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HomeMy WebLinkAbout0999 i i UNIFVRM COVENANTS. Surruwer ~nd Lc.nJer rovenant and agrec: as futluws: 1. Pa~~ment of Princip~l and tnlerest; Yrepayment ~nd l.ate Charges. B~rrower shaN promptly pay wheo duc thc prinri~al uf and interest on the~debt evidenced by the Note and any prepayn~nt anci late charges due under the Note. 2. Eunds for Taaes and Ituurance. Sybject to applicable law or tqa written waiver by Lerxl~r, Borrower shall pay to l.ender un the day monthly payments are due under the Nae; until the Note is full, a sum ("Funds") equal to one-twelflh uf: ~early t:~xes and as~ssments which may attain prioriry over this Securiry Instrument; (b)~yearly leasc;hald payments or ground rents un the Property, if any; i~i y~a~~y hazard insurance premiums; and (d) ye~rly mongage insurance premiums, if any. Thex, items are ralled "escrow~ items." Lender may esdmate the Funds due on the basis of rurrent data and reasunabte estimates of future escraw it~ m~. The Funds shall be. held in an instiwti~m the deposits or accoun[s of which are insured ur guaranteed by a federal ~~r state agency j (inrluding Lerxier if Lender is such an instiwtian). Lencier shall apply the Funds to pay the escrow items. Lender may ncu charge ~ ti?r h~~lding and applyi~g th~ Funds, anatyzing the acawnt or verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law pern~its Lc;nder to make such a charge. Borrower and Lencler may agree in writing that interest shall tk paid on thc Funds. Unless an agreement is made or a~~licable faw reyuires interest to be paid, Lender shall not be required to pay Borro4~cr anY interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds sh~wing crzdits and debits to the Funds and the purpose for whirh each debit to the Funds was made. The Furuis are pledged additional security fu: ~~!ms secured by this Serurity Instrurnznt. , If the an?vu~~~ .ii ?he Funds held by Lender, together with Ehe future monthly payments of Funds payable prior to the due dates ~ ~~C the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be. :~t Bu~ ~uwer's option, either promptl}• repaid to Borrower or credited to Borrower on monthly payments of Funds. lf the amount of the Funds held by l..e.ncier i, na sufticient to pay the escrow items wfien due, Barrower shall pay ta Lender any amount necessary to make up the deficiency in one or more payments as required by L.ender. - Upe~n payment in full of all sums secured by this Security lnstrument, l.ender shall prompdy refund to Borrower any Funds h~ld by L.ender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior ro the wle of ihe Property or its acquisition by Lender, any Funds held by Lender at the time of application as ~ credit against the ,ums urured by this Security Instrument. 3. Application of Payments. Unless ap~!irable law providcs otherwise, all payments received b~~ Lender under paragraphs I~+nd 2 should be applied: first to amounts payable under paragraph 2; second to interest; and last to principal. 4. Charges; Liens. Bc~rrower shall pay all taxes, astiessments, charges, fines and impositions attributable to the Property which m~y :~ttain priority over this Security Instrument, and leasehold payments or ground rents, if any. Burrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in th:~t manncr, Borrower shall pay them on time direcdy to the pcrson owed pa}•nknt. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these p~vmentti directly. Borrower shall promptly furnish to LenJer receipts evidencing the payments. Borrower shall promptly discharge any lien which has prioriry ovcr this Secu~ity Instrument unless Borrower. (a) agrees in riting tu ~he payment of the obligation secured by the lien in a manner acceptable to Lender; tb) contests in good faith the lien hy. ur defcnds against enfarcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement ~~l the lien or forfeiwre of any part of the Property; or (c) secures from the holder Qf the lien an agreement satisfactory to Lender ,u~~rdinating the lien to this Security lnstrument. If Lender detern~ines tnat any part of the Property is subject to a lien which may attain priority ove~ this Security Instrument, L.ender may give &~rrower a notice identifying the lien. Borrower ~hall wtisfy the lien ur take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against luti, by fire, hazards included within the term "extended coverage'' and any other hazards for which Lerxier requires insurance. This in.ur:~ncc shall. be maintained in the amounts and for the periods that l.ender requires. The insurance carrier providing the insurance .hall b~: chc»en by Borrower subject to Lender's approval w'hich shall ~not be unreasonably withheld. - All insurance"policies and renewals~shaU be aceeptable to Lender and shall include. a standard mortgage clause. Lender shall ! h~~e the right to hold the policies and renewals. If Lender requires. Bor~ower shall prompt!y gi~•e to Lender all rzceipts of paid premiums j ,~n~i rene«•al notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lcnder may make pr~wf of loss if not made promptly by Borrower. ~ Unless Lender and 8orrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Pro- ~nrty damaged, if the restoration or repair is economically feasible and Lender's security is not Iessened. If the restoration or repair i~ neK economirally_feasible or L,ender's security would be lessened, the insurance proceeds shall be applied to the sums secured by thi. Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrawer abandons the Property, or dces ,~ot answer within 30 days a notice from Ixnder that the insurance carrier has offered to setde a claim, then Lxnder may collect the ~nsuranre prcx:ceds. l.ender ma_y use the proceeds ro 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 a~d Borrc~~~er otherwise agree iq writing, an~ application of proceeds to principal shall not extend or postpone the ~ue date of the mcmthly payments referred to in paragraphs I and 2 or change thc amount of the payments. (f under paragraph 19 the Property is a~yuired by Lender, Bocrower's right to any insurance policies and proceeds resulting from damage to the Property pnur to~the acquisrtion shall~ pass to I..ender ro the extent of the sums secured by this Security Instrument immediate{y priar to the ~ ~ c+cyuisition. ~ 6. Pre.ser~~ation and ;1laintenance of Property; Leaseholds. Borrower shall not destroy, damage or subst~ntially change the Pruperty. allow the Property to deteriorate or corr~mit waste. If this Security Instrument is ~n a leasehold. Borrower shall comply with thc provisions of the lease, and if Borrower acquires fee title ro the Property, the (easehold anJ fee title shall not merge unless Lender agrees to the merger in w~riting. ~ - 7. Protection of Lender's Rights in the Propertr~; ~tortgage insutance. If BorroH~er fails to perform the covenants and ~ ~iereements contained in this Security Instrument, or there is a legal pra:eeding that may significandy~ affect Lender's rights in the Property (such as a pr~xeeding in b:~nkruptcy. probate, for condemnation or ro enforre laws or reguta[ionsl, then L.ender may do ~ and pay for whatever is neressary ta protect the value of the Property and Lc:nder's rights in the Property. Lender's actions may ~nclude paying any sums secured by a lien which has prioriry over this Security Instrument, appc~aring in court, paying reasonable attorni:ys' fces and entering on the Property t~~ make repain. Although Lcnder may take action uncier this paragraph 7, Lender dce. n~~t ha~c to do so. • RO?K ~~~.1 ~'CE '';J7 ~ . . . , ..,._~__._.r:_.... . _ -5.,.