Loading...
HomeMy WebLinkAbout0957 ~ UNIFORn,t Cov~Nwtv~rs. Burrower and Lender covenant and agree as follows: l. Payment of Principal and lnterest; Prepaymeat aad L.ate Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Nots and any prepayment and late charges due und~r the Note. 2. Fuads tor Tazes snd Iasurance. Subject to applicable law or to a written waiver by Lender, Borrower shall ps,~~ to Lender on the day monthly payments are dut under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelith of: (a) yearly taaes and assessments which may attain priority over this Security Instrument; (b) yearly ~ leasehold payments or ground rents 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 atimate tr: r~~nds due on the ~ basis oicurrent data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which art insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). l.ender shall apply :4e Funds to pay the escrow itcros. Lender may not charge for holding and applying tht Funds, analyzing the account or verifying tt,e escrow items, unless I.ender 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 applicabie law ~ requires interest to be paid, Lender shail not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without eharge, an annual accounting of the Fund~ ~howing credits and debits to the Funds and the purpose for which each debit to the Funds was made_ The Funds are pledged as additional security for the sums secured by ti this Security Instrument. If the amount of the Funds heid by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shali exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Bonower or credited to Borrower on monthly payments of Funds. lf the amount of the Funds held by Lender is not sufTicient to pay the escrow items when due, Borrower shali pay to Lender any amount necessary 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 L.ender. 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. Application of Payroents. 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; fouRh, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, it 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 furr.~sh to Lender all notices of amounts to be ~aid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender j receipts evidencing the payments. ' Borrower shall promptty discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment af 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 proceedings 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 of the lien an agreement satisfactory to L,ender subordinating the tien 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 Instrument, Lender may give Borrower a notice identifying the lien. Borrower shaU 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 hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires 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 approva! which shall not be unreasonably withheld. - ~ All insurance policies and renewals shall be acceptable to t,ender and shall include a standard mortgage clause. ~ Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shatl 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 f carrier and Lender. Lender may make proof of loss :f not made promptly by Borrower. Unless Lender 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 economicaUy feasible and Lender's security is not lessened. If the ~ restoration or repair is not economically feasible or L,ender's security would be lessened, the insurance proceeds shall be ~ applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If 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. Lender 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 writir_g, any application of proceeds to principai shall not extend 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 Lender, 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 Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; I,easeholds. Borrower shall not destroy, damage or substantial{y change the Property, ailow the Property to deteriorate or commit waste. If this Secucity Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasrhotd and fee titie shall not merge unless Lender agrees to the merger in writing. ~ 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrow~er fails to perforr ~ the ; covenants and agreements contained in this Security Instrument, ur there is a legal proceeding that may significantly affect ~ L,ender'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 necessary to protect the value of the 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 Pro}xrty to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall becomP additional debt of Borrower se..ured 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 t~ Borrower ~ requesting payment. ~ ~ ~ ~ POt"~ ~ t 1 PabE ~ ~ ~ ~ ~ ~ ~ ~ _ _ u ~ s _ ~ -