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Home My WebLink About0998 t;!~Ite>RSt Cc~~'t~:!:~ti~s Borrower and Lcnder covenant and ~grre a, fullc~w 1. Payment of Principal and Intecest; Prepayment and [.ate Charges. Borrower tiheli ~rumptl~ pa~~ whrn dur the pr~ncipai uf and interzst on ihe debt evidenceci by the Note and any prepayment and late rharge~ due wicier the tiute. 2. Funds for Taxes ~tnd lnsurance. Subje~:t to appli~able law or to a wrtitten waivrr by~ 1_rnder, Horrower ~hal! pci~ io Lender on the day monthly paymeRts are clue under the Note, unti! the Note is paid i? fuil, a sum t"(=~nds") equal t~; one-[welRh of: (a) yearly taxes and assess~nents which may attain priority over this ~ecurity Instrument; (b) ~•early~ leasehold payments or ground rents on the Property, if any; (c) yearly harard insurance premiums; and (d) ~rarl~ mortgage insurance premiums, if any. These items are cailed "escrow items." Lender may estin~ate the i~unds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a feder~~l ur state agency (including Lender if Lender is such an institutian). Lender shall apply the Funds to ~ay the escrow items. I.ender may not charge for holding and applying the Funds, analy2ing the account o~ ~erifying tht escrow items, unles, Lerder pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borroa~er and Lender may agree in writing that interest shall be paid on the Funds. Unless an agrerment is madc or applicable lew requires interest to be paid, Lender shafl not be required to pay Borrow~er any interest or earnings on the Funds. Lender shall give to BorroKer, without chasge, an annual accounting of the Furtds showing credits and debits to thz Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additiona! security for the sums secured u~ this Se:.urity Instrumen~. If ihe amo~~nt of the Funds held by Lender, together with the tuture monthly payments of Funds pa}~able prier to the due dates of the escrow items, shall exceed the amount required to Fay the escrow items when due, the excess shall be, at B~rrower's option, either prompt:y repaid to Borrower or credited to Borrower on monthl}~ payments of Funds. [f the amount of the Funds held by Lender is not sufi'icient to pay the escrow items when due, Forrower shall pa}• !o Lender any~ amount necessary to make up the deficiency in ~ne or more payments as required by Lender. Upon payment in full of afl sums secured by this Security Instrument, Lender shall promptly refund to Borrc~~~er any Funds held by Lender. If under paragraph 19 the Property is sold or acquired b}~ Lender, Lender shall apply, no later than immediateiy prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of apRlication as a credit against the sums secured by this Security Instrument. 3. Applieation of Paymen~.5. Unlcxs applicable law provides otherwise, all payments received by LeRder under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepa}~ment charges due under the No*.e; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Chsrges; Liens. Borrower sha11 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 shali pay these obligations in the manner provided in paragraph 2, or if not paid in tnat manner, Borrower ;hal1 pay them on time directly to the person owed payment. Borrower shal! promptly furnish to Lender all notices o~amounts to be paid under this paragraph. If Borrower makes these payments directly, 9orrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shali promptly discharge any lien which has priority over this Security Instrument unless Barrow~er: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lencler, (b) c~ntests in g.~od faith the lien by, or defends against enforcement of the lien in, legal proceedi~gs which in the Lender's o~inion operate to prevent the enfor~ement of the lien ~r forfeiture of any part of the Property; or (c) secures froni the h~lder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrumeni. If Lender determines that any part of the Property is subject to a lien which may attair_ priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Bonower shall satisfy the lien or take one or more of the actions set forth above w~ithin 10 days of'the giving of notice. 5. Har.ard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against toss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender req;~ires. The insurance carrier provideng the insurance shall be chosen by Borrower subject to Lender's approval which shali not be unreasonably withheld. ' All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. ~ Lender shall have the right to hold the policies and renewals. If Lender requires, Sorrower shall promptl~~ give to Lender ; all rece:pts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ~ carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lende: and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ~ of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ~ applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ofi'ered to seitle a clairn, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin ~vhen the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principa! 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 ~ undes paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the ac~uisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. b. Preservation and Maintenance of Property; Leaseholds. Borrower sha~l not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, ,4~ Borrower shal) comply wiih ihe provisions of ihe lease, and if Borrowe: acquires fee title to the Property, the ieasehold and fee title shall not merge unless Lender agrees to the merger in writing. ~ Protection of Ler.der's Rights in tfe Property; Mortgage Insurance. If Borrower fails to perform the ~ covenants and agreements contained in this Security Instrument, or there is a lega~ proceeding that may significantly affeci Lender's righis in the P~operty (such as a proceeding in bankruptcy, probate, for condemnation or to enforce law•s or ~ re ulations), then Lender ma du and a for whatever is necessa to roteci the yalue of the Pro rt and Lende~'s ri hts ~ 8 Y P' Y rY P Pe Y 8 ~ in the Property. Lender'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 parageaph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become ad~iitional debt of Borrower secured by this ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shaU bear interest from ~ the date of disbursement at the Note rate and shall be payab!e, Evith interest, upon notice from Lender to Borrower requesting payment. ~ ~ooK 51p ~~~E ~ _ ~8 ~ ~ . _ - s - f - ~ ~ ~ =h. s ~ ~ . - ~