HomeMy WebLinkAbout0965 UNIFORM COVENANTS. Borruwer and Lender covenant and agrce as foilows:
l. P~1~ment of P~iucipar and lateres/; Prep~ymeat and Late Chst~es. Borcower shall promptly pay when due the principal
of and interest on the debt evidtncod by the Note and any prepaym~nt and late cha~grs due .under the Note.
2. FWnds fo~ Taxes aad Insur~act. Subject to applicabte iaw or to f wri w~iv;r'!j~~~ Borrower shall p.?y to I.ender
o~ the day monthly payments are due undcr ttx Note, uMil the Note is paid in~{. ~ snm ("F~tids~ equal to one-twetfth of: (a)
yearly taxes and a;sessments which may attain priority ove~ this Secucity Instrument; (b) yearly {easthold payments or ground rents
on the PropoRy. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items
are called "escrow items." L,ender may estimate the Fu~ds due on the basis of curnent dau aod rtasonable estimates of future escrow
items.
The Funds shall be held in an institusion the depc~sits or accounts of which are insured or guaranteed by a federal or state agency
(inctuding Lender if Lender is such an institution). I.ender shall apply the Funds to pay the escrow itertu. Lender may not charge
for holding and applying the Funds, anafyiing tt~ sccount or verifying the eurow items, unlcss l.e~uler pays Borrowar interest on
the Funds and appl'+cable law permits Lender to make sucfi a charge. Borrowor and l,cnder may agree. in w~iting that interest shall
be paid on thc Funds. Unless an agroement is made or appticable !aw requires interest to be paid, L.ender shall not tie required to
pay Borrower any interest or earnings on the Futtds. L.ender shall give to Borrowec, without charge, an annuat accountiag of the
Funds showing crtdits and dobits 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 securod by this Security Instrument.
If the amount of the Funds held by [.ender, together with the future monthty payments of Funds payable prior to the du: dates
of tt?e escrow items, sha11 exceed the amount reUUired to oay the escraw iternc when ~i~~ey ~~lP_ PY!`PCC ~ti~~! t,P, ~r r~~~;~~;'~ ~
' either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender
is not sufficient to pay the escrow items when due, Borrower shal{ pay to l.ender any amount necessary to make up the deficiency
in one or more Qayments as requi~ed by L.ender.
Upon payment in full of all sums secured by this Security Instrument, Lender shatl promptiy refund to Borrower any Funds
held by l.ender. 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 L.ender, any Funds held by L.ender at the time of application as a credit against
the sums secured by this Security lnstrument.
3. Applicatan o[ Payments. Unless applicable law provides otherwise, all payments received by I.ender under paragraphs
t and 2 shoufd be appfied: first to amounts payable under paragraph 2: second to interest; and last to principal.
4. Ctwrges; Lietu. Borrower shali pay all taxes, assessments, charges, fines and impositions a:tributabie to the Property which
may attain priority over this Security Instrument, and leasehotd payments or ground rents, if any. Borrower shafl pay these obligations
in the manner provided in paragraph 2, or if not paid iR that manne~, Borrower sha!! pay them oa time directty to tfie person owed
payment. Borrower shall promptly furnish to L.ender all notices of amounts to be paid under this paragraph. If Borrawer makes these
payinents direcdy, Borrower shall promptly furnish to I.ender receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security InstrumPnt u~less Borrower. (a) agrees in
writing to the paymeM of the obligation secured by the lien in a manner acceptable to Lendet: (b) contests in good faith the lien
by, or defends against enforcement of the lien in, legal proceedings which in the I.ender's opinion operate to prevent the enforcement
of the lien or forfeiture of any part of the Property; or (c) secures from the hoider of the lien an agrcement satisfactory to Ixnder
~ubordinating the lien to this Security Instrument. lf l.ender determines that any part of the Property is svbject to a lien which may ,
attain priority over this Security lnstrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien
or take one ar 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 "extended coverage" and any other hazards for which L.ender requires insurance. This
insurance shall be maintained in the amounts and for the periods that Lerider requires. The insurance carrier providing th~ ir~surance
shatl be chosen by Borrower subject to Lender's approval which shall not be unreasonably.withheld.
AN insurance policies and renewais sha11 be acceptabie to Lender and shali include a standard mortgage clause. Lender shall
have the right to ho4d the policies and renewals. If Lender requires, Borrower shafi promptly give to Lender a11 receipts of paid premiums
~nd renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. I.ender may make
proof of (oss if not made promptly by Borrower.
Unless Lender and Borrower othenwise agree in writing, insurance proceeds shall be appiied to restoration o~ repair of the Pro-
perty damaged. if the restoration or repair is economically feasible and Lender's security is na lessened. If the restoration or repair
i, not economically feasible or Lender's security woutd be lessened, the insurance proeeeds shall be applied to the sums secured by
this Security lnstrument, whether or not then due, with any ezcess paid to Borrower. If Borrower abandons the Property, or dces
F not answer within 30 days a notice from Lender that the insurance carrier ttas offered to settle a claim, then Lender may collect the
~ inswance proceeds. l.ender may use the proceeds to repair or restore the Property or to pay sums secured by this Security lnstrument,
~ u~hether or not then due. The 30-day period will begin when the notice is given.
~ Unless Lender and Borrower otherwise agree in writi~g, any apptication of proceeds to principal shall not extend or postpone
~ the due date of the monthly payments referred to in paragraphs i and 2 or change the amount of the payments. If under paragraph
~ 19 the Pr~perty is acquired by Lender. Borrower's right to any insurance poficies and proceeds resulting from damage to the Propecty
F prior to the acquisition shall pass to L.ender to the extent of the sums secured by this Security Instrument immediately prior to the
acyuisition.
~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the
~ Froperty, sllow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply
~+•ith the provisions of the (ease, and if Borrower acquires fee titfe to the Property, the leasehold and fee title shall not merge untess
~ l.~nder agrees to the merger in wsiting.
` 7. Protecticm of Lender's Rights in the Property; Mortgage Insurance. lf Borrower fails to perform the covenants and
; agreements contained in this Security Ins[rument, or there is a lega) proceeding that may signiCcandy affect lxnder's rights in the
~ Property (such as a proceeding in bankruptcy, probate, for condemnation or ta enforce iaws or regulations), then Lender may do
r and pay for whatever is necessary to protect the value of the Propecty and Lender'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 ro make repairs. Although Lender may take action under this paragraph 7, Lender dces
~ not have to do so.
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