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Home My WebLink About0960 UNIFORM COvEN~N'TS. Borrower and Lender covenent and ~grco a~ fo!luw.: 1. P~yinent o~ #'ri~i~l ~~Interest; Prepayment •nd L:te Charges. BorrowCr shall prompity p~+y w~hen due the principal of and interest on the de t evic3enced by the Nott and any Nrepayment and latc ch::rges due undcr ?he Note. 2. Funds fos Taxes and lawrance. Subject to applicable I~w or to e written wuiver by Lender, Borrower shall pay to Lender an the day monthfy payments ar~ due under the Note, un~it thr Nute is paid in full, u sum ("Funds") equal to one-:welfth o!: (a) yearly taxes and asstssmpqts whish may attain pri~rity over this Security Instrument; (b) yearly leasehol~ payrt}ent~ ot g~ouad~reni'~ ori the ~Proptrty, if any; !c) yearly hazard insurance prcmiums; :~nd (d) ~•earfy mortgage insuran~e Premiums, if any. These items are called "esCrow items." l.rnder may estir~~atz the Funds due on the basis of currtnr dat& and rF~sonable estimates af future escrow items. The Punds sh~ll be held in an instiwtion th~ deposits or accounts of which :?re insured or guar~ntzed by a ftder~l or state agency (including Lender if Lender is such an institution). l.ender shall apply the Funds to pay the escrow ite:ns. Lender may not cha:ge for holding and applying the Funds, analyzing the account ar v~rifying the escrow items, unless Lendtr pays Borrower interest on the Funds and applicable law permits Lender to muke such s ch:~rge. Borrower and Lender may agru in writing that interest shall be paid on the Funds. Unless an agreement is made ur applicable law re- quires interest to be paid, Lender shall not be required to pa~ Borrower any interest or earnings on the Funds. Lendcr shall give to Borrower, without charge, an annual accounting ot the Funds showing credits and debi~s tu the Funds ~nd the purpose for which each debit to the Funds was made. The Funds are pledgec! as additional security fur the sums secured by this Security lnstrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds p:~yeble prior to the due datss of the escrow items~ shall exceed the amount required to pay the escrow items ~•hen dut, the exce~s shall be, at Borrowu's option, either promptly repaid to Borrower or cred:tsd to Borrower on monthly payments of Funds. !F the amount of the Funds held by Lender is not sufficien! to pay the esc~ow items when due, Borruwer shafl pay to Lendcr any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in fuli of a16 sums secured by this S~urity Instrument~ Lender shall promptly rei'und to Borr4wer any Funds held by Lender. If under paragraph 19 the Ptoptrty is soid or acquired by Lender, Lender shall apply, no latcr than immcdiately prior to the sale of the prope!!y or its acquisition by Lender, any Funds heid by Lender at thc time of application as a credit agains: the sums secured by tnia Socu~ity Instrument. 3. Application ot Payntents. Unless applicable law provides atherwise, all p~yments received by Lender under paragraphs I and 2 shall be applitd: ~tst, to late chaeges due under the Nole; second, to prepayment charge,s due under thc Note; third, to amounts payable under paragraph 2; fourth, to intzres~ due; and I~st, to principel due. 4. Chsrges; Liens. Borrower shal) pay all taxes, assessments, chargcs, fines and impositions attributable to the Pr~perty which may attain priority over this Security lnstrument. and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner providtd in paragraph 2, or if not paid in that manner. Borrowcr shall pay them on time directi~+ to thc person owed payment. Borrflwer shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. It Borrower makes these payments direct{y, Borrower shall promFtly furnish to l,endcr receipts evidencing the payments. Barrower shall promptly discharge any lien which has priority over this Security instrument unless Borrower: (a) agrces in writing to the payment of the obligation socured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, ar defends againsc enforcemtnt of the lien in, Icgai pra:eedings which in the Lender's opinion operatc to ~revcnt the enforcement of ihe lien or forfeiture of any part of thc Property; or (c) secures from the holder of the lien an agrament satisfactory to Lender subordinaiing the lien to this Security Instrument. !f Lender det;.rmincs that any part of the Property is subjcet to a lien which may attain priority ovet this Szcurity Instrumcnt, Lender may give Borrower a notice identifying the lien. Borrower shalf satisfy the lien or take one oe more of' the actions set forth above within 10 days of the giving of notice. S. Hsurd Insurance, Borrower shall keep the improvtments now existing or here~fter erected on the Property in- sured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insuranco. This insurance shall be maintained in the amounts 2nd for the periods that Len~er requ~res. The in- surance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shafl nut be un- ~ rcasonably witheld. ; All insurance policies and renewals shall be acceptable to Lender and shall include a stand~rd mortgage clause. ` Lender shall have 1he right tu hold the policies and tenewals. If Lendcr rcquires, Borrowcr sh:,ll promptly give to Lender ~ all rcceipts of paid premiums and renewal notices.'In the event of loss, Borrower shall give prompt notice to the insurancc carrier and Lender. Lendcr may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agra in writing, insurance proceeds shall be dpplied to restoration or ~ repair of the Property damaged, if the restoration or repair is economically fe~sible and Lender's sccurity is noi Icssened. I!' the restoration or repair is not economisally feasible or Lendar's sec~rity would be lessened, the insurance proceeds shall be applied to the sums secured by this Sccurity Instrument, whsther or not thcn due, with any exccss paid to Borrower. If Borrower abandons the Property, or does noi answer within 30 days a notice irom Lender that the insurance carrier has offered to setut a claim, the [,ender may collect the insurance procceds. Lender may use the praceeds to repair ur restore the Property or to pay sums secured by this Socurity Instrument, whether or not then due. The 30-day period will hegin when the notice is given. Unless Lender and Borrower otherwise agree in writing, anv application of proceeds to principal shall not extend ~ or postpone the due date of thc monthly paymcnts referrtd to in paragraphs 1 and 2 or change the amount of the pay- ments. It Under paragraph 19 the Property is acquired by l.ender, Borrower's right to any insurance pulicies and procads resulting from damage ta the Property prior to tht acquisition shall pass to Lender to the extent of the sums ucured by this Security lnstrument immediately prior to the acquisition. 6. Preser+~~tiou and Maiat~nance of PropertY; I,ease~lds. BorrQwer shall not destroy, damage or substantiafiy ~ change the Property, allow the Property to deteriorate or eommit waste. If this Security Instrument is on a leasehold, ~ ~ Borrower shail comply with the provisians of the Ieau, and if Borrower acquires fet title to the Property, the leasehold ~ and fee title shall not merge unless Lender agrcrs to the merger in wiiting. ~ 7. Prt,tectioa of Lenaier's Ri~bts ia tbe Property; Mort~Se Iasuraace. lf Borrower fails to perfo~m the covtnants ' and agrecments contained in this security [nstrumtnt, or there is a 1-gal procecding that may signiiicantly affect Lender's rights in the Property (such as a ptoceeding in bankruptcy, probate, for condemnation ur to enforce laws or regulations), then Lendcr may do and pay fcr whatever is necessary to protect Ihe value of the Property and Lender's rights in thc Property. Lender's actions may include paying any sums secured by a lien which has priority ovsr this Sccuriiy instru- ~ ment, appcaring in court, paying reasonable attorneys' fas and entering on the Propcrty to make repairs. Although l.en- der may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrowcr sccured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amo:~nts shall bear inttrest from the datt of disbursement at•tt~ Nbte rate anti shall be payable, with intcrest, upon notice from Lendcr te Borrower requesting payment. ' . gaoK ~09 P,~E 9 . 58 r ~ r Ps~e 2 of 4 - 1 . } . i.. , . _ ~ . _ . - ~ . - - : - _ a~ ~.«c _ ~ u,; - _ ~ _ - - - - - }