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HomeMy WebLinkAbout0965 i UNIFORM COVENnNTS. Borrower and Lender covenant and agree as follows: ; l. Paymeat of Principal and Interest; Prepayment aad Late Cltarges. Borrower shall promptly pay when due ~ the principal of and interest on the debt evidenced by ihe Noit and any prrpayment and late charges due under the Note. ~ 2. Fua~s tor Taxes and Insurauce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay j to Lender o~ the day monthly payments are due under the Note, u~til the Note is paid in tull, a sum ~"Funds") equal to one-twelRh of: (a) yearly taxes and assessments which may attain priority over this Securiry Instrumenr, (b) yearly 1, leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurancc premiums; and (d) yrarly ~ mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. j The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or ; state ageney (including Lend~r if l.ender is such an institution). Lender shull apply the Funds to pay the escrow items. ' i Lender may not charge for holdi~g and applying tre Funds. analy~ing the account or verifying the escrow items. unless j L,ender pays Borrower interest on thc ~unds and applicable law permits Lender to make such a charge. Bonower and ~ Lrnder may agree i» writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, I.ender shall not be required to pay Bonow~cr any interest or earnings on the Funds. Lender ; shall give to Borrower, without charg~, an annual accounting of the Funds showing credits and debits to the Funds and the j purposg for which each debit to the Funds was made. The Funds are ptedged as additianal security for the sums secured by • this Security lnstrument. ~ If the amount of the Funds held by Lender, to$ether with the future monthly payments of F~nds payable prior to ~ the due dates oP the escrow items, shall exceed the amount required to pay t;~e escrow items when duc, the excess shall be, ~ at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the ~ amou~t of the Funds hetd by Lender is not sufl'icient 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. Up~n payment in full of all sums secured by this Security Instrument, L.ender shall promptly refund to Borrower j any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later ~ than immediately prior to the sale of the Property or its acquisition by Lender. any Funds hetd by Lender at the time of application as a credit against the sums secured by :his Security Instrument. 3. Applieation of Payments. Unless applieable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 sha11 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 attributable to the Property which may attain priority over this Security Instrument. and ~easehold payments or ground rents, if any. , Borrower shalt 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 Borcower makes these payments dire.ctly, Borrower shali promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any li~n which has priority over this Security Insirument unless Borrower: (a) ~ agrees in writing to the payment of the obligation secured by the lien fn a manner acceptable to L~nder; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal praceedings which in the Lender's opinion operate to prevant the enforcement of the lien or forfeitur~ of any part of the Property; or (c) secures from the hoider of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a Iien which may attain priority over this Security Instrument, Lender may give Borrowe~ a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Ha~rd Insurance. Borrower shall keep the improvements now e;isting 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 maintai~ed in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonab)y withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. I Lender shall have ihe right io hoid the policies and renew~als. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompi notice to the insurance ' ca: rier and Lender. Lxnder may make prooFof loss if not made promptly by Borrower. Unless Lender and Borrow~er otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened_ If the restoration or repair is not economicaily feasible ~r Lender's security would be lessened, the insurance proceeds shall be applied t~ the sums secured by this Security Instrument, whether or not then due, with any excess Gaid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then L,ender may coliect 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. ~ Untess L,ender and Borrower otherwise agree in writing, any application of proceeds to principal shail not extend or postpone the due date of the monthiy payments referred to in paragraphs 1 and 2 or change the amount of the payments_ If under paragraph t9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage so the Property prior to the acquisition shall pass to Lender te the extent of the sums secured by this Security Instrument immcdiateiy prior to the acquisition. 6. Preserratioa and Maintenance of Property; I,easeholds. Borrower shall not destroy, damage or substautialty change the Property, at:ow the Property to deteriorate or commit waste. If this Sec~rity lnstrument is on a leasehold, Borcower shatl comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protectian of Lender's Rights in the Property; Mortgage Insurance. If Boriower 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 proceeding in bankruptcy, probate, for condemnation or to enforce laws or regutations), then Lertder may do and pay for whatever is necessary to prolect the value of the Property and Lender's rights in the Property. Lend~r's actions may include paying any sums secured by a lien which has priarity over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property io make repairs. Atthough Lender may take action under this paragraph 7, Lender dces not have io do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt G4' Borrower secured by this Secur+ty Instrument. Untess Borrower and Lender agree to other terms of payment, 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 Barrower requesting payment. aoo~ 50~ P~~E ss4 : 3 _r._ _ . _ _ _ _ _ _ . . ~ ~.w ~ - - . . . . y. . _ ~