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Home My WebLink About0975 ~ 3 UN~FOttM CovEN~NTS. Borrower and Lender covenant and agree as foUows: ' 1. Payment o[ Principal and lnterest; Prepayment and Late Charges. Borrower shall promptly pay vvhen due the principal of and interest on the debt evidenred by the Note and any prepayment and late charges due undtr the Note. 2. Funds for Taxes and lasurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in futl, a sum ("Fureds") equal to one-twelfth of: (a) yearly taxes and assessments which may attain prioriry over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if a~y. These items are ca11eJ "escrcw 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 insur.~ or guaranteed by a federal or ~ state agency (including Lender if Lender is such an instiwtion). Lender shall apply the Funds to p~y the escrow items. ~ Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, uniess ~ Lender pays Borrower interest on the Funds and applicable 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 required to pay Borrow~tr any interest or earnings on the Funds. Lender . ' shalt give to Borrower, without charge, an annual accounting of the Fur.ds showing credits and debits to the Funds an~ the . purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by ; this Srcurity Instrument. ; If the amount of the Funds held by Lender, together with the future monthly payments oP Funds payable prior to ! the due dates oP the escrow items, shalt ezceed the amount required to pay the escrow items when due, the excess shall be, ; at Borrower's opt~on, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds hetd by L,ender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amflunt necessary to make up the deficiency in one or m~re payments as required by Lender. f Upon payment in full of all sums secured by this Securiry Instrument, Lender shall promptly refund to Borrower ~ any Funds held b~~' ender. lf under paragraph 19 the Property is sold 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 the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under I paragraphs 1 and 2 shall be applied: first, to iate charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; tourth, 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 ow•ed payment. Borrower shall promptly furnish to Lender al! notices of amounts ~ to be paid under this paragraph. If Borrow•er makes these payments directly, Borrower shall promptly furnish to Lender E receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument 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 lien by, or defends against enforcement of th~ iien in, lega) pra.eedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfziture of any part of the Property; or (c) secures from the hotder of the lien an agreement satisfactory to Lender subord•.nating the lien to this Security Instrum~nt. tf Lender determines that any part of . the Propeny 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 abor•e within lU days of the giving of notice. 5: Hazard Insurance. Borrower shall keep ihe improvements now existing or hereatter erected on the Property insured against loss by fire, hazards included w•ithin 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 chosrn by Borrower subject ro Lender's approval which shall not be P R unreasonabh~ withheld. ~ Al) insurance policies and rene~als shall be acceptable to Lender and shall include a standard mortgage clause. ~ Lendcr shall have the right to hold the ~licieti and renew•als. If Lender requires, Borrower shall,promptly give to Lender ~ all receipts of paid premiums and renew~al notices. [n the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in w~riting, insurance proceeds shall be applied to restoration or repair ` of the Property~ damaged, if the restoration or repair is economicall}• feasible and Lender's security is not lessened. If the ~ restoration or repair is not economicall}~ feasibfe or Lender's security would be lessened, the insurance proceeds shaU be ~ applied ro the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If ~ Borrow•er abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has r. oflered 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 is given_ L7nless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shal! not extend or ~ postpone the due date of the monthh~ pa}~ments referred to in paragraphs 1 and 2 or change the amount of the pa}•ments. If ~ under paragraph 19 the Property is acquired by Lender, Borrower's right io any insurance polccies and proceeds resulting _ ~ from damage to the Property prior to the acquisition shalf pass to Lender to the extent of the sums secured by this Security ~ Instrument immediately prior to the acquisition. ~ ~ 6. Preservation and Maintenance of Property; Leasehotds. Borrower shall not destroy, damage or substantiali}~ ~ ~ change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehoid, Borrower shall comply w~th the provisions of the lease, and if Borrower acquires fee title to the Propert~~, the leasehold and ? fee title shall not merge unless Lender agrees to the merger in wnting. j 7. Protection of Lender's Rights in the Property; :~tortgage Insurance. If Borrow•er 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 L,ender may do and pay for whatever is necessary to protect the value of ti?e 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, appear'sng in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 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 amoants 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. , 3 3 an~x 48~ P~GE y`~4 ~ ; ~ ~ ~ ~ _ ~ _ _ _ _ - - - - - H -