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Home My WebLink About0973 l,•NIFORM CnvENANrs. Borrower and Lcndcr wveaant and agree u foUows: 1. Paysa~t of Princtpal asd Is~tera~ FrepqaKat aaa E~te G~ar~. Be "T~wer shall prompt!y pay when due the pnncipal of and interat on the debt cvidencod by the Noie and any Qrcpayment and .ate charga due uncler the Note. 2. Fl~iads tor Tua and Ia.wru~ca. ' Subject to applica~ble taw or to a wntten wsiver by L.ender. Borcowrr shall pay to Lende~ on thc diy monthly payments ue due undtr the Note, until the Note is paid in full. a su~ ~("Funds") equal to ; onatvreltlh of: (a) yurly taxes and assessments which may sttain priority over this Security Instrument; (b) yea~ly ~ leauhold Faymenu or ground rrnts on the Propel~ty. if any; (c) yearly haurd insurance praniums; and (d} y~rly ~ mortgage insurance premiums, if any. These items are callod "escrow items." i.ender may esiirnate the Funds due on the ; basis oicurrent data and reasa~abk atimata uifuturc acrow items. The Funds shall be held in an institution the deposits or sccos?nts of which an insur,.d or guarantad by a kderal or state agency (inciuding Lender if I.ender u such an institution). Lendtr shall apply the Funds to psy the acrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unlas l.ender pays Borrower interat on the Funds and applicable law permits l.ender to make such a charge. 8orrower and ~ L.ender may agree in writin$ that interest shall be paid on ihe Funds. Unless an agreement is made or applicablc l~w requira interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on ~he Funds. Lender shall give to Borrower, without charge, an annual aoooa~ting of the Fur.ds shoa~ing credits and debits to the Funds and the ' purpo6e for which each debit to the Fun~is was ma~e. I'he Funds are pledgai as additiona! security for the sums securcd by this Security Instrument. . If the amount of the Fur~ds held by Lender. together with the future monthly paymrn'.s of Funds payable prior to - the due data of tht esr~rQw items, shall exceed the amount required to ~y tht escrow items when due. the excess shall be. at Borrflwer's option, either promptly repaid to Sonower or credited Borr~wcr on monthly payments of Funds. If the amount of the }~uncis hsld by I,ender is not sufficient t~ pay the escrow ::ems when duq Borrower shall pay to Lender any amount n~cessary to make up the deficiency in one or morc payments as roquircd by Lender. Upon payment in full of all sums secured by this Security instrument. Lender shall promptty refund tu Borrower any Funds held by L,ender. If under paragraph Ig the Property is sotd or acquired by Lender, L.endcr shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds hela by Ltnder at the time of application as a credit against the sums socured by this Stcurity Instrument. 3. Applicatioa of Paymeats. Unless applicable I.aw provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: 6rst. to l~tt charges due under the Note; second, to prepayment charges due unde* the hote; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4, CLargex Litns. Borrower shall pay all taaa. assessnents, charges, fines and impositions attributable to the Property which ma~r attain priority over this Secarity Instrument, and leasehold payments or ground rents. if any. Borrower shall pay these obiigations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall pay them on time dircctly to the aerson owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shali promptly furnish to Lender receipts evidencing the payments. - Borrower shall promptly discharge any lien which has priority over this Sxurity Instrumrs~t unlas 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 the lien in, legal proceedings whi~h in the Lender's opinion operate to prevent the enforcement of the lirn or forfeiture of any part of the Property; or (c) securrs 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 ove~ this Security Instrument, I.ender may give Bonower a notice ident~fying the lien. Borrower shall satisfy the lie~ or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Haurd Iasuraace. Borrower sha{I keep the improvements now ezisting on c~reafter erectod on the Property insured against loss by fire. hazards included within the term "ea~ended coverage" and any other hazards for which L,ender ~ requires insurance. This insurance shalt be maintained in the amounts and for the periods that Lender requires. "I'he ~j insurance carrier providing the insurance shali be chosen by Bonov~er subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptabl~ to L.ender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lende~ reguires, Borrawer sha4l promptly give to Lender . all receipts of paid premiums and renewal notices. In the cvent 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. L3nless L,ender and Borrower otherwix agree in writing. insurance proceeds shall be applied to restoration or repair of the Pr~perty damaged, if the restoration or repair is economically feasible and Lender's security is n~t lusened. If the restoraiion o~ repair is not economically feasible or Leneier's security would ae lessened, the insurance proceeds shall be applied to the sums securod by this 5ecurity Instrument, whether or not then due. with any ezcas paid to Borrower. If Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has otfered to settle a claim, then L.ender m~y coliect the insurance proceeds. Lender may use the proceeds to repair or restore ~ the Property or to pay sums secured by this Security In~trument, vrhether or not then due. 'I'he 30-day period will begin I when the notice is given. ~ ' Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not eatend or postpone the due da~e of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the groperty is acquired by Lender, Borrower's right to any insurance policies and proceods resulting from ~amage to the Property prior to the acquisition shall pass to I.ender to the extes~t of the sums secured by this Security Instrument immediately prior to the a:.quisition. 6. Preserration s~nd Muntenance of Property; Ixaseholds. 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 le~sehold. Borrower shall comply with the provisions of the leax, and if Borrower acquires fa title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing~ 7. Protection ~f Lender's Rights in t6e Property; Martgage Insurui~. If Borrower fails to perform the covenants and agreemrnts contained in this Security Instrum~nt, or there is a legal pra:eeding that may significantiy aPiect Lender's rights in the Provecty (such as a proceeding in bankruptcy, probate, for condesnna*.ion or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and I.ender's rights in the Property. L.ender's actions may inelude paying any sums securcci by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fea and entering on the Property ta make repairs. Although I.ender may take action under this paragraph 7. Lender doa not have to de so. Any amounts dishur,od by i.er~der undes this pa~t+'aph 7 shall become additiunal debt of Borrower sece.ed by this - Security Instrument. Unlas ~orcower and Ltnder agrec ~ ~ther terms of payme~t, thcse amounts shall bear interat from the date of disburument at the Note ratc ana shall br payable, with interest, upon notice from Lender to Borr~wer requGting paymrnt. Bo~~ ~9~ p~Gf 970 ~ ~ - - - - - - - - z ;_e_n _ ~__.,~~._._._..~_.M....._ . _ _ _ _ . ,R~ _ _ . . - - - - - _ _ - - - - -