HomeMy WebLinkAbout0919 U~(i~',C'~?~'
UNtFVRM COVEN~tv~rs. Borrower and Lenrltr covenAnt ~nd agree as follcws:
1. Payaeat ot Prlscl~a! and Inteesst; Pntp~y~sat and Late Charaes. Borrower shall promptly paY whcn due
the principal of ujd interest an tne drbt evi~'encod by the Note and any prepsyment and la« cha~ges due unde~ the Notc.
2. Frt~ tor'!'anp aod Iasnrmce. Subject to applicable !aw or to a writtrn waiver b~ Lendtr, Bonower shall pay
to Lender oa the day monthly payr.ttnts ~re due under the Note, until the Note is paid in full, a sum ("Funds") equal to
one-t~rttfth of: Za) yeuly ta~tes and ass~saments which may attain priority over this Security Instrum:nt; (b) yeariy
fasehold payments or ~round rants on the Froperty, if any; (c) yearly hazard insurance premiums; and (d) yearly
~8e insurance premiuma. if nny. 'These items ate called "escrow items." Lender may tstimate the Funds due on the
b~sis of current data snd rsasonabk atimstea of tutLre escrow items.
'I'he Funds shall be held in an institutiot~ the depc~sits or acrounts of which are insura! or guaranteed by a federal or
state agency (including I.ender if I.tnder a tuch an insiitution). Lender shall apply the Funds to pay the escrow items.
I,ender may not chuge for holding and applying the Funds, ana!}zing the account or verifying the escrow items, unless
Lea~a pays Borrower interest oa the Funds and .applicable ls~w permits L.ender to make such a charge. Borrower and
Lender may agree in writing that ittterest shall be paid on the Funds. Unless an agroement is mad~ or applicabk law
requires interest to be paid. Lender shall t~t be required to pay Borrower any interrst or earnings on tht Funds. Ltnder
ahatl give to Bomorver, without chug~ an annual aocounting of the Funds showing crodits and debits to the 1Funds and the
purpode for which e~eh debit to t~ Fm~ wss ~de. 'fhe Fhtnds ue pl~ged as additional security tor the sums secured by
thia Socurity Inairument.
If the amount at'the Futxls htld by I,tnd~r~ togetli~r ivitl~ tbe future monthly payments of Fueds payabk prior to
th~e dne daies of the tscroa itGme„ shall pcceed tht smount rrqnir+nd t0 pay the escrow icems when due. ihe excess shall be,
at Horm~rer'a opiion. ather promptly r+epaid to Borrower or creditod to Borrower on monthly payments of Funds. If the
amo~tat vf tbo Funda luld by I,ender is not su~'icient to p~y tbe acrowr items when dut, Borrower shall pay to Lender any ~
ao~ount aecas~?ry to malce up tbe tkHciency in one or more pay~nneats aa roquircd by L.ender.
Upae paYmeat in tuU d~ anms ~curtid by this 3e~rity Inatrument, Lender shall promptly refund to Borrower
Fa~tds I~eld by L~xbr. If unckr p~iragraph 19 the Praixtty ia aotd or acquirod by I.~ndtr. Lender shai! apply, no lat~r
tbaa immadiatdy prior Lo the aak of ttie Property or ita scq~itiae by Lcnder, any Funds held by Lender at the time of
app~icxtio~l as a cred'et sgaiest tbe sums secured by this Socurity Instrument.
3. Apptintloa of Pn~b, Unka3 sppticabk law provides other~nse, sll payments roaived by Lender undtr
parAgnphs 1 ~md 2 shal! be sp~tied: 6rat, to late chuga due under th~ Notr, socond, to prepayment charges due under the
Not~ t~ird. to amourets ge~ysbb und~r parag~aph 2; f~th, to interest due; and taat, fo princi~l dae.
~ 1~. Ch~ L~eas. Bomoaa shall pay a11 wcea, assessments, charges, fines and impositions attributabk i4 the
-Priopaty whjch auy attair~ priority ovtr thi~ Secutity Instrument. ana ~twla ~y~cs or ~,?a nnc~, s~y.
Hot~^awes ehaU pay th~ obligatione in the manaer Pso~vi~ in Pu'a8n?Ph 2, or J not paid ir? thaE inanner, Horrower shell
PsY them on ti~ disectly to the peraon rnved p~yment: Borrower shall promptly furnish to I.end~r all notxes of an~ounts
to be paid nnder this paragraph. If Honnwec malces thex paymtnb directly, Born~wer shail promptty furnish to I.ender
rec~apts tvidencing the psyinea~ts.
