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Home My WebLink About0940 UNIFORM COVENANTS. Borrower and Lencier covenant an~i agree as follows: l. Pi~'lilttll O~ PNflC~~ ~i1d ifillt~l51~ Prepnyment ~nd l.ate Charges. Borrower ~hall prumptiy pay when due the ~rir,cipa! uf and interest on the dtbt evidenced by the Note and any prepayment and tate charges due urnier the Nae. 2. Funds for Taxes and Iusuranet. 5ubject to applicable law o~ to a written waiver by Lender, &~rrhwer shall pay to Lxnder un the day monthiy payments are due under the Nae, untii the tvae is paiu in ~uz~, a;~~i ~{"Fuixis") equal o~x-tweifth of: (a) y~early taxes and assessments which may attain priority over this Security Instrument: (b) yeat~y~te~sehold pa~r~epts,or ground rents un the Property, if any; (e) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." L,ender may estimate the Funds due on the basis ~f curcent data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or stale agency ,(including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. l.ender may nw charge tur halding and applying the Funds, analyzing the account or verifying the escrow items, unless Ixnder pays Borrower interest on the Funds and applicable taw permits l.ender to make such a charge. Borrower and l.ender may agree in writing that interest shall ~ be paid on the Fands. Unless an agrcement is made or applicable !aw requires interest to be paid, Lender shall not be requirctl to p:iy Borrower any interest or earnings on the Funds. l.ende~ shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each ciebi? tu ti~c Fu~Ki~ wd; ~~a~e. T't~~ Fur.~s sc. ~!e~+grd as additional security for the sums secured by this Securiry Instrument. ~ ~..M+~ ~ P~~_ rnoe~her wich che future monthly payments of Funds payable prior to the due dates ~ j ~1 l\M1 6~~NY~~~ v~ s~~v • . _I _ . uf the escrow items, shall exceed the amount ~equired 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. !f the amount of the Funds held by Lender is not sufficie~t to pay the escrow items when due, Borrower shall pay to l.ender any amount necessary to make up the defieiency in one or more payments as req~ired by lxnder. Upon payment in ful) of all sums secured by this Security lnstrument, l.ender shall promptly refund to Borrower any Funds held by l.ender. If under paragraph 19 the Property is sotd or acquired by l.e!~der, Lender shall apply, no later than immediately prior to the sale of ihe Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit agai~st the sums secured by this Security tnstrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2 should be applied: first to amounts payabte under paragraph 2.; second to interest; and last to principal. 4. Chs?tges; Liens. Borrower shall pay aH 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 obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time derectly to the person owed p~ymcnt. l3orrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptty discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in ~c ~iting to the payrnent of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement oF the lien in, legal proceedings which in the l.ender's opinion operate to prevent the enforcement ot the lien or forfeiture of any part of the Property; or (c) secures from tt?e bolder of the lien an agreement satisfactory ro Lender .ubordinating the lien to this Security Instrument. I~' I,ender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice iden¢ifying the lien. Borrower shall satisfy the lien ~~r take one or more of the acuons set forth above within 10 days of the giving of notice. S. Hazard It~trance. Borrower shall keep the improvements now existing or hereafter erected on the Property insurecf against luss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This in,urance shall be maintained in the amounts and for the periods that [.ender requires. The insurance carrier providing the insurance ,hall be chosen by Borrower subject to I.ender's approval which shati not bt unreasonably withheld. All insurance policies and renewals shail be acce~ptable to Lender and shall inctude a standard mortgage clause. Lender shall . _.,,,,;,,:e~ ,,,,,P~,a~~ tt' t P~r rPn~~irec, Borrower shall promptly Rive ro Lender all receipts of paid premiums ItaYC iil~ i i~iii iv iiv:u .a...s - and renewai notices. In the ever~t of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lass if not made promptly by Borrower. Unless L.ender and Borrower other.vise agree in writing, insurance proceeds shall be aPplied to restoration or repair of the Pro- p~ rty damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. [f the restoration or repair i. not economically feasible or Lender's serurity would be lessened. the insurance proceeds shall be applied to the sums secured by thi, Securiry Instrument, whether or not then due, with any excess paid to Borrower. [f Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has offered to settie a claim, then Lender may collect the insurance proceeds. [.ender may use the proceeds to repair or restore the Property or to pay sums secured by this Security (nstrument, whether or not then due. 'the 3fl-day period witl begin when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments ref~rred to in paragraphs I and 2 or change the amount of the payments. !f under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance pc~licies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediatety prior to the :?cyuisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shail not desiroy, damage or substantially change the Propeny, allow the Property to deteriorate or commit waste. [f this Security Instrument is on a leasehold. Borrower shall comply with the provisions of the tease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lcnder agrees to the merger in writing. 7. Protection of I.ender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect L.ender's rights in the Prc~perty (such as a pmceeding in bankruptcy, prubate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Propeny and L.ender's rights in the Property. i.ender's actions may inrlude paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Propeny ro make repairs. Aithough i.ender may take action under this paragraph 7, Lc~nder does ~ot have to do so. , 4~1 p~~~ 933 s~~~~ ' . ~ , . ~