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Home My WebLink About0931 UNIFORM COVENAM'S. Borrower and Lender covtnant and agree as fotlows: 1. Paymtst ot Prlecipal aad IataYSt; Prepaymeat and Lte Glurga. Borrower shall promptly pay when due the principal of and interat on the debt evidencxd by the Note and any prepayment and late ::harge3 dut under the Note. 2. ~nds [or Taca ud Ia~rance. Subjoct to applicAble law or to a written waiver by Lender. Horrower shalt pay to L,ender on the day monthly payments ue due under the Note. until the Note is paid in full. a sum ("Funds") equal to ono-twelRb of: (a) yearly wces and assess,ments which may attain priority over this Security Instrumcnt; (b) yearly leasehoW payments ar ground rents on the PropeRy, if any; (c) y~arly hazard insurance premiums; and (d) yearly ; mortgage insurance praniums. if any. These iteans are called "escrow items." Lender msy estimate the Funds due on the i basis of curnnt data and rasonabk estimates of futun escrow items. f The Funds shaU be held in in instituqon the deposita or accounts of which are insured or guaranterd by a federal or ~ state agency (including I.endec if I.tnder is such an institution). Lendar shall apply the Funds to pay the escrow items. ~ Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escmw items, unless ~ I.ender pays Horrower interest on the Funds and applicabk law permits Lendu to make such a charge. Borrower and Lender muy agee in writing that intere.st shall tx paid on the Funds. Unless an agrcement is made or applicable law ~ requires interest to be paid, Leader shall not be requirod to pay Borrower any intertst 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 debit to the Funds was made. The Funds are plodged as additional security for the sums secured by } this Socurity Instrument. ; If the amount of the Funds held by I.ender. together with the future monthly payments of Funds payable prior to ' the due dates of the e••~*+~w items, shall eucood the amount roquired to pay the escrow items when due, the excess shall be, ~ at Borrower's option, either promptly repaid to Borrowu or crodited to Borrower on monthly payments of Funds. If the ~ amount of the Fw~ds held by L,endu is not su~'icient to pay the escrow items when due, Bonower shall pay to Lender any ~ amount nocessary to malce up the deficiency in one or mon payments as required by I.rnder. ? Upon paynient in full of all sums secured by this Sxurity Instrumeat, Lender shall promptly refund to Borrower ~ any Funds htld by Lendet. If under paragraph 19 the Property is sold or acquiral by L.ender, Lender shall apply, no later ~ than immodiately prior to the sak of the Property or its aoquisition by Lender, any Funds held by Lender at the time of application as a credit against the suma secured by this Security Instrument. 3. Applicatloa of Papmenb. Unless appGcablt law provides otherwise, all payments rectived by Lender under paragraphs 1 and 2 shall be applicd: 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. Gbarge~ I~ens. Borrower shatl pay all ta~ces, 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. Bonower shall pay these obligations in the manner providad in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owod payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments d'uectly. Borrower shall promptly furnish to I:ender receipts evidencing the payments. Borrower shall promptly discharge any lirn which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation securod by the licn in a manner acceptable to I.ender, (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal procadings which in the L.ender's opinion operat~ to prevent the enforcxment of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agrcer~ent satisfactory to Lender subardinating the lien to this Socurity Instrument. If Lrnder determines that any part of the Property is subjoct to a lien which may attain priority over this Security Instrument. I.ender may give Borrower a noticx identifying the lim. Borrowu shall satisfjr the lien or take one or mon of the actions set forth above within 10 days of the giving of notice. S. Hazard I~nrance. Borrower shall kcep the improvements now existing or hereatter trectod on the Property insurod against loss by fire, ha7srds included within th= term "extended coverage" and any other hazards for which I.ender roquires insurance. This insurance shall be maintainod in the amounts and for the periods that Lender roquires. 'The insurance carrier providing the insurance shall be chosen by Bonower subject to Lender's approval which shall not be unreasonably withheld. 'k Al! insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender roquires, Borrower shall promptly give to Lender ~ all roaipts of paid premiums and rencwal notices. In the eveat of loss. Honower shall give prompt notice to the insuranco carrier and Lender. Lender may malce proof of loss if not made promptly by Borrower. Unless Lender and Borroaer otherwise agrce in writing, insurance procoeds shall be applied to restoration or repair of the Pmperty damaged, if the restoration or repair is oconoraically feasible and Lender's security is not lesser?td. If the ~ restoration or repair is not cconomically feasible or Lender's security would be les~ied, the insurance proceeds shall be applied to the sums securod by this Socurity Instrumait, whether ar not thrn due, with any exoess paid to Bonower. If Bonower abandons the Property, or does not answer within 30 days a notioe from Lrnder that the insurance carrier has offered to settle a claim~ then I.ender may collect the insurance procoeds. Lender may use the procads to repair or restorc the Property or to pay sums sxured by this Socurity Instrument, whether or not then due. The 30-day period wiU begin when ihe notice is given. Unless I.ender and Borroaer otherwise agree in writing, any application of proceeds to principal shall not eatend or ~postpone the due date of the monthly payments referrtd to in paragraphs 1 and 2 or change the amount of the paymrnts. If ~ under Paragraph 19 the Property is acquired by Lender, Bonower's right to any insurance policies and proceeds resulting from damage to the Property prior to ihe acquisitioa ahall pass to Lender to the extent of the sums secured by this Sccurity ~ ~ Instrument immediately prior to the acqaisition. ~ 6. Pres~stioa and Maiatenaece of Property; Lase6oWs. Borrowtr shall not destroy. damage or substantially 9 ~ change the Property, allow the Property to deteriorate or commit waste. If this Security In3trument is on a leasehold. t Borrower shap comply with the provisions of the least~ and if Borrower acquires f« title to the Property, th~ leasehold and , ~ fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of L~de~'s Rtg~b in t~e Proputy; Mort~ge Insuraace. If Borrower fails to pcrform the ~ covenants and agreemrnts contained in this Socurity Instrument, or there is a lega! procooding that may signi6cantly affxt ~ ~ Lender's rights in the Property (such as a procceding in bankruptcy, probate, for condrmnation or to rnforce laws or , regulations)~ thrn Lendcr 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 gaying any sucns secured by a lien which has priority over this Security j ~ Insirument, appearing in court, paying reasonable attorneys' fas and entering on the Praperty to make repairs. Although ~ Lrnder may take action under this paragraph 7, Lender does not have to do ao. Any amounts disbursed by Lender under this paragraph 7 shall bocome additional debt of Bonower secured by this Security Instrument. Unless Borrower and Lender agra to other terms of psyment~ these amounts shall bear interest from the date of disbursemrnt at the Note rate and shall be payable, with intrrest. upon notice from Lender to Borrower roquesting paymrnt. BOOK 5O~ PAGE 929 . ~..w.._,.~,.. _ . - _ - ~ : - - - , ~ - - : _