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HomeMy WebLinkAbout0958 L.'NIFORM COVENANTS. Borrower and Lender co~~enant and agree as follows: 1. Payment ot Principal and lnterest; Prepayment and I.ate Charges. Borrower shall promptly pay w~hen due the principal of and interest on the debt evidencec! by the Note and any prepayment and late charges due under the Nute. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Berrow~er shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelfth of: (a) yearly taxes and -assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments ~r ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate 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 insur.~ or guaranteed by a federal or state agency (includi~g l.ender ii L,ender is such an institution). Lender shall apply the Funds to ~iy the escrow items. Lender ~!ay 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 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 Borro~~er any interest ~r earnings on the Funds. Lender shall give to Borroa~er, without charge, an annual accounting of the Fur.ds showing credits and debits 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 'by this Security Instrument. lf the amount of the Funds held by Lender, together with the fucure monthly payments of Funds payable prior to the due dates oC the escrow items, shall exceed the amount required to pay the escrow~ items w~hen due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments oF Funds. lf the amount of the Funds held by Lender is not sufficient to pa~~ the escrow items when due, Borrower shall pay to Lender any~ amount necessary te make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by' ender. If under paragraph 19 the Property is sold or acquired by Lei~der, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a~redit against the sums secured by this Security Instrument. 3. Application of Payments. Unless 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; 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. Charges; Liens. Borrower shall pay all taaes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Se: urity Instrument, and leasehold payments or ground rents, if any. Borrow•er 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 to the person owed pa}•ment. Borrow•er shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrow•er makes these pa}•ments directl~~, Borrow~er shall promptly furnish to Lender receipts evidencing the payments. Borrow•er shall promptl}• discharge an~ lien w~hich has priorit~~ over this Security~ Instrument unless Borrower. (a) _ agrees in w•riting to the payment of the obligation se~ured b}• the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings w~hich in the Lender'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 agreement satisfacrory to Lender subordinating the lien to this Securit}~ Instrument. If Lender determines that any part of the Property is tiubject to a lien which may attain priority o~er thic Security Instrument. Lender ma~ gi~~e Borrower a notice identif}~ing the lien. Borrow•er shall satisfy the lien or take one or more of the artions set (orth abo~~e w•ithin ]0 days of the giving of notice. 5. Hazard Insuranee. Borrower shall keep the improvements now~ exist~ng or hereafter erected on the Propert~~ imured against loss by fire, hazards include~ within the term "extended c~~verage" and any other hazards for which Lender reyuires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen b}~ Borrow•er subjert tc~ Lender's appro~~al w~hich shall not be unreasonably w~i!hheld_ All insurance polic~es and reneuals shall be arceptable to Lender and tihall include a standard nwrtgage clause. j Lendrr shall have the right to hold the policies and renew~als. If Lender reyuires. Barrow~er shall prc~mptl}~ give to Lender ~ all receipts of paid premiums and renew~al notice,. In the e.~ent o(loss, Borrow~er shall gi~e prompt notice to the insurance ~ carrier and Lender. Lender may~ make proof of lass if not made promptly b~~ Borrow~er. E Unless Lender and Borrow~er othen~~ise agree in w~riting, insuranre prcx:eeds shall be applied to resroration or repair s of the Property damaged, if the resroration or repair is economicall}• feasible and Lender's security is not lessened. If the ~ restoration or repair is not economicall~• feasible or Lender's securit}• w~ould be lessened, the insurance proceeds shall be applied ro the ;ums secured b}~ this Securit}~ Insirument, w~hether or not then due, with an}~ excess paid to Borrow~er. If Aorrow•er abandons the Property~, or doc~ not answ~er within 30 da}~s a notice from Lender that the insurance rarrier has offered ro settle a claim, then Lender ma}• collect the insurance proceeds. Lender ma}~ use ihe proceeds to repair or restore ~ the Property c~r to pay sums secured b}~ this Security~ Instrument, whether or not then due. The 30-day~ period w•ill begin a a when the no;ice is gi~~en. ' - lJnless Lender and Borrower otherwise agree in a•riting, an}~ application of proceeds to principal shall not eztend or ? ~ post~ne the due date of the monthl} pa~•ments referred to in paragraphs 1 and 2 or change the amount of the pa}•ments. If under paragraph 19 the Property is acqwred b}~ Lender, Borrow•er's right to any insurance policies and proceeds resulting from damage to the Property prior ro the aGquisition shall pass to Lender to the ertent of the sums secured b}~ this Serurit}~ Instrument immediately prior to ihe acquisition. 6. Preservation and hlaintenance of Property; Leaseholds. Borrower shall not destroy~, damage or substantiall~~ change the Property, allow the Property to dPtPriorate or commit w•aste. If this Securit}• Instrument is on a leasehold, a Sorrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, 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; tilortgage Insurance. If Borrow~er fails to perform the ` co~~enants and agreements contained in this Security Instrument, or there is a legal proceeding that map significantl}~ affect ~ 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 necessary to protect the value of tne Property and Lender's rights ' in the Property. Lender's aetions may include paying any sums secured by a lien w~hich has priority over this Securit}~ ~ Instrument, appearing in court, pa~•ing reasonable attorneys' fees and entering on the Propert}~ ro make repairs. Although ~ Lender may take action under this paragraph 7, Lender does not have to do so. ~ Any amaunts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Secur~ty Instrument. Unless Borrow~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 payable, with interest. upon notice from Lender to Borrow~er ~ requesting ~ayment. € f;i; 8~1;7K P«Gf ~ ~ ~ ~ ~ ~ - - " _ ' ~ ~ 2vx` `'s»14 - ~~~q ~.~G,'_$". _ ~ '~-.~.,,~t- ~ "J'yTi' f °ck~`..~ _ 'n ~,_L"~y"mc, Y_ '