Horrower shall promptly discharge any lier~ which has priarity aver this Sccurity Inswm~nt unless Bonower: (a)
agrees in writing to the payme~t of the obligation socwed by the lien in a manner acceptable to I.ender; (b) contests in good
faith the lien by, or deftnds against enforcement of the lien in, legal proc~ciings which in the Lender's opinion operate to
Qrevent the enforcement of the lien Qr fodatun of any part of the Property; or (c) secures from the holder of the lien an
agreement satisfactory to Lender su6ordinating the lirn to this Sxurity Instrument. If Lender detercnir,~ that any ~;art of
the Pmperty i3 3ubject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a
notice identify~g the lien. Borrower shaU satisfy the lien or take one or more of the actions set forth sbove within 10 days
of the giving af notice.
5• Haz~rd Insar~ace. Borrower shsll keep tht improvements now existing or hercafter erected on the Praperty
insured agaiast loss by fire, hazards included within the term "extrnded coverage" and any other hazards for which Lender
roquire~ insuranoe. This insarance shal! be maintained in the aroounts and for the periods that Lender requires. The
insu~ancx catriat providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
unresaonably withheld. ;
All inst?rstnce poticies and renewals shall be acceptable to Lsnder and shall include a standard mortgage clause.
Lender shall hsve the right to hold the policies and renewals. If I:ender requires, Bonower shall promptly give :o Lend~r
alt reodpts of p~id premiums and renewal notices. in the event of foss, Bonower shall give prompt notice to the insurance
carrier and Lender. Lender may mske proof of loss if not msdt promptly by Borrower.
Unless I.tnder ar?d Borrower othervvise agre~ in writing, insurance proceeds shall be appiied to restoration or repair
of the Property damaged, if the restoration or repair is oconomically feasible and Lender's security is not lesscncd. If the
rescoration or repair is nct economic~ally fe9sible or Ltnder's socurity would be lessened, the insurance proceeds shatl be
applied to the sums secured by this Security Instrument, whetther or not thcn due, with any excess paid to Bonower. If
Borrower abandons the Property~ or does not answtr wiihin 30 days s notice from Lender thai the insurance carrier hats
offered to settle a claim, then Lender may collect th~ insurance proceeds. Lender may use the proceeds to repair or restore
the Property or to pay suras sccurod by this Security Instrument~ whether or not then due. T'he 3(1-day period will begin
when the notice is given.
Unless Lender and Borrowa otherwise agroe in writing. any application of procceds to principal shall noi eatend. ar
postpone ihe due date of the monthly paymcnts referred to in paragraphs 1 and 2 br chang~ the amovnt of the payments. If
under paragrsph 19 ihe Property is acquircd by Lrndcr, Borrower's right to any i~surance policies and proceeds resulting
~tom damage to the PropeRy prior to the arquisiuon shall pass to Lender ta the extent of the sums securod by this Security
Instrumrnt imme~iately prior to the scquisition.
6• Presenatlom sod Mainteaance of Property; Lea~e~otds. Borrower shsll not destroy, damagc or substantially ~
change the Propetty~ ailow the Property to deteriorate or commit waste. If this Security Instrument is on a ltauhold,
Bonower shall c~mply with the prorisions of the lcase, and if Borrower acquires fze title to the Propacty, the leasehotd and ~
fee title shall not merge unless Lensict agrees to the merger in writing.
7. Protection oi Leoder'a Rig6ts ia tbe Property; Mortgnge Insurance. If Borrower fails to perform the
cavenants and agreanents contained in thu Security instr~~?ent, or therz is a legaj proceeding that may signifi~gntiy affxt
L,er?der's rights in" the Property (such as a proceeding in barekruptcy. probate, for eondemnation ~r ta rnfocce laa+s or
regulations)~ then Lender may do and pay for whatever is ne~sary to protect the value otthe Proprrty and I.ender's rights
in the Property. I.ender's actions may inctude paying any sums secured by a lien which has priority over this Security
lnstr~uneat, ap?pcariag in ooent, petping reasoaabk attoraeys' foes aud entering on tht Property to make repairs. Although
Leada may taka acti~ wuder tui~s par~,gtaph 7. Lenda does cwt have to do s~o.
My amounta ~,bursod by Lender under tltis paragraph ~ shall lxcome additional debt of Borrower securai by tbis
Security Instrumrnt. Unlcss Bonower and L,ender agree to other terms of payment, thae amo4nts shall b~eai interest from
the date of disburs~ment at the Note rate and shati be payabie, with interest, upon notice from Lender to Borrower
toquating paymerit. • '
B0~ ~~i PAGf ,
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