Loading...
HomeMy WebLinkAbout0956 ~ UNIFORM COVENANTS. Borrower and Lender eovenant and agree as fotluws~ ~ l. Paynieat ot Princlpal and laterat; Prtpaymeet wd L.ate C~arges. Borrower shalt promptly pay when due ~ the principal of and interest on the debt evidencod by thc Not~ and any prepayment and late charges due under the Note. ; 2. Funds tor Taxa aad Iasuraaa. Subjtct to applicable Jaw or to a written waiver by Lender, Barrower 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: (s) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly i leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly ' mortgage insuranct premiums, if any. These items are called "escrow items." L.ender may estimate thc Funds du~ on the ~ bgsis of curcent data and reasonable estimates of future escrow 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). L.ender shall apply the Funds to pay the escrow items. I.ender may 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 sha11 not be required to pay Borrower any interest or earnings on the Funds. Lender T shall give to Borrower, without charge, an snnual accounting of the Funds showing credits and debits to the Funds and the € purpose for which cach debit to the Funds was made. Th~ Funds are pledged as additional security for the sums securcd by , this Security Instrument. } If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to ¢ the due dates of the escrow items, shall excetd the amount required to pa} the escrow items when due, the excess shall be, } at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the ~ amount of the Funds held by I.ender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any ~ amount nccessary to 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, L.ender shall promptly refund to Borrower any Funds held by Lender. lf under paragraph 19 the Property is sold or acquired by Lender, l.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. Applieation 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 taxes, assessments, charges, fines and impositions attributable to the Properiy which may auain priority over this Security Insteument, and leasehold payments or ground renis, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shaU pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall ~romptly furnish 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 secured by 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 proceeaings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeeture of any part of the Prope»y; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security lnstrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Hszard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insurtd against loss by fire, hazards included within the term "extended coverage" and any other hazards for which L,ender t requices 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 by Borrower subject to Lender's approval which shall not be ~ unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender 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 = : ; all receipts ot paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ~ ~I E carrier and L.ender. Lender may make proof of loss if not made promRtly by Borrower. ; Unless I.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ' ~ of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the ~ restoration or repair is not economically feasible or Lender's security would be Eessened, the insurance proceeds shall be ~ applied to the sums secured by th~s Secunty Instrument, whether or not then due, w~th any ezcess paid to l3orrower. it : F Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ~ ~ offered to settle a claim, then Lender may collect the insurance proceeds. I.ender may use the proceeds 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. ~ Unless Lender and Borrower otherwise agree in writing, any application of proce~eds to principal shall not e~tend 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 acquired by I,ender, Borrower's right to any insurance policies and proceeds resulting x from damage to the Property prior to the acquisition shap pass to Lender to the eztent of the sums secured by this Security Instrument immediately prior to the acquisition. : ~ 6. Preservation and Maiatenance of Property; I.ease6olds. Borrower shall not destroy, damage or substantially ' ~ change the Property, allow the Property to deteriorate or commit waste. If this Security lnstrument is on a leasehold, ~ Borrower shaU comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the ieasehold and ~ g, fee title shall not merge unlcss L.ender agrees to the merger in writing. ~ 7. Protection of Lender's Rights in the Property; 1~iortgage Insurance. If Borrower fails to perforc~ the ~ covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly afiect ' ~ ~ Lender's rights in the Property (such as a proceeding in bankruptcy, probate, tor condemnation or to enforce laws or ~ ~ regulations), then Lender may do and pay for whatever is n~c~.ssary to proteci the value otthe 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 ~ Lcnder may take action under this paragraph 7, L.ender dces 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 shall bear interest from ' the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borr~wer j ~ requesting payment. ~ ~ 7 ti ? ~ ~ ~ ao'~K4E6 P~cE ~5~ ~ ~ ~ ~ ~ ~ r ~ ~ ~ -r~~-~ ~-,,~~M: ~w~.. ~a:.. y ~