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Home My WebLink About0984 ' UNIFORM COVE'~A?vTS [3orrower and Lender covenant and agree as fa!lc~ws: l. Payment of Principal and Interesh, Prepayment and I.ate Charges. Borrower ~hall promptly pay wi~rn ~luc the principal oPand interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and lnsurance. Subject to applicable !aw or to a written waiver by Lender, Borrower shall pay ta l.ende~ on the day monthly payments are due under the Note, until the Note is paid in futl, a s~.:. ("Funds") equa! t~ one-twelRh of: (a) yeariy taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Fu~ds di;~ :t:~ - basis of current data and reasonable estimates of Puture escrow items. T'tiP F.,~~+~ chall t,P halri in An institution the deposits or accounts of which are insur,.i or guaranteeci by a feciera! or state agency (including Lender if Lender is such an institution). Lender shal! apply the Funds to ~~y the escrow items. Lender may nat charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Barrower interest an the Funds and applicable law permits Lender to make 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 , requires interest to be paid, Lender shall not be required to pay Borrow~er any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fur.ds showing credits and debits to the Funds and the purpose for which each debit to the Funds Kas made. The Funds are piedged as additional security for the sums secured by this Security Instrument. ; If the amount of'the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items. shal) exceed the amount required to pay the escrow items w~hen due, the excess shati be, at Borrow~er's option, either promptly repaid to Borrower or credited to Borrower on manthly payments of Funds. If the amount of the Funds held by Lender 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 payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by ' ender. If under paragraph 19 the Property is sald or acquired by Lender, ~.ender shall apply, no iater ; than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instru~~~~~~~. 3. Applicat+on of Payments. Unless applicable 1aw 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 ?~ote; third, to amounts payable under paragraph 2; fourth, ta interest due; and last, to principal due. ? 4, Charges; Liens. Borrow~er shall pa~~ all ta~eti, assessments, rharges, fines and impositions attributable to the Property which may attain priority orer this Sec;urity Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall pay them on time directly ro the person owed payment. Borrow~er shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. lf Borrow~er makes these pa}~ments directly, Borrow~er shall promptl}~ turnish to Lender . I receipts evidencing the payments. Borrower shall promptly discharge an}~ lien w~hich has priority over this Security Instrument unless Borrower: (a) i agrees in writing ro the payment of the obligation ~ecured b~• the lien in a manner acceptable to Lender. (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings w~hich in the Lender's opinion operare to prevent the enforcement of the lien or forfeiture ~~f ~n}• part of the Property; or !c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the {ien ro this Securit~~ Instrument. If Lender determines that any part of ~ the Property is subject to a lien w~hich may attain prie~rit}• o~er this Securit}~ lnstrument, Lender ma~• give Borrow~er a ' notice identifying the lien. Borrower shaN satisfy the iien or take one or more c~f the actions set forth abo~~e within 10 da~•s of the gi~•ing of notire. 5. Hazard Insurance. Borrow~er shall keep the impm~ements now~ exi~ting or hereaiter erected on the Property~ ~ insured against I~~ss by fire, hazards included w~ithin the term "extended an•erage" and an}~ other hazards for w•hich Lender reyuires insurance. This insurance shal) tie maintained in the amaunts and fe~r the ~erie~ds that Lender requires. The ' insurance carrier providing the insurance shail be chc~sen b~- Borrower suhjrrt te~ Lender'c appro~al w~hich shall n~~t be ~nreas~nably a•i[hheld. All insurance policies and renewals shall he a~ce~table t~~ l_ender and ~hat) in~lude a st~ndard mortgage clause. Lender shall ha~e the right to hold the poliries and renewals. If Lender reyuircti. Borru~~~er shall promptl~~ gi~e to Lender all receipts of paid premiumti and renewal n~~tice~. In the e~ent of losti, Borrc~w•er tihaJl Ri~~e prompt nutice to the insurance carrier and Lender. Lender may make proefof I~tis if not made prompti}~ b} Br,rru~crr. Uniess Lender and Be~rrow~er othera~ise agrrr in writing, insuranre pnkeeds tihaU t>e applieci to restoration or repair o( the Propert~~ damaged, if the restorati~n or repair is economirall}• featiible and Lender'~ security~ is not les;ened. If the ~ restoration or repair is nc~t economirall}~ feasible or Lender's securit~~ w~~u1d be lessened, the insurance proceeds shall be f applied to the sums secured by this Security~ Instrument, w~helher or n~~t then due, with an~ excess paid to Borraw~er. If ` Borrower abandont the Propert~~, or does not antiw~er within 30 days a notice from Lender that the insurance carrier has ' offered to settle a claim, then Lender may colleet the insurance prcxeeds. Lender ma} use the ~rcx:eeds to repair c~r restore ` the Prc~pert}~ c~r to paJ• sums secured b~• thiti Securit~~ Instrument, whether or not then due. The 30-day period wil) l~gin when thc notice isgi~~en. Unless 1_ender and I3orrower otherw itie agrer in w riting, an}~ application uf ~roceeds to principal shall r~ot extend or po~tpone the due date of the month!} payments referred to in paragraphs 1 ai~d ~ or rhange the ~mount of the pa}~ments. if ~ under paragraph 19 the Property is acyuired b}~ Lender, &irroµ~er's right to an}~ insurance pc~liries and proceeds resulting from damaee tci the Properiy prior to ihe acyuisition shal! pass ro Lender to the estent c~f the sums secured hy this Securit~~ ~ InStrument immediately prior to the acyuisition. 6. Preservation and 4laintenance of Property; Leaseholds. Borrower shall nut destroy, damage or substantiall~ change the Propeny, allow the Property to deteriorate or commit waste. If this Security (nstrument is on a lea5ehold. Bormwer shall a~mpl}~ a~ith the pro~~is~ons of the lease, and if Borrower acquires fee title to the Property, the leasehold arid fee titie shaN n~t merge unless Len~er agrees to the rtzerger in w~riting. 7. Protection of Lender's Rights in the Property'; ~tortgage Insurance. If Borrow~er fails ta perf'orm the co~•enants ::nd agreements contained in this Security tnstrument, or there is a legal prcxeeding that may significantl}~ afiect t.ender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce law~s or regulaiions), then Lender may do and pay for whatever is necessary to protect the ~~slue of tne Propert}• and Lender's rights in the Property~. Lender's actions may inctude paying any sums secured by a lien w~hich has priority o~~er this Securit~~ Ir~strument, appearing in court, paying reasonable attorneys' fees and entering on the Propert}~ to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amo~nts disbursed by Lender under this Faragraph'7 shall become aciditional debt of $ormw~er secured by this Security Instrument. Unless Borrower and Lender agree to other terms of pay~ment, these amounts shatt bear interest from the date of disbursement at the Note rate and shaN be pay~able, with interest, upan notice from Lender to Borrow~er requesting Payment. U R -5~4 ~~4 aooK ~ ~ . ~ . _ -