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HomeMy WebLinkAbout0921 • UNIFORM COVENANTS. Borrower ar.d Lender covenant and egree as follows: 1. Payment oi Principal and Intereat; Prepayment and Late Charges. Borrower shall promptl~ pay when due the principal of aad intereat on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds tor Tazes and Ineurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the dey monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelfth of: (a) yearly tazes and assesaments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground renta 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. t ; ' The Funds ahall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal ; or state agency (including Lender if Lender is such an institution). Lender ahall apply the Funda to pay the escrow ~ items. Lender may not ctiarge for holding and applying the Funds, analyzing the account or verifying the escrow items, ` unleas Lender pays Borrower interest on the Funds and epplicable law permits Lender to make such a charge. Borrower and Lender may agree in writing thet 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 Borrower any interest or earnings on the Funda. Lender ahall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged as additional security for the suma secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payeble prior to the due dates of the escrow items, shall e:ceed the amount required to pay the escrow items when due,the e:cess shali be, et Borrower's option, either promptly repaid to Borrower or credited to Bortower on monthly payments of Funds. If the amount of the Funds held by Lender is not su~cient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. ' Upon peyment in full of al~ sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, 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 credit against the sums secured by this Security Instrument. 3. Applieetion of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to amounts payable under paragraph 2; second, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all tases, assessments, charges, fines and impositions attributable to the Propert~+ 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, Borrower shall 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 promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority o~er 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 againat enforcement of the lien in, legal pmceedings which 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 af the lien an agreement satisfactary to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to e lien which mey attain priority over this Security Instniment, Lender may give Borrower a notice indentifying 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. 5. Hazard Insurance. Borrower shall keep the improvements now ezisting or hereafter erected on the Property insured against loss by fue, hazards included within the term "eatended coverage"and any other hazards for which Lender requires insuran~e. This inaurance shall be maintained in the amounts and for the periods that Lender requires.l'he inaurance carrier providing the insurance shall be chosen by Borrower subject to Lende:'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 of paid premiums an~i renewal notices. In the event of loss, Borrower shall give prompt not:ce to the insurance carrier and Lender. Lender may make proof of Ioss if not made pmmptly by Borrawer. ~ Unless Lender and Bortower otherwise agree in writing, insurance proceeds shall be applied to restoration or ~ 4 repair of the Property damaged, if the restoration or repair is economicalty feasible and Lender's security is not ~ k lessened. If the restoration or repair is not economically feasible and Lender's security would be lessened, the ; ~ insurance proceeds shall be applied to the sums secured by this Security Inatrument, whether or not then due, with E any ezcess paid to Borrower. If Borrower abandons the Property, or dnea 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. ~ Lender may use the pmceeda to repair or restare the Property or to pay any 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 proceeds to principal shall not estend ; or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the F payments. If under paragraph 19 the Property is acquired by Lander, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums = secured by this Security Inatrument immediately prior to the acquisition. ; 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or S substantially change the Property,allow the Property to deteriorate or commit waste. If this Security Instrument is on ; a leasehold, Borrower shell 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 Lo the merger in writing. ~ 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in ttus Security Instrument, or there is a legal proceeding that may significantly i ~ affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce ~ iaws or regulations), then Lender may do and pay for whatever is necessary io protect the value of the Property ~nd ? Lender's rights in the Property. Lender's actiona may include paying any sums secured by a lien which has priority E over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to e make repairs. Although Lender may take action under this paragraph 7, Lender dcea not have to do so. ~ q ~ } i 607K `tllp QaGE x _ ~ s~: ~ ~ ~~~rx ~ , ~ ~ , ~ ~ ~