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Home My WebLink About0947 . ~ . . ,i i ~ f ~ UM1tIFQRM COVE?VANTS. @orrowe? and lender covenant a~~d agree as tollows: 1. Aaym~t ol Prindpal and IntKes~ Pr~pa~lm~nt ond Late Chr~s. Barower shall prompty pay when due tne pr~nc~pa? ot and ~nterest on the debt ev~denced by the Note and any prepayment and late charges due under the Note. Z Fund~ for TaxM a+~d Insuranc~. S~bject lo applicable law or to a written wa~ver by Lender, Borower shalt pay to Lender on the day monthly payments are due under the Note, until tha Note is pa~d in full, a sum ("Funds") equat to one-twelfth ot: ( a) yeary taxes and assessments which may attain priority over this Securiry Instrument. (b) yearly Ieasehold payments a ground rents on !he Property, it any; (c) yeary hazard insurance premiums: and (d) yea~y mortgage insurance premiums. H any. These items are called ' escrow itams." Lender may estimate the Funds due on the bas;s of current data and reasonable estimates ot tuture escrow +tems. ~ The Funds shall be held in an inst~tut~on the deposits or accounts of which are insured or guaranteed by a federal or state ' agency (including Lender it Lend~;r is such an institut~on). Lender shall appy lhe Fur.ds to pay the escrow items. Lender may not charge for hotding and appiying the Funds, analyzing the account or veritying the escrow items, uniess Lender pays Barower ~ ~nteresi on the runds and appiica~~e law p~rmits Lende~ to m3ke such 3 charge. Bc~rrc~wer and Lender m~y agree in wri,:~ ~a ;;at ~nterest shall be paid on the Funds. Unless an agreement is made or applicab+e law requ+res interest to be paid, Lende? shatl not be required to pay Borrower any interest or earnings on the Funds. ~ender sha?I give to Borrower, without charge, an annual ~ account~ng of tt~e Funds showing credits and debits tothe Funds and the purpose for which each debil tothe F~nc3s was made. The Funds are ptedged as add~tional security for the sums secured by this Security Instrument. !f the amount of the Funds held by Lender, togethe? wlth the future monthly payments of Fu~ds payable prior to the due dates ; ot the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, ; e~ther promptly repaid to Borrower or credited to Borrower on monthly payments ot Funds. If the amount ot the Funds hetd by Lender ~s not suff~cient to pay the escrow items when due. Borrower shall pay to Lender any amount necessary to make up thedef+ciency in one or more payments as required by Lender. Upon payment in full of all sums secured by tt~~s Securify Instrument, Lende? shatl promptly refund to Borrower any Funds neid 'oy ~ender. it under paray~ aN~ the Prcpert;~ ;s ~~;;~ti-~~ ~y Lender. Lende~ sha!! ap!~!~. no ~ater than immediateh prior ~ to the sale of the Property oi its acqu~s~t~on by Lender, any Funds held by Lender at ihe time of appl~cation as a credit against ihe ~ sums secured by this Security Instrument = 3. Appllcstion ot Payme~ts. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 sha~l be apptied: f~rst, to late charges due under the Note; secanri, to prepayment charges due under the Note; third. to amounts payable under paragraph 2; fourth, to interest due; and last, to principa~ due. 4. Chsrg~s; Llsns. Borrower shall pay ail taxes, assessments, charges, fines and impositions aitributable to the " Property which may attain priority over this Security Instrument, and ~easeholdpaymenis or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or ~t not ~aid in that manner, Borrower shall pay them on time directy tothe person owed paymenl. Borrower sha!! prompty furnish to Lender al1 notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments_ Borrower shall promptly discharge any lien which has priority over ihis SeCUrity Instrument unless Borrower: (a) agrees in ~ wr~t~ng tothe payment of the obligation secured by ihe lien in a manner acceptableto Lender: (b) contests in good faith ihe lien, by a ~ defends against entorcement of the lien in. legal proceedings which in the Lender's opinion operate ro prevent the entorcemeni ot ~ the I~en o~ forfeiture ot any part of the Property: or (c) secures from the holder of the tien an agreement satisfaciory to Lender ~ subordinat~ng the iien to this Security Instrument. If l_ender determines that any part of the Property is sub~ect to a tien which may attain priority over this Secur~ty Instrument, lender may give Borrower a notice identifying the lien. Borrower shall sa4isiy the lien or ~ take one or rr~o~e of the act~ons set forth above within 10 days of the giving of notice. * S. Ha=ud Inturance. Borrower shall keep the ~mprovements now existfng or hereatter erected on the Property insured ~ aga~nst loss by fire, hazards mcluded w~thin the term extended coverage" and any other hazards for which Lender requires ~ insurance. This insurance shall be maintained ~n the amaunis and for the periods that Lende~ requires. The +nsurance carrier ~ provir~ing the insurance shall be chosen by Barrower subjecl to Lender's approval which shall not be unreasonably withhetd. ~ All insurance pol~cies and renewals shall be acceptable to Lender and shaN include a siandard mortgage clause. Lander ~ shall have the right !a hotd the po(icies and !enewals. i~ Lender requires. 8arower shal! promptly 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 prompfly by Barower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shail be applied to rsstoration or repair of the Property damaged, it the restoration or repair ~s economically feasible and Lender's security s not fessened. If the restoration or repair is no2 economicalry feasible or Lender's security would be lessened, the insura~ ~ce proceeds shall be applied to the sums secured by this Security lnstrument, wheiher or not then due, with any excess paid to Borrower. li Barower abandons the Praperty, or does not answsr within 30 days a notice hom Lender Ihat the insurance carrier has offered to settle a claim, then Lender may coilect ihe insurance proceeds. Lender may use the proceeds to repair or restore lhe Property a to pay sums secured b~~ th~s Security Instrument, wheiher or not then due. Tne 30-day period wil! begin when the notice is g+ven. Unless Lender ard Borrower otherwise agree in writ~ng, any application of pcoceeds to principal shall not extend or postpone the due date of the monthly aayments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's righ± to any insurance policies and proceeds resutting frorn damage to the Property prior to the acquis~tion shall pass to Lender tothe extent of the sums secured by this Security Instrument immediately prior to lhe acquisition. 6. Pr~sandlon and Malnt~nsnce of Prop~rty; L~r~hold~. Borrower shalt not destroy, damage or substantially chanye the Property, allow the PropeRy to deteriorate or commit waste. If this Security Instrument is on a leasehold, Barower shall compry with the provisions of tt~e lease, and if 6orrower acquires fee tiile to the Property, the leasehold and feetitle shall not merge unless Lender agrees to the merge~ in writing. 7. Protectlon of L~ndN's d~hb In t!?~ PropKty; Mort~p~ Insuranc~. Ii Borrower.fails to perform the covenants ond agreements contained in this Security Instrument, or there ~s a legal proceeding that may significantly aftect Lender's rights in the Property (such as a proceedir+q in bankruptcy, probate, for condemnat~on or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to proted the value of the Property and Lender's rights in the Property. Lender's actions may Include paying any sums secured by a lien wh~ch has pr;ority over this Seca~riry Instrument, appearing in court, paying reasonable ; atr.rxnPVC tP~ and entering on the Properhi to make repairs. Although Lender may take aciion under this parag?aph 7, Lender does not have to do so. Arty amounts d~sbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Securiry Instrumer~t. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date af disbursement at the fVote rate and shall be payable, with interest, upon notice irom Lender to Borrower requesting payment. 4 . ; ~'R PeGE i~Y J . , ' ` BI)~?K ~ - - - ; . -