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Home My WebLink About0967 ~ , • ~ . • ~ JNIFORM COVENANTS Borrower and Lender covenant and agree as follows~ t. Payrn~nt of P?inclp~i and IntK~st; Prfpaymfnt ~nd Lat~ Char~e~. 8~rower shail prcmptiy pay wnen due tne pr~nc~pai ot and interest on the debt ev~dertced by the Note and any prepayment and late charges due under the Note 2 Funds for Taxp and I~surane~. Subjecl to applicable faw Cr to a wntten wa~ver by Lender. Borrower shall pay to Lender on ihe day monthly payments are due under the Note, unt~l Ihe Note is paid ~n fuU, a sum ("Funds") equal to one-tweltth of: ( a) yearly taxes and assessments wh~ch may attain prionty over this Security Instrument; (b) yearty leasehold payments or ground rents on the Property. ~f any; (c) yearty hazard insurance premiums; and (d) yearly mortgage insurance premiums. A any These items are caned escro~v items " Lender may est~maie the Funds due on the basis of current data and reasonabte est~mates of future escrow items. The Funds shall be held ~n an ;nstitut~on the depos~ts or accounts of which are+nsured o? guaranteed by a lederal or state agency (inc~ud~ng Lender ~t Lender is such an inst~tution). Lender shall apply the Funds to pay lhe escrow items Lender may not charge for holding and applying the Funds, analyzing the account or verifying ihe escrow items, unless Lender pays Barower +nierest on the Fun,is and applicable law perm~ts Lender to make such a charge Borrower and Lender may agree in writ~ng that mterest shall be pa~d on the Funds Untess an agreement ~s made or appl~cable law requires ~nterest tobe paid, Lender shall noi be reqwred to pay Barrower any interest or earn~ngs on the Funds. Lender shall g~ve to Borrower, without charge. an annual i accounting of the Funds showing cred~ts and debits tothe Funds andthe purposefor wh~ch each debit to the Funds was made The ~ Funds are pledged as a~d~tion~l securiry for the sums secured by th~s Security instrument If the amount ot the Funds held by Lender, togeiher with the future monthly paymenls of Funds payable pnor to ihe due dates of t he escrow ~tems, shail exceed the amount required to pay the escrow ~tems when due, the excess shaU be. at Borrower's option, either promptiy repaid to Borrcwer oi credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender rs not suffic~ent to pay the escrow items when due. B~rrower shall pay to Lencier any amount necessary to make upthe deficiency in one or more payments as required by Lender. I Upon payment in fuil of all sums secured by this Security Instrument. Lender shall prompty refund to Borrower any Funds ' held by Lender. N unde! paragraph 19 the Property ~s sold or acqwred by Lender. Lencler shaH appM. no ~ater than ~mmediatefy pr+or to the saie of the Property or its acquisit~on by Lender, any funds held by Lender at t?~e t+me of application as a credit againsi the sums secured by this Secunty Instrument 3. Appiieation of Paymenta Unless applicabie !aw provides otherwise, all payments rece~ved by Lender under paragraphs t and 2 shall be app~ied: first, to late charges due under the Note; second, to prepayment charges due under the Nole; ih~rd, to amounts payable undsr paragraph 2; fourth. to mterest due: and last, to principal due. 4. Charyes; Liens. Borrower shalt pay all tax2s, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Secunty instrument. and ieasehold payments or ground rents, ii any. Borrower shalf pay these obl~gations in the manner provided in paragraph 2. or if not paid in that manner, Borrower shatl pay them on time directly to the person owed payment. Borrower shail promptly furnish to Lender all notices oi amounts to Ce pa+d under this paragraph. !f Sarower makes these payments directly, Borrower shail promptty furnish to Lender receipis evirienc;ng the payments. Borrower shall promptly d~scharge any fren which has pnorily over th~s Security Instrument unless Borrower. (a) agrees in wnting to che payment ot the obl~gation secured by !he lien in a man ner acceptable to Lender; (b} contests in good faith t he I~en, by or defends against enforc°ment of the lien in, legal proceed~ngs which in lhe Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any par~ of the Property; or (c) secures from the hotder of the lie~ an agreement satis(actory to Lender ~ subordmaUng the lien to this Security Instrument If Lender determines that any part of the Property is subject to a lien which may ; atta~n priority over this Security Instrument, Lender may g+ve Borrower a notice identifyingthe fien. Borrower sha~l saUsfy the lien or ' take one or more oi the actions set forth above withln 10 days of the gfv~ng oi notice. 