The URL can be used to link to this page

Home My WebLink About0978 U1~lFORM COVENANTS. &?rruwer and Leil~ler ruvzi~~ent an~1 ~gre~ :~s folic>v:s: l. Parmr~t of Prlncipul and lnterest; Prepayment and Lale Chargc~s. Burruvrrr shall promptly pay Hhen Jue ~h~ princip:~l ~~i anJ inter~st on thc debt evidence~l by the Note end any prepayn~nt and late charges due under ihe Nute. ~ 2. Fund} fur'I1~xes and lnsu.a~ce. Subjert to applicable law or to a written waiver by L.enJer, Bc~rruwcr shell p:?y to l.e~der un the day monthly payments are due under the Note, until the Note is p;~id ip ful~. a sum ("Fu~s") cqual to one-tw~l~th of: (a) ~early taxes and ass~ssments which may attain prioriry ovcr this Security Instrument; (b) yearly icasehold payments ur grourxl rents un the Prop~;rry, if any; (c) yearly ha,zard insurance premiums; and (d} yearly m~rtgage insurance premiums, if any. The~e items ar~ called "escrow items." I.ender n~ay estin2ate the Funds due on the basis of current data an~ reasonable estimates of future esrrow itrtns. The Funcis shall be held in an instiwtiun ~he deposits or accounts of which are insured or guaranteed by a federal or state agcncy IincluJing Lender if l.ende: is such an institwiun). Lcnder shall apply the Funcis to pay the escrow items. Lrnder may not ch~rge t~~r halding and applying the Funds, analyzing the account or verifying the escrow items, unless L.ender pays Borrower interest on th~ Funds and applicable law perniits Lerxler to make such a charge. Borrower and Lcnder may agree in writing that interest shall be paid ~m the Funds. Unless an agreement is made or appficuble law requires interest to be paid, Lender shall not be requireci to pa}~ Borrower any interest or earnings on the Funds. Lender shall give to 8orrow~r, without charge, an annual accountirtg of the Funds showing credits and debits to the Funds and the purpose for which each debit tu the Funcis was made_ The Funds are pledged a~ addiiional security for the sums secured by this Securiry lnstrument. !f thc amount of the Funds held by Lencier, together with the future monthly pa}~ments of Funds payable prior to the due dates uf the escrciw items, shatl exceed the amount reyuired to pay the escrow items when due. Ihe excess shall he, at Borr~wer'~ opticm. ~ ~ ither pn~mptly rep:~id to Borrower or credited to &~rrower c+n monthly p:~yp~ents of Funds. If the amount of the Funds held by L.ender ~ i. n~u sufficient to pay the escrow i~ems when due, Borrower shall pa}~ to Lender any amvunt neceswry to make up the deficiency ~ in one or more payments as requireci by (xnder. . ~ i Upon pavment in full of all sums secured by this Security Instrument, Lender shalt promptly refund to Bormwer any Funds ~ hrld by Lender. ff under p:iragraph l9 the Property is sold or acquired by Lender, Lender shall spply, na later than immediately + priur to the wle ~f the Property or its acquisition by L.er}cier, any Funds hel~i by L.endcr at the time of application as a credit against # the sums serured by this Security Instrument. ~ F 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs ~ 1 and 2 should be applied: first to amounts payable under paragraph 2; second to interest: and last to principal. _ 4. Charges; Liens. Borrower shall pay all taxe,, assessmems, charges, fines ~nd impositions attributable to the Pm~erty wnech ~ may att~in priority over this Security Instrument, arxi leasehoid payments or ground rents, if any_ Borrower shali pay these obligations in the manner providcci in paragraph 2, or if nne paid in that manner, Borrower shall pay uiem on time directly to the pc:rson owed F psyment. &irrower shall promptly furnish to Lender all notices of amounts to be paicl under this paragraph. lf 8orrower makes these ~ payments direcdy, Borrower shaH prort~ptly furnish to l.ender receipts evidencing the paymen;s. Borrower shall promptiy discharge any lien which has priority over thi~ Security Instrument unless Borrower. (a) agrees in ~+riting te~ the payment of the obligation secured by the lien in a manner arceptable to Lender, (b) contests in good faith the lien ~ h~ , or ~iefends against enforcement of the lien in, legal pnxeedings which in the L.ender's opinion operate to prevent the enforcement uC the lien or forfeiture of any part of the Propeny; or (c) secures from the holder of the lien an agreement satisfactory to Lender .uhordinating the lien to this Security lnstrument. If Lender detern~ines that any part of the Propertv is subject to a lien which may attain priority over this Security lnstrument, Lender ma}~ give Borrower a notice identifying the iien. Borrower shalt satisfy the lien ~ ~.