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Home My WebLink About0916 1+~ UNIFOFM COVENANTS Borrower and ~ender covenant and agiee as Iouows 1. P~ym~nt of Princlpr and IntK~st; Pr~paym~nt and Lat~ Char~es. Baro~.er sna,i prom~t~y pay .vhen Cue tn~ c~~nc~pal of and ~Merest on the debt ev~denced liy the Note and any prepayment and iate charges due under the Note 2. Fu~ds for Tau~s and Insunnc~. Sub~ect 1o applicable law a to a wr~tten wa~ver by Lender. Barower shall pay to Lender on Ihe day monthly payments are due under the Note, untc~ the Note ~s pa~d ~n tuil, a sum ( Funds' ) equai to cne-twelfth ot ~ al yearly taxes and assessments wh~ch may atta~n prionty over th~s Secur~ty Instrument, (b) yeariy leasehofd paymenis or grourd rerns on the P?operty. ~t any: (c) yearty nazard insurance prem~ums. and (d) year~y mortgage ~nswance prem~ums. A any These items are called escrow dems " Lender may estimate the Funds d~e on the bas~s of current data and reasonable est~mates of tuture escrow items. The Funds shaU be hetd ~n an ~nst~tut~on the depos~is or accounts of which are :nsured or guaranteed by a federai or state agency (includ~rg Lender rt Lender ~s such an ~nst~tuhon) Lender shall apply the Funds to pay the escrow ~tems Lender may not cnarge for hoid~ng and appy~ng the Funds. analyz~ng the account or venfy~ng the escrow rtems. unless Lender pays Barower ~rnerest on the Funds and appl~cable la~ti~ perm~ts Lender to make such a charge Borro.tier and Lend2r may agree in wr~t~ny that ~nterest sriall be pa~d on the Funds Untess an aareement ~s made or app~icable law requ~res ~nterest to be pa~d. Lender shaii not be reqwred to pay Borrower a~y interest or earn~ngs on the Funds Lender shall gwe to Borrower, w~thout charge. an annual acc~unt~ng of the Funds show~ng cred~ts and debits tothe Funds and the purpose!or wh~ch each debit tothe Funds was made The Func~s are piedged as addR~onal secunty for the sums secured by tt;~s Securrty Instrument. If the amount of the Funds h21d by Lender. together w~th t he!uture mont hly payments ot Funds payable prior to the due dates of the esc!ow ~tems. shal! exceed the amount requ~red t~ pay the escrow ~tems when due. the excess shali be. at Bo~rower's opt~on. erther promptfy repa~d to Borrower or Credited to Borrower on montnly payments of Funds If the amount ot the Funds he,d by Lender ~s not suff~cient to pay the escrow items when due. Borrov;er shail pay to Lender any amour,t necess2ry to make up the def~c~ency m one or more paymerts as requ~red by L2nder Upon payment ~n full of all sums secured by Ehis Secur~ty Instrument. Lender shall prompty refund to Borrower any Funds held by Lerder if under paragraph 19 !he P~operty ~s so!d or acquired by Lender. Lender shall apRy. no later than immed~ately pr~or to the sale of the Prope,ty or ~ts acqws~t~on by Lender, any Fur,ds held by Lender at the t~me oi applicat~en as a credit against the sums sec~red by th~s Securrty Instrur~ent 3. Application of Payments. Unless appl~cabie taw prav~des otherw~se, all ~ayments rece+ved by Lender under paragraphs 1 and 2 sha!! be appl~ed f~rst. to !ate charges due under the Note: second. to prepayment charges dus under the Note: tn~rd. to amounts payable under paragraph 2, fourth. to ~nterest due: and last, to pnnc~pal due 4. Charyes; Llens. Borrower shall pay all taxes. assessments. charges, fines and impos~tions attnbutable to the Property wh~ch may at!a~n prority over th~s Security Instrument. and leasehold Faymems or ground renis. if any. Borrower shatl pay these obl~gabons m the manner prov~ded ~n paragraph 2. or if not pa~d ~n that manner, Borrower shall pay!hem on Ume d~rectty tolhe person owed payment Borrower shall promptfy lurn~sh to Lender all not~ces of amounts to be paid under this paragraph If Borrower makes these payments directty, Borrower shail prompty 'urn~sh to Lender rece~pts ev~dencing ihe payments Borrower shall promptly discharge any lien which has pnoriry over?h~s Secur~ty Instrument unless Bcrrower (a) agrees ~n wnt~ng tothe payment of the obiigation secured by the t~en in a manner acceptab~eto Lender. (b) contests in goodfaithlhe Ilen. by or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent ihe enforcement ot the I~en or forfe~ture of any part of the Property: or (c) secures frem the holder of the lien an agreement sat~sfactory to Lender