The URL can be used to link to this page

Home My WebLink About0986 UNIFORM COVENANTS. Sorrower and l.ende~ a~venant and dgrc~ as follows: 1. PaYateot of Principol aad laterest; Prepayatent ~ad LatG Charges. Borrower shall promptly pay when due the principal uf and interest on the debt evidenctd by the Note a~d any prepayment and late charges due urxier the Note. 2. ~unds fo~ Taxes aqd Insuritnct. Subject to appiicable law or ta a written waiver by Lender, Borruwer shall pay to L.ender o;~. ~~~v~pr tFw NntP, un1i1 the Nate is naid in fuli, a sum ("Fund~: ) equal to one-twelfth of: (a> r 3 • - - - - yearly taxes and assessments which may attain priority over this Security Instnungat; (b) yearly fe~$fipld paymen o ~ground rents on the Property, if sny; (c) yeariy haza~d insurance premiums; and (d) yearly mongage insura~~ premiums, i~~ny. These items are called "escrow items." L.ender may estimate the FurKis due on the basis of current data and reasonabie estimates of future es~:row items. The Funds shail be held in an institution the deposits or accounts of which are insured or guarante~ed by a federal or state agency ~ ( inciuding Lender if l.ender is such an institution). L.ender shall apply the Funds to pay the escrow items. l.ender may nc~t charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lende~ pays Borcower interest on the Funds and applicable law permits Ixnder to make such a charge. Borrower and L.ender may agree in writing that ir.terest shall be paid on the Funds. Unless an agraement is made or ~pplicable (aw requires interest to be paid, L.ender shall not be required to pay Borrower any interes[ or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the runua anuNiii~ i;iruiis arw ia;uiw; t:, ih:; ~~~.~s f~r ~•,h~~h Pach ~iehit to the Funds wa~ rn~c~~. The Funds are pledged r,.:'~0..,. as additional security for the sums secured by this Securiry Instrument. If the amount of the Fur~ds held by l.ender, together with the future monthly payments of Funds payable prior to the due dates ~ uf the escrow items, shall exceed the amount reyuired to pay the escrow i~ems wnen c~ue, ine excess snaii iic, a~ o~;i ~.;w~~'~ - either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by l.ender ' is 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 Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by l.encier, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by L.ender at the timt of application as a credit against the sums secured by this Security lnstniment. 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 payable under paragraph 2: second to interest; and last to principal. 4. Charges; Lie[LS. Borrower shall pay all taxes, assessments, charges, tines 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 directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly. Bonower shall promptly furnish to Lender receipts evidencing the payments. - n,,.;;;;;;.~~ ~ti_ii .,r.,~„~,ri., rlicrharop anv lien which has priority over this Security Instrument unless Borrower: (a) agrees in ~.......T"! _ -'o_ ' w riting to the payment of the obligation secured by the (ien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedi~gs which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. 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 ~?r 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 I~~ss by fire, hazards included within the term "extended coverage" and any ather hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance ~hall be chosen by Borrower subjece to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shatl include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If l.ender requires, Borcower shaU promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt no[ice co tne insurance carrier and Lender. Lender may make ' pr~wf of loss if not made promptly by Borrower. ~ Lnless Lender and Borrower otherwise agree in writing, insurance prcxeeds shall be appiied to restoration or repair of the Pro- pe.rty damaged, if the restoration or repair is economically feasible and Lender's security is not le~sened. [f the restoration or repair i is not economically 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 any ezcess paid to Borrower. If Borrower abandons the Property, or dces not answer within 3a days a notice from Lender that the insurance carrier has offered to setde a claim, then Lender may collect the in~urance proceeds. Ixnder 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_ Unless l.ender and Burrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone ~h~ due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payment~. If under paragraph f 9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds retiulting from damage to the Property prior to the acquisition shal! pass to Lender to the extent of the sums secured by this Securiry Instrument immediately prior to the acquisition. 6. Presen~ation and Maintenarice of Property; Leaseholds. Borrower shall not destroy, damage or tiubstantially 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 titte shall not merge unless Lender agrees to the merger in writing. 7. Protection of l.ender's Rights in the Property; btortgage Insurance. If Borrower faiis to perform the ro~~enants and ~ agreements contained in this Security Instrument, or there is a legal proceeding that may signiticantly affect Lender's rights in the ~ Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce laws or rcgulations). then Lender may do ~ and pay for whatever is necessary to prorect the value of the Property and Lender's rights in the Property. Lender's actions may inrludz paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying rea~onable ° attorneys' fees and entering on the Property ro make repairs. Although Lender may take action under this paragraph 7. Lrnder dces nut have ro do so. ~ fSGE J ~~7 : V ~7'~ r t F, l ~ • , • ~