HomeMy WebLinkAbout0919 UNIFORM COVENANTS. Borrower and Lender covenant and agree as fo11oK•s: ` ' ~
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1. PA~•mcnt ~t Priacipol and lnterest; Prepoyauent and I.ate Chargts. Borrower shall prona~t(y pay when due the principal
of aod interost on the debt evidcnced by the Note aad any pirpayment and Iate charges due under the Note.
2. ~ads [or Taxes and Ituurauce. Subject to appl~~P ~1~•i~w br to a w~itten wai~•er by LenJer, Bo~rower shall pay to L.ender
on the day monthly payments are due undz~ the Nae. untiT the Note is pai~ in full, a sum ("Furxis") equal to one-twelfth of: (a)
yearly taxes and assessments which may attain piioriry over this Socuriry Instrument; (b)~ leasehold ps~rments or ground rents
on the Property, if any; (c) ye.srly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items
are calted "escrow items." L.ender may estimate the Funds due on the basis of currcnt 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 guaranteod by a federal or state agency
(including L.ender if L.ender is such an institution). l.ender 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 L.e~er pays Borrower interest on
the Funds and applicable law permits L.ender to make such a charge. Botrower and L.ender may agrce, in writing that interest shall
be paid on the Funds. Unless an agr+ameM is made or applicable law rcquires intercst 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 t6e
Funds showing crodits and dtbits to the Funds and the purpose for which each debit to the Funds was macie. The Funds are pledged
~ aS additional security for the surtu socurod by this Security Instn~ment.
If the amount of the Funds held by L.~nder, together with the futu~e monthly paytt~~~is ~f Funds payabte prior to the due dates
~ ~f the escrow items, sha11 excced the amount required to pay the escrow items when due, the ezcess shall be, at Borrower's option,
e~ther promptly repaid to 8orrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by L.endcr
i~ not sufficient to pay the eserow items when due, Borrower st~all pay to l.ender any amount necessary to make up t6e deficiency
in one or more payments as required by Lender.
Upon payment in full of all sums securcd by this Security lnstrument, l.ender shall promptly refund to Borrower any Fuods
held by L,ender. If under paragrapl~ 19 the Property is sold or acquired by L.ender, L.ender shatl appty, no Ister than immediately
prior to the sale of the PropeRy or its acquisition by Lender, any Funds held by l.ender at the time of application as a credit against
the sums ~ecured by this Security Instrument.
3. Applicatian of Psymepts. Unless applicable law provides otherwise, all payments received by t.ender under paragraphs
I and 2 should be applied: frst to amounts payable under paragraph 2; second to interest; and last to principal.
4. Charges; Liens. Borro~ver shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which
may attain priority over this Security lnstrument, 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 shali pay them on time directly to the person owed
payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borcower makes thesc
payments dir+ectly, Borrower shall Promptly furnish to L.ender receipts evidencing the payments. • .
Borrower shall p~omptly dixharge any lien which has priority over this Security instrument unless Borrower. ~a) agrees in
writing to the payment of the obligation secured by the :ien in a manner acceptable.to [.ender; (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 enforcement
of the Hen or forfeiture of any part of the Property; or (c) secures from the hotder of the lien an agreement satisfactory to L,ender
subordinating the lien to this Security Instrutnent. If Lender determines that any part of the Property is subject ro a lien which may
attain priority over this Securiry Instrument, Lender may give Borcower a notice iden~fying the lien. Borrower shall satisfy she lien
or take one or more of the actions set forth above within 10 days of the giving of notice. .
S. Hs~zard Insutyutce. Borrower shall keep th~ 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 L.ender requiros insurance. This
insurance shall be maintained in the amounts and for the periods that l.ender requires. The insurance carrier providing the insurance
shall be chosen by Borrower s~bject ta L.ender's approval which shall not be unreasoriably withheld.
All insurance policies and renewals shali be accoptable to Lender and shall inctude a standard mortgage clause. L.ender shall ~
have the right to ho{d the policies atKi renewals. lf Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums
and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and L.ender. Lender may make ~
proof of loss if not made promptly by Borrower.
Unless [.ender and Bortower otherwise agree in writing, insurance proceeds shall be applied to restoration or rcpair of the Pro- ~
perty damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair ~
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is not econamicatly feasible or L.ender's security would be lessened, the insurance proceeds shall be applied to the sums secured by I
this Security Insiru?~ient, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or dces ;
not answer within 30 days a ndice from Lender that the insurance carrier has offered to settle a claim, then l.ender may collect the ,
insurance proceeds. Ixnder may use the proceeds to repair or restore the Property or to pay sums secured by this Seeurity {nstrument,
whether or not then due. The 30-day period will begin when the notice is gi~en. ,
Unless L.ender 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 amount of the payments. {f under paragraph
19 the Property is acquired by Lender, Barmwer's right to any insurance policies and proceeds resvlting from damage to the Property
prior to the xquisitien shall pass to Lender to the extent of the sums secured by this Security tnstrument immediately prior to the
acquisition.
6. Preservation and Maintensmte of Property; Leasetwlds. Borrower shall not destroy, damage or substantially change the
Property, allow the Property to deteriorate or ~ommit waste. If this Security Instrum: nt is on a lease.hold, Borrower shall comply
with the provisions of the lease, and if Borrower acquires fee title to the Property, the ieasehold and 1'ee title shall not n?erge unless
Lender agrees to the merger in writing.
~ 7. Protection of Lender's Rights in the Property; Morigage Insurance. If Borrower fails to perform the covenants and
~ agreements contained in this Security Instrument, or there is a legaf proceeding that may significandy affect Lender's rights in the
~ Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws ar regulations), then Lender may do
~ and pay for whatever is necessary to protect 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 to make repairs. Althcwgh L,ender may take action under this paragraph 7, Lender dces
not have to do so.
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