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Home My WebLink About0992 UNIFORM COVENANTS. Barrawer arxi L~:rxfer rovenant arxi agrc~; as iollows: t. Pay~nent of Principal and Interrst; Prep~yment and l.ate Charges. Borrower ~hall prumptly pay wt?e~ Jue the principal ul ~nd inten:st on the debt evidenced by the Nute ~nd any prepayment arxl late charges due under the Note. 2. Fuads for Tnxes and I~w~[ICe. Subject to applicable la~++ cu tu a w~iuen waiver by Lerxler, Borrow~r shall pay to Lc;ixler un the day monthly payments are d~ie under the Note, until the Note i~paid'in full, a suQ1~TFunds") equal to one-twelflh of: (a) ycarly tax:,s 8nc1 assessmenta which may attain priority over this Security Instrur?~nt; (b) yearly leasehold payments or ground rents un [he Pruperty. if any; (c) yearly hazard insurance•premiuni~; and (d) yearly mortgage insurarxe premiums, if any. The~e itcros :~re called "escrow itenu. " Lender may estimate the Funds due on the basis of current data anci reasonable estimates af future escrow itcros. 7'he Funds shall be held in an institution the deposits or account~ of which are insured or guaranteed by a t~ederai ar staie agency (inrluding Lc:neier if Lendc;r is such an institution). L.erxier shall apply the Funds to pay the escrow items. Lender may not charge fur holding and apptying the Funds, analyzing the account or verifying the escrow items, unless ?xnder pays Borrower interest on the Funds und applicable law permits Lender to make such a charge. Borrower anci Lender may agree in writing that interest shall bc paid on the Furxls. Unless an agreement is made or applicable taw requires interest to be paid, Len~ier shall not be reyuired to Euy Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the FunJs showing creciits and debits to the Funcis and the purpose for which each debit to the Funds was made. The Funds are pledged ~r: additional security for the sums secured by this Security Instrument. If the amount of the Furxis held by Lencler, together with the future monthly payments of Funds payable prior to thc due dates uf the escn~w items, shall exceed the amount required to pay the escrow items when Jue, the excess shall be, at Borrower's option, i ither promptly repaid to Borrc~wer or credited to Borrower on monthlX p~y'ments of Funds. If the amount of the Funds held by Lender i. n~u sufficient to pay the escrow items when due, Borrower shall pay to LenJer any amount necessary to make up the deficiency . in one or more payments as required by Lender. . Upon payment in iull of all sums secured by ~his Securiry Instrument, Lender shall prompdy refund to Borrower any Funds hcld by Lender. If under paragraph 19 the Property is sold or acquireci by Lender, Lender shall apply, no later than immediately prior t~~ the ~le of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Securiry Instrument. 3. Appiication of Payments. Unless applicable law provides otherwise, all payments received by Lender under parag~aphs i and 2 shuuld be applied: first to amounts payable under paragraph 2; second to interest; and last to principal. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which inay :~ttain priority over this Sec:urity lnstrument, and leasehold 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 to the person owed payment. Borrower shall promptly furnish to Lender all n~:ces of amounts ta be paid under this paragraph. If Borrower makes these pay~n~nts directly, Barrower shall promptly furnish io Lender receipts evidencing the payments. Borrower shall prompdy discharge aay lien which has priority over this Security Instrument unless Borrower. (a) agrees en ~+riting to the payme~t of the obligation serured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien hy, ur Jefends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement uf the lien or forfeiture of any part of the Property; or (c) secures from the h~lder of the lien an agreement satisfactory to Lender .utxirdinating the lien to this Serurity Instrument. If Lender determines ~hat any part of the Property is subject to a lien which may attain priority over this Security Instrument. Lender may give Borrov?~er a notice identifying the lien. Borrower shall satisfy the lien +~r take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard [nsurance. Borr~wer shall keep the improvements now existing or hereafter erected on the Property insured against luss by fire, ha~ards included w~ithin tfie term "extended coverage" and any other hazards for which L,ender requires insurance. This insurance shall be:maintained in the amounts and for the periods that Lendertequires. Ttie insurance carrier providing the;insurance .h~ll be chosen by Borrower subject to 1_ender's approvai which shall not be ut~reasonablp withheld.~ • - All insurance policies and renewals shall be acceptable. to Lender and shall include a standard mortgage clause. Lender shall have the right ta hold the policies and renewals. If Lender reyuires, Borrower shall promptly give to Lencier all receipts of paid premiums ~ ~n~i renewal notices. In the event of loss, Borrower shalt give prompt Aotice to the insurance carrier and Lender_ Lender may make ~ ~nx~f of loss if not made promptly by Borrower. i ~ Unless Lender and Borrower otherwise agree in writing. insurance prcxeeds shall be applied to restoration or repair of the Pro- ~ ~rty damaged, if the restoration or repair is economically feasible and Lender's sc:curity is not lessened. If the restoration or repair ~ i. not econ~mically feasible or Lender's Security would be lessened, the insurance proceeds shall be applied to the sums secured by ~ this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or dces nut answer within 30 days a notice from Lender that the insurance carrier has offered to setde a claim, then Lender may collect the inwrance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, ~+hether or not then due. The 30-day period will begin when the notice is given. Unless Lender and B~rrower otherwise agree in writing, any application of proceeds to principal shall not extenci or pc~stpone the ~ue date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage ro the Property ~ri+~r to the acquisition shall pass to Lender to the extent of the sums secured by this Security lnstrument immediately prior to the ~ :~ryufsition. 6. Preservation and hiaintenance of Property; Leaseholds. Borrow~er shall not destroy, damage or substantially change the °rc~perty. allow the Propeny to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall comply ~ ~ti ith the provisions of the {ease. and if Borrower acquires fee tiNe to the Property, the leasehold and fe~ title shall not merge unless t.ender agrees to the merger in writing. - 7. Protection of Lender's Rights in the Property; illortgage Insurance. If Borrawer fails to perform the covenants and ~Lreements contained in this Securiry Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the ~ ProEx:rty (tiuch as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or regulations), then Lender may do ± and pay for whatever is necessary to protect the va{ue of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Se.curity Instrument, appearing in court, paying reasonable attcuney~' fces and entcring on the Property to make repairs. Although Lender may take action under this paragraph 7, l,ender dces nut have to do so. ~ ~ a ~ r~~ , ~ f.~9~ ~ ' . annr;~ ~.G_ ~ . ~ . , _ _