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HomeMy WebLinkAbout0952 UNIFORM COYENANTS. Barrower and L.eoder cove~ant a~xi agree as follows: 1. Pa~ment otPriaclpd s~nd interest; Prepaymeat aad L..~te Chs~rges. Borrower shall promptly pay when due the prirx;ipai ~~f arxi interest on the debt evidtnctd by the Note and any prcpayment and late charges due under the Note. 2. Funds [or Taxes and lasurs~qce. Subject to applicable law or to a written waiver by Leruier, Borrower stuill pay to l.encier on the ciay monthly payments are due under the Note, until the Note is paid io full, a sup~ ("FuAds") eqy~al tu one~iwelf~h of: (a) yearly taxes and assessments which may attain priority ove~ this Security Instrurnenty,(b) jtearly leas~l~d~{ayments or grouncl ~ents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mongage insurance premiums, if any. These items are calle~i "escrow ittms." Lender may estimate the Funds due un the basis of current data and reasonable estimates of future escrow items. The Funds ~hali be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). [.ender shall apply the Funds to pay the escrow items. L.ender may not charge far holding and applying the Funds, analyiing the account or verifying the escrow items, untes~ L.ender pays Borrower inte~est on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agre~e. io writing that interest shall be paid on the Funds. Unless an agreement is made or appticabie taw requires interest to be paid, l.ender shall na be required to pay Borrower any interest or earnings on the Funds. l.ender shaU give to Borrower, without charge, ao annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are ptedged a~ additional serurity for the sums secured by this Security lnstrument. If the amount of the Funds held by Lender, together with the future momhly payments of Funds payable prior to the due dates F uf the escrow items, shall exceed the amount req~;i.~~ ~!±P ?~rnw items when due, the excess shall be, at Borrower's option, either promptly repaid to Bor~ower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by L.ender is na sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the de~ciency in on~ ~r more payments as required by Lender. Upon payment in fu!! ~~f ali sums setured by this Security Instrument, lxnder shal) promptly refund to Borrower any Funds held by L.ender. lf under paragraph 14 tt~e Property is sold or acquired by Lender, l.er?der shall apply, no later than immediately prior to the sale of the Property or its acquisilion by l.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applieation of Payments. Ur~less appticable law provides cuherwise, all payments,received by Lender under paragraphs 1 and 2 should be applied: first to amounts payable under paragraph 2; second to interest; and tast to principal. 4. Chs~rges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehoid pavments or ground rents, if any. Borrower shall pay these obligations in the manner provided in parag~aph 2, or if not paid in that manner, Borrower shal) pay them on time directly to the person owed payment. Borrower shatl promptly furnish to ixnder all notices of amounts to be paid under this paragraph. If Borrower makes these payments directiy, Borcower shall Promptly furnish to l,ender receipts evidencing the payments. 8orrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the iien by, or defends against enforcement of the licn in, legal proceedings which in the, Lepder's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the hotder of the lien an agreemeni satisfactory to Lender • tiubordinating the lien to this Security [nstrument. If Lender determines that any part of the Property is subject to a lien which may :~ttain priority over this Security Instrument, Lender may give 8orrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above w+thin 10 days of the giving of notice. 5. Hazard Insurance. Borrower shaU keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage" and any other hazards for which L.ender requires insurance. This in,urance sha!! be maintained in the amounts and for the periods that L.ender requires. The insurance carrier providing the insurance ,hall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shaU be acceptable to Lende~ and shall include a standard mortgage clause. Lender shall have the right to fiold the policies and renewals. [f Lender requires, Borrower shatl promptly give to Lencier al) receipts of paid premiums and renewal notice~. In the event of loss, Borrower shall give prompt :c :^~ur~^re c~rr,Pr and I.ender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writi~g, insurance proceeds shall be applied to restoration or repair of the Pro- perty damaged, if the restoration or repai~ is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by , this Security lnstrument. 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 L.ender that the insurance carrier has offered to settle a claim, then [.ender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security [n~trument, whether or not then due. The 30-day period will 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 monthty payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right ta any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall Rass to Lender to the extent ~f the sums secured by this Security Inswment immediately prior to the acyuisition. 6. Preservation and Mainten~nce of Property; [.easeholds. Borrower shall not destroy, damage or subst~r~tialty 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 of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortggge Insurar~ce. !f Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Prc~perty fsuch as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then l.ender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying aoy sums secured by a lien a~hich has priority over this Security Instrument, appearing in court. paying reasonabie euorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph Lender dcres not have to do so. ~ ~R ~ ~r?:;iE P~o ~ • , t , ~ ~ ~ , . . - -