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Home My WebLink About0957 . ~ UNtFORM COVENANTS. Borrower and Lender covenant and aaree ss follows: ' 1. Payment ot Principal and Interest; Prepayment and Late Charges. Borrower shal) promptly pay when dur ~ the principat oCar.d interat on the debt evid~nced by the Note and any prepayment and late charges due u~der the No~e. ; 2. Funds tor Taxes aed lnsuraace. Subject to applicable law or to a written waiver by Lender, Horrower shail pay = to Lender on the day monthly payments are due under ihe Note, until the Note is paid in full, a sum ("Funds") equal to , ; one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly ~ 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 calied "escrow items." Lender may estimate the Fvnds due on the basis of current data and reasonable estimates of Puture escrow items. ° The Funds shall be held in an institution the deposits or accounts oi'which are insur..~ or gua~anteed by a federal ar , state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to rxy the escrow items. Lender may nat charge for holding and applying the Funds, analyzing the account ar verifying the escrow items, unless , Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agrce in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not tx required to pay Borrov?•er any interest or earnings on the Funds. 'Lender , shall give to Borrower, without charge, an annual accounting of the Fur.ds 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 se~.urity for the sums secured by this Security lnstrument. IP 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 exceed the amount required to pay the escrow items when due, the excess shall be, ~ at Borrower's option, either promptly repaid to Borrower or credited to Borcower on monthly payments of Funds. li the amount of the Funds held by Lender is not sufTicient 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 any Funds held by' ender. If under paragraph 19 the Property is sold or acc~uired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applieation of Psyments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shaU 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 due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributabie to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if an}•. Borrower shall ~±ay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower ~hall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrow•cr shall promPtly furnish to Lender receipts evidencing the payments. ( Borrower shall promptly discharge any lien w•hich has priority over this Security Instrument ~nless Borrower: (a) agrees in writing to the payment of the obligation secured b~~ 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 prevei~t the enforcement of the tien 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. I~ Lender determines that any part of the Property is snbject to a lien which may attain priorit}~ over this Security lnstrument, Lender may~ gi~~e Borrower a ~ notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above w~ithin 10 days F of the giving of notice. 5. Hazard Insurance. Borrower shall keep the impro~ements now~ existing or hereafter erecred on the Property insured agains~ loss by fire, hazards included w~ithin the term "extended ro~~erage" and any other hazards for w~hich Lender requires insurance. This insurance shall be maintained in the amounts and ic~r the periods that Lender requires. The ~ insarance carrier providing the insurance shall be chosen b}~ Boerow~er subjert t~ Len~ier's appruval ~~hich shall not be ~ unreasonably w~ithheld_ All insurance policies and renewals chall be arreptable to Lrnder and shall include a standard mortgage clause. Lender shall ha~e the right to hold the Emliries and renew~als. If Lender requireti. F3orrow~er shall promptl~~ give to Lender ' f all receipts of paid premiums and renewal notices. In the event of loss. 8orrow~er shall give prompt notice to the insurance ~ carrier and Lender. Lender may make proof of loss if not made promptly b~ Burruw~er. ~ ~ Unless Lender and Borrow•er otherw~ise agree in w•riting, insuranre prexeeds shall be applied to restoration or repair ~ of the Propert~~ c3amaged, if the restoratian or repair is economically feasible and Lender's security is not lessened. If the ~ restoration or repair is not economicall}- feasibte or Lender's security w~ould be lessened, the insurance proceeds shall be ~ applied to the sums secured by this Security Instrument, whether or not then due, with an}~ excess paid to Borrower. lf € Borrower abandons the Property, or does not answer w~ithin 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 ro repair or resrore the Property or to pay sums secured by~ this Securit}~ Instrument, w~hether or not then due. The 30-da}~ period will tkgin when the notice is gi~~en. Unless Lender and Borrower otherwise agree in w riting, any application .nf ~r~~ceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 ar change the amount of the pa~~menis. if under paragraph l~i the Property is acyuired by Lender, Borrower's right to any~ insurance policies and proceeds resulting i'rom damage to the Property prior to the acqwsition shall pass to Lender to the extent of the sums secured b~~ this Securiiy Instrument immediately prior to the acquisition. 6. P:eservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantiall~~ ~ change the Property, allow the Propeny to deteriorate or commit waste. If this Security [nstrument is on a leasehe~ld, Borrower shall comply with the provisions of the lea~e, and if Borrower acyuires fee title to the Property, the leasehold and ~ fee title shall not merge unless Lender agrees to the merger in writing. r Arotection of Lender's Rights in the Property; !~iortgage lnsurance. If Borrower fails to periorm the ~ covenants ~nd agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affert ~ Lender's rights in the Property (such as a proceeding in bankruptc~•, probate, for condemnation or to enforce laws or o~ t regulations}, then Lender may do and pay for whatever is necessary to protect the value of tne Property and Lender's rights ~ in the Property. L.ender's actions may include paying any sums secured by a lien w~hich 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 Borrow~er secured by~ this ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interes~ from ~ the date of disbursement at the Note rate and shall be payable, with interest, upon notice from 1_ender to Borrow~er ~ requesting payment. ~ ° R 497 PA~~ 955 ° EAa1( ' ~ _ ::>w..~.,~-~-.-•~ ~ _ . - _ ~ . . - - - ~ ~ -