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Home My WebLink About0915 UNIFORM COVENANTS. Borrawer and l.ender ruven;int arni agree as follows: l. Payment of Friacipol and interesi; Prep~yment and l.ate Charges. Borrow~r~ shsll pn~mptly pay. when duc the principal of und inter~st on the debt evidenccd by the Note and any propaymznt and late charg~es'due uixier the Ndte. Fund.c for Taxes aad lnsur~nce. Subject to applicable law or to a written waiver by Lencler, Borrower shall p:~y to Lx~xler . on the day monthly payments aro due under the Note, until the Note is paid in f~~, ~~um ("Fusx~,g' ~ equal to une-twelRh of: (a) • . yearly taxes and assessments which may attain priority over this Security Instrume t, (b~ yearly ieitlbhoW payments or grouncl rents un the Property, if any; (c) yea~ly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These itenu are called "escrrw items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of fuwre escrow items. i The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal ar state agency ~ (including Lender ii l.ender is such an institution). l.ender shall apply the Funds to pay the escrow items. L.ender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless l.ender pays Borrower interest on the Funds and applicable !aw permits l.ender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable !aw requires interest to be paid, [.ender shatl not be required to pay Borrower any interest or earnings on the Funds. [.ender shall give ro Borrower, without charRe, an annual accounting of tbe Funds showing credits and debits ta the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged 'as additional security for the sums secured by this Se~urity lnstrument. : if the amaunt of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates ~ of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is na sufficient to pay the escrow items when due, Borrower shall pay to l.ende~ any amount necessary to make up the deficien~:y in one or more payments as required by l,ender. Upon paymeot in full of all sums secured by this Secu~ity Instrument. Lender shall pramptly reiund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by L.ender, any Funds held by Lxnder at the time of application as a credit against me sums ~cwcx; uy ~~~i~ : c. 3. Applieat'wn of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs ! ar~d 2 should be applied: fi~st to amounts payable under paragraph 2; second to interest; and last to principal. 4. Charges; Liens. Borrower shaU pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain p~iority over this Security Instrument, and leasehold payments or ground rents, if any_ f3orrower shall pay these obligations in the manner provided in paragraph 2, or i~ not paid in that manner, Borrower shail pay them on time directly to the person owed pay:nent. Borrowe~ shall promptly furnish to Lender all notices of amounts to be paid ander this paragraph. If Borrower makes these payments directly. Barrower shali promptiy furnish ta Lender receipts evidencing the payments. Borrower'shall promptly discharge any lien whirh has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment oi the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcemenE 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 holder nf the lien an agreement satisfactory to Lender .u'ooruii~ai~~~g .he lsc~~ .h:s S.,°rusity Instrument. If Lender deternnines that any part of the Property is subject to a lien which may attain priority over this Security [nstrument, Lender may give Borrower a notice identifying the lien. Borrower shal! satisfy the lien ur take one or more ~of the actions set forth above within 10 days of the giving of notice. 5. Huard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Propeny insured against loss by fire, hazards it?cluded within the term "extetided coverage" and any other hazards for which L.ender requires insurance. This insurance shatt be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies anet renewals shall be acceptable to L.ender and shall include a standard mortgage clause. Lender shall h~ve the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make prcwf of loss if not made prompdy by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Pro- perty damaged, if the restoration or repair is econamicatly feas+ble and Lencfer's security is not lessened. If the restoration or repair i, not economicalty feasible or Lender's security would be lessen~d, 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 not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds ta repair or restore the Property or to pay sums secured by this Security [nstrument, whether or not then due. The 30-day period will begin when the notice is given. _ t> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to princiRal shatl aot extend or postpone , the due date of the monthty payments referred to in paragraphs I and 2 or change the amount of the paymet~ts. If under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender ro the eztent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage ar substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions af the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless L.ender agrees to the merger in writing. 7. Protection of I,ender's Rights in the Property; Mortgage [nsurance. If Borrower fails to perform the covenants and e reements contained in this Secunt instrument, or mere i~ e ic ai ~:,:,e~~;r~~ .~at ~i^^~~~a~~lv ~ffP~r I.ender's rights in the B Y Y N ~ ,a;' b....._-••- ~ Property (such as a proceeding in bat?kruptcy, probate, For condemr~ation or to enforce laws or regulations). then l,ender may do and pay for whatever is necessary to protec~ the value 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 aver this Security Instrument. appearing in coun. paying reasonable attorneys' fees and entering on the Property to make repairs. Altho?~gh Lender may take action under this paragraph 7, l.ender dces ncx have to dn so. ' . • t~~ g~~~+~~,, PaGE 7tts~ ;