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HomeMy WebLinkAbout0935 UNIFORM COVENANTS. Borrower and Lender co~enant and agree as follows: ~ 1. Pxymeat of Principstl aad Interest; PreQaymeat and Late CUarges. Borrower shall promptly pay when due ~ the principal of and interest on the debt evidenced by the Nate and any prepayment and late charges due under the Note. 2. Funds for TAaes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrow•er shall pay to Lender on the day monthly payments are duc under the Note, until the Note is paid in full, a sum ("Funds") equal to ; one-twelRh of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly f leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums. if any. Thcse items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Fuads shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Pederal or • state agency (including Lender if Lender is such an institution). I.ender shalt apply the Funds to pay the escrow items. ~ Lender may not charge for holding and applying the Funds. analyzing the account ur verifying the escrow items, unless i L.ender pays Borrower interest on the Funds and applicable Iaw permits I,ender to make such a charge. Borrower and ' I.ender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law i requires interest to be paid, I.cnder shall not be required to pay Bonower any interest or eamings on the Funds. I.ender ; shali give to Borrower, without charge, an annual accounting of the Funds showing credits 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 held by Lender, together with the future monthly payments of Funds payable prior to 3 the due dates of the escrow items, shall excced the amount required to pay the escrow items when due, the ezcess shall be, ; : at Borrower's option, either promptiy repaid to Borrower or credited to Bonower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufl'icient to pay the escrow items when due, Borrower shall pay to L.ender any amount necessary to make up the deficiency in one or m~re payments as required by I.ender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Bonower any Funds held by Lender. If 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 L,ender, any Funds hetd by Lender at the time of ? application as a credit against the sums secured by this Security Instrument. ; 3. Applieation of Payments. Unless applicable law provides otherwise, all payments received by Lender under ~ paragraphs 1 and 2 shall be applied: first. to late charges due under the Note; second, to prepayment charges due under the : Note; third, to amounts payable under paragraQh 2; fourth. to interest due; and last, to principal due. ~ 4. Charges; Lieas. Bonower shall pay all taues, assessments. charges, fines and impositions attributable to the i Property which may attain priority over this Security Instrument, and teasehold 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 owed payment. Bonower shall promptly furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borcower makes these payments directly, Bonower shal) promptly furnish to Lender 1 ~ receipts evidencing the payments. ~ Bonower shall promptly discharge any lien which has priority over this Security Instrument unl~ss Borrower: (a) ~ agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to I.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 Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Bonower a , notice identifying the 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. S. Hazard Insurance. Borrower shall keep the improvements now eaisting or hereafter erested on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insuranca. This insurance shall be maintained in the amounts and for the periods that L,ender requires. The insurance carrier providing the insurance shal) be chosen by Borrower subject to Lender's approval which shall not be ~ unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender a~d shali include a standard mortgage clause. ' L,ender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptty 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 Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, 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 be k applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If j Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has ' offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore j 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. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shaU not eztend or E postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount 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 te the Property prior to the acquisition shall pass to L.erider to the extent of the sums secured by this Security " Instrument immediately prior to the acquisition. ` 6. Preservation and Maintensu~ce of Property; Lesseholns. Borrower 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, $arrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proreeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for c~ndemnation 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 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. 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 additional debt of Borrower secured by this ~ Security ;nstrument. Unless Borrower and Lender agree to other terms of payment, these amounts 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. ~ . ~oox ~.~0 ~~~E 929 e. . . . . „a :.,-.~s;:rW,rr ~ -Y<..: