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Home My WebLink About0980 ~ UtiltoRtit CovF~n~vTS Borrower and Lrnder covenant and agree ibliuwti: 1. Pe~~ment of Principal ~nd Interest; PrepAyment and Late Charges. $orrowrr tihall prumptl~ nay when du~ the principat oiand interest on the debt evidenced by the Note and any Nrepayment and late ~hargrti due undrr the \otr. 2, Funds for Taxes and lnsuranee. Subject to applicable law or to a w•ritten w•aiver by Lender, Borrow~er shall p~ip to Lender on the day monthty payments are due under the Note, until the Note is paid in full, a sum ("Fundti') eyual to one-twelfth of: (a) yearly taxes and assessments which may attain priority o~•er this Securit~• Instrument; (b) yrarly~ leasehold payments or ground rents an the Property, if any; yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lender may c~timate the Funds due on the basis of current data and reasonable estimates oP future escrow items. The Funds shall be held in an institution the deposits or accounts of w~hich 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 r~y the escmw~ items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the es~-row items, unless Lender pays 8orrower interest on the Funds and applicable lau• permits Lender to make such a charge. Borrower and Lender may agree in wr.ting that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be requirecl to pay Borro~~er any interc~t or earnings on the Funds. Lender shall give to Borrower, without charge, an annual 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 secu: ity for the sums ~ecured bv this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly pa}•ments of Funds payable prior to the due dates of the escrow items, shall zxceed the amount required to pay the escrow• items when due, the excess shall at Borrower's option, either promptly repaid to Borrower or credited to Barrower on monthly payments of Funds_ If the amount of the Funds held by Lender is not sufi'icient to pay the escrow items when due, Borrou•er shali pay to Lender any amount necessary to make up the deficiency in one or more payments as required b~~ Lender. Upon payment in full oPall sums secured by this Security Instrument, Lender shall promptly refund to Borrow~er any Funds held by Lender. If under paragraph 19 the Property is sold or acquired b}~ Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds 6eld b~• Lender at the time of ~ application as a credit against the sums secured by ihis Sc~;urity Instrument. 3. Application of Payments. Unless applicable law provides otherw~ise, 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 ?~`ote; third, to amounts pa}~able under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay al] taxc.~, assessments, ch3rges, fines and impositions attributabie to the Property which may attain priority over this Security Instrument, and leasehold pa}•ments or ground rents, if any. Borrower shali pay these obligations in the manner p~ovided in paragraph 2, or if noi paid in that manner, Borrower shall pay them on time directly to [he person owed pa}~ment. Borrower shall promptly~ furnish to Lender all notices of amounts to be paid under thi~ paragraph. If Borrow~er makes these payments directl~~, Borrow~er shall promptly furnisti to Lender receipts evidencing the payments. Borrower shall promptly discharge an}~ Iien w~hich has pri~~rit~~ o~~er this Security lnstrument unless Borrower: (a) agrees in writing to the payment ~f the obligati~n secured by the lien in a man~~er acceptable to Lender; (b) contests in good faith the lien by, or defends against enforrement nf the lien in, legal proceedings w~hich in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any~ part of the Pmperty; or (c) secures from the halder of the lien an agreement satisfacrory to Lender subordinating the lien to this Securit}~ Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priorit}~ uver this Securit}• Instrument, Lender ma}~ gi~~e Borrow~er a notice identifying the iien. Borrower shalt satisfy~ the lien or take one or more of the actions set forth abo~~e H~ithin 10 days of the giving of notire. S. Hazard Insurance. Borrow~er shall keep the impnn~ements now~ existing or hereafter erected on the Propert~~ insured against loss by fire, hazards included w~ithin the term "extended co~erage" and an}~ other hazards for w~hich Lender requires insarance. This insurance shall be maintained in the amounts and for the pcriods that Lender requires. The insurance carrier providing the insurance shall be chosen b}~ Bcirro~i~er suhject to l.ender's ap~roval ~•hirh shall not br unreasonably withheld. All insurance ~wlicies and renewals shall be acceptahle to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the ~lici~~ and renew~als. If Lender requires, Borrow~er shall promptl~~ give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrow•er shall give prompt notice ro the insurance carrier and Lender. Lender may make proof of ios~ if not made prampti~• b}~ Bvrrow•er. Unless Lender and $orrow~er ntherw ise agree in w•riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair i; economically feasible and Lender's security is not lessened. [f the restoration or repair is not economicall}~ feasibl~ or Lender's securit~~ w~ould be lessened. :he insurance proceeds shall be a~plie+~i ro the sums secured by this Security Instrument, w~hether or not then due, w~ith any excess paid to Borrow•er. If Borrower abandons the Property, or does not answer w~ithin 30 day~s a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance prcxeeds. Lender may usr the proceeds to repair or resrore the Property or to pay~ sums secured by this Security [nstrument. w•hether or not then due. The 30-da~~ period w~ill begin when the notice is giren. Unless Lender and Borrower otherw•ise agree in w•riting, any application of proceeds to p~ incipal shall not extend or postpone the due date of the monthty payments referred to in paragraphs 1 and 2 or change the amount of the pay~ments. If under paragraph 19 the Property is acquired by Lender. Bot roK~er's right to any insurance policies and proceeds resulting from darr?age to the Property prior to the acquisition shall pass to Lender to the extent of the sums ~ecured b~~ this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrow•er shall not destroy, damage or substantially- change the Preperty, allow the Property to deteriorate or commit waste. If th~s Security~ Instrument is on a leasehold, Borrower shatt comply with the provisions of the lease, and if Borrower acquires fee title to the Pro~erty, the leasehold and fee title shall not merge unless Lender agrees to the mcrger in writing. 7. Protection of Lender's Rights in the Property; ~tortgage Insurance. If Borrow~er fails to perform the covenants and agreemertts contained in this Security Instrument, or there is a legal proceeding that ma}• significantl}~ affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, (or condemnatian or to enforce 1aw•s or regulations}, then Lender may do and pay for whatever is necessary to protect the value of tne Property~ and Lender's rights in the Property. Lender's actinns may include paying any sums secured by a lien w~hich has priority over this Securit}• Instrument, appearing in court, paying reasonable attorneys' fees and entenng on the Property 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 become additional debt of Borrow~er secured by~ this Security Instrument. Untess Borrower and Lender agree to other terms of pa}~ment, thesc amounts shal! bear interest fror*~ the date o!' disbursement at the Note rate and shall be payable, with interes[, upon notice from Lender to Borrower requesting payment. _ ' ~ nU~K PlGE c~OU ~ ~ - • - - _ ,.x