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HomeMy WebLinkAbout0992 UNIFORM C01IE1~lANTS. Borrower and Lende~ covenant and agree as tollows: 1• Payment of Principal ~nd int~t; Pnpaynf~nt ~nd lst~ Chu~, gprrower sttali prompUy pay when due the principal ot and inierest on the debt evidence~f by the Note and any prepayment and late cha~ges due under the Note. 2. Fw~ds for Tax~s arM Inwrsncx. Subject to appticable law or to a written waiver by Le~de~ Borrower shail pay to Lender on the day monthfy payments are due unde~ the Nole, until the Note is paid in tull, a sum ~"Funds") equal to one-twelfth of: (a~ yearly taxe:, and assess~nents which may attain priority over this Security Instrument; (b) yearty leasehold payments or ground rents on the Properly, . if any: ~c) yearly hazard insurance premiums; and (d) yearty mortgage insurance premiums, it any. These ilems are called "esc~ow items" • Lender may estimate the Funds due on the basis of current data and reasonaWe estimates of future escrow items. The ~unds shall be heid in an institution the deposits or accounis of which are insured or guaranteed by a federat or state agency • (including Lender if Lender is su~h an institution), Lender shall ap~ly the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying ihe escrow items, unless Lender pays Borrower interest on the Funds and aPd~~ble law permits Lender to make such a charge. 8orrower and Lender may agree in writing ihat :nter~st shall be paid on the , Funds. Unless an agreement is made or applicaWe !aw requires interest to be paid, Ler~der shall not be ~equired to pay Borrower any interest o? earnings on 1he Funds. Lender shall give to Borrowe~ without charge, an annual accounting of the Funds showing credits ~ and debits to the Funds and the purpose for which eaGh debit to the Funds was made. The Funds a~e ptedged as additional security ~ tor the sums secured by this S~curiry Instrumen~ i li the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the ~ escroMr iiems, shall exceed the amount required ta pay the escrow items when due, the excess shali be, at Borrower's option, either ~ promptly repaid to Borrower or credited to Borrower on monUhly payments of Funds. If the amount of the Feertds held by Lende~ is not ~ sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up ths deficiency in one er ~ more payments as required by Lender. ` Upon payment in full of all sums secured by this Security Instrument. Lender shall prompYy refund to Borrower any ~unds held by LPnder. If under paragraph 19 the Property is sold or acquired by Lender, Lender sha10 appiy, no later than immediately prior to the sale ~ of ihe P~roperry or its acquisition by Lender, any Funds held by le~der at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable Iaw provides otherw6se, alt payments received ioy Lender under paragraphs 1 and 2 shall be aGplied: first, to late charges due under the Note: second, to prepayment charges due urtder the Nots: third, to amounis payai~le under paragraph 2: {ourth, ta interest due: and last, to principat due. 4. Cha~; Lierts. 8orrower shaH pay a!I taxes, assessments, charges, fines and impositions attributabie to the Property which may attain arioriry over this Secunty Instrument, and ieasehold payments or ground rents, if amr. Borrower shall pay these obligations in tF?e ~ manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time dire~ctly to the person owed payment. BQrrower shall promptty furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts c-videncing the payments. Borrower shall promptly discharge arry lien which has priority over this Secu~ity Instrument unless Borrower: (a) agrees in writing to ~ the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) cantests in gaod faith the lien by, or defends ~ againsi enforcement of the lien in, iPgal proceedings which in the Lender's opinion operate to prevent ihe enforcement of the lien o~ ~ forfeiture of any pari of the Property; or (c; secures lram the holder of the lien an agreement satisfactory to Lender subordinating the ~ !ren to this Securiry Instrument. If Lender determines ihat any part of the Property is subject to a lien which may attain priority over this " Security Instrument, Lender may give Borrower a notice identitying the lien. Borrower shall satisy the lien o~ take one or more of the actions set forth aDove within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafte~ erected on the Property insured against loss by fire, hazards included within tne term "extended coverage" and any other hazards ior ~nrhich Lender requires insurance. This insurance shall be maintained in the amounts and for the perioc}s that Lender requires. The insurance carrier providing the ins~rance shall be ~ chos~n by Sorrower subject to Lender's approval which shall not be unreasonably withheld. ~ Att insurance poticies and rer.ewals shall be acceptable to Lender and shal! include a standard morigage clause. Lender shall have the right to hold the po~icies and renewals. tf Lender requires, Borrower shall promptty give to Lender all receipts of paid premiums and renetival notices. !n the event of loss, Borrower shall give promat notice to the insurance carrier and Lender. Lender r*tay make proof of loss iI not made promptly by Borrowec g Uniess Lender and Bo~rower olherwise agree in writing, insurance proceeds shall be applied to restoration or repair o{ the Property damaged, it the restoration or repair is economically feasible and LencSer's security is not lessened. If the restoration or repair is not economically feasible or Lender's securiry would be lessened, the insurance proceeds shalt be applied to t~e sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrow~er. If Borrow~er abandons the Property, or does not ansx~er within 30 days a notice irom Lender that the insurance carrier has offered to setG~ a claim, then Lender may collect the insurance praceeds. Le~de~ may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or no! then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower othervvise agree in writing, any applicatir~n of pra^,eeds to p~incipai shall not extend or postpone the due date of the monthly payments refe~red to in paragraphs t and 2 or change the am~un4 of the payments. If under paragraph 19 the Property is acquireci by Lender, Borrower's right to any insurance poticies and proceeds resulting hom damage to the Property prior to the acquisition shall pass to Lender te the extent of the sums secured by this Security Instrument immediately priar to the acquisition. 6. Preservatioo snd Maintena~ce of Property; Leasafwtcf~, gorrower shati not destroy, damage or substantialty change the Praperty, allow the Property to deteriorate or commit waste_ If this Security instrument is on a leasehold, Borrower shall comply with the provision~ of the lease, and if Borrower acquires tee titfe to the Property, the leasehold and f~e !itle shall not merge uniess Lender agrees to the ~nerger in writing. 7. Prota~tior~ of Lende~s Ri~ts in the ProperiY; Ailortgaga Insurance, If Borrow~er fails to perform the covenants and agreements cantajned in this Security Instrument, or there is a legal proceeding that may significanUy affect Lender's rights in the P~roperty (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay ior whatever is necessary to protect the value of the Property and Lender's rights in the Property. lender's actions may include paying arry sums secured by a li~n which has ~xiority over this Security Instrument, appearing in court, paying rea~sonable attorneys' tees and entering on the Rroperty to make repairs. Although Lender may take action under this paragraph I, Lende~ does not hav~ to do so. Any amounts disbursed by L~nder under tfiis paragraph 7 sltall become additio~al debt of Borrow~er secured by ~this Security instrument. Unless Borrow~er and Lender agree to other terms of payment, these amounts shall bear interesi hom the date of disbursement at the Note rate and shal! be payable, with interest, upon notice from Ler.der to Borrower requesting payment. 60~K ~O~ F;GE ~7~7~ nsqe z a a FtORIQA-Sf~yle Family-FMMA/F~HMC UNIFDAM 1NSTRUMENT Fwm 301012fl1 GF FL50025 7l61 - - . . • ~ ~ • - . . ~ . . ~ h~ti.