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Home My WebLink About0927 UNIFORM COVENANTS. Sorrowor and Lender covtnant and agret as follows: ~ i~ ~ 1. Pa~~ment o[ Princlpal and lnterest; Prepoytae~t anc! L.ste Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenad by the Note and any prcpaymeni and late charges due under the Notc.. 2. Fuads tor Tsxes and 1tLw~ance. Subject to applicablc law o~ to a written waw 4 hy LcndeG BQrtower shall pay to lxnder on the day monthly payments are due under tt~ Note. unUl the N~xe is paid in full. a;s~m (''Funds'') equal to on~-twelfth of: (a) yeariy taxts and assessments which muy attain priority over this Security Instrument; (b) yeariy leasthoid paymcnts or ground ~cnts on the Property, if any; .(c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items ~ are called "escrow items." Lender may estimate the Funds due on the basis of current data and rrasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or acccw~ts of which are insured or guarantced by a federal or state agency (including Lender if L.ender is such an institution). Lender shall apply the Funds to pay the exrow items. L,ender may not charge for hoWing and applying the Funds, analyaing the account or verifying the escrow items, unless l.ender pays Borrower interest on ; the Funds and applicable law permits L.ender to make such a charge. Borrower and Lender may agrce. in writing that inttrest shall ~ ~ be paid on the Funds. Unless an agrcement is made or applicablt law requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. L.ender shall give to Bc~rrower, without charge, an annual accounting of the ? Funds showing ~redits 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 secur~ed by this Serurity Instniment. ~ [f the amount of the ~unds held by L.ender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Barrower on monthly payments of' Funds. lf the amount of the Funds held by Lende~ is noc sufficient to pay the escrow items when due. Borrower shall pay to [.ender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in fult of all sums secured by this Security Instrument, l.ender shall promptly refund to Borrower any Funds held by L.ender. If under paragraph 19 the Propeny is sold or acquired by l.ende~, L.ender shall apply, no Iater than immediately prior to the sale of the Property or its acquisii~on by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Securiry Instrument. 3. Applkation of Payments. Unless applicable law provides otherwise, ali payments received by Lender under paragraphs I and 2 should be applied: firu to amaunts payable under paragraph 2; second to intercst; and last to principal. 4. Charges; Lkns. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Prupeny which may attain priority over this Security Instrument, and leasehold payments or ground re.nts, if any. Borcower 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 perron owed payment. Borrower shall promptly furnish to L.ender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to L.ender receipts evidencing the payments. Borrower shall promptly discharge any li~n which has priority over: this. Secur~ty Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptabie:to L.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 lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to L.ender subordinating the lien to this Securiry Instrument. If l.ender determines that any part of the Property is subject to a lien which may attain priority over this Securiry Instrument, Lender may give Borrower a notice identifying tfie lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards ineluded within the tenm "extended coverage" and any other hazards for which L.ender requires insurance. This insarance shall be maintained in the amounts and for the periods tt?ai l.ender requires. '[lie insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall na be unreasonably withheld_ All insurance policies and renewals shall be accepsable to L.ender and shall include a standard mortgage ciause. Lender shall have the right to hold the policies and renewals. lf Lender requires, Borrower shall pranpt{y give to L.ender all receipts of paid premiums ~ and renewal nbtices. [n the event of loss, Borrower shalt give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ ~ Unless Ixnder and Borrower otherv~ise agree in writing, insurance proceeds shall be applied to restoration or repair 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 s is not economically feasible or Lender's security would be lessened, the insurance proceeds shal{ be applied to the sums sacur+ed by . ~ this Security Instrume~t, whether or na then due, with any excess paid t~ Borcower. If Sorrower abandons the Property, or dces ~ ~ not answer within 30 days a notice from L.ender that the insurance carfie~~tias of~ered ro~setde a claim, then Lender may collect the ; insurance proceeds. L.ender may use tF~e proceeds to repair or resrore the Property or to pay sums secured by this Security [nstrument, ~ whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any a~pliaation of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 ar change the amount of the payments. If under paragraph ~ ~ !9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the ProFserty ° prior to the xquisition shall pass to [xnder to the extent of the sums secured by this Secu~iry Instrument immediately prior to the = r, acquisition. _ 6. Preservation and Msuntenance of Property; Leaseholds. Borrower shall na 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 fease, and if Borrower acquires fee titie ta the Property, the {easehold and fee title shall not merge unless ~ ~ Lender agrees to the merger in writing. ! ; 7. Protection of I.ender's Rigbts 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 significandy affect [.ender's rights in the ; ~ ~ Property (such as a proceeding in bankruptcy, probate, for cundemnation or to enforce laws or regulations), then Lender may do t ~ and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Ptoperty. L.ender's actions may ~ ~ include paying any sums secured by a lien which has priority over this Security lnstrument, appearing in court, paying reasonable ~ attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender dces ~ ~ n~x have to do so. ~ ~ fiK ~ Bo~x~4~ Qa~E 9~~' ~ ; _ BQ~K~~~ PbGf~~~ . . s ~~i,~`~ . Y ~ ` • , . . . . - . ~ ~ ~ , ~ I ^ . t~_~._ w...-v~ ..a'+na -r.. ' " •..r-:.__.. ~