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Home My WebLink About0974 `a i~ ' UNIFORM COVENAM'S. Borrower and Lendet ~b~Eih~t a~fd~gra as follows: 1. Payioest ot Fr[aclp~l asd Iatcra~ Prepaymeast asd I.~te (~ar~a. Borrower shall promptly pay whrn due tbe princxpal of iuid interest on the debt evidenced by the Note and any prepaycnent and late charges due under the Note. 2. P~nds tor Tua nd Iasunace. Subject to spplicsble law or to a written waiver by Lender~ Borrower sball pay W I,aider oa the day monthly psymrnts are due under the Nose, until the Note is paid in full~ a swn ("Funds") equal to a~-twrolflh of: (a) yeuly wc~s snd asaessments which may attain priority over this Socurity Instrumrnt; (b) yearly lea~ehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortpge insurance premiums, if any. These ittms are calkd "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an iastitutioa the deposits or accounts of which ar~ insured or guuanteed by a f~deral or state agency (including Lender if Lender ia such an inatitution). Lender shall apply the Funds to piy the acrow items. Lender may not charge fc+r hoWing and spplying the Funds~ analyzing the account or verifying the eacrow itans, unless I.eader pays Borrower intereat on the Funda and applicable law permits L.ender to make such a chuge. Borrower and Laider may agra in writing thst intenst s~all be paid oa the Funds. Unless an agreement is made or applicabk law requins interest W'be paid ~er sha11 iwt be required to pay Borrower any interest or earnings on the Funds. Lender :hal! ~ive to Borrower~ without charge, aa annual axaunting of the Funds showing credits and debits to the Funds u~d the purpo~e for which ach debit to tbe Fimb wraa made. The punda are pledged as additional security for the sums secured by this Security Inatrument. If the amount of the Fund: he3d by I.ender, to~ether w~ith tbe future monthly payments of Funds payable priar to the due daua of the escmw items. s6a11 eacoeed the amc~mt required to pay t6e escrow items whrn duq the excess shall be, at Borm~?er'a option, ather pmmptly repaid to Borrower or creditod to Borrower on monthly payments of Funds. If the amonat ef tl~e Fuad~ held by I.ea~der ia not su~cient to pay tbe ~cxow iteme wben due. Homoarer ahall pay to Lender any :mouot ~eoa~cy io make up the de6cieacy in o~e or more payments aa required by I.ender. Upon paymeat in full of sll aums eeeurod Sq this Security Instrument, I.ender shall promptly nfund W Borrower auy Foads beid by Lendtc. If under puagrsph 19 the Proparty is aoW or acquired by Lender, L,ender shall apply. no later tban ima~ediatdy prior W the aak of t6e Fr~operty or its soquisition by I.ender. any Funds held by Lender at the time of ap~pli~io~n as a crodit sgaiaat the sutna secured by this Security Inatrument. 3. A~liatlo~ ot Pay~eats. Unlaa spQlicxbk law provides otharwtse, all payments reeeived by Lender under paragtsp~ i and 2 sb~ll be applied: flnt, to 4te chugea due und~r the Notr, second, to Pnpayment charges due under the Not~ tbird. w amounts Psri~ ~ P~Pb ~ fourth, to intereat due; and laat, to priacipal due. -4. C~ar~er, IJea~. Bc~rrower shall pay all taxas~ aaaeaamenta. chargea, 5nes and impc~sitiorza atM'butabk to the Property ~rhic~ may attain priocity over thia Security Instr~ment, and leasehold paymenta or ground rents. if any. -Borro~ver shall pay these~obligetio~s in the mannex provided in paragraph 2, or if not paid in thate~anner~ Borrow?er shall WY them on tu~e diraxly to the peraon oaed Qaym~n~ Borno~ver shall promptly fLrnish to Lenda all notioea of amowKs to be p~id anda this par~~grsph. If Hc,rnowa makes these payments directly, Borrower shall promptly furnish to Leader raxipb evidendng the payments. - Bonower shall promptly discharge any liea which has priority over this Security Instrument unlrss Borrower: (a) agroa in writiag to the paymtnt af the obligation socwed by the lien in a manner acceptable w Leader; (b) conteata in good faith the lien by, or deftnds agaiast eaforcement of the lien in, kgal proccedings which in the Lender's opinion oper~ate to preveat the enforcxment