HomeMy WebLinkAbout0958 UNIFORM COVENAtiTS. &~rru??er and L~:ncier co~•enant and agrec; 3s follow~:
l. Pa~ment of PrincipN and lnterest; Prepayment and l.ate Ch~rges. &~~ruwer shall promptly pay when due the principal
~~i~ and interest on the debt evidenced by the Note and any prcpayment and late charges due uncier the Nute.
2. Ftends fo~ Taxes and lnsuranee. Subject to applicable law or to a written waiver by Lender, Borrower shall pay ta Lencler
:~R ~v montlily payments are due under the Note, until the Note is paid in fult. a.e ("~upds") e uai to one-twelfth of: (a)
yearly taxes and assessments which may attain priority ov.er this Secu~iry tnstrumertt; (b)~1~ leasehol~~~nts or ground rents '
un the Propeny, if any; (e) yearly hazard insurance premiums; and (d1 yearly mortgage insurance premiums, if any. Thcs~ items ~
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are cailed "escrow items." [.ender may est~mate the rureas uue un ei:r ua~;~ ~a~.. o~,.,
items.
The Funeis shall be held in an institution the depcuits or accounts of which are insur~d or guaranteed by a i~ederal or state agency
lincluding Lender if Lender is such an institutiuo). Lxnder shali apply the Funds to pay the escruw items. l.ender may not charge '
For holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on ~
the Furxls and appli~able law pertnits l.ender to make such a charge. Borrower and I.ender may agree in writing that intenest shall
be paid on the Funds. Unless an agreement is made or applicable iaw requires interest to be paid, i.enJer shall na be required to
pay Borrower any interest or earnings on the Funds. Lender shall give to Bonower, withcxet eharge, an anniial accounting of the
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~P!~:t~ F!~!+~~ A~ nc~ rwrr~se for which each debit to the Funds was made. The Funcis are led ed
as additionaf security for the sums secured by this Security lnstrument.
If the amount of the Funds hetd by L,ender, together with the future mor.thly ~ayments of ~v~~i~ ~ayable prior to the due dates
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, of the escrow items, shaii exceea tne amoun~ reyuire~i iu ~,uy ~,~~~w ~ c~tion.
cither promptly repaid to Borrower or credited to Borrower on monthly payments of Funds, lf the amount of the Funds hetd by I.ender
i, not sufficient to pay the escrow items when due, Borrower shall pay to l.ender any amount necessary to make up the deficiency
' in one or more payments as required by L.ender.
Upon payment in full of all sums secured by this Security lnstrument, Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph t9 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 aequisition by lxnder, any Funds held by Lender at the time of application as a credit against '
the ~ums secured by this Security Instrument. ~
3. Application of Payments. Unless applicable law provides otherwise, al) payments received by Lender under paragraph~ ~
t arxi 2 should be applied: first to amounts payable under paragraph 2; second to interest; and last to principal.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributabte to the Property which
may attain priority over this Securiry Instrument, and teasehold payments or ground rents. if any. Borrower shaN pay these obligations
in the manner provided in paragraph 2, or if n~t paid in that manner, Barrower shall pay them on time directly to the person owed
payment. Borrower shall p~omptly furnish to Lender a!I notices af amuunts to be paid under this paragraph. If Borrower makes these
payments directly, $orrower shall promptly furnish to Lxnder receipts evidencing the payments.
Rnrrnu.Pr chal! promptly discharge any lien which has priority over tMs Security Inswment .unless Borrower: (a) agrees in
y riting to the payment of the obligation secured by the lien in a manner arceptable to Lender; (b) contests in good faith the lien
by, or defends against enforcement of the lien in, legal proceedings which in the [.ender's opi~ion operate to prevent the enforcement
uf the lien or forfeiture of any part of the Property; or (c) secures from the hoide~ of the lien an agreement satisfactory to Lender
~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 Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien
or take one or more of the actions set forth above wi[hin t0 days of the giving of notire.
5. Hazard Insurance. $orrower shall keep the improvements now existing or hereafter erected on the Property insured against
la.s by fire, hazards ir~cluded within the term "extended coverage" and any wher hazards for which Lender req~ires insurance. This
in~urance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance
shatl be chosen by Borrower subject to I.ender's approval which shail not be unreasor.ably withheld.
All insurance policies and renewals shal) be acceptable to Lender and shall include a standard mortgage clause. Lender shal(
have the right to hold the policies and renewa{s. If Lender requires, Borcower shall promptly give to Lender atl receipts af paid premiums
and renewal notices. !n the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make
proof of loss if not made prompdy by Borrower.
Unless L.ender and Borrower otherwise agree in writing, insurance proceeds sha!! be applied to restoration or repair of the Pro-
perty damaged, if the restoration or repair is economically feasible and Lender~s securiiy is nui ie,~ci~cu. ii ~;.s:.^,:a::~.^. ~s repair
iti not economically feasible or Lender's security would be lessened, the insurance procee~is shall be applied to the sums secured by
this Security Instrument, wtiether,or.npt then due, with any excess paid to Borrower. If Borrower abandons the Property, or dces
not answe~ within 30 days a notice fmm Lender that the insurance carrier has offe~ed to settle a cl~iim, therl Lender may collect the
;n,urance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument,
whether or not then due. The 30-day period will begin when the notice is given.
Untess Lender and Borrower atherwise agree in writing, any application of proceeds to prirtcipa! shal! 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
I y the Property is acquired by Lender, 8orrower's right to any insurance policies and proceeds resulting from damage to the Property
~+rior to the acquisition shaN pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the
arquisition.
6. Preservation and Maintenanee of Property; Leaseholds. Borrower shall not destroy, damage or substxntially change the
Property, allow the Property to deteriorate ar 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 tide shall not merge unless
L.c:nder agrees to the merger in writing.
7. Pratection of L.ender's Rights in the Property; Morigxge [nsu~ance. If Borrower fails to perform the covenants and
agreements contained in this Security instrument, or there is a legal proceeding that may significandy affert Lender's rights in the
Property tsuch as a proceeding in bankruptr}~, probate, for condemnation or to enforce lavrs or regulations), then Lender may do
and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's artions may
include 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 Property ~u make repairs. Although Lxnder may take action undcr this paragraph 7. L.ender dces
not have to do so.
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