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Home My WebLink About0995 UNIFORM COY~N~,h1rs. Sorrower and Lcnder c~venant and agrsess follaws: 1. Paymeat ot Priacipal and laterest; Prepaymeat tnd Lte Charges, Barrow~r shall promptly pay when due the pnncipn! of and interest on the debt evidcnccd by the Nete and any prcpayment and late rhargzs due uad~~r the Note. 2. Fuada tor Taxa and Insunnce. Subject te appticable law or to a written waivtr bv ~ ender, Borrower shali pay ; to ~ ender on the day monthly paymcnts are due under tht Note, a~til the Note is paid i~ full, a sum ("Funds") equa! to ~ ane-twelRh of: (a) y~arly taxes and assessments which may attain prio~ity ovtr this Security Instrument; (b) yearly , leasehold payments or ground renta on the Property, if any; (c) y..arfy hazard insurance premiums; and (d) yearly ~ mortgage insurance premiums, if any. These items are calltd "~scrow items." Lender may estimate the Funds due on the ~ basis of current d~ta and reasonablc estimstes o!'future escrow itrms. Th~ Fundc shall be held in an institution the deposits or accounts c?f which are insur,.~ or gu~ranteed by a federal or ; state agrney (including I.ender if Lender is such an institution). i,~nder shall appty the Funds to pay the escrow items. ' Ixnder may not charge for hoiding and applying the Funds, analyzing the account or verifying the escrow items, unless s I.ender pays Borrower interest on the Funds and appticable law permits Ixnder to make such a chsrge. Borrower and ; Lendcr may agrce in writing that interest shall be paid on the Funds. Unless an agreement is mac~e or applicable law ~ requires interest t~ be paid, Lender shall not be requircd to pay Borrower any ~nttrest or earnings on the Funds. Lxnder ~ shall give io Borrower, witheut charge, an annual accounting of the Fur.ds showing crcdits and debits to the Fur.ds and the ~ purpose for which each de'bic to the Funds was made. The Funds are piedgecl as additiona! security for the sums securcd by ~ this Security Instrument. lf the amount of the Funds held by L,ender, together with the future monthly payme~ts of Funds payable prior to ? the due dates of the escrow items, shail exceed the amount required to pay the escrow items when due, the excess shall be, ~ at 8orrower's option, either prompily repaid to Borrower or cr~dited to Borrower on monthly payments of Funds. If the amount of the Fur.ds held by Lende~• is not su~ficient to pay the escrow items when due. Borcower shall pay to Lender any ~ amount necessary to make up ihe dsficiency in one ~r more payments as required by L,ender. ~ Upon payment in tall of all sums secured by this Security Instrurnent, Lender shall promprly refund to Borrower , any Funds h~ld by ! ender. tf under paragraph 19 the ~'roperty is sotd or acquired by l,ender, Lender shal! apply, no later i than immecliately prior to the safe of the Property or its acquisition by Ler.der, any Funds held by Ler.der at the time of ~ applicaiior. as a credit against the sur~~s secured by this Security Instrument. ~ ~ 3. Applieation of Payments. Untess applicable law provides otherwise, all payments received by Lender under 'paragraphs 1 and 2 shall be appleed: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, ta amaunts payable under paragraph 2; fourth, to interest due; and tast, to principa~ due. ~ 4, Charges; Lizns. Borrower shall pay all taxes, assessmenis, charges, fines and impositions attributable to the ~ Property which may attain priority over this Security Instrument, and leasehold paym~nts or ground rents, if any. Borrower shall Fay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall ; pay them on time direct{y to the person owed payment. Borrower shall prompily furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrower makes these payments directly, Borrower shalt promptly Furnish to Lende: 3 receipts evidencing the payments. . j Borrower sha!) promptly discharge any lien which has priority over this Security Instrument unless Borrower. (a) ~ agrees in writing to the payment of the obligatic~n secured by the lien in a manner a~ceptable to Lender; (b) cantests in good ~ faith the licn by, or defends against enforcement of the lien in, legai proceedings w•hich in the Lender's opinion operate to ~ prevent the enforcerrient of the lien ar forfeiture of any part of the Property; or (c) secures from the holder of the lien an ; agreement satisfactory to Lender subordinatzng the tien to this Security InstrumP~t. If Lender determines that any pan of ~ the Property is subject to a lien which may aitain prioriiy over this Security Instrument, L.ender may give Borrower a ' notice identifying the Ise~. Borrower shall saiisfy the lien or take one or more of the actions set forth above within 10 days ~ of the giving of notice. ; 5. Nazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property ~ insured against loss by fire, haz.xrds included within the term "extendeci coverage" and 3ny other hazards for which Lender ; requires insurance. This insurarc? shall be ma~ntained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall oe chosen by~ Bo~rcwer subject to Lender's approval which shali not be ~nreasonably withheld. All insurance policies and renew~als shall be ac=eptable to Lender and shail include a standard mortgage clause. Lender shall havP the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender ati receipts of }~aid premiums and renewal notices. ~n the event ~f loss, Borrower shal! give prompt noiice ro the insurance carrier and Lender. Lender rr.ay make proof ot loss if not made promptly by Borrower. Unl~ss Lender ar~d Borrower otherwise agcee in writing, i~surance proceeds shail be applied to restoration or repair of the Propert~~ damaged, if ihe restoration or repair is economically feasible and ~.ender's security is not lessened. If the restoration or repair is not economically feas:bie or Lender's security woutd be [essened, the insurance proceeds shall be apptied to the sums secured by this Security Instrumen!, whether or not then due, with any excess paid io Borrow~er. If Borrower abandons the Property, or dces not answer within 3~ days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. I.ender may use the proceeds to repair or restore the Property or to pay sums sectired by this Security Instrument, whe[her or not then due. The y0-day period will begin when the notice is given. Unless Lender and Borrower otherwis~ agree in writing, any application of proceeds to princiPal shall not extend 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 aequired by Ixnder, Borrower's right to any insusance policies and proceeds resulting from d~mage to the Property prior to the acquisition shall pass to Ler~der to the extent of the sums secured by this Security Instrument iinmediately prior to the acquisition. 6, Preservatic?n and Mainfenance of Property; I.Fasehotds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or comrnit waste. If this Security Instrument is on a leasehold, Borrower shal! comply with the provisions of the lease, and if F3orrower acquires fee title to the Property, the leasehald and fee title shall not merge unless L,ender agrees to the merger in writing. 7. Protection of i,ender's Rights in !he Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proreeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or reguiations), then Lender may do and pay for whatever is necessary to protect the valne of the Property and Lender's rights in the Property. L,ender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragr~ph 7, Lender does not have to do so. ~ Any amounts disburxd by Lender und~r this paragraph 7 shstl tx?.ome additional debt of Borrowcr secured by this Security Instrument. Unless Borrower and Lender agree to other tern~s of payme~t, these amounts shall bear interes'~ fFam the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting gayment. eoo~ ~~9 e~E 993 ~ ~ _ - _ ~ . t ~ ~ _ _ . ~ ~ _ _ ~ ~