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Home My WebLink About0943 UNIFORM COVENANTS. Bormwrr and L,ender covenant and agrcc as foilows: l. PsynxM ot Priaclp~l and laterest; Prtp~ya~tat aad l.a1e Charges. Borrower shal! prumptly pay when due the principal of and inlerest on the debt evidenced by thc Note and any prepayment and iate char~es d~ under the Note. 2. Funds !or Ta~ces smd Insutance. Sub~ect to applicable law ot to a written waiver b~xnder, Bo~~ow~r shall pay to l.ender on the day monthly peyments are due under the Note, until the Note is paid in full. a ayth~'Funds") oq~al'to one-tweifth of: (a) yearly taxes and assessments which may attain priwity over this Security 1 .(b) yea~l~r ~ehold payments or ground rents un the Pruperty, if any; (c) yearly hazard insurance premiunu; and (d~ ye~,~u~~gage insurance prcmiums, if any. These items are cafled "escrow itcros:" l.~nder may estimate the Funds due on the basis of curnent data and ressonable estimates of future escrow items. The Furds shall be held in an instiwtion the deposits or accounts of which are insured or guarantood by a federal or state agency iincluding Lender if Lender is such an instiwtion). l,ender shall apply the Funds to pay the escrow items. L,ender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Bonower interest on the Funds and applicable law permits l.ender to make such a charge. Bornower and l.ender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or appticable law requircs interest to be paid. L.ender shall not be required to pay Bonower any interest or earnings on the Funds. Lender shall give to Borcower, withaet charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit ro the Funds was made. The Funds are pledged ~ as additional security for the sums socured by this Security Instrument. If the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to tiie due dates , of the escrow items, shall eaceed the amount required to pay the estrow items wt~n due, the excess shafl be, at Bosrower's option, either promptly repaid to Borcower or creaited to ~sorrower on monthiy paymerts oi hunds. lf the am~wnt of the hunds heici oy i.ender is not su~cient to pay the escrow items when due, Borrower shaH 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 Instroment, l.ender shall promptly refund to Borrower any Funds held by l.ender. 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 Lender, aay Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under parag~aphs I and 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 attri~utable 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, Borrower shall promptly furnish to L.ender receipts evidencing the payments. Borrower shall r:;; ~sscharge any lien which has priority over this Security Instrum~nt unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptabte to L~nder; (b) contesis iq good faith the lien by. or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to pr~y.e~t the enforcement of the lien or forfeiture of any part of the Property: or (c) secures from the_holder of the lien an agreernent satisf,'~ciory to Lender ,ubordinating the lien to this Security lnstrument. If Lender determines that any part of the Property is subjert 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 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 loss by fire, hazards included within the term "eztended coverage" and any other hazards for which L.ender requires insurance. This insurance shall be maintained in the amounts and for the periods that I.ender 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 policie~ and renewals shall be acceptable to l.ender and shall include a standard mongage clause_ Lender shall have the right to hold the policies.and renewals. If Lender requi~es, Borrower shall promptly give to l.ender all receipts of paid premiums anci renewal notices. In the event of loss, Borrower shall give prompf notice to the insurance carrier and Lender. Lender may make prc~f of iuss if not made promptly by Borrower. Unless Lender and Borrowsr otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Pro- petty damaged, if the restoration or repair is economically feasible and Lender's serurity is not lessened. If the restoration or repair is not economicaliy feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the s~ms secured by ~ this Security lnstrument. whether or not then due, with any excess paid to Borrower. [f Borrower abandons the Property, or dces ~ ncu answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the ~ ~ insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Securiry Inswment. whether or not then due. The 30-day penod will beg~n when the notice is grven. j ~ Unless l.ender and Borrower otherwise agree in writing, any 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 payment~. If under paragraph E ~ i 9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property ~ prior co the acquisition shall pass to lxnder to the extent of the sums secured by this Securiry Instrument immediately prior to the ; ~ acquisition. ~ 6. Preservation and Maintenance of Property; L.easeholds. Borrower shall not destroy. damage or substantially change the ~ Property. allow the Property to ueierioraie or commi~ waste. If tnis ~ecurity Instrument is on a ieasehold, 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 [.~nder agrees to the merger in writing. 7. Protectian of Lender's Rights in the Property; biortgage Insurance. If Borrower fails to perfurm the covenants arxi = ' agreements contained in this Security Instrument, or there is a legal proceeding that may significantiy 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 ~ 's , ~ 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 lie~ which has priority over this Security (nstrument, appearing in court, paying reasonable a E attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does ~ ` ncx have ro do so. ~ r A ~ ~ . . 4~`~3 ~41 ~ ~ . . ~ ? ,t ~ ' . . , . . ~ . ~ . ~ , , ~ ~ ~ ' ~ ~ ~ ~ - - ~ _ , ~ - -