The URL can be used to link to this page

Home My WebLink About0938 ' : . 1 UNIFORM COVENANTS Bcrrawer and Lender covenant and agree as loliows: t. P~ym~nt of PNnclpal and 1ntK~s~ Pr~paymMt and Lat~ Ch~rp~s. Borrower shall promptly pay when due !he pr~nc~pal ef and ~nterest on the deW ev~denced by the Note and any prepayment and late charges due under Ihe Note. 2. Fund~ tor Tax~s end i~suranc~. Suaect to applicable law or to a wntte~~ wa~ver by Lender, Borrower shal! pay to Lender on the day rrlonthly payments are due under the Note, unt~f the Note is pa~d m fu11, a sum ( Funds") equat to one-iwelfih of: ( a) yeary taxes and assessmenls which may atta~n prior~ty over tr.is Securiry Instrument; (b) yearly leasehold payments or ground rents on the Property, it any; (c) yearty hazard insurance premiums; and yeary mortgage insurance premiums, it any These items are called escrow items." Lender may estimale the Funds due on the basis ot current data and reasonable est~mates oi tuture escrow items. The Funds shaU be hetd m an mst~tut~on the deposits or accounts of wh~ch are insured or guaranteed by a federa! or state agency (+ncluding Lender ~f Lender is such an mst~tution). Lender shalt appy the Funds to pay the escrow items. Lender may not charge tor hold~ng and appymg the Funds, analyzing the account or verirymg the escrow dems, unless lender pays Barower mterest on ihe Funds and appl~cable I~w permits Lender to make such a charge. Borrower and Lender may agree in wrilmg that mterest sha~l be pa~d on the Funds. Untess an agreeme~t is made or app!~cable law requires interest to be paid. Lender shal? not be reGuired to pay Borrower any mterest or earnings on the Funds. Lender shall give to Borrower, w~thout charge, an annual account~ng of the Funds showing cred~ts and debits tothe Funds andthe purpose for wh~ch each deb;t tothe Funds was made. The Funds are pledged as additional secunty for the sums secured by this Security Ins!iument. I If ihe amoun! of Ihe Funds held by Lender, together with the future monthly payments of Funds payable prior tothe due da~es of the escrow ~tems, shatl exceed the amount requ~red to pay the escrow items when due. the excess shall be, at Borrower's option. either Fromptly repa~d to Borrower or credited to Borrower on monthty payments of Funds. If the amouni ot the Funds held by Lender is not sufficient to pay the escrow ~tems 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 payment in full of alt sums secured by this SecurRy Instrument, Lender shall prompt.y refundto Borrower any Funds heid by Lender. if under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediatety p!~or to the sate ot the Property or ~ts acquis~UOn by lender, any Funds held by Lender at the tirr~e of app6cation as a credit against the sums secured by th~s Security Instrument. 3. Applleation of Paym~nts. Unless appl+cabie taw provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be app~ied: f~rst, to late charges due under the Note: second, to prepayment charges due under lhe Note; third, to amounts peyable under paragraph 2; !ourth, to interest due; and last, to principal due. 4. Char~~s; Ll~ns. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Praperty which may atta~n p~ ios~ty over this Secur~ty I nstr~ment, and leasehotd payments a ground rents, if any. Borrower shall pay these obligations in the manner provided m paragraph 2, or if not paid in that manner. Borrower shall pay them on time directy tothe person owed payment. Borfower shail promptly furn~sh to Lender all notices oi amounts to be paid under this paragraph. It Borrower makes these payments d~rectty. Berrower shall prompty furnish to Lender receipts evidencing the payments. Borrower shall nromptly d~scharge any lien which has priority over this SeCUrity lnstrument unless Borrower: (a) agrees in writing to the payment of ihe obflgation secured by the lien in a manner acceptable to Lender: (b) contests in good ~aith the lien, by or defends against enforcemeni of the lien in, legal proceedings which in the Lender's opinion oaerate to prevent the enforcement of the lien or forfeitu?e of any part of the Property: or (c) secures from the holder of the lien an agreement satisfactory to Lender su~ordinating the lien to this Security Instrument. If lender determines that any part of the Property is subjec! to a lien which may attain priority over this Security lnstrument, Lender may give Borrower a notice ident~fyingthe lien. Berrower sha11 satisty the lien or take one or more of the actions set ferth above within 10 days o( the giving of notice. S. Hazard Insu~ance. Ba~ower shall keep the improvements now existing or hereafter erected on the Property insured against loss Dy fire, hazards included within the term ; extended coverage" and any other hazards for which Lender reqwres insu~ance This insurance shall be maintained in the amoun,s and tor the periods that Lender req~ires. The insurance carner providing the insurance shall be chosen by Borrower subject lo L2nder's approval which shall not be unreasonably withheld. i All insurance policies and renewals shal! 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, Bwrower shall promptty give to Lender all receipts of paid premiums and renewal notices. In the event of foss. Borrower snatl give prompt notice to the insurance carrier and Lender. Lender ~ may make proot of toss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoralion or repair of the ~ Property damaged, if the restoration or repair is economically feasible and Lender's security s not lessened. lf the restoration or repair is not economically feas~ble or Lender's security would be Iessened, the insura~ ~ce proceeds shall be applied lo the sums ~ secured by this Security Instrument, wheiher or not then due, ~vith any excess paid toBorrower. tf Barower abandonsihe Property, ~ or does not answer within 30 days a notice from Lender that the insurance carrier has oflered to settle a cla~m, then Lender may collect the insurance proceeds. Lender r: ~ay use the proceeds to repair o; rESiore the Property or to pay sums secured by this ~ Security Instrument. whether or not then due. The 30-day period wiit begin when the notice is given. Unless Lender and Borrower otherwise agree in writing. any appiication of proceeds to principal shall not extend or postpone the due date of the morthty payments referred to in paragraphs 1 and 2 or change the amoun! of the payments. It under paragraph 19 the Property is acquired by Lerder. Borrower's right to any ~ns~rance policies andproceeds resultingfram damageto the ~roperty prior to the acquisition shall pass to Lende~ to the exteni of the sums secured by this Security lnstrument immediately prior io the acquis~tion. 6. Preservatton and Malnttnance of ~roperty; Lerehold~. Borrower shatl not destroy, damage or substantially ~ chan~e the Property, allow the Property to deteriorate er commit waste. If this Security Instrument is on a leasehold. Borrower shall compty with the provisions ot the lease, and if Borrower acquires fee t~tle to the Property, the leaseh~ld and feetitle shall not merge unless Lender agrees to the merger in wnting. 7. Protectlon o1 Lende~s ~i~hts in the PropNi~r; Mort~pe Insuranca If Sarower fails to pertorm the covenants ~ and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in ~ the Property (such as a proceedirq in bankruptcy, probate, for condemnat~on or to enforce laws or regulations), then Lender may ~ do and pay for whatever is necessary to prctect the value of the Property and Lender's rights in the Property. Lender's actior:s may ~ i~clude 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. AtthAUgh Lender may f2ke action under this paragraph 7, Lender does ~ not have to do so. Arry amounts disbursed by Lender under this paraoraph 7 shail become additional debt of 8orrower secured by this Security Instrument. Unless Borrower and le~der agree to other terms of payment, these amounts shall b2ar interest from the date of ~ disbursement at the Note rate and shatl be payable, with irterest, upon notice from lender to Borrower requesting payment. ~ ~~t. Pa[~E ~ ~ . , . - - ~:--.~w ,x--. - - - - - ~ ---Z- ~