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Home My WebLink About0931 UN(FORM COVBNAN7'S. Borrowe~ and L.end~et covenam and agrce as foltows: 1. P~ya~eNt et Principv ard lnttrest; Prep~ytatnt and L+~te Chargts. Borrower shall promptlY paY when due the principal ~ af and int~rtst on the debt evidenced by t~e hiote and uc+y incw~y,~,~,-„ a~.; ;a:s ~!:s:b~s ~±+_M ~~!~?r ~M Noce. 2. Etinds [or Taxes snd Inwranet. Subject to applicable Iaw or to a written waiver by. r, Borrower shall pa~ to L.ender on the day monthly payments are due under the Notc, uatil the Note is paid in full, a sum ~'~Pu s") equ~t~tq pQe-twelfth of: (a) . yeariy taxes and assessments whieh may attain priority ove~ this Security Instrument; (b) yearl,y~ieasehold pa~l4Yreat3 or ground rents on the Propeny, if any; (c) yearly hazard insurance prcmiums; and (d) yearly mortgage insur~nct premiums, if any. These items ; are called "escrow items." L.e~der may estimate the Funds due on the basis of cument data and reasonabie estimates of future escrow II~f11S_ - ~ L.• ~~~~.nl nr efatP aOPMV The Funds shall be held in an institu~ion the deposits or accounts oi wnicn are iu~u,a, ~~:;a~~~.~.., ..y ...v....._ -.o- . (including L.ender if Lender is such an institution). Lender sha!! apply the Funds to pay the escrow items. Lender may not charge ; for holding and applying ihe Funds, analyzing the account or verifying the escrow items, unless Lender pays Bo~rower interest on ? the Funds and applieable law permits Lender to make such a charge. Borrower ~nd Lender may agree in writing that interest shall ~ be paid on the Funds. Unless an agreement is made or applicable taw requires inter:st to be paid, l.enckr shail not be rcquired to ~ pay Borrower any interest or earnings on the Funds. I.ender shall give to Borcower, without charge, an annual accounting of the Fypds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are Pledged j a~ additional security for the sums securod by this Securiry Instrument. If the amount of the Funds held by Lcnder, together with the futurc monthly payments of Funds payable prior to the due dates ~ t~f the escrow items, shall exceed the amourtt required to pay the escrow items when due, the excess shall be, at Borrower's option, ; either promptly repaid to Borrower o~ credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lencier is not sufficient to pay the escrow items when due, Bortawer shall~pay to I.ender any amount necessary to make up the deficiency ~ in one or more pa~+ments as required by L.ender. Upon payment in full of all sums secured by this Securiry Instrumene, i.ender snai3 pr~rr~~iy ~z cc ~:;ssowe.? _!~y F~~~ds ; held by Lender. If under paragraph 19 the Property is sold or acquired by L.ender-, l.ender shall apply, no later than immediately ~ prior to the sale of the Property or its acquisition by Lender, any Funds held by ixnder at the time of application as a credit against ~ the sums secured by this Security instrument. 3. Apptication of Payments. Unless applicable law provides aherwise, all payments received by l.ender under paragraphs I and 2 shoutd be applied: first to amounts payable under paragraph 2; second to interest; and last to principal. 4. Chtirges; Liet~. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Froperty which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obiigations ;n the manner provided in paragraph 2, or if not paid in chat manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all naices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to I.ender receipts evid~ncing the payrt~hts. ' Borrower shall promptly discharge any iien wi~ich i~n~ priority ui~er this S~urity ~zsEr~rr~c~t unles~ R~rrower: (a) aerees in writing to the payment of the obligation secured by the I~en in a manner acceptabie to Le~xtet: (b)~coittests in good faith the lien by, or defends against enforcement of the lien in, iegal proceedings which in the L.ender's opinion operate to prevent the enforcement of the tien or forfeiture of any part of the Propecty: or (c) secures fro4n the holder of the-lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. lf 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 shalt satisfy the (ien or take one or more of the actions set forth_ above within 10 days of the giving of notice. ' S. Hazard Insurance. Borrower shall 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 Lerxier requires insurance. This insurance shall be maintaineci in the amaunts and for tt~e periods that Lerider 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 shall be acceptable to Lender and shall include a standard mortgage clause. l.ender shall have the right to hold ihe policies and renewals. lf L,ender requires. Bottower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, liorrower snaii givc N~~~~~~ ~~:,.~e~ :':e 6^~~.:~2^='P ~?«~er a!K1 [xnder. L.ender may make proof of loss if not made promptly by Borrower. . Untess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or ~epair of the Pro- perty damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair i. not economically feasible or Lender's security wouid be lessened, the insurance proc:eeds shatl be applied to the sums ~ecured by this Securiry Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abanclons the Property, or dces not answer within 30 days a notice from i.ender that the insurance carrier has oifered to senle a ctaim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sur:~s secured by this Security Instrument, whether or nat then due. The 30-day period will begin when the ncxice is given. Unless Ixn~er and Borrower othen~+ise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the manthly ~ayments referred to in paragraphs I and 2 or change the amount of the payments. [f under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance po(icies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of t6e sums secured by this Security Instrument immediately prior to the acyuisition. 6. Preservation and Maintenance of Property; Leaseholds. Bc~rrower shall not destroy. damage or substantially change the Property, atlow the Property to deteriorate or commit waste. If this Security lnstrument is on a leasehold. Borrower shall comply with the provisions of the lease, ar~d 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. PrMection of L.ender's Rights in the Propertv; Mortgage Insurance. If Borrower faiis to perform the covenants and agreements contained in this Security Instrument, or there is a iegal proceeding that may significantty affect Lender's rights in the Property Isuch as a proceeding in bankruptcy, probate, for condemnation or to enforce taws or regulations), then L.ender may do and pay for whatever is necessary to protect the value of the Property and L.erxler's rights in the Property. l.ender's actions 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 to make repairs. Although l.ender may take action under this paragraph 7, Lender dces not F?ave to do so. a~~K ~t~~ ~aGE ~ ' , . . , , ~'`_i ~ _ . - , _ - _ ~ : ~ _