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Home My WebLink About0979 UtutFORM CovEN~t~-rs. Horrowsr and Lender covenant and agree as follows: 1• Payiaent ot Principil and IAteres~ Prepsymeat and Lte Charges. Borrower shali pramptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charga due under the Not~. 2. Fuads tor Ta:es aad Insurance. ' Subject to applicable law or to s written waiver by Lender, Bor~ower shall pay to Lender on the day monthly payments are d~ue under the Note. until the Note is paid irt ful1. a sum ("Funds") equal to onc-tweiRh of: (a) yearly taaes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or gronnd rcnts on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insumnce premiums. if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates o~ future escrow items. The Funds shall be held in an institution the deFosits or accou~ts otwhich ~r~ insur.d ar guarante~d by a lederal or ~ state agency (including Lender if i.ender is such an institution). Lendtr shall apply the Funds to p~y the escrov~ items. L.ender may not charge for holding and applying the Funds~ analyzing the account or verifying the escrow items, unless ~ lxnder pays Borrower enterest on the Funds and applicable law ptrmits Ixnder to mak~ such a charge. Borrower and ~ Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law ~ . requi~~s interest to be paid, I.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ~ shall give to Borrower, without charge, an annual accounting of tht Fur.d~ showing crodits and dcbits to the Funds and the ~ purpose for which tach debit to the Funds was made. Tht Funds are pledged as additional security for the sums secured by ~ ~ this Scrurity Instrument. If the amount af the Funds held by Lender. t~gether with the future monthly paymerts of Funds payable prior to - the due dates of the escrow items, shali exceed the amount required to pay the essrow items when due. the excess shalt be. at Borrower's uption, either promptly repaid to Borrower or crtdited to Borrowar on monthly payments of Funds. lf the " amount of the Funds held by L.ender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more paymen:s as re~aired by L.ender. Upon payment in full of all sums secured by ihis Security Instrument. Lender shall promptly refund to Borrower any Funds held t~y L,ender. If under paragraph 19 the Property is sotd or acquired by I.cnder, Lender shall apply, no later than immediately prior to th~ sale of the Property or its acquisition by Lender, anv Funds hetd by Lender at the time of ' appfication as a credit againsi the sums secured by this Security Instrument. 3. Agplieation of Paymenis. Unless applicable law provi~'es 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; fouhh, to interest due; and last, to principal due. 4. Charges; L~ens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Pcoperty K~hich may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligati~ns in the manner provided in paragraph 2. or if not paid in that manner, ~ottower shall pay them on time directly to the person owed payment. Borrawer shall promptly furnish to I.ender ali notices of amounts to be paid under this paragraph. If Fsocrower makes these payments directly, Borrower shall promptfy furnish to I,ender receipts evidencing the payments. ~ Borrower shall promptiy discharge an~ lien which has priority over this Security Instrument unless Borr~wer: (a) i agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contats in good ~ faith the lien by, or defends againsl enforcement of the lien in, legal proceedings which in the Lender's opinion operate to j prevent the enforcement of the lien or forfeiture of ar~y part of the Property; or (c) secures from the holder of the lien an ~ agreement satisfactory to Lender subordinating the lien to this Security Instrument. [f Lender determines that any part of ~ the Property is subject to a I~en which may attain priority over this Security Instrument, L.ender may give Borrower a ~ notece identifying the tien. Borrower shall ~atisiy the lien or take one or more of the actions set forth above within 10 days 3 of the giving of notice. ~ 5. Hazard Insur$nce. Borrawer shall lceep the improvements now ezisting or hereafter erected on the Property insured against loss by fire, hazards included within the term "exter.ded coverage" and any other hazards for which Lendcr ~ requires insurance. This insurance shall be m~intained 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 ~ unreasonably withheld. ~ Afl insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the righ~ to hold the policies and renewals. If Lender requires, BQrrower shall promptly give to L.ender all receipts of paid premiums and renewal notices. In the ev~nt of loss, Borrower shatl give prompt notice to the insurance carrier and Lender. I,ender may make proof of toss if nc~t made promptly by &~rrower. Unless Lender and Borrower olherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or :epair is economically feasible and Lender's security is not lesseneti. If the restoration or repair is not eeonomically feasible or Lender's security would be lessened, the insurance proceeds sha[I be applied to the sums secured by this Security Instr~ment, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Froperty, or does not answer within 30 days a notice from Lender that the insurance carrier has oH'ered ro setde a ciaim, then L,ender may colieti:t the insurance proceeds. I.ender may use the proceeds io repair or restore ; the Prc~perty or to pay sums secured by this Securiry Instrument, whether or r.ot then due. Tt?e 30-day period will begin ~ when th~e notice is given. Uniess Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not eatend or ; postpone the due date of the monthly payments referred to in paragraphs 1 and 2 ar change the amount of the payments. If ; under Paragraph t9 the Property is acqaired by L.ender, Borrower's right to any insurance policies and proceeds resulting ' from damage to the Property prior to the acquisition shall pass to L,ender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and M~intenance of Property; I,easeholds. Borrower shall n~t destroy, damage or substantialiy change the Properiy, allow the Property to deteriorate or commit waste. If' this Security Instrument is on a ltasehold, Borrower shall comply with the provisions of;he lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shail not merge unless Lender agrees to the merger in writing. . 7. Protection ot Lender's Rights in the Property; Mortgs~ge Insurance. If Borrower fails to perform the covenants and agrcements contained in this Security tnstrument, or there is a legal proce:ding that may significantiy affect Lender's rights in the Property (such as a proceeding in bankruPtcy, probatt, for condemnation or to enforze laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Properiy and L.ender's rights in the Property. I,ender's actions may include paying any sums secured ~y a lien which has priority over this Sec~rity Instrument, appearing in couR, paying reasonable attorneys' fees and entering on the Propcrty to makc rtpairs. Although Lender m~y take acticn under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Secunty instrument. Unless Borrower and Lender agree to other terms of paymer~t, these amounts shall bear interest from the date of disbursement at the Nott rate and shaU be payable, with interest, upon notice from Lend~r to Borrower requesting paymtnt. 50UK ~1~GE Vr~l/ • ~ ~ ~ - ~ - - ~ - ~ ~ - - - - . _ . - - _ . . - ~ ~ ~ - . :-G.. , ~ . . . ~ : , _ - _ -