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Home My WebLink About0985 UNIFORM COVENANTS. Borrowcr arxi LenJer cuvcnant ;~rxi agr~~ as ti~lluws: l. Payment uf I'rincip~l and Interrst; Yrep~~•ment and l.ate Cha~ges. &~~row•rr.hall prumptiy p:?y when ~iue the prinripal ~?f anJ intc:rest on the Jebt eyiden~e~i by the Nute and any prep:+yment and late charges due under ~he Nute. 2. _ Funds for Taxes and lnsurarue. Subj~ct to applicable law or to a w•rit4en waiver 5~,~ fry;ler, Borrou~er ,h:~ll pay to Len~ier ~~n the day monthly paymerns are due w~der the Note, until the Note is paid ~n full, a surrt (`4~nds") eyual tu une-tw~elfth uf: (a) ~rarly t~xes arxl assessments which may attain priority ~~ver this Security instrument; (b) yearly Ieas~hold pa~ments or ~rourxl ren~s un thc Property, if any; (c) yearly hazard insuranc~' prcmiaRis; and (d) yearly mortg~ge insurance ~remiums, if any. Th~se items arc called "eurow~ items." L.encler may estimate the Fu~x1s due on the basis of current data and reasonable estimates of future ~scrow itents. ~ The Funds shall be held in 3n institutiun the Jepcisits or accounts of whirh ~re insured or guaranteed by a fedc;ral or state 3gerxy Iinrluding Lender if l.ender is such an institutiun). l.ender shall apply the Furxis to pay the escrow items. lxncier may not charge fur holding ~nd applying the Funds, an:~lyzing the account or verifying the escrow iten~s, unles~ L.ender pays Borrower interest on the Funds :~nd applicable law permits l.ender to m:~ke such a charge. Borrower and Lender may agree in writing that inte~est shall tx p:?id on the Funcis. Unless an agreemr:nt is made or applicable law reyuires interest to be paid, Lender shall not be required ta pay 8orrower any interest or earnings on the Funds. L.ender shall give to Borrower, without charge, an annual arcounting of the Funds shuwing credits and debits to the Furxis and the purpose for which earh debit to the Funds was made. The Funds are pledged a. additional securiry for the sums secured by this Securiry Instrument. • If the amount of the Funds held by Lender, togcther with the future monthly payments of Funds payable prior to the due dates uF the escrow items, shall excee,~d the amount rcquired to p:~y the escrow items when due, the excess shall be, at &xrower's optiun, cither promptly repaid tc~ Borrower oF creuited to Borrow~er on monthly payments of Funds. If the amount of the Funds held by Lender i; not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one ur more payments as reyuired by i.encier_ = - Upon payment in full of all sums secured by this Security Imtrument, Ltnder shall promptly refund to &~rrower any Fund, hrld by Lender. If under paragraph 19 the Property is sotd or acquired by Lender, Lender shall apply, no later th~n 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 th~ ,ums secured by this Security Instrument. 3. Apptication of Pa~~ments. Unless applicable la~v provides otherwise, all payments received by Lender under paragraphs 1 and 2 should be appliecl: first to amounts payable under paragraph 2; second to interest; and last co principal. Charges; Liens. Borrower shall pay all taxes, assessments, charges, tines and impositions attributable to the Property which m~y ~tt~in priority over this Security Instrument, and leasehald payments or ground rents. if 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 ro the person ou~ed payment. S~~rrower shall prompdy furnish to Lender all notices of amounts to be paid under this paragraph. If Borrow•er makes these payments directly, Borrower shail promptly furnish to Lender receipts evidencing the payments. Bormwer shall prumpdy diuharge any licn which has priority over this Sec~rity Instrument unless Borrower: (a) agrAes in ~tiriting to the payment of the obligation secured by the lien in a manner acceptable to L.ender. (b) contests in good faith the lien hy, or dciends ag:~inst enf~~rcement of the lien in, legal proceedings which in the Lender's opinfion operate ta prevent the enforcement uf the lien ur forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to l.ender ,~tx~rdin:~t~ng the lie~ to this Security Instrument. If L,ender determines that any part of the Property is subject to a lien which may attain priority over this Serurity Instrument, l.ender may give &~rrower a notice identifying the licn. Borrower shall satisfy thc lien - ~~r take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep thc improvements now existing or hereafrer ererted on the Property insured against I~~.