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Home My WebLink About0979 t ' 1~ .~t UyiFORM COVENAyTS. €3orrowar a~~d Lander co.~;.azt and agree as follows: _ 1. Payment of P~lncipa! and Inte~est; Prepayment and late Charges. Borrower shall promptly pay when due the .~~ti• n~~irlon~o~ ti~ ?hn Alnt~a Ani1 A?1V ~?fAr1?VMAIIt Af1fI ~A~Af:MAI'(1RC CIllE3llflf~Af t~le NOte. FI1111V1'/4i V1 Y~~N IV~LrJ~ V~i ~-v V~+V• . . . 2. Funds for Taxes and Insurance. Subject t~ appiicable law or to a written waiver by Lender, Borrowershall pay to l.ender on the day monthly payments are due under the lVote, until the Note is paid in tull, a sum ("Funds") equal to ~ one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Secu~ity Instrumeni; (b) yeariy ; leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly ~ mortgage insurance premiums, +f any. These items are called "escrow items_" Lender may estimate the Funds due on ~ the basis of current data and reasonable estimates ofi future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federat or state agency (including Lender if Lender is such an ins4itution). tender 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 Lender pays Borrower interest on the Funds and appticable law permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be requi~ed to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose fior which each debit to the Funds was made. The Funds are pledged as additional security tor the sums secured by this Secu~iiy Instr~ment. If the amount of the funds held by Lender, together with the future monthly payments of Funds payabie prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at 8orrower's option, 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 shall pay to Lender 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 Instrument, Lender shall. p~omptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediateiy prior to the sale of the Property or its acquisition by Lender, any 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 othenivise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to amounts payable under paragraph 2; second, to interest due; and last, to principal due. 4. Charges; 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 underthis paragraph. lf Borrower makes these payments directly, Borrowershall promptty furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority overthis Security fnstrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the tien by,-ordetends against enforcement of the tien in, legat proceedings which in ihe Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject 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 !he 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 Lender requires insurance. This 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. i All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to f Lender ail receipts of paid premiums and renewal notices. In the event of toss, Borrower shal! give prompt notice io the ~ insurance carrier and Lender. 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 Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. It the restoration or repair is not economicatly feasible or Lender's security wauld be fessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. tf Borrower abandons the Property, or does not 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 Security Instrument, whether or not then due. The 30-day period will begin when the notice ~s given. Unless Lender 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 amo.unt of the ~ payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds 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. Preservatlon and Mainten~nce of Property; Leasehofds. 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 compty with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold ; and fee title shall not merge unless Lender agrees to the merger in wrriting. ~ 7. Protectlon of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants £ and agreements contained in this Security Instrument, or there ~s a legal proceeding that may significantly affect ~ Lender's rights in the Property (such as a proceedin~ in bankruptcy, probate, for condemnation or to enforce laws or ~ regulations), then Lender may do and pay far whatever is necessary to protect the value of the Property and~ender's r~s~ the Property. Lender's actions may include paying any sums secured by a lien which has priority over this ~ S curly Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make ~ repairs. Although Lender may take action under this paragraph 7, lender does not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of- payment, these amo~nts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. ''~~4~4 ~K~E y'r5 ao~K ~ 2 ~=~Y - t~ ~ -