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Home My WebLink About0919 UNIFORM COVENANTS. BOZrower and Lender covenant and agree as follows: 1. Payment ot Prtaclpal and Interest; Prepayment aad I.ate C9~uges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Noie and any prepayment and late charges due under the Note. 2, ~unda for Ta:es and Iasurance. Subject to applicabte law or to a written waiver Ey Lender, Borrower shall pay ~ to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to ~ one-twelfth of: (a) yearly taxes and asussments 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 pnmiums, if any. These items are callcd "escrow items." Lender muy estimate the Funds due on the basis of current data and reasunable estimates of future escrow items. ~ 'The Funds shall be held in an institution the deposits or accounts of which are insur.,~ or guaranteed by a federal or state agency (including Lendtr if Lender is such an institution). Lender shall apply the Funds to pay the escraw items. I.ender may not charge for holding and applying the Funds. analyzing the account ar verifying the escrow items, unless Lender pays Borcower interat 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. Uniess an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or exrnings on the Funds. Lender shal! giv~ 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 security for the sums secured by ; this Security Instrument. ~ If 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 eaceed 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 Borrower un monthly payments of Funds. If the amount of the Funds held by I.ender is not sufficient to pay the zscrow 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 Lender. If under paragraph 19 the Property is sold or acquired by Lender, I,ender 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. Application of Payments. Unless applicable law provides otherwise, aU payments received by Lender under % paragraphs 1 and 2 shall be applied: first, to late charga due under the Note; second, to prepayment charges due under the E Note; third, to amounts payable under paragraph 2; fourth, to interest du~; and last, to principal due. 4. Charges; Liens. Bonower shall pay all taxes, assessments, charges, fines and impositions attributable to the ; Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shail pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall 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, Borrower shall promptly furnish to Lende: ; receipts evidencing the paymcnts. ~ ; Borrower shalt prompdy discharge any lien which has priority over this Security Instrument unless Borrower. (a) E agrees in writing to the paytnent 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 which in the Lender's opinion operate to s prevent /he enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to I.ender 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, Lender may give Borrower a ~ notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth abo~~e within 10 days f of the giving of notice. ~ 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender , requires insurance. This insurance shall be maintained in the amounts and for the periods that I,ender requires. The 1 insurance carrier providing the insurance shall be chosen by Bo~rower subject to l,ender's approval which ~hall not be 1 unreasonably withheid. ' All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage elause. _'I ; I.ender sha11 have the right to hold the poficies and renewals_ If Lender requires. Borrower shall promptly give to Lender ; i i all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and I.ender. L.ender may make proof of loss if not made prompdy by Borcower. ? ~ 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 economi~ally feasible and Lender's security is not lessened. If the : restoration or repair is not economically feasible or Lender's security would be lessened, tfie insurance proceeds shall b~ ` ~ applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If ~ Borcower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ~ t 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 Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any aPplication of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired 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 exeent of the sums secured by this Security ~ ~ Insrrument immediately prior to the acquisition. y 6. Preservation and Maintensnre oi Property; Leaseholds. 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 leasehold, ; ~ Borrower shall comply with the provisions of the lrase, and if Borrower acquires fee title to the Property, the leasehold and ~ fee title shaU not merge unless I,ender agrees to the merger in writing. ~ 7. Protection of Leiader's Rights in the Property; Mortgs~ge Insurance. If Borrower fails to perform the ~ covenants and agreemenis contain~d 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 L.ender may do and pay for whatever is necessary to protect the value of the Property and L,ender's rights in the Property. L.ender's actions may include paying any sums secured by a lien which 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, I.ender dces not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured b~ this ~ Security Instrument. Unless Borrower and L.ender agrce to other terms of payment, these amounts shall bear interest from ; the date of disbursement at the Note rate and shalt be payable, with interest, upon notice from Lender to Borrower requesting paymtnt. ~ ~ ~ °ooK501 P~cE 9~7 . ~ a r 3 ~ • ~ ~ ~ ~ 1 ' . ' '"'.e~s~a+sra.R~v'.~~_~,i....~. . - . . . . . _ . _ . . . - . - - , . _ _ . o. . " -~~~~.~~..r ..4~._ ~~.~-.0-.:.._. . . _ . " . . _ ~".~i