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HomeMy WebLinkAbout0977 UNfFORM CovEN~Nj'S. Borrower and Lender covenant and agree as fultows: 1. Pny~ept at Principal nad Iuterest; Prepaymtnt and Lte Chsrget, Borrowe: shall promptly pay when due the pri:~cipal of and intereat on the debt evidenced by the Note and any prepayment and late chargrs due under the Note. 2. Funds for Ttxa aad I~uraaee. Subjeci to appiica~ble law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are dut under the Nctt, until the Note is paid in full, a sum ("Funds") equal to . one-tweli4h of: (s) ycarly ta~ces and a.ssessments whic6 may attain priarity over this Security Instrum~nt; (b) yearly leasehold payments or gtound 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." L.endtr may astimatc the Funds due on the ~ basis ot'current data and reasoiabk tstim~tes of futun escrow itemt. ~ The Funds shall bs held in an insiituuon the depasits or a~ccounts oi' which are insured or guarantted by a;ederal or ~ state agency (incluciing Lender if Ltnder is such an institution). I,ender shall apply the Funds to psy the escrow items. ~ Lender may not charge for holding and spplying the Funds, analyzing the account or verifying the escrow items, unless L.ender pays Horrower intertst on the Funds and applicable iaw permits Lender to make such a charge. Borrower and ~ Lender may agree in writing thst interest shal) be paid on the Funds. Unl~s an agrcement i~ made or applicabie law requites inttrest to be paid, I.cnder shali not be r~quirod to Fay Borrower any interest or earnings on tht Funds. I,ander shall give to Bonower, without charge. an annual accounting of the Funds showing credits and debits to th~ Funds and the pur~ for which each debit to the Funds was mado. The Funds are pledged as additional security for the sums secured by this Security Instrumant. ~ If the amount of the Fuads held by L~.mder. together with the future monthly payments of Funds payable pcior to ~ the due dates of the escrow items, shall exceod the amaunt roquirad to pay the escrow items when due. the excess shsll be, at Borrower's option, either promptly repaid to Bonower or credited to Bonower on monthiy payments ot Funds. If the amoune of the Funds held by Letider is not suffici~nt to ~y the escrow items when due, Borrower shall pay to Lender any amount nocessary to make up the deficiency in one or more payments as roquirod by Lendrr. Upon payment in full of all sums securcd by this Security Instrument. L.ender shall promptly refund So Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquir~d by Lender, Lende~ shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at thc time of application as a crodit against the sums socured by this Security Instrument. 3. Applld~tioa of PaymEnb. Unless appticable law provides otherwise, sl! payment~ receivcd by Lender under paragraphs I and 2 shal! be applied: first, to late charges due under the Note; sccond, to prepaymtnt charges duc under the Note; third, ~o amounts payable undcr paragraph 2; fourth, to interest dua; and Iast, to principal due. 4. Gbarges; Lieas. Borrower shall pay a11 taaes. as.sessments, charges, finex and impc>sitions attributa~le to the Property which may attain priority over this Security Instrument, and Ieasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner providcd in paragraph 2, or if not paid in that mar.ner, Borrower sha!! pay them on time directly to the person owe~d payment. Bonower shall prompily furnish to Lender all notices of amounts to be paid under this paragraph. If Bonower makes thtse paymrnts direcily. Bonower shall pronnptly furnish ta Lender roceipts evidencing the payments. Borrower shall promptly discharg~ any lieu which has priority over this Security Instrument unl~s Bonower: (a) agrces in writ~ng to the pay~cneRt cf the obligation securod by the lien in a manncr acceptable to Lender, (b) contests in good faith the lien by, or defends against enforcement of the lien in~ legal proccedi,~gs which in the Lender's opinian operate to prevent the enforc~ment of the lien or forfeiture of any part of the Property; or (c) srcures from the holdtr of the lien an