~ by tire, hazards included within the term "extended coverage" and any other hazards for whirh Lender reyuires insurance. This inwrance shall be maintained in Ehe am~unts and.for the periocls that Lender requires. The insurance rarrier providing the insurance ,h~ll tx chosen tzy Borrower-subject to Lender's approval which shall not be unreasonably withheld. - All inwrance policies and renewals shall be acceptable to [,ender and shali include a standard mortgage clause. Lencler shall ha~~e the right to hold the policies and renewals. [f Lender reyuires, Borrower shall promptly give to l.cnder all receipts of pai~.~ premiums ,~nJ renew~al notices. [n the event of loss, Borrou~er shall give prompt no[ice to the insur~nce rarrier and Lender. Lender may make ~ pnx~f uf lo`s if not made prompdy by Borruwer. ~ Unless Lender and Borrower otherwise agr~e in writing, insurance proceeds shall be applied to restoration or repair of the Pro- i ~x rty damaged, if the resroration or repair is economically ieasible and Lender's security is not lessened. If the restoration or repair ~ i. nut eccm.~mically fe~sible or L.ender's securiry would be lessened, the insurance proceeds shall be aPplied to the sums secured by ~ thi~ Scrurity Instrument, whether or not then due, with any excess paid ro Borrower. If Borrower abandons the Property, or does ~ ~ n~~t answer withir- 30 days a notice from Lender that the insurance carrier has offered ~o settle a claim, then Lender may collect the ; r ~ntiurance proceeds. Lender may use the proceeds to repair or reslore the Property or to pay sums secured by this Security Instrument. ~ ~+hether or not then due. The 30-ila)' pericxl will begin when the notice is given. Unlcss L.ender anii Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpune ~ th~ duc date ot the monthly payments referred co in paragraphs I and 2 ur change the amount of the payments. If under paragraph ! y the Property is acquired by Lender, Borcower's right to any insurance policies and proceeds resulting from ddmage to the Property priur to the acquisition shall pass to Lender to the extent of the sums serured by this Security lnstrument immediately prior to the .icyui,ition. 6. Preser~~ation and Aiaintenance of Propert~~; Leaseholds. Borrower shall not destroy, damage or subst~ntially change the Pn~pr:rty. allow the Property ro deteriorate or commit waste. If this Security lnstrument is on a leasehold, Borrower shall comply ith the provisions of the lease. and if Borrower acquires fee title to the Property, the leasehold and tee title shaH not merge unless Lender agrees ro the m~rger in writing. • ' 7. Protection of Lender's Rights in the Propert~•; ~iortgage Insurance. If Borrower fails to perform the covenants and ~ a~~rcements contained in thiti Securiry Instrumcnt, or there is a lega) proceeding that may signifi.antly affect Lender's rights in the ~ Prc~pcrty I,uch as a proceeding in bankruptcy. prubate, for c~ndemnation or to enforce laws ~r regulations). then Lender may do ~ind pa}~ ti~r whatever is necessary to protect the value of the Property and L,ender's rights in the Property. Lender's actions may inrlude p~ying any ;ums serured by a lien which has priority over this Sccuriry Instrument, appe.aring in court, paying reasonable auc~rne~~ti' fces and entering on the Property to make repairs. Although L.ender may take action under this paragraph 7. Lender docs ni~t ha~~e lc~ dc~ so. ~~~,~4"~~ ~1~:. ~~4