suberd~naGng tne I;en to th~s Secu~~ty instrument If Lender determines that any part of the Property is subject to a lien which may a?ta~n pnor;ty over th~s Secunty !nstrument. Lender may g~ve Borrewer a not~ce identifying the 6en Borrower sha!I sat~sfy the li2n or take one or more of the actons set fo!th above w~thm 10 days of the giv~ng of not~ce 5. Hazard Insurance. Borrower shatl keep the improvements now ex,st~ng or hereafter erected ontheProperty msured aga~rst loss by tire. hazards ~nc!uded w~th!n the term extended c~verage" and any oiher hazards !or whicn Lender reau~res ~ns~rance Th~s insurance sha!! be main,ained m the amounts and fcr the penods that ~ender requires. The ~nsurance carner ~ orov~dir.g the ~nsurance shafi be chosen by Borrower sub;ect to Lender~s apprrn~al which shali not be unreasonably withheld All msurance policies and renewa~s shaU be acceptabie to ~ender and shall include a standard mortgage clause Lender 4 shatl have the r~ght to hold the policies and renewais If Lender reqwres. Borrower shali promptly give to Lender all receipts of paid ~ premiums and renewal not~ces Ir the event of i~ss. Borrower shalt give promRt notice to the ~nsurance carrie~ and Lender Lender ; may make proof of loss if not ma~e prompt~y by Borrower. ~ Unless Lender and Borrower otherwise agree in wnt~ng. insurance proceads sha~l be appi~ed to restorat~on or rspair of th~ Property damaged. !f ihe restorat~on er reaa~r is econom~cally feas~b!e and Lender s security ~s r,ot lessened if the restoration or ~ repa~r is not econom~cal!y feas~bie or ~ender's secunty would be 12ssened. the ~nsura~~ce proceeds shalf be applied rothe sums ~ secured by this Security Instrument, whether or not then due. with any excess pa~d to Borrower. If Borrower abandons the PropeRy. ' ~ or does not answer wdhin 30 days a not~ce from Lender that the insurance carrier has oftered to settle a claim, then Lender may , ~ coliec; the ~nsurance proceeds. ~ender may use the proceeds to repair or restore the Property or to pay sums secured by th~s ~ Secunty Insirument, whether or not then due The 30-day period will beg~n when the notice is given ~ Unless Lender and Borrower otherwise agree in writing. any appl~cation of proceeds to principal shail net extend or ~ postpone the due date of thE mon!nly payments referred to in paragraphs 1 an~ 2 or change the amouni of the payments. If under % paragraph 19 the Property ~s acquired by Lender. Borrower's righ, ro any insurance pol;c~es and proceeds resulting frem damageto ~ the Property prior to ihe acqws~t~on shall pass ta Lender to the extent of the sums secured by this Security Instrument immed~ately ~ pnor to the acq~isition ~ 6. Preservatfon and Malntenance ot Property; Lea~ehoid~. Borrower shall not destroy, damage or substant~aily - change the Property. allow the Property to deteriorate or commit waste !f this Sea,r~ty Instrument ~s on a leasehoid. Borrower shaii comply w~th the prov~sions ef the lease, ar,d rf Borrower acqu~res fee htle to the Property. the leasehold and feet~tie snal~ not merge ~ unless ~ender agrees to the merger ~n wnt~ng y 7. Protection of Lende~s riyhts fn the Property; Mort~a~e insurance. If Borrower fa~ts to perform the covena~ts H and agrEemer.ts conta~ned in th~s Secunty !nstrument, or there is a legal p~ oceeding that may s~gn~!~cantly affect Lender's rigMs m ~ the Property (such as a proceed~r•p m bankruotcy. probate. tor condemnai~on or to entorce laws or regulat~ons). then Lender may ~ do and pay tor whatever ~s necessary to protect 9he vaiue of the Pr~perty and Lender's nghts in the Property Lender's act~ons may ~ ~nciude pay~ng any sums secured by a I~en which has pncnly over th~s Secunty Instrument. appearing in court, pay~ng reasonable ~ attorneys' fees ar,d entenng on th2 Preperty to make repa~rs Although Lender may take action under this paragraph 7. Lender does ~ not have to do so ~ Any amounts d~sbursed by Lender under th~s paragraFh 7 shaii become additional debt of Borr~wer secured by th~s Security ~ instrument. Unless Borrower and Lende~ agree to ~ther terms of payment, ttiese a?nour,ts shail bea~ mterest from the date of ~ disbursement at the Note rate ar,d shall be payable. with interest, upon notice from Lender to Borrower request~ng payment. ' ~u~K 4~ P~r,E ~ , yj~ ~ ~ -ti ` ~s~,g~.~ . _ r~ r-c'~r-~'~ .~.,a,'° ~ ~ ~ ~ ~