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Home My WebLink About0927 UNIFORM COVENANTS. Borrower and l.endcr covenant and ag~ee as foliuws: l. Paymeot of Principal and taterest; Ptepayment and L,Att Charges. Borrower shall promptly pay when due the prinCipai uf and interest on the deM eviderrced by the Note and any prcpayment and late charges due under the Nute. 2. Funds fa~ T~uces ~ad lasuritnce. Subject to applicablo law or to a w~itten waiver by Lender, Borrowrr shall pay to Lxr?der r on the day monthly payments are due under the Note, until the N~xe is paid in full, a:s~Z"Fonds"~ eQn~ o, ~ne-twclfth of: {a) ' yearly taxes and as~essments which may attain priority over this Security Instrument; (t~ y rily leasehold pa s or grour~d rents ~ un che Property, if any; (cl yeariy hazard insurance premiums; ane! (d) yearly mongage insurance premiums, if any. These items are called "escrow items." l.ender may euimate the Funds due on the basis of current data and ~easonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which acc insured or guarantecd by a fede~al or state agency (including Lender if l.ender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge tor holding and aRplying the Funds, analyzing the account or verifying the escrow items, unless i.ender pays Borrower interest on the Funds and applicable law permits L.ender to make such a charge. Borrower and l.ender may agree. in writing that interest shall ; tR: paid on the Funds. Unless an agrcement is made or applicable law requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. l,ender shaU give to Borrower, without charge, an annual accounting of t6e Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged ati additional security for the sums securtd by this Security Instrument. - If the amount of the Funds held by lxnder, 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, 1he excess shall be, at Borrower's optian, either prompdy repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by l.ender i, not sufficient to pay the escrow items when due, Borrower shall pay to L.ender any amaunt necessary to make up the deficiency ~ in o~e or more payments as required by L.ender. Upon paymeni in full of all sums secured by this Security lnstrument. Lender shall promptly refund to Borrower any Funds hcld by [.ender. If ut~der paragraph 19 the Property is sold or acquired by Lender. L.ender shall apply, no later than 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 the ~ums secured by this Security Instrument. 3. Applicateo~ of P~y~[~is. Unles~ applicable law provides otherwise, alt payments received by Lender under paragraphs I and 2 should be applied: first to amounts payable under paragraph 2; second to interest; and last to principaf. 4. Charges; Giens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligatiuns 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 l.ender all notices of amounts to be paid under this paragraph. If Borrower makes these ~ayments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shal! promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in ~~riting to the payment of the obligation secured by the lien in a manner acceptable to L.ender; (b) contests in good faith the iien by. or defends against enforcement of the lien in, legal proceedings which in the Lende~`s opinion operate to prevent the enforcement t!~ lien or forfeiture of any part of the Praperty; or (c) secures from the hoider of the tien an agreement satisfactory to Lencier i ~ubordinating the lien to this Security lnstrument_ If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security I~strument, I.ender may give Barrower 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. Hazard Ittsnrauce. Borrower shal) keep the improvements now existing or hereafter erected on the Property insured.against luss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requi~es insurance. This +n,urance shal! be maintained in the amounts and far the periods that Lender requires. The insurance carrier providing the insurance ,hall be chosen by Borrower subject to l.ender's approval which shatl not be unreasonably withheld. All insurance policies and renewals shall be aceeptable to Lender and shall irsclude a standard mortgage clause. [.ender shall have the right to hoid the policies and renewals. If Lender requires, Borrower shati promptly give to Lender a!I rereipts of paid premiums and renewal notices. In the event of loss, Borrower shali give prompt notice ta the insurance carrier and Lender. Lender may make praof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of thc Pro- perty damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. !f the restoration or repair i, not ecortomically 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 a~y exress paid to Borrower. If Borrower abandons the Property, ar dces nvt answer within 30 days a noiice fram Lender that the .insurance carrier has offered to sett{e a claim, then i.ender may collect the ~nsurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by [his S~ecarity Instrvment, whether or not then due. The 30-day period will begin whe~ the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application oi proc~eds to principal shall not extend or postpone the due date of the monthly pa}ments referred to in paragraphs I and 2 or change the amount af the payments. If under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resuiting from damage to the Property prior to the acquisition shal! pass to Lender to the extent of the sums secured by this Security Instrument immedietely prior ro the ~cyuisition_ 6. Presenation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage ur substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borcowec shall comply with the provisions of the lease, and if Borrower acquires fee title to the Propeny, the leasehc~ld and fee title shall not merge unless l.ender agrees ro the merger in writing. 7. Protectian of Lender's Rights in the Property; htortga~;e Insurance. If Borr~xer fails to perform the covenants and ~greements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding +n bankruptcy, probate. for condemnation or ro enforce laws or regulations), then Lender may do and pay for whatever is necessary to prc~tect th€ 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 over this Security Instrument, appearing in court, paying reasonable . attorneys' f~,es and entering on the Property ro make repairs. Although Lender may take action under this paragraph 7, L,ender does not have to do so. ~R'~ ~ # ~ ~ T , ~ K~~ t 8; ~~K F~i:.~t