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Home My WebLink About0992 ! UNIFORM COVENANTS. Bo~rower and Ltnder covenant and agree as follows: ~ 1. Pa)~eat of Princip~l and laterest; Prt{wyatent aad l.att Cbarges. Borrower shall promptly pay when due the pri~cipal ~ uf and in~eresi on ine uci,~ e~~~Kr.~ vy ~~i~ i,v~c dii~ aiij ~iz~3j:::~:?: 3.~ ~~'~rq"'~~ =~f° ~~P _ 2. Funds [or Tsxes and [nsurance. Subject ta spplicable law o~ to a written wai~c,4~by Lender, Be~rower shall pay to l.ender on the day monthly payments sre due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelfth of: (a) yeariy taxes and as3essments which may attain priority over this Security Instrument; (b) yearly~J~.a~?old.payme~ o~ ground rents on the Property, if any; (c) yearly hazard insurance prcmiums; and (d) yearly mortgage insur Qe ~)remiums, ~~h These items are cailed "escrow items." l.ender may estimate the Funds due on the basis of current 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 state agency (including Lender if Lender is such an institution). l.ender shall apply the Funds to pay the escrow items. L.ende~ may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless l.ender pays Borrower interest on the Funcis and applicable law permits [.ender to make such a charge. Sorcower and Lender may agree in writing that interest shall be paid on the Funds. L'nless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borcower, withcwt charge, an annual accounting of the Funds showing crodits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as ad~itional security for the sums stcured by this Securiry Instrume~t. If the amount of the Funds held by l.ender, together with the fut:~re monthly payments of Funds payable prior to the due dates c.~f the escrow items, shall exeeed the amount required to pay the escrow items when due, the excess shall be, at Borruwer's option, 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 su~cient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by L.ender. Upon payment in full of al) 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 Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by [.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application oi Payments. Unless applicable law provides otherwise, ail payments received by Lender under paragraphs I and 2 should be applied: first to amounts payable undec paragraph 2; second to interest; and last to principal. 4. Charges; Liens. Botrower shall pay all taxes, assessments, charges, fines and impositians attributable to the Property which may attain priority over this Security Instrument, and ieasehold payments or ground rents, if any. Borrower shall pay [hese 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 shaii promptfy iurnish to Lender atl 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 promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in w riting to the payment of [he obligation secured by the lien in a manner accaptable 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 of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement s.ztisfactory t~ Lxn~~r ~ubordinating 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 lnstrument, Lender may give Borrower a notice identifying the lien. Borrower shal! 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. Borcower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "ezteoded coverage" and any other hazards for which Lender requires iRSUrance. 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 subject to L.ender's approval which shall not be unreasonably withheld. All insurance policies a~d renewals shall be acceptabie to Lender and shall intlude a standard mortgage clause. Lende~ shall have the right to hold the policies and renewa(s. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied ro restoration or repair of the Pro- perty damaged, if the restoration or repair is economically feasibte and Lender's security is not lessened. If the restoration or repair i, not economically feasible or Lender's security would be le~sened, the insurance proceeds shall be applied to the sums secuted by ~ this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons tt~e Property, or dces not answer within 30 days a notice from l.ender that the insurance ca~rier has offered to settle a claim, then I.ender may collect the intiurance 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 wil) begin when the notice is given. I Unless Lender and Borrower otherwise agree in writing, any application of proceeds ro principal shall not extend or postpone ~ the due date of the monthl ments referred to in ra ra s 1 and 2 or chan e the amaunt of the a ments. If under ara ra h j Y PaY F~ 8 Ph S P Y P 8 P 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property ~ prior to the acquisition shall pass to L.ender to the extent of the sums secured by this Security Instrument immediately prior to the t ~ arquisition. ~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantialiy change the ~ Property. ailow 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 Lc:nder agrees to the merger in writing. E 7. Protection of Lender's Rights in the Property; Morigage insurance. !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 ~ Property (such as a proceeding in bankruptcy, probate, for 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 include paying any sums secured by a lien which has priority over this Security lnstrument, appearing in court, paying reasonable ~ ~ attorneys' (ees and entering on the Property ro make repairs. Although Lender may take action under this paragraph 7, L.ender dces ~ ncH have to do so. s ~ ~ ~ ~ ~ ~ ~ : - f ~:~K4~1 ~,~~t- ~~5 . ~ ~ . . ~ . ~ . ~ - - ~ -