agreemcnt satisfactory to Lender subordinating the lien to this Security Instniment. If L.ender determines that any part of th~ Praperty is subjoct to a lien which may attain priority over this Security Instrumer~t. Ltnder may give Bonower a notice identifying the Gen. Borm~ver shall satisfy the lirn or take one or :non of the actions set forth above within 10 days of the ~ving of notice. ~ S. Husrd Insurmce. Bonower shall keep the improvtments now existing or hereaRer erectod on the Propert~ insurod against loss ~Sy fire, hazards includtd within the term "eatended coverage" and any other hazards for which Lender roquires insurance. 'I'his insurance shall be maintained in the amounts and for the periods thst Lender raquiras. The insurance carrier praviding the insuranet shall be chosen by Bor*ower subject to Lender's approval which shal! not be ; unreasonabty vrithhtld. F All insurance policies and renewals shall be acr,eptable to Lender and shall include a standard mortgage clause. Lendor shsll have the right to hold tha policies and renewals. If Lender requires, Borrower shall promptly give to Lenaer all receipts of paid premiums and rtnewal notices. In the avent of l4ss, Borrower shall giv~ prompt notice to the insurance carrier and Lender. Lrnder may make proof of loss if not made promptty by Borrower. i Unless ~.ender ~tnd Borrower atherwix agree in writinR, insurance procoeds shall be appliod to restoration ar repair i of the Property danagod, if the restoration or repair is ccflnomically feasible and I.ender's security is not lessened. If the ~ restoration or repair is not ~conomically feasible or Lender's security would be lessened, the insurance procteds shall be j appli~d to the sums secured by this S~curity Instrument, whether or not then due, with any eacess paid to Borrower. If Borrower abandous the Pr~pertg, or does not answer within 30 days a notice from Lcndcr that the insurance carrier has ' affered to settle a claim, then Lender may collect the ins~rrance procoais. Lender may use the proceeds to repair or restore the Property or to pay sums secwod by this Security Instrument, whether or not thcn due. The 3aday period will begin when the notice is givrn. Unless Lender and Bonower otherwis~e ggra in writ~ng, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If ~ under paragraph 19 tht Property is acquired by Lender. Borrower's right to any insurance policies and procxds resulting ~ from damage to th~ Property prior to the acquisition shall pass to Lender to the extrnt of the sums secured by this Sccurity Iastrumrnt imm~diately prior to the acquisition. 6. Ptesena~tion and M~nteoance of Propertp; I,easeholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriarate or commit waste. If this Socurity Instrument is on a ieasehold, Borrower ~hall comply w+ith the provisions of the Isase, and if Bonowtr acquires fee title to the Property, the leasehold ar~d fee title shall not merge unless Ltnder agras io the mtrger in writing. 7. Protectio» ot Lender's Righta tn tl~e Property; MoEtgage Iasunnce. If Bonov~er fails to peform the ; covenants and agrtements contained in this Security Instrument, or there is a IegaZ proc~eding that may significantly affect Ltnder's rights ir, the Property (such as a procteding in bankruptcy, probate, for co~demnation or to enforce Iaws or regulations), then I.endtr may do and pay for wbattver is nec~sssary to protect the vatue of the Property and Lender's rights in the Property. Lender's actierts ma~+ include paying any stims secured by a lien which has priority over this Sccurity Instrument, appearing in cou», paying rsasonable attorneys' fces and rntering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lendtr does not have to do so. Any amoun~s disburud by Lender under this paragraph 7 shall bocome additiona! dcbt oiBorrower secured by th;s Socurity Instrumer~t. Unless Borrower and Lender agra to other tercns of paymrnt, these amount~ shall bear intersst frort~ the date of disbursement at the Nate rate and shall be payable, wi4h interest, upon notice from-L•ender to Bonower • roquestln8 PBYment• ~ . 6UOK ~~9 PAGE y7~ . •`1 _ ~ ~ _ _ . _ _ . _ _ ~ _ _ . ~ - .