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Home My WebLink About0973 ° ~ UNIFORM COVENANTS. Barower and Lender covenant and agree as foitows: 1. Paym~t of P~indpal ~nd IrttK~s~ Prapayn?~nt and Lata Char~s. Barower shail prornpty pay when due the principal of and interest on the deb! evidenced by the Note and arry prepayment and late charges due under the Note. 2 Fund~ tor TauK and Inswanq. Subject to applicabte law or to a wrftten wa~ver by Lender, Borrower shail pay to Lender on the day mo~thry payments are due under the Note, until the Note is paid in full, a sum ("Funcis") equal to one-twelflh of: ( a) yearly taxes and assessmenls which may attain priority over this Securly Instrument; (b) yeary leasehold payments or ground rents on the Property, if any; (c) yeary hazard insurance premiums: and yearly mortgage insurance premiums, if any. These iterns are ca~led "escrow items." Lender may est+mate the Funds due on the basis ot current data and reasonable estimates ot future escrow items. The Funds shall be held in an ~nst+tution the deposits a accounts of which a?e insured or guaranteed by a federal or state agency lincfuding ~ender i! Lender is such an inslitution). Lender shall appy lhe Funds 4o pay the esaow items. Lender may not charge tor holding and applying the Funds, anay2ing the acco~nt a veriying the escruw aems, unless Lender pays Borrower ~ O^••^...^. 1~+n.~ev mo~c ~nrm in wril~nnth7l interest on tne runos ano appiica~i~ iaw Ne~~n~is ~c~~ua~ iv ii~anc 5uw+ a C~~o~y... ,.y. : inEerest shall be paid on the Funds Unless an agreement ~s made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. withoui charge, an annual accounting of tne Funds showing credits and tlebits tothe Funds andthe purpose for which each debit tothe Funds was made. The Funds are pledged as additional securiry for the sums secured by this Security Instrumeni. If the amount of the Funds held by Lender, together with the future monthty paymenfs of Funds payable prior tothe due dates . of the escrow items, shall exceed fhe amount requiredto pay the escrow items when c+ue, the excess shall be, at Bwrpwer's option. either promplry repaid to Borrower or cred~ted to Borrawer on monthy payments of Funds. If the amount oi the Funds held by Lender is not sufticient to pay the escrow items when due. Borrower shali pay to Lender any amount necessary to make upthe deiiciency in one or more payments as required by Lender. Upon payment in ful~ of all sums secured by ihis Security Instrument, Lender shall prpmptly refundto Borrower any Funds hetd by Lender. If under paragraph 19 the Property is sold or acquired by Lender, L.ender shall apply, no later than immed~ately prior to the sale of the Property or its acquis~tion by Lendef, any Funds hefd by Lende? at the time of application as a credit aga~nst the sums secured by this Security Insirument. 3. AppllcaHon of Paym~nfs. Unless applicable law prov herwise, afl payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under t , second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due: Iast, to prinapal due.. 4. Charq~a; Ll~m. Borrower shall pay all taxes, assessments, charges, fines and impositions ariributable to the Property which may attain priority over this Securiry Instrument. and leasehold payments or ground rents, if any. Borrower shal; pay these obiigations in the manner provided in paragraph 2, or it nd paid in that manner, Borrower shall pay them on time direc!iy tothe person owed payment. Borrower shati prompty furnish toLender all notices of amounts tobe paid under this paragraph. ~f 8arower makes these paymertts directty, 6orrower shall promptly furnish to Lender receipts evidencing the payments. 8orrower shall prompty discharge any lien which has priority over this Securiry Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptableto Lender: (b) contests in good faithihe Iien, by or defends against eniorcement of the lien in, legal proceedin~ which in the 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 satistactory to Lender subordinating the lien to this Security Instrument. If Lender dete+mines that any part oi the Property is subject to a lien which may attain priorily over this Security Instrument, lender may give Bo~rower a notice identifying the lien. 8orrower shail satisy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Huard (nsur~nc~. Borrower shall keep the imp?ovements now existing or hereafter erected on lhe Property insured agair~st 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 perio~s that Lender requires. The insurance carrier prov~ding the insurance shall be chosen by Borrower subject to l.ender's appraval which shall not be unreasonab;y withheld. All insurance policies and renewals shatl be accepiable ta Lender and shafl indude a standard mortgage clause. Lender shatl have the right to hold the policies and renewals. If Lender reguires, Borrower shall prompty give to Lender ali receipts of paid premiums and renewal notices. In the event of loss. 8orrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompily by Barower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if ihe restoration or ?epair is economically feasible and Lender's security is not lessened_ If the restoration or repair is nos economicalty feasible or Lender's security would be lessened, the insura~ ~ce proceeds shall be applied to tne 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 Lender that the insurance carrier has oflered to settle a claim, then Lender may collect the insurance proceeds. lendef may use the procEeds to repair or restore the Property or to pay sums secured by fhis Security Instrument, whether or not ihen due. The 30-day period wili begin when the notice is given. Uniess Lender and Borrower otherwise agree in writing, any application of proceeds to princ+pal shall not exiend or postpone the due date of the monthty payments referred to in paragraphs 1 and 2 or chan~e the amouni of the payments. !f under paragraph i 9 the Property is acquirec~ tr~ Lender. Borrov?~er's right toany insurance poiicies andproceeds resultingfrom darnageto ihe Property prior to the acquisition shall pass to ~ender to the extent of the sums secured by ihis Security instrument immediately prior to the acquisition. ' ; 8. PrMKVallon u~d Malnttnana of PropKty; t~as~F?oldr. Borrower shatl not desiray, damage or substantialty change the Property, ailow the Property to deteriorate or commit waste. lf this Security Instrument is on a leasehofd, Borrower shali comply with the provisions of the tease, and if Borrower acquires tee title to fhe Property, the leasehold and feetitle shaif not mefge i unless Lender agrees to the merger in writing. i 7. Prot~tion of Lend~s ~i~hts in thf Prop~rty; Mortgap~ Inwranc~. !f Borrower fai?s to perform the covenants ~ and agreemertts contained in this Security lnstrument, or there is a Iegal proceeding that may significantly affect Lender's rights in the Property (such as a proceedirq in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for Khatever is necessary to proted 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 court, paying reasonable attorneys' fees and entering on the Property t~ make repa~rs. Although Lender may take action under thisparagraph7: Lender does not have to do so. Arry amounts disbursed by lender under this paragraph 7 shall tsecome additional debt of Borrower secured by ttus Securty Instrument. Un(ess Borrawer and Lender agree to othe~r terms of payment, these amounis st~all bear rc~terest from the date ot disbursemerrt at the Note rate and shalt be payable, with interest, upon notice from Lender to Barower requesting payment. ' ~ aoo~ 4~?~ ~~~E y73 - - nn. . - - . ~ :w~_: - -