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Home My WebLink About0997 ; ' ' : ~l 1 , ' . i~ . UNIFORM COVENANTS Barower and Lender Covenant and agree as follows: 1. Partn~nt of Ptindpsl and IntKN~ Pr~paym~nt and Ut~ Chr~s. Barower shau promptry pay when due the princ;pal oi and interest on the debt evidenced by the Note and any prepayment and late charges ciue under the Note. 2 Funds for Taxp and Insuranw. Sub~ect to applicable law or to a w!itten waive? by Lender, Borrower shalt pay to Lender on the day monthly payments are due under the Note, urttil the Note is paid in full, a sum ("Funds") equal to one-twelflh of: ( a) yeary taxPS and assPSSmems wn~ch may attain priority over this Security Instrument; (b) yearly teasehoid payments a ground rents on the Property, it any; (c} yeary hazard insurance premiums; ard yeary mortgage insurance premiums, 'rf any. These ~~.,.a ~ ~....a... r?.~ G~~n.~c rl..o ~n ~hn h~cic nf r~vranf il~fa anri ?pacnnahln PcfiTafAR A1 iic~Ti~ aiz VO~IVU ~•liJlr~V~• nV~uJ.' ~..~~uv. ~ i.... future escrow items. ~ The Funds shall be held in an institut~on the depo~its a accounts of which are insured or guaranteed by a tederal or state agency (includ~ng Lender if Lencler is such an institut~on). Lender shall appy the Funds lo pay the esaow items. Lender may not charge for hol~ing and applying the Funds, analyzing the account or verifying the escrow Aems, uMess lender pays Borrower ~ interest on ihe Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writingthat interest shall Ce paid on the Funds. Unless an agreernent is made or applicable law requires ~nterest to be paid, Lender shall not be required 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 tothe Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional secur~ty for the sums secured by th+s Security Instrument. If the amount of the Funds held by Lertder, together withthe future monthy payments ot Fun~s payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shali be, at Borrower's option. either promptly repaid to Borower or credited to Bo?rower on monthy payments ot Funds. If lhe amount oi the Funds held by Lender is not suflic~ent 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 tull of all sums secured by this Security Instrt!ment, Lender shall promptly re(und to Borrower arry Funds held by Lender. If under paragraph 19 the Property ~s sold or acquired by Lender. Lender shail appy, no later than immediately prior to the sa?e oi the Property or rts 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. Appllqtion of Paym~nts. Unless applicable law provides othenn+ise, ali payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2: fourth, to interest due; and last, to prinapal due. Char~t; Ll~ns. Borrower shall pay all taxes, assessmenis, charges, fines and impositions anributable to the Property which may attain priority over this Security Instrument, and leasehold paymerits a ground rents, if any. Borrower sha11 pay these obligations in the manner provided in paragraph 2, or rf not paid in that manner, Borrower shall pay them on time directly tothe person owed payment. Borrower shall promptty furnish to Lender all notices of amour~s to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall prom~tly furnish to Lender receipts evidencing the payments. Borrower shal! promptty discharge any lien which has priority over lhis Security Inst!ument uNess Borrower: (a) agrees n writing toihe payment of the obligation secured by the lien in a manner acceptabfeto Lender; (b) contests in goodfaiththe lien, by or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfe~ture o( any part aI the Property; ar (c? secures frorn the holder ot thQ tien an agreement satisfactory to Lender subord;nat~ng the lien to this Security Instrument. If Lender determ~res thai any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifyingthe lien. Borrower shalf saiisfy the lien or take one or more of the actions set forth above within 10 days of the givmg of notice. - 5. Hu~rd Insurance. Borrower shalf keep the improvements now existing or hereaiter ereeted onthe Property insured against loss by fire, hazards included within the term 'extended covera~e" and any othsr hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the oeriods that lender requires. The insurance carner Froviding the insurance shall be chosen by Borrower subject to Lender's approvai which shall not be unreasonably withheld 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 req~ires, Barower shall prompty give to Lender alt receipts ot pa~d prem~ums and renewal notices. In the event of loss, Borrower sha~l give prompt notice to the insurance carrier and Lender. Lender ~ may make proof ot loss rf not made prompty by Borrower. 4 Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the i ~ Property damaged, if the restoration or repair is economical~y teasibte and Lender's security is not lessened. If the restoration or repair is not economicaly feasible or Lender's security wouid be ~essened, the insura~ ~ce proceeds shall be appiied tothe sums secured by this Security Instrument, whether or not then due, w~th any excess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender ihat the insurance carrier has offered to seltle a claim, then Lender may collect the insurance proceeds Lende~ may use the proceeds to repair or reslore the Property or to pay sums secured by this Secunty Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless lender and Borrower othe?wise 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 payments. If under paragraph 19 the Property is acquired by Lender, Borrowe~'s sight to arry insurance policies and proceeds resutting from damageto the Property prior to the acquisitior~ shali pass to Lender to the extent of the sums secured by this Securiry Instrument immediately prior to the acquisition. ~ 6. Pns~vatbn ~d M~Intenanc~ of PropKty; L~as~hold~. Borrower shau not destroy, damage or substantially change the Property, al~ow the Property to deteriora?e or commit waste. If this Security Instrument is on a leasehald. Borrower shall g 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 writing. 7. Prot~cUon of L~ndws ~iQhb in tla Pro~rty; Mort~p~ Insuranc~. Ii Borrower fails to pertorm 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 (such as a proceedir+q in bankruptcy, probate, for condemnat~on or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to proted the value of th~ Property and Lender's rights m the Property. Lender's aciions may inctude paying arry sums secured by a lien which has priorRy over this Security Instrumem, appearing in court, paying reasonabie attar~eys' fees and entering on ihe Property to make repairs. Although Lender may take act+on under this paragraph 7, Lender does ~ not have to do so. , r ~ Any amounts dis?~ursed by Lender under this p~aph 7 shall become additienal debt ot Borrower secured by this Security Instrument. Unless Barower and Lender agree to other terms ot payment, these amounts shall bear interest from the date of disbur~ement at the Note rate and shall be payable, with interest, upon notice from Lender to Barower requesting payment. ~ . `~J~ . . ; - • ~,<~r~1K, ~ Y~G: 6(l~~K ~~3 eac~ ~ . , ~ _ _ _ ,--.Y_ . .,.,ti~ _ _ _ . ~