HomeMy WebLinkAbout0965 UNIE~ORM COVENANTS. Borrower and Ixnder covenant and agra as follows:
1. Paymeat ot Prisclp~i aad lsteres~ Prepayn~ent sad I.nte CUarges. Borrower shall promptly pay when due
the principal of and interest on the debt evidcnced by th~ Note and any prepayment and tate charges due under the Note.
2. I~nds [or T~ca rsd Iasurance. Subject to applicable taw or to a written waiver by Lender. Borrawer shall pay
to Lendu on the day monthly psymenu are due under the Note, until the Note is paid in full, a sum ("Funds") oqual to
ono-twelfth of: (a) yearly wces and assessments which may attain priority over this Security Instrument; {b) yearly
ttasehold payments o~ ground rents on the Property~ if any; (c) yearly hazard insurance premiums; and (d) yearly
m~rtgage insur~nce prcmiums, if nny. Thes!~ e!e!*+s are ca!!ed "escrow items." Lender may estimate the Funcic ci~a~ on the
basis of current data and ressonable estimates of future escrow items.
T1" F~~nAe ai..~ll i.~ 1~~1Y e^ ~^a?~it.Y~:~~ tlu ii~~v~:~w n? ~~~n~~ntc nFsvl~i~li sr~ inei~~sv~ nr e~~~ronf~wl hv f~iti~ro) n~
- " - ~r - o^----- ~
state agency (includiag Lender if La~der is such an institution). Lender shall apply the Funds to pay the escrow items.
Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
Lrnder pays Borrower interest oa the Funds and applicable law permits Lender to make such a charge. Borrower and
I.ender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicabk law
roquires interest to be paid, I.ender shall not b~ requirod to pay Bomower any interess or earnings on the Funds. Lender
shall give to Borrower~ wit6out charge. an annual accounting of the Funds showing crodits and debits to the Funds and the
purpo6e for which each drbit to the Funds was made. The Funds are pledgod as additional security for the sums securod by
this Security Instrument.
If the amount of the Funds held by Lendtr. together aith the futun monthly payments of Funds payable prior to
the due dates of the escmw items, shall eaceod the amount required to pay the escrow items when due, the excess shall be,
at Horrower's option. either promptly repaid to Horrower or credited to Borrower on monthly payments of Funds. If the
amount of the Funds held by Lender is not sufficient to pay the ascrow items when due, Borrower shall pay to Lender any
amount nocessary to malce up the deficiency in one or more payments as required by Lender.
Upon payment in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower
any Funds held by Lender. If under paragraph a 9 the Property is sold or acquired by I.ender, Lrnder shall apply, no later
than immediately prior to the sak of the Pmperty or its acquisition by I:ender, any Funds held by Lender at the time of
application as a crodit against the sums secwed by this Security Instrument.
3. Applieation of Paymeats. Unless applicable law provides otherwise, all paymrnts roceived by Lender under
paragraphs 1 and 2 shaU be appGod: first, to late charges due under the Note; second, to prepaymcnt charges due under the
Note; third. to amounts payabk under paragraph 2; fourth, to interest due; and last, to principal due.
4. Gbuge~ I~eas. 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 obiigations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall
pay them on time dircctly to the person owed payment. Borrower shall promptly furnish to I.ender all notices of amounts
to be paid under this p~ragraph. If Borrower makes these paymrnts directly, Borrowtr shall promptly furnish to I.ender
raxipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
agreas in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) cont~sts in good
faith the lien by, or deftnds against enforcement of the lien in. legal procxdings which in the Lender's opinion operate to
prevent the enforcement of the Gen or forfeiture of any part of the Property; or (c) sccures from the holder of the lien an
agreement saiisfactory to Lender subordinating the lien to this Security Instrummt. If Lender determines that any part of
the Property is subject to a lien which may atta.in priority over this Sccurity Instrument, Lender may give Borcower a
notice identifying the lien. Horrower shall satisfy the lien or take onc or more of the actions set forth above within 10 days
of the giving of notice.
S. Hazard Iasnrance. Bonower shall keep the improvements now eaisting or hereafter erxtcd on the Property
insured against loss by 6re, hazards includod within the term "extended coverage" and any other hazards for which Lender
roquires insurance. This insurance shall be maintainod in the amounts and for the periods that L.ender roquires. The
insurance carrier providing the insurance shall be chasrn by Borrower subject to I,ender's approval which shall not be
unreasonably withheld.
All insurance policies and rtnewals shall be acceptable to Lender and shali include a standard mortgage clause.
' Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to L.ender
~ all roceipts of paid premiums and renewal noticos. In the event of loss, Borrower shall give prompt notice to thc insurance
; carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insuranct procoeds shall be applied to restoration or repair
~ of the Property damaged. if the restoration or repair is oconomically feasible and Lender's security is not lessened. If the
~ restoration or rcpair is not economically feasible or Lender's security would be lcssenod, the insurance proceods shall be
appliod to the sums secured by this Security Instrumrnt. whether or not then due. with any excess paid to Bonower. If
k Borrower abandons the Property~ or does not answer within 30 days a notice from Lender that the insurance carrier has
offered to seitle a claim, then Lender may collect the insurance procoeds. Lender may use the procceds to repair or restore
the Property or to pay sums s~cured by this Security Instrument, whether or not then due. The 30-day period witl begin
whrn the notice is given.
Unless Lender and Borrower otherwise agrte in writing, any application of procceds to principal shall not extend or
postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of the payments. If
under paragraph 19 ths Property is acquired by Lender, Borrower's right to any insurance policies and proce~ds resulting
from damage to the Property prior to the acyuisition shall pass to Lender to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition.
6. Presenstioa aed Mainteaana of Property; L.easehalds. Borrower shall not destroy, damage or substantially
change the Property, allow 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 Bonower acquires fce title to the Property, the le~sehold and
` fa title shall not merge unless Lrnder agrets to the merger in writing.
F
~ 7. Protectioe ot I.enda's Rtghts te the Property; Mortgage In$urance. If Borrower fails to perform the
~ covenants and agreements contained in this Security Instrument, or there is a legal procading that may significantly afixt
Lender's rights in the Property (such as a procoeding in bankruptcy, probate, for condemnation or to enforce Iaws or
~ regulations), then Lender may do and Pay for whatever is necessary to protxt the value of the Property and Lender's rights
in tht Property. Lender's actions may include paying any sums securod by a lien which has priority over this Security
~ Instrument, appearing in court, paying reasonable attorncys' fees and entering on the Property to rnake repairs. Although
Lender may taice action under this paragraph 7, Ixnder does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower securod by this
Security Instrument. Uniess Borrower and Lender agree to other terms of paymrnt, these amounts shall bear interest from
the date of disbursement at the Note rate and shall be payable, with interat, upon notice from Lender to Borcower
requesting payment.
- ~o~~ 4~4 ~~UE y~~ ~
~ _ _ . . . _ . _ _ . _F a~;~-` "~~F a:~.~:-~ . - ~-ri