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Home My WebLink About0993 UNIFORM COVENANTS. ~Bor~ower ar?d Lender covenant and agree as foltows: l. P'aymeqt ot PNncip~l and intetYSt; Prep~yaxat aad I.~te Charges. Borrowtr sha4~ promptly ~ay vvhen due the principal of and interest on the debt evidenced by the Nots and any prePaymcm and late charge3 due under the Note. 2. Fu~ for Tsxes xn~d lnsurance. Subjec! to applicable law or to a written waiver by Lander, $or~ower shall pay ta Lender • on the day monthly puyments are due under the Nde, until the Note is paid in~' ~sum t"Fu~t1E''~ equal to one-twelfth of: (a) i yearly taxes and assessments which may attain prio~ity over this Seruriry lnsw t; ) yearly fc~ase~old payments or ground rents on the Propeny, if any; (e) yearly hazard insurance premiums; and (d) yearly mortgage insuranco premiums, if any. These items ~ are called "escrow items." Lende~ may estimate the Funds due on the basis af currcnt data and rtasonable estimates of futu~e escrow ite~tu. ~ The Funds shall be held in an institut~on the deposits or accounts of which are insured or guaranceed by a federal or state agency ~ (including L.ender if L.ender is such an institution). l.cnder shall apply the Funds to pay the escrow items. L.ender may not charge for holding aed applying the Funds, an~ly2ing the xcount or verifying the escrow items, unless I.ender pays Borcower interest on the Furnis and applicable law permits l.ender to make such a charge. Borrower and l.ender may agree in writing that interest shall he paid on the Funds. Unless an agreement is made or applicabk law requires interest to be paid, Lende~ shall not be required to pay Barrowe~ any inte~est or earnings on the Funds. l.ender shall give to Borrower, without charge, an annuat accounting of the Funds showing credits and debits to the Funds and 1he purpose for which each debit to the Funds was made. The Funds are pledged as additiot~al security for the sums socured by this Securiry tnstrument. If the amount of the Funcis held by I.ender, togethtr with the future monthly payments of Funds payable prior to the. duc dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, t either promptly repaid to 8orrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufticient 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 I.encler. ~ ~ ' Upon payment in f~ll of all sums secured by this Security Instrument, L.ender shall promptty 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 i prior to the sale of the Propeny or its acquisition by l.ender, any Funds held by i.ender at the time of application as a credit against ~ the ~ums ~ecured by this Security Instrument. 3. Applies~tion of Payments. Unless applicable law provides otherwise, all payments received by Lencier under paragraphs ! and 2 shoutd be applied: first to amounts payable under paragraph 2; second to interest; arad last to principal. 4. Cfwrges; Liens. Borrower shall pay all taxes, assessments, charges, fines 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 dicectly. Borrower shall promptly furnish to Lender receipts evidencing the payments. Sorrower shall promptly discharge any lien which has priority bver ~his Security Instntmertt~ a~kss Borrower. (a) ~grees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: (b) contests in good faith the lien by, or defends against enforcement of the lien in, lega! proceedings which in the L.ender's opinion operate.to prevent the enforcement of the tien or forfeiture oF any part of the Property: or (c) secures from thg. holder of the lien an agreement satisfactory to Lender subordinating the iien to this Security Instn~ment. If Lender determines that any part of the Properry is subject to a lien which may attain priority over this Security Instniment, L,ender may gi~~e Borrower a notice identifying the lien. Borrower shall satisfy the tien 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 hereatter erected on the Property insured against - ~ ••..-•.....+o,+ n{~VPf'OOP~~ a.,,~ a~~ nrher hazards for which l,ender requires insurance. This IOSS bY flfC. 113ZSP(IS IIKIUIK.'U w1U~~i~ un: w~.u ..n...cc...... ~~.---b_ - insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance - shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals sha!! be acceptable to l,ender and shall include a stanciard mortgage clause_ Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender all receipts of paid premiums artd renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and l.ender. 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 to restoration or repair of the Pro- perty damaged, if the ~estoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to ihe sums secured by this Security Instrument, whether or not then due, with any excess Paid to Borrower. If Borrower abandons the Property, or dces not answer within 30 days a notice from Ixnder that the insurar~ce carrier has offered to settle a claim, then L,ender may collect the insurance 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 will begin when the notice ss given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone I the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proreeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. 8orrower shal! not destroy. damage or substantially change the Propeny, 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 leasehotd and fee titte shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; 1~lortgage Insurance. If 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 tsuch as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regutations), 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 Instrument, appearing in caurt, paying reasonable attorneys' fees and entering on the Property to make repairs. Although L.rnder may take action under this paragraph 7, Lender does not have to do so_ . - 60~:~K ~v~~ PAGE • ~ ~ ~ ~ - - • -