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HomeMy WebLinkAbout0970 UNIFORM COVENANTS. Barrower arxi l.ender cavenant and agree as follows: 1. Pay ment o[ Principvl and laterest; Prtptiyment aad Late Charges. Borrower shall promptly pay when due the principal uf anci interest on the debt evidcncM by the Nae a~d any prcpayment and late charges due under the Note. 2. ~uads for Taxes sad Iasu~t~ce. Subject to applicable law or to a written waiver b~+,l:epder, Borrpw'er sha!! pay to l.ender on the day monthly payments are due under the Note, until the Nae is paid in fult, a sum ("Funds") equal to one-twelfth of: (a) yeariy taxes anat asstssments which may attain priority over this Security 1nslrumenr, (bl yearly leasehdd payments or ground rents csn the Property, if any; (c) yeariy hazard insurance premiu:ns; and (d) yearly mortgage insuran~tpremiums, iffa~y. ~hese items are called "escrow items." l.ender may estimate the Funds due on the basis of current data and reasonable estimates of fu ure escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federai or state agency t ( including Lender if L.ender is such an institution). l.ender shall apply the Funds to pay the escrow items. Lender may not charge y~ tix holding and applying the Funds, analyzing the account or verifying the escrow items, untess Lender pays Borrower interest on the Funcfs and applicable law permits Lender to make such a charge. Borrower and lxnder may agree. in writing that interest shall ~ t~ paid on the Funds. Untess an agreerr~ent is made or applicable law requires interest to be paid, Lender shall not be required to pay 8orrowe~ any interest or earnings on the Funds. Lxnder shaU give to Borrower, without charge. an 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 pledged as additional security for the sums secured by this Security lnstrument. if the amount of the Funds held by l.ender, together with the future monthly payrr~ents of Funds payable prior to the due dates ~ uf the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shalt be, at Borrower's option, ~_ither promptly repaid to Borrower ur credited to Borcower on monthty payments of Funds. If the amount of the Funds held by l.ender i, na sufficient to pay the eserow items when due, Borrower shall pay to Lertder any amount necessary to make up the deficiency ' in one or more payments as required by l.ender. Upon payment in ful) of all sums secured by this Security Instrument, Le~er shall promptly refund to Borrower any Funds held by lxnder. !f under 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 cre~it against the ~ums secured by this Security Instrument. 3. Application of Payments. Untess applirablc law provides otherwise, all payments received by L.ender under paragraphs I and 2 should be applied: first to amounts payable under paragraph 2; second to interest; and iast to principal. 4. Charges; Liens. Borcower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and ieasehold payments or ground rents, if any. Borrower shall pay these ob[igations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directiy to the person owed payment. 8orrower shall promptly furnish ro Lender all notices of amounts to be paid under this paragraph. If Borrower makes these ~y~~~~ d~~~~y, Borrower shall promptly furnish to l.ender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in w riting to the payment of the obligation secured by the lien in a manner acceptable to L.ender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforeerr~nt t~f the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to l,ender ,ubordinating the lien to this Security Instrument. tf Lender determines that any part of the P~operty 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 ur take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against lo~s by fire. hazards included within the term "extended coverage" and any other hazards for which L.ender requires insurance. This ir.surance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance .hail be chosen by Borrower subject to Lender's approval which shall not be unreasonabty withhetd. All insurance policies and ~enewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewat notices. In the event of loss, Borrawer shail give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptiy by Borrower. Unless I.ender and Borrower otherwise agree in writing, insurance proceeds shali be applied to restoration or repair of the Pro- perty damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. lf the restoration or repair i, not economically feasible or Lender's security would be (essened, the insurance proceeds shall be applied to the sums secured by tt~is Security 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 L.ender that the insuranc~ carrier has offered to settle a c[aim, then Lender may collect the ~n,urance proceeds. L.ender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrume~t. whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower atherwise agree in writing, an,y application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph ' ! 9 the Propeny is aequired by I.ender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisiiion shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to she aryuisition. 6. Presen~ation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantiaily change the Propeny, allow the Property to deteriorate or commit waste. [f this Security [nstrument 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 l,ender agrees to the merger in writing. i. Protection of [.ender's Rights in the Property; Mortgagr Insurance. If Borrower fails to perform the covenants and agreements conta+ned in this Sec~rity Instrument, or there is a legal proceeding that may significantfy affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate. far condemnation or to enforce laws 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 actions may inciude paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneyti' (ees and entering on the Property to make repairs. Althaugh Lender may take acuon under this paragraph 7, L.ender dces ncH havc to do so. ' , ' ~~.:,~7', iVi d~~i S . ' N e ~ . . . ? - . . . ' - . . . .