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HomeMy WebLinkAbout0952 UNIPORM COYENAN7S. Borrower and Lendu covrnan~ and agree as iollows: l. Paymeat ot P~iecipa! and Interat; ~epaya~eut aod I.ate Chu~a. Borrower shsl~ promptly pay wh~n due the principai o!'and inter~st on the ~ebt evidenced by the Note and any pre~yment and late charges due under the Note. 2. Fuads (or Tues an~ Iasur~e~ce. ' Subjoct to applicablt !aw or to a written waiver by Lendtr, Barrower shall pav to Lender on the day monthly payments are clue undet the Note, u~til the Note is paid in full, a sum ("Funds") cqual !o onatwelRh af: (n) yearly taxa and assessments which may attairt priority ovrr this Security Instrument; (h) ycarly I~asehold payments or ground rents on the Property, if any; (c) yearly haxard insurance premiums; and (d) yearly mortgagz insurance premiums, if any. These items are calitd "c3crow items." Lender may estimate the Funds due on the basis of cunent data and reasonable estimates of future escrow items. T'he Funds shall be held in an institution the depcuits or accounts of which are insur..~ or guaranterd by a iederal or stste agency (inctuding Ler.der if I.ender is such an institution). Lender sha11 apply the Funds to p~y the escrow items. I.ender may not charge for holding and applying the Fun3t, analyzing the account or veritying the escrow items, unless Ltndrr pays ~3orrower interest on the Funds and applicable law Fermits L.ender to make such a charge. Borrower and . Lender may agrce in writing thai interest shall be psid on the Funds. Unless an agreement is ma~ie or applicable law requires interest to be paid, Lender shall not bt required to pay Borrower any interat or tsrnings on thc F~unds. Lender shall give to Borcower. without charge. an annual acc~unting of the Fur.ds showing creciits and debits to the Funds and the ~ purpose for which each debit to the Funds was made. Tht Funds aze pledged as additior.al 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 it~ms. shap eaceed the amauni require~ to pay the escrow items when due, the excess shafl be, at Borrower's option, either promptly repaid to Borrower or credited to Bonower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shatl pay to Lender any amount necessary to make up the defi~iency in one or more payments as required by Ixnder. Upon payment in fult of ail sums securetii by this Security [nstrument, Lender shall promptly refund to Borrower any Funds held by I.ender. If under paragraph 19 the Property is suld or acquired by I.enaer, L.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at 1he time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law 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 Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borro~ver shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligatipns in the mt?nner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amount; to be paid under this paragraph. If Bonower makes these payments d'erectly, Borrower shali promptly furnish to Lender r receipts evidtncing the payments. - Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrowcr: (a) : agrees in writing to the payment of the obligation secured by the lien en a manner acceptable to Lender; (b) contests ~n good ~ ~ faith the lien by, or dtfends against enforcement of the lien in, legal proceeslings which in the Lender's opininn operate to ~ prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an I agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of i the Propeny is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a , notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of noti~e. S. Ha~rd Insurance. Borruwer st~all keep the improvements now ~xisting or hereafter erected on the Properiy insured against loss by fire, hazards included with~n the term "extended coverage" and any other hazards for which I,ender requires insurance. This insurance shall be maintained in the amounts and for the periods that L.ender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approva! which shall not be unreasonably withheld. r1U insuran~e policies and renewals shall be accep:able to Lender and shall include a standard mortgage clause. I L.ender shall have the right to hold the pc~licies and renewals. If Lender requires, Borrower shall promptly give to Lender i all receipts of paid premiums and renewal ~otices. In the event of iflss, Bonower shall give prompt notice to the insurance carrie?- and I.ender. I.ender may make proof of loss if noi made promptly by Borr~wer. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ~ of the Property damageci, if the restorat:on or repair is economically feasibie and Leader's security is not lessened. If the E restoration or repair is not economically feasibie or I.ender's security~ would be lessened, the insurance proceeds shall be e applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If ~ Borrower abandons the Proper!y, or dces not answer within 30 days a ~otice from Lender that the insurance carrier has offered to settle a claim. thtn Lender may coliect the insurance proceeds. Ixnder may use the proceeds to repair or restore ~ the Praperty or to pay sums secured by this Security Instrument, whether or not then due. The 30-day oeriod wilt begin ~ when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to prinsipal shall not eztend or ~ postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by I,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 eztent of the sums secured by this Security I~sirument immediately priar to the acquisition. 6. Presenation and Maintenance af Prcperty; Leasehoids. Borrower shall not destroy, damage or substantially change the Property, allow tht Property to deterioratt or commit waste. If this Security Instrument is on a leasehold, ~ Bc~rrower shall compiy with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and ~ fee title shall not merge unless L,ender agrees to the merger in writing. ~ 7. Protection of Lender's Rights in t6e Prope~ty, Mor±gage Insurance. If Borrower faiis to perform the covenants and agraments zontained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Preperty (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Propeny. I.ender's a~tions may include paying any sums secured by a lien whict~ has priority over this Security Instrument, appearing in court, paying reasonable attorneys' tea and entering on the Property to make repairs. l~lthaugh Lender may take action ur.der this paragraph 7, L.ender does not have to do so. Any amounts disbursed by Lender under this paragragh 7 shall become additional debt of Borrowsr secured by this Security Instrument. Unless Borrower ana L.ender agree to othrr terms of payment, these amodnts shall bear interat frorr the date of disbursement at the Note rate and shail be payable, with interat, upon notice trom Lender to Borrower _ roquestir.g paymtnt. 6o0K ~ll~ P~1GE ~~lV ~ ~ , . _ ` ~ _ _ _ _ __..e ~ - - . - ~ ~ _ _ _ ~ _ - - _ _ _ , ._r ~