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Home My WebLink About0991 r ' , . ' UNIFORM COVENANTS. 6orrower and lender cevenanl and agree as foflows~ 1. P~ym~nt of Prindpal ~d lnt~?Nk Prpa~rm~nt and Lat~ Charp~s. Baro?ver shall prompty pay when d~e the , pr~ncipal of and ~nterest on the debt evidenced by the Note and any prepayment and late charges due under the Note ~ 2 Fu~dt for Taxes ~nd Insuranc~. Subject to applicaWe Iaw or to a wrAten waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due urxfer the Note, until the Nole is paid m full, a sum ("Funds°y equal to one-twelRh of: ( a) yeaty taxes and assessments which may atlain priority over this Security Instrument: (b) yearty leasehold payments a ground rents on the Property, it any; (c) yearly hazard insurance premiums; and (c~ yeary mortgage insurance premiums, i1 any. These items are called "escrow items." Lender may estimate the F~nds due on !he basis o} current data and reasonable estimates of j 1 future escrow items. ' The Funds shaU be held in an inslitution Ihe deposits or accounts oi which are insured or guaranteed by a federal or state t I agency (including Lender if Lender is such an institution). Lender shall appy the Funds to pay the esaow Aems. Lender may not charge ior holding and app~ying the Funds, anayzing the account or veriying the escrow dems, uNess Lender pays Borrower j mterest on the Funds and appli~able Iaw perm~ts Lender to make such a charge. Borrower and Lender may agree in writing tliat i ~nterest shall be paid on the Funds. Unless an agreement is made or appticable law requires interest tobe paid, Lenrler sha?? not be required to pay Borrower any interest or earnings on the Funds. Lender shall give lo Barower, withoul charge, an annual accounting ot the Funds showing credits and debits to the Funds and the purposefor which each debit tothe Funds was made. The 1 Funds are pledged as additional security tor the sums secured by this Security Instrumenl. ~ ~ If the amoun! of the Funds held by Lender, together with the future monthly payments of Funds payable priar tothe due dates ; of 1 he escrow items, shall exceed ihe amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Barower on monthly payments ot Funds. lt the amount o( the Funds held by Lender is not sutfic~ent to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the def~ciency in one or more paymenls as required by Lender. Upon payment in fult of all sums secured by ihis Security Instrumeni, Lender shall prompty refund to Bor~ower any Funds held by Lender. If under paragraoh 19 the Property+s sotd or acquired by Lender, Lender shall apply. no later than immediatey prior to the saie 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 Secur~ty lnstrument. 3. Appllcation of PaymeMs, Unless applicabte taw provides dherwise, a!I payments received by Lender under pa?agraphs 1 and 2 shall be apptied: first, to late charges due under ihe Note; second, to prepayment charges due under the Note: third, to amounts payable under paragraph 2; fourth, to interest due; and Iast, to principal due. ~ 4. Chup~s; Ll~ns. Borrower shatl pay all taxes, assessments. charges, fines and impositions attributable to the Property which may attain priority over ihis Security tnstrument, and teaseholdpayments a g?ound rents, if any. Borrower shal? pay these obligations in the manner provided in paragraph 2, or it nd pa+d in that manner. Borrower shall pay them on time directy tothe person owed payment. Borrower shall promptly furnish to lender a11 notices ot amouMS to be paid under this paragraph. If Barower makes these payments directly. Borrower shall p~ompty furnish to lender receipts evidencing the payments. Borrower sha?I promptty discharge any lien which has priority over this SeCUriry Instrument unless Barower: (a) agrees in writing tothe payment af the obtigation secured by the lien in a manner acceptableto Lender; (b) contests in goodfaiththe lien, by or defends against enforcement of the lien in, legal proceedin~ which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the tien an agreement satisiaciory lo Lender subordinating the lien to this Security Instrument. It Lender determines that any part ot the P~operty is subject to a lien which may attain p~iority over this Security Instrument, lender may give 8orrov~er a not~ce ideMifyingthe lien. Barower shall satisty the lien or take ane or more af the actions sei iorth above wiihin 10 days of the giving of notice. S. Hazard lnsunnw. Borrower shall keep the improvements now existing or hereafter erected on the Property insured againsi loss by fire, hazards included within the term ' extended coverage' and any olher hazards tor whi~h Lender requires E s insurance. This insurance shall be maintained in the amounls and for the periods lhat Lender requires. The insurance carrier providing the insura~ce shall be chosen by Borrower subject to Lender's apprwal which shail not be unreasonably withheld. AII insurance policies and renewa?s shall be acceptable to Lender and shall include a siandard mortgage clause. Lendef + shall have the right to hold the policies and ~enewals. I( Lender requires. Borrower shal! promply give to Lender aU receipts of paid prem~ums and renewa! notices. In the event of ioss. 8orrower shall grve prompi not~ce to the insurance carrier and Lender. lender may make proof of toss if not made promptly by Borrower. r ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shafl be appliedto restoration or repair of the ~ Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. I! the restoration or ' repair is not economicalry feasible or Lender's security would be lessened, ihe insura~ ~ce proceeds shatl be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Barower abardons the Property, : or does not answer within 30 days a notice (rom Lender that the insurance carrier has ofiered to settle a claim, then Lender may colfect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this ~ Secunty Instrument. whether or not then due. The 30-day period wi!I begin when the notice is given. Unless Lender and 8arrower otherwise agree in writing a,ry application of proceeds to principal shall not extend or ~ postpo~e the due date of the monthty payments referred to in paragraphs 1 and 2 a change the amount of the payments. If under , paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resutting from damageto the Property prior to the acquisition shall pass to Lender to the extent ot the sums secured by this Security Instrument immediatefy prior to the acquisRion. a. Pr~sarvstbn and Malntfnanc~ of Prop~rtr; L.~as~ho(d~. Borrower s~atl not destroy, damage or substantially change ihe Property, allow the Property to deteriorate or commit waste. If this Secur+ty Irrstrument is on a leasehold. Borrower shall compty with the provisions of the tease, and if Borrower acquires fee tiile to the Property, the leasehold and feetitle shafl not merge unless Lender agrees to the merger in writing. 7. Prot~cNon ot L~nd~~ rlQhta fn tfN Prop~rty; Mort~ap~ Insuranca. If Borrower fails to pertorm the covenants and agreeme~ts contained in this Security Instrument, or there is a legal proceeding that may significanty affect Lender's rights in the Propsrty (such as a proceed~r+q m bankr~ptcy, probate, for condemnatbn a to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect ihe value ot the Property and Lender's rights in the Property. Lender's actions may include paying arry sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reaspnaWe attorneys' fees and entering on the Property to make repafrs. Although Lender may take actiort under this paragraph 7, Lender does not have to do so. Arry amounts disbursed by lender under this paragraph 7 shalt become additionaJ debt of Barower secured by this Security Instn~ment. Untess Borrower and Lender agree to oth~ ms of payment, these amounts shall bear ~terest from the date of aisbursems~t at the Note rate and sha?I be payable, w~ttlinter~st, upon notice from Lender to Borra~ver ~~uesting payment. aooK 506 Pacf 9$5 ~ . ~ ~ , - _.__--~~n ~ - - ~ _ ~ _ - - - _ - _ _ . _ :