fce title shall not merge unless L.cnder agree.s to the merger in writing. s 7. Protection of I.ender's Itights in t6e Preperty; Mortgsgp Insurance. If Borrower taiis to perform the ~ covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantiy alfect ~ Lender's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is nxessary to protect tht 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 ~ Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although ~ Lender may take action under this paragraph 7, Lendtr does not have to do so. ~ Any amounts disbursed by L.ender under this paragraph 7 shall become additiona! debt of Borrower secured by this ~ Security Instrument. Unless Borrower and Ltnder agree to other terms of payment. these amounts shall bear interest from ~ the date of disbursement at the Note rate and shall be payable, with interest, upon notice from L.ender to Sorrower ~ requesting payment. ~ ~ B~K P~GE 95~ ~ ~ , ~ ~ - - - - ~J - - - _ ~"s. ~ F Ld~''2'-.~' , . . _ . _