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HomeMy WebLinkAbout0928 U!VIFc)RM Cc~vktiANTS Borrower and Lender covenant and agrre as follow•s: 1. Payment of Pri~cipal and Interest; Prepayment and Late Charges. Borrow~er shail promptly pay v?hrn dur the pnncipal of and interest on the debt evidenced by th. Note and any prepayment and late charges due undcr ihe Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, F3carrow•er shall pay to Lender on the day manthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelflh of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Propeny, 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. The Funds shall be held in an institution the deposits or accounts of'v~rhich are insur.;i or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to ~sy the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pa~~s 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 agrecment is made or applicable law requires interest to be paid. Lender shall not be required to pay BorroW~er any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an ann~al accounting of the Fur.ds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional ~ecurity for the sums secured 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 exceed the amount required to pay the escrow items when due, the excess shali be, at Borrower's option, either promptly repaid to Borrower or credited to E3orrower on monthly payments of Funds. If the amount of the ~=unds held by Lender is not sutfirirnt 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. U~n payment in full of all sums secured by this Security Instrumcnt, Lender shall promptly refund to Borrower any Funds held by' ender. lf under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale o~ the Property or its ~cquisition by Lender, any Funds held by Lender at the time of ~ appliration as a credit against the sums se~:ured bp this Security lnstrument. 3, Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be appfied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts pa}~able 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 Propert}~ which may attain priorit~~ o~~er this Serurity •Instrument, and leasehold payments or ground renis, if any_ _ Aorrower shall pay these obtigations in the manner pro~~ided in ~aragraph 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 al) notices of 3mounts to be paid under this paragraph. If Borro~~•er makes these pay~ments directl}~. Borrow~er shall promptly~ furnish to Lender receipts evidencing the payments. Borrow~er shall promptly discharge any ]ien w•hich has priorit}• over this Sec:urit}~ Instrument unless Borrower. (a) agrees in writing to the payment of the obligdtion ~ecured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, or de(ends against enforcemen~ of the lien in, legal proceedings w~hich in the Lender's opinion operate to . prevent the enforcement of the lien or forfeiture of an}~ part of the Property: or (c) secures from the holder of the lien an agreement satisfartory to Lender subordinating the lien to this Securit}• Instrument. lf Lender determines that any part of = the Propert}~ is subject to a lien w~hich ma~~ attain pric~rit~~ o~~er this Seru~it}~ Instrument, Lender ma}~ gi~~e Borrow~er a notice identif}•ing the lien. Borrower shal) satisfy tt-ie lien or take one or mure of the artions set forth abo~e w'ithin 10 da~'s of the giving ~~f notice. 5. Hazard Insurance. Borrow~er.hall keep the imprc~~ements n~~w~ exititing ur hereafter erected on the Property insured against Ie~ss by fire, hazards included u~ithin the term "extended c~~~erage" and any other hazards for ahich Lender reyuires insurance. This insurance shall be maintained in the amewntti and f~~r thr prriods that Lender requirc~. The insurance carrier pro~iding the in:uranre ~hall he ch~~srn Il~' B(1r~pN'lf \Uf1~C~I Il1 l.ender's appro~al ~~hich shall not be unreasonabl~ w~ithheld. All insurance policir~ and renewals ~h~ll be acreptahle t~~ Lender and tih~ll ~nrlude 3 standard mortgage clause. Lender shall have the right tc~ hold the policieti ::nd renr~salti. If Lender reyuireti. Be~rro~?~er tihall promptl~ gi~e to Lender ali receipts of paid prem~ums and reneHal noticrti. In the e~ent e~t lo~ti, Born~~~er ~hall gi~e prompt notice to the insurance ~ rarrier and Lender. Lender ma}• make pre~of of I~tis ~f nut made promptl~ b} B~~rrc?wer. ~ l'nle~s Lender and Bnrrower othen~ue agrre in writing, ~muran~e }~nxeedti ~hall be applied to restoration or repair _ a of the Prapertc damaged, if the re~toration or re~air is economicalh feasible and Lender's securit}~ is not lessened. If the ~ restoration or repair is not econ~micall}~ featiible ur Lrnder's security w~ould be lessened, the insuranre proceeds shall be _ ~ applied to the sums secured b}~ this Serurit}~ Intitrument, w•hether c~r not then due, with am exress paid to Borrow~er. If E Borrow~er abandons the Property, or d~es not an~wer w~ithin 30 da}~s a notice fmm Lender that the insurance carrier has ~ offered to settle a claim, then Lender ma}~ collect the in~urance proceeds. Lender ma~~ utie the proceeds to repair or restore = ~ the Propert} or to pay sums secured b}~ this Serunt}• Instrument, w•hether or not thrn due. The 30-da}• period ail) begin G w•hen the n~tice is gi~en. ~ t'nless Lender and Borrower otherwise agree in w~riting, ant~ application of ~rckeeds tc~ prineipal shall not extend e~r ~ F~stpcme the due date of the monthly pa} n~rnts referred to in paragraphs 1 and 2~~r rhsnge the amount of the payment~. If ; under.paragraph 19 the Property is acquired b~~ Lender, Borraw•er's right to an}~ insuranc~ pvl~cies and ~roc:eeds resulhng ~ fmm damage te~ the Pmpert}~ prior to th~ acquisition shall pass t~~ Lender to the extent of the sums ~ecured b} this Securit~ ~ [nstrument immediatel}~ prior to the acquisiti~n. ~ 6. Preservation and 1laintenance of Propert~•; I,easeholds. Bormwer shall not destroy, damage or substantiall~~ ~ change the Propert~~, allow the Propert}~ to deteri~~rate ~r commit ~+aste. If this Serurit}~ Instrument is on a leasehe~ld, ~ Borrow~er shall comply with the pro~isions of the lease, and if Borrower acqwres fee title to the Propert~~. the leasehold and ~ fee title shail not merge unless Lender agrees to the merger in ~~riting. ~ 7. Protection of Lender's Rights in the Property~; ltortgage Insurance. If Borrower fails to perform the ~ co~enants and agreements contained in this Security Instrumer.t, or there is a legal prcxeedine that ma}~ signifirantl~~ affect ~ Lender's rights in the Propert}~ {such as a proceeding in bankruptcy, probate, for condemnation or to enforce law~s or ~ ~ regulations), then Lender may~ do and pay for w~hatever ~s necessar}~ to protect the vafue of tne Property and Lender's rights F in the Property. Lender's actions may~ include paying any sums secured by~ a lien which has priority o~er this Securit}• ~ Instrument, appearing in court, pa}•ing reasonable attorneys' fees and entering on the Propert}~ to make repairs. Although ~ Lender may take action under this paragraph 7, Lender doe~ not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt af BorroK•er secured b}• this ' ~ Security Instrument. Unless Borrow•er and Lender agree to other terms of pa}~ment, these amountc shall bear interest from ~ the date of disbursement at the Note rate and shall be pa}able, w~ith interest, upon notice from Lender to Borrow~er reques!ing payment. ~ ~ ~ r4 ~~~E ~ ~ ~ ~ - _ - - ~ - Y .