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Home My WebLink About0918 ' ~ 't~ t~~ S1 i~ c UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; P~epayment and Late Cha~ges. Borrower shall promptly pay when due the principa! of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. - 2. Funda for Taxes and lnsurance. Subject to applicable law or to a written ~vaiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ~~~F~inrlc"? p~~~~i±~ :.;~2-~~~~~~ ~ tag yaariy iaxes and assessments which may attain priority over this Security Instrument (b) yearly leasehold payments or ground rents on the Property, if any; (c} yea~ly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These it~ms are catied "zscrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such a~ institution). Lender shalt 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, untess Lender pays Borrewer interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that i~terest shail be paid on the Funds. Uniess an agreement is rnade or • applicable law requires interest to be paid, Lender shal! not be required to pay Borrower a~y interest or earnings on the Funds. Lender shalt give to Borrower, without charge, an annual accountEng of the Funds showing cre~its and debits 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 secured by this Security Instrument. if the amount of the funds heid by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shatl exceed the amount required to pay the escrow items when due, the excess . shalt be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds hetd by ~ender is not sufficient to pay the escrovit items when due, Borrower sha11 pa~ to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full o! al{ sums secured by lhis Security InsTrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sald or acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at ihe time of application as a credit against the sums secured by this Security Instrument. 3. Applicatio~ ot Payments. Unless applicable {aw provides otherwise, ail payments received by Lender under , paragraphs 1 and 2 shall be applied: first, to amounts payable under pa~agraph 2; second, to interest due; and 1ast, to principat due. Charges; Liens. Borrower shalt 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 shalt pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender ali notices of amounts to be paid underthis paragraph. If Borrower makes these payments directly, Borrowershall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Ir~sirument unless Borrawer: (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 lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion ; operate to prevent the enfo~cement of the lien or forfeiture of any part of the Property; or (c} secures from the hotder of ~ the lien an agreement satisfactory to Lender subordinating the lien to this Security tnstrument. If Lender determi~es ~ 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 shatl satisty the lien or take one or more of the actions sei forth f above within 10 days of the giving of notice. ~ 5. Hazard Insurance. Borrawer shafl keep the improvements now existing or hereafter erected on the Property i insured against loss by fire, hazards inciuded 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 ~equires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not•be unreasonably withhefd. 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 shatl promptly give to Lender all receipts of paid premiums and renewal notices. I n the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof af loss if not made promptly by Borrower. Unless Lender and Borrower otherwise a~ree in wr+ting, 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. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall b~ appfied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from LPnder that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. ~ender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, vrhether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any applicatior~ of praceeds to principaf shalf not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amou~t 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 pri~r to the acquisitian shatl pass to Lender to the extent of the sums secured by this Security Instrument immediatety prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. 8orrower 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 Borrower acquires fee title to the Property, ihe leasehold and fee title shall not merge unless Lend2r agrees to the merger in writing. 7. Protection of Lenc+er's P,ights in the Property; Mortgage 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 (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's r;ghts in the Property. Len~er's actians may include paying any sums secured by a lien which has priority over this Security Instrument, appea~ing in court, paying reasonab{e attorneys' fees and entering on ihe 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 additionat debt of Borrowe~secured by ~his Security Instrument. Untess Borrower and Lender agree to other terms of payment, these amounts shall bear ~nierest from the date of disbursement at the Note rate and shall be payabte, with interest, upon notice from Lenderto Borrower requesting payment. ~~~;K 48~ PacE ~g 2 - . _ - ~ ~ ~ ~ ~ :~r~- ~-;~,-;~,_t...~.~ - _ _ _