5. Hazard Insurance. Borrower shall iceep the ~mprovements now ex~st~ng or hereafter e~ected on the Property insured aga~nst loss by fire, hazards ~ncluded w~thin the term extended coverage" and any other hazards for which Lender requires insurance This insurance shal! be maintained in the amounts and for ihe penods that Lender requires. The insurance carner providing ihe insurance sha!I be chosen by Borrower sub~ect to Lender's approval which shall noi be unreasonably withheld. All insurance poticies and renewais shall be acceptable to Lender and shall include a standard mortgage clause. Lender sha~i have the right to hotd the pol~c~es and renewals. If 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 andLender. Lender may make proof of loss if not made promptly by Borrower. Unless lender and Borrower otherwise agree ~n wrii;ng. insurance proceeds sha!I be applied to resiaafion o~ repair of the Property damaged. rf the restorat~on or repair is econamically feasible and Lender's security ~s not lessened. If the restoration or repair is not eco~omically leasible or Lender's security would be lessened, the insura~ ~ce proceeds shall be applied to the sums . secured by this Security Instrument, whether or not then due, with any excess paidto Borrower. If Borrower abandons Ihe Property, or does not answer within 30 days a notice f~om Lender that the insurance carrier has affered to settle a clairn, then Lender may colfect the insurance proceeds. Lender may use the proceeds to repair or restors the Property a to pay sums secured by this • Secvrity Instrument, whether or not then due. The 30-day period witt begin when the notice is given Unless Lender and Borrower otherwise agree in writing, any applicatfon of proceeds to principal shall not extend or postpone the due date af the monthly payments referred to in paragraphs 1 and 2 or change the amount of ihe payments. If under paragraph 19 the Property is acqufred by Lender, Borrower's nght to a~y insurance policies and proceeds resultin~ irom damage to the Property prior to the acquisition shafl pass to Lender to the exter~t of the sums secured by this Security Instrument ~mmediately prior to tt~e acquis~tion. 6. Preservation snd Msintenance of Property; Leaseholds. Borrow~ shali not destroy, damage or substantially change the Property. alfow the Property to deteriorate or commit waste. If this Secunty Instrument is on a leasehold, Borrovier shall comply with the orovisions of the Isase. and if Borrower acqu~res fee title to the Property, the Ieasehold and feetitle shall not merge unless lender agrees to the merger in writing. 7. Protectlon of L~anders ~Ights In the PropeHy; Mort~ape InsurareCS. It Borrower fa~ls to perform ihe covenanis and agreements conta~ned in th~s Security Instrument. or there ~s a tegal proceeding that may significantly a~fect Lend~r's ri~hts in the Property (such as a proceedinq ~n bankruptcy, probate, for condemnat~on or to enforce!aws 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 secuied by a lien which has priority over this Security instrument, appearing in court, paying reasonable attaneys' fees and entering on the Property to make repairs. Afthough Lender may take action under this paragraph 7. Lender does not have to do so. Any amounis disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Securiry Instrument. Untess Borrawer and Lender agree to other terms of payment, these amounts shail bear interest from the date of disbu~sement at the N~te rate and sha?I be payable, with interest, upon notice from Lender to Borrower requesting payment. gp~~ 4~U P~LE - - 3_ ~ - ~ ~ : ~ f ~ - 3 ~