of the Uen or forfeiture of any part of the Property; or (c) sxura ~from the hol~r of the lien an agre~nent 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 over this Security Instrument. I.ender may give Borrov~+er a norive identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth abovo within 10 days of the giving of notice. S. Hiiard Insurance. Borrower shall kap the improvements now euisting or hereafter erected on the Property insured against loss by 6re. ha7ards included aithin the term "eatendod coverage" and any other hazards for which Leader requira insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insuranct carrier providing the insurance shall be chosen by Bonowtr subjoct to Lender's approval which shaU not be unreasonabiy withheld. All insurance policies and renewals shal! be acceptabk to Lender and shall ineiude a standard mortgage clause. ~ L~nder shall have the right to hold the policies and renewaLt. If L'ender roquires, Borrower shall promptly give to Lender all raxipts of paid prea?iwns and renewal noticts. In the event of loss, Borrower shall give prompt notice tn thc insnrance ; carrier and Leader. Lender msy raake proof of loss if not made promptly by Bonower. ` Ualess I.ender and Borrower othawise agra ia writing. insurance procoeds shall be appGod to restoration or ~ep~sir ~ of the Propaty damaged, if the restoraqon or r~pair is oconomically f~sibk and I.ender's security is not leasened. If the reswration or repair is not oconomically feasibk or Leader'a s~cwity would be lessened, the insurance prooeeds shall be applied to the sums socured by this Security lnstrument, whethu or not then due, with any eacess paid to BorroMer. If Bonowrr abandons the Property, or does not answer within 30 days a notice from Lender that the insuraucx carria has offered to settk a claim, then Lender may colloct the insuranoe proceeds. Lrnder may use the procoeds to repair or restore the Property or to pay sums sec~red by this Security Instrumtnt, whether or not then due. The 30-day period will begin ~ ahen the notice is given. ~ Unkss Lender and Borrowa otherwise agree in writing. any application of proceods to principal shall not extend. or postpone the due date of the monthly payments referrod to in paragraphs 1 and 2vr change the amount of the payments. If ~ under paragraph 19 the Property is acquired by Ltnder, Horrower's right to any insurance policies and procoeds resulting ~ from damage to the Property prior to the acquisitinn shall pass to Lender to the extcnt of the sums secured by this Security Instrummt immodiately prior to the acquisition. ~ 6. Praer~atio~ and Maintenance of Prnperty; I;eaee6otds. Borrower shall not destroy. damage or substantially ~ change the Property, allow the Property to deteriorate or commit wute. If this Security Instrument is on a leasehold, ~ Borrower shall comply with the provisions o! the lease, and if Bonower acquires f~e title to the Property. the ltaxhold and ' k fee title shall not merge unless Lender agroes to the merger in writing. ~ ~ 7. Protectlon o! Lender's Rights in t6e Property; Mortgage Iesurance. 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 proceoding in bankruptcy, prob~te, for condemnation or to enforce laws or ~ t regulations), then Lender may do and pay fot whatevet is necessary to protcct the value of the Property and Lrnder's rights ~ ~ in the Property. L~ender's actions may include paying any sums secured by a lien which has priority over this Socurity ~ Instnuneat, appeariag in court, paying reaaonable sttorneya' fees and entering on the Property to make repairs. Although I.auier ma~r tak,e action under this parsgraph 7. I.rnda does not have to do so. ~ My amounts di~bursod by Ler~der unda this paragraph 7 shall become additional debt of Borrov~er secured by this Security Instrumrnt. Unless Borrower and Lender agree to other terms o~ payment, these amounts shsll bear interat from , ~ the date of disbursement at the Note rate and shail be payable. with interest, upon notice from Lender to Borrower ~ requesting payment. QOOit ~c~ PACE ~ 14e6-3 7/ES ~ ~ ~ r . ~ L,~ ~ . t _ _