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Home My WebLink About0918 UNIFORM COVENAM'S. Borrower and Lender covensa~t and agree as follows: 1. Paymeat o[ Prlacipa! and Interest; Prep~ymeat aad i.ate Chuges. 8orrower shall promptly pay when due the principal oFand intecat on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Fuads tor Taxa aad lnsurauce. Subject to applicable law or to a written waiver by Lender. Borrower 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 oartwelith of: (a) yearly taxes and assassments which may attain priority over this Security Instrument; (b) yearly leasehold payments or gmund rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums. if any. "l~ese items are csllod "escrow it~ms." L,ender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be htld in an institution the deposits or accounts of which are insured or guaranteed by a iederal or state agency (including Ltnder if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. ' Lender may not charge foe holding and applying the Funds, analyzing the account or verifying the escrow items, unlcss ~ Lender pays Borrower interest on the Funds and applicable law permits I.endtr to make such a charge. Borrower and s Lender may agree in ariting that inferest shal! 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 esrnings on the Funds. Lender shall give to Borrower~ without charge, an annu~l accounting of the Funds showing crodits and debits to the Funds and tha nurops~ for which each debit to the Funds was mada 'The Funds are pledged as additionaf security for the sums securcd by this Secarity Iestrument. ~ } If the amount of th~ Funds hQld by Lender, together with the future monthly payments of Funds payable prior to ~ the due dates of the escrow items, shall exceed the amount required t~ pay the escrow items when due, the excess shall be, ~ at Borrower's option~ either promptly repaid to Borrower or creditod to Borrower on monthly payments of Funds. If the amount of the Funds held by I.ender is not sufficient to pay the escrowr items when duq Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more paymrnts as roquired by Lender. L'pon payment in full of all sums secured by this Security Instrument. I.ender shall promptly refund to Borrower any Funds held by Lender. IF under paragraph 19 the Property is sold or acquir~d by I,ender, I.ender 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 credit against the sums secured by this Security Instrument. 3. ApPlicatIoa of Paymenb. 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 Not~ second, to prepayme~t charges due under the = Note; third. to amounts payable under paragraph 2; fourth, to interest dur, and last, to principal dut. ~ 4. Chargex Lien;. Borrower shall pay all taxes, assessments, charges, fines and impc~sitions attributable to the ~ Property which may attain priority over this Security Instrument, and leasehold payments or ground rents. if any. # Borrower shall pay these obligations in the manner provided in paragraph 2~ or if not paid in that manner, Bonower shall pay them on time directly tathe person owed payment. Horrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Bonower makes these payments directly. Borrower shall promptly turn?sh to i ender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation securod by the lien in a manner acceptable to L.ender; (b) contests in good faith the lien by~ or defends against enforcement of the lien in~ legal Qroceedings which in the Lender's opinion operate to ~ prevent the enforcement of the lien or forfeiture of any psrt of the Property; or (c) secures from the holder of the lien an i agreement satisfactory to I.ender subordinating the lien to this Socurity Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instroment, Lender may give Bonowcr a ~ notice identifying the licn. Borrower 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 Insurance. Borrower shall keep the improvements now existing or hereaRer erected on th~ Property insured against loss by fire, hazards included within the term "extended coverage" and a~y other hazards for which I.ender requires insurance. This insarance shap b~ maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall bt chosen by Borrower subject to I.ender's approval which shall not be unreasonably withheld. ~ All insurance policies and rencwa(s shall be acceptabte to I.ender and shall include a standard mortgage clause. ~ Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender k all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ~ carri~r and Lender. Lender may make proof dF loss if not made promptly by Borrower. _ ~ Unless L.ender and Borrower otherwise agree in writing, insurance proceeds shall be appiied to restoration or repair ~ ~ of the Property damaged, 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 shali be ~ s applied to the sums securod by this Security Instrument, whether or not then due, with any excess paid to Bonower. If ; Borrower abandons the Property,.or dces not answer within 30 days a notice from Lender that the insurance carrier has ~ otTered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds ta reQair 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. Unlcss Lender and Borrcwer otherwise agree in writing, any application of proceeds to principal shall not eatend or 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 acquirod by Lender~ Borrower's right to any insurance policies and proceeds resulting from damage to th~ Property prior to the acquisition shall pass to Lender to the eatent of the sums securcd by this Security ~ Instrument immediately prior to the acquisition. 6. Presenation and Maintenance of Property; I.easeholds. Borrower shall not destroy. damage or substantially ~ change the Property, allow the Property to deteriorate or commit waste. If this Security [nstrument is on a leasehold, ` Borrower shall comply with the provisions of the lease, and if Borrower acquires tee title to the Property, the leasehold and fee title shap not m~rge unless L.tnder agrces to the merger in writing. 7. Pratection of Lender's Righis in the Property; Mortgsge Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or thtre is a legal proceeding that may significantly atFect Lend~r's rights in the Property (such as a proceeding in bankruptcy. probate. for condemnation or to enforce laws or regulations). then L.ender may do and pay for whatever is nxessary to protect the value of the Property and Lender's rights in the Property. L•ender'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, Lender does not have to do so. Any amounts disbursed by I.ender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of Payment, these amounts shalt bear interest from the date of disbursement at the Note rate and shalf be payable. with interest~ upon notice from Lender to Borrower rcquesting payment. ~ ; BUOK ~~v PAGE s • {j 3 ~ ~ i ' . ~ _ ~ _ " . ' k - ~ -