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Home My WebLink About0970 UNIFORM COvENANTS. Borcower and Lender covtnant and agrce as follows: . 1. Payment ot Princlpa) aqd Interes~ Prep~yment and Lte Cbarges, Borrower sh~ll promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and latc charges due under the Note. 2. ~luads tor Tuea and Insurance, Subject to applicable law or to a written waiver by I.ender, Bonower shal! pay to Lender on the day monthly payments are due under the Notc, until the t+lote is paid in full, a sum ("Funds") equal to onatwetRh of (a) yearly taxes and assessments which may sttsin priority over this Sacurity lnstrument; (b) yearly leasehold paymeats or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly i mortgage insuranct premiums, if any. 'These items are callcd "escrow items." Lender may estimate the Funds due on the t basis of current data and reasonable estimates of future escrow items. ~ Tht Funds shall be held in an institution the deposits or accaun~s of which are insurod or guaranteed by a federa! or ~ state agency (including Lender if Lender is such art institution). Lender shall apply the Funds to pay the escrow items. ~ Lendtr may not chuge for holding and spplying the Funds, analyzing the account or verifying the acrow items, unless ~ Lender pays Borrower interest on the Funds and applicablt law permits Lender to make such a charge. Borrower and Lender may agra in writing that intenst shall bc paid on the Funds. Unless an agreement is made or applicable law ~ roquira intetest to be paid. Lender shall not be requirod to pay Bonower any interest or carnings on the Funds. I.onder ~ shall give to Borrower, without charge, an annusl aocounting of the Funds showing credits and dcbits to the Funds and the ~ purpox for which esch debit to the Funds was made. The Funds are pledged as additional security tor the sums securtd by • this Security Instrument. ~ If the amount of the Funds held by Lender. together with the future monthiy payments of Funds payable prior to the due dates of the escrow items, shall eaceod the amount requirod to pay the escro~v items when due, the excess shall be. ~ • at Borrowec's option~ tither promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Fands held by I.ender is not su~cient to pay the escrow items when due. Borrower shall pay to I.ender any amount necessary to make up the deficiency in one or more payments as required by L.ender. Upon payment in full of all sums socurod by this Security Instrument, Londer shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Ltnder. Lender shall apply. no later j than immediately prior to the sale of the Praperty or its acyuisition by Lender, any Funds h~ld by Lender at th~ time of ; applicateon as a credit against the sums secured by this Security Instrument. i 3. Ap~lication of Payments. 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 tast, to principat due. ! 4. C6arges; Liens. Borrower shall pay all taaes, assessments, charges, fines and impositions attributable to tho ~ Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. f Bonawer sha11 pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Bonower shall ! pay them on time directly to the person owed paymtnt. Borrower shall promptly furnish to Lender all notices of amounts ? to be paid under this p~ragraph. If Borrower makes these payments directiy. Botrower shall promptly furnish to Lender ; receipts evidencing the payments. ~ Borrower shsll promptly discharge any licn which bas priority over this Socurity Instrument unless Borrower. (a) ~ agrces in writing to the payment of the obligation secured by the lien in a manner acctptable to Lender; (b) contests in good ` faith the lien by, or defends against enforcemrnt of the lien in. legal proccedings which in the Lender's opinion operate to 4 pr~vent the enforcement of the Gen or forfeiture of any part of the Property; or (c) socures from the holder of the lien an agreement satisfactory to Lender subordinating the Gen to this Security Instrumeret. If Lender deirrmines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Bonower a notice idtntifying the lien. Bonower shall satisfy the lizn or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Haurd Insurance, Borrower shall keep the improvements now ezisting or hereafter erected on the Property insured against loss by fire, hazards inciuded within the term "eatendod coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Ixnder roquires. The insurance carrier providing the insurance shall be chosen by Bonower subject to Lender's approval which shall not be unreasonably withheld. + t All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortg,age clause. ; L,ender shal! have the right to hold the poticies and renewaLs. If I,ender requires, Borrower shall promptly give to Lender { all receipts of paid premiums and renewal noticrs. In the event of loss, Borrower shall give prompt notice to the insurance ; carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. # Unless Lender and Borrower otherwise agree in writing. insurance proceods shall be applied to restoration or rapair ~ of the Prop~rty damaged, if the restoration or r~pair is economically feasible and Lender's security is not tessened. If the restoration or rt~pair is not economically feasible or Lender's security would be less~enod, the insurance procetds shal] be applicd to the sums securod by this Socurity Instrument, whether or not then due. with any exceesss paid to Borrower. If Borrower abandons the Property, or doss not answer within 30 days a notice from I.ender that the insurance carrier has offered to settle a claim. then I.ender may collect the insurance proceeds. I,ender may use the proceeds to repair or restore the Property or to pay sums secured by this Security InstrumPnt, whether or not then due. The 30-day period wili begin when tht notice is given. UnJess L,ender and Borrower otherwise agree ia writing, any application of proceeds to prineipal shall not extend or ~ postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph.l9 the Property is acquired by Lender, Borrower's right to any insurance pol~cies and proceeds resulting ~ from damage to the Property prior to the ac;quisition shall pass to Lender to the extent of the sums seeurd by this Security j Instrument immediately prior to the acquisition. ~ 6. PrexnRdoa and Maiateaanoe af 1 Property; Leasehoids. Borrower shal! not destroy, damage or substantialiy change the Property, allow ihe Property to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall comply with the provisions of the lease, and if Borrower acquires fa title to the Property, the leasehold and fee title shall not mtrge unless I.ender agroes to the merger in writing. ; 7. Protection ot I.eoder's Wghts in the Property; Mortgage Insurance, If Borrawer fails to perform the ~ covenants and agreements containod in this Security Instrument, or there is a legal procceding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or ~ rsgulations), thrn Lender may do and pay for whatever is nccessary to protect the value of the Property and I.ender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrumrnt, appearing in court, paying re~sonable attorneys' foes and entering or? the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does not have to do so- Any amounts disbursod by Lender under this paragraph 7 shall becom~ additional debt of $orrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of paymcnt, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. ~ goaK501 ~A~~ 968 . ~ - - - _ _ - .t ~ _ .x - _ _ . ~ . _