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Home My WebLink About0932 . . ' • , UNIFORM COVENAt~'is. Bonower and Lender coven~nt and agree as follows: ` 1. Paymeat oi P~iuclpal asd Interes~ Prep~ymeat tad Lte Cl~arges. Borrower shall promptly pay when due the principa! of and interest on the debt evidencod by the Note and any prepaymrnt and late charga due under the Note. 2. Fbnd~ for Taua and Insurance. Subject to appGcable law or to a written waiver by L.ender. Borruwer shall pay to Lender. on the day moathly paymcnts are due undu the Note. until the Note is paid in full, a sum ("Funds") equal to ono-twelfth of: (a) yearly taxes and assessments which may attain priotity over this S~curity lnstcument; (b) yearly ; leasehold payments or ground rents on the Property, if any; (c) yearly harard insurance premiums; and (d) yearly ~ mortgage insurancx premiums, if any. These items are caUed "escrow items." Lender may estimate the Funds due on the , basis of current data and reasonable estunates of future escrow items. ; Tht Funds shall be held in an institution the deposits or accounts of which ate insured or guaranteed by a federal or ~ state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. ~ L,ender may not charge for holding and applying the Funds, analyzing tht aocount or verifying the escrow items, unless ; Lender pays Borrowtr interest on the Funds and applicabk law permits Lender to make such a charge. Borrower and S I.ender may agra in writing that interest shall b~ paid on the Funds. Unless an agroement is made or applicable law c~quires interest to be paid, Lender shaU not b~ require~ to pay Hocrower any interest or earnings on the Funds. Lender : shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each dcbit to the Funds was made. 'The Funds are plodgod as additional security for the sums secured by ' this Secwity Instrument. ; If the amount of the Funds held by L.ender. togdher with tht future monthly payments of Funds payable prior to the due dates of the tscruw itetns. shall excxed the amount requircd to pay the escrow items when due, the eacess shall be. 3 at Bonower's option, either promptly r~p~sid to Borrower or credited to Horrower on monthly payments of Funds. If the ' amount of the Fuads held by I.ender is not suf5cient to pay the escrow items when due, Borrower shall pay to Lender any ~ amount noceSSary to make up the de6ciency in one or more payments as roquir~d by Lender. ~ Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower ; any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later ~ than immedistely prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of ~ application a~ a credit against the sums secured by this Security Instrument. ; 3. Applieadon o! Paymeats. 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 paragraph 2; fourth. to interest due; and last, to principal duo. : 4. Charge~ Liens. Borrower shall pay all taxes. assessments, charges, fines and impositions attributable to the Prop~rty which may attain priority over this Security Insttument, and le~sehold payments or ground rents. if any. Borrower shal! pay these obligations in the manner providod in paragraph 2. or if not paid in that manner. Borrower shall ' pay them on time directly to the person owed payment. Horrower shall promptly furnish to I.ender all notices of amounts + io be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to I.endcr re~ceipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this S~curity Instrument unless Borrower: (a) agrces in writiag to the payment of the obligation socured 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 which in the Lender's opinion operate to prevent the enforcement of the Gen or forfeitur~ 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 Securiry 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 ~ noticx identifying the lien. Borrower shall satisfy tho 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 existing or hereafter erected on the Property ~ insured against loss by fire, hazards includ~d within the term "extendai coverage" and any other hazards for which I.ender i requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be i li unreasonably withheld. i All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. ~ ; I,ender shall have the right to hold the policies and renewals. If Lender requires, Honower shall promptly give to I.ender ~ all receipts of paid premiums and renewal notices. In the event of loss, Bonower shall give prompt notice to the insurance ~ ~ carrier and Lender. Lender may make pro~f 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 I.ender'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 - applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Bonower. If ~ Borrower abandons the Property. or does 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 ~ the Property or to pay sums secured by this Security Instrumant, whether or not then due. The 30-day period will begin ~ when the notice is given. Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not eztend or :i postpone the due date of the monthly payments refenod to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is~aequired by Lender, Borrower's right to any insurance policies and proceeds resulting = from damage to the Property prior to the acquisition shall pass to I,ender to the eatent of the sums secured by this Security ~ ~ Instrument immediatety prior to the acquisition. = 6. PresenaHon aad Maintenance of Property; Leasehoids. Bonower shall not destroy, damage or substantially x changc the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, ; Borrower shali 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 I,ender 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 proceeding that may significantly affect ~ Lender's rights in the Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce laws or ~ ~ regulations), then I.ender may do and pay for whatever is necessary to protect the value of the Property and Lender's. rights ~ in the Pro rt . L.ender's actions ma include a in an sums secured b a lien which has riorit over this Securit § ~ Pe Y Y P Y S Y Y P Y Y Instrument, appearing in court, paying reasonable attorneys' fces 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 disbussed by I.ender under this paragraph 7 shall become additianal debt of Borrower secured by this Security Instrumcnt. Unlcss Borrower and Lender agrce to other terms of payment, these amounts shall bear interest from ~ the date of disburxment at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower ~ roquesting payment, a ~ a~49? ~~E 930 eo ~ . ~ .,,f.~.~~ . _ - - . _ - ~rt~ , . ~ ; . . _ - ~ - _ _ _ Q . ~ ° . . ~ . _ ~ _