~r take one or more uf the actions set fonh abave within 10 days of the giving of notice. 5. Hazard Insurance. Borrou•er shall keeP the improvements now exi~ying or hereafter erected on the Prc~perty insured agains[ I~~,~ b}~ iire, hazards included within the term "ettanded coverage" and any.other harards for :+vhich Lender requires insurance. This insur;~nce shall be maintained in the amobnts and for the periods that L.ender requires: The insurance carrier providing the insuranre ~hall be ch~~sen by Borrower subject to Lender's app~oval which shall r?ot bc unreasonably withheld. All insurance policies and rene~alx shall be acceptable to Lernier and shall inelude a standard mortgage clause. Lencter.shall ha~ e the right to hold the policies and renewals. If Lender requires. &~rrower shall promptly gi~-e to L.ender all receipts of paid premium, an~l renewal notices. In the evem uf~ loss, Bormw~r shall give prompt notice to the intiurance carrier and Lender. Lertder may make ~nx~f t~f loss if not made prumpdy by Borrower. Unles~ t,ender ~~d Borrow~er otherwise agree in w~riting, insur:~nce proceeds shal! be applied to restoration or repdir of the Prc~- ~ F+e~rt~ Jamaged, if the restoration or repair is economically feasible and Lender's securily is not lessened. If the restoration or repair I, i> not ecuneimica!!y feasible or Lender's security w~uld be lessened, the insurance pruceeds shall be applied to the sums secured by I ihi~ Security Instcu~nent, whether or not then due, with any excess paid to Borrower. [f Borrower abandons the Pruperty, or does ni~t answ~er with~n 30 days a notice from Lender that the insuranre carrier has offered to setde a claim, then Lender may collect the ii~tiuranre prcxc~.ds. L.ender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Intitrument. hether ur not then due. The 30-day periexl will begin w~hen the notice is given. Unie~s L.encier and Borrower otherwi4e agrec in writing, any applicati~~n of proceeds ta principal shall n~x extend or postpone tRC due date of the monthly payments referred to in paragraphs i and 2 or change the amount of the payments. !f under paragraph i y the Property is acyuireci b}~ Lensfer. Bnrrower's right to any insurance policies and proceeds resulting from damage to the Property ~riur to the acyuisition shall pass to Lender to the extent e~f the surns u:cured by this Security Instrument immediately prior to the .i~yuisition. 6. Preser~~ation and iltaintenance of Propert}~; Leaseholds, BorroH~er shalf not destroti•, damage or substantially changc the Pm}krty, allow the Property to deteriorate or commit waste_ !f this Scrurity Instrumert is on a leasehold, Borrower shall comply ith the provisiuns.of the lease, a~d if Borrower 3~:yuires fre title tc~ the Prc~perty, the leasehold :~nd fee title ~hall not merge uniess Lender agrees to the merger in writing. ~ . 7. Protection of Lender's Ri~;hts in the Propert~; ltortgage Insurance. If Borrower faits to perform the covenants and .~,_re~mcnts roniained in this Security instrument, or there is a legal pnxeediog that n2ay signiticantly affect Lepder's rights in the Prupr:rt~~ (~uch a; a prcxeeding io bankruptcy, probate, for rondemnation or to enforce laws or regulations), then Lender may do ~nd pay for whate~~er is necessary to protect the value of the Propc:n~~ and Lender'. rights in the Propeny. l,ender's actians may ~nrlude paying any sums secured b} a lien which has pri~~rity c~ver this Security Instrument, appearing in court, paying reasonable attt~rneys' fees and entering on the Pro~ rty to make repairs. Although C,ender may take action uncltr this paragraph 7, Lc:nder does n~,i i~vc ti~ ~o sc~. R~~nK47~ o~~~ ~~7? ~ _ _ _ . - _ . - - - ~ .