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Home My WebLink About0935 LJNIFORM C01'[:NANTS. Borrower and Lender covenant and agrte as follows: 1. Peyment of Principal and Interest; Prepayment stnd I.ate Charges. Borrow~er shall promptly pa~ whrn due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Notr. 2. Funds for Taxes and Insurance. Subject to applicable law o~ to a written w~aiver by Lender, Borruwer shait pa}• to Lender on the day monthly payments are due under the Note, ~ntil the Note is paid in ful1, a s~m ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) }~early~ leasehold payments or ground rents 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 estin~ate the Funds due on the basis of current data and reasonable estimates of future escrow items. T'he Funds shall be held in an institution the deposits or accounts of which are insured or guaraoteed b}~ a federal or state agency (including Lender if Lender is s~ch an institution). Lender shaU 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 Lender pays Borrower interest on the Funds and applicable law permits L,ender to make such a charge. Borrower and Lznder 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 shail not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Bonower, without charge, an annual accouniing 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 the due dates of the escrow items, shall eaceed tf~e amount required to pay the escrow items when due, the eacess shall be, ' 'a • e.~'~...~ ~i. tlnrr~ivPr nn .i,nnrhly rr,~ymentc of Funds. If the 8I IfO~fUWCC~S UPIIUU. ClllICl ~IUIU~JI~y ~cNaiu tC3 t~i0l7v'v~~,a'vT ~iw:.w amount of the Funds held by I.ender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower ~.°i.+ r~,.,ao. rf,4~,to* ..,~o~,nh t4 thP Pm~rtv ic sntd or acquired by Lender. Lender shall apply, no later iai~~ a--:-u~ :•a.au a~j a.u..a. _ ~,~.~~...r..' -r - than imme~iiately prior to the saie of the Property or its acquisition by I.ender, any Funds held by I.ender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applicstion of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shail be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amoants payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Gliarges; Liens. Borrower shall pay al) 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 owed payment. Bonower shall promptly furnish to L.ender all notices of amounts to'be paid under this paragraph. If Bonower makes these payments directly, Borrower shatl promptly furnish to Lender receipts evidencin~ the payments. Borrower shal) promptly discharge any lien which has priority over tnis ~ecuriiy in~iru~iic~~i u~~?~ ~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 ~f 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 Propeny; 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 aitain priority over this Se+curity Instrument, Lender may give Borrower a notice identifying the lien. Borrower sha11 satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Nezard Iasurance. Borrower shall keep the improvements now ezisting or hereafter erected on the Property insured against 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 periods that I.ender requires. The insurance carrier providing the insurance shall be chosen by Bonower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shatt inclucie a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and rer~ewat 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 Bonower. 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 economicaily feasible or Lender's security would be lessened, the insurance proceeds shall be appiied to the sums secured by this Security Instrument, wheiher or not then due, with any excess paid ta Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has otT'ered to settle a claim, then Lender may collect the insuranee 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 w°iii begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly paymenis 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 to the Property prior to ihe acquisition shaU pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. O. i~~eSCrV8LlOI1 itllU 1'~'ld1I1`ICIt2U'!lE a~ ~ t V~rc j~ ua.icuviwi. Shgl~ nni ~PC~j~V~ ~amaee ~r substantiall}• change the Property, a11ow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and iee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; ltortgage Insurance. tf Borrow•er fails to perform the covena~ts and agreements contained in this Security Instrument, or there is a tegal proceeding that may significantly~ affect Lender's rights in the Property (such as a proceeding in bankruptc}•, probate, for condemnation or to enforce law~s 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 priorit}~ o~~er this Securit}~ 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 asnounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured b~• this Secunty~ Instrument. Un)ess 8orr~w~er and Lender agree to other terms of payment, these amounts shall t?ear interest from the date of disbursement at the Note rate and shali be payable, with interest, u~n notice from Lender to Borrower requesting payment. ~ BOOK ~t~~ PdGE c~~ - - ° _ _ . ~ ~ , ~,y ~ ~