HomeMy WebLinkAbout0918 UhIFORM COYENAti TS Borrower and L_encler ca~~enant and agree folluHS: ~
1. Payme~t ot Principal and Interest; Prepayment ~nd l.ate Charges. Borrc~w~rr ~hall promptly pay W hrn dur
the principal of and interest an the drbt evidenced by the Note and any pre~ayment and late ~hargrti dur undrr the tiotr.
2. Funds to~ Taxes aad lnsurance. Subject to app!icable (aw ~or to a w nttrn wai~ rr by Lendrr, i3orrow~rr ~hall pay
to Ltnder on tht day montnly payments are due undtr the Note, until the Note is paid in f~ll, a sum ("Funds") eyual to
an~-twelfth of: (a) yearly taxes and as.sessments which may attain priority over this Security lnstrument; (b) yearly
leasefiold payments or ground rents on the Property~, if any; (c) yearly t~azard insurance premiums; and (d) ~early
mortgage insurance prtmiums, if any. These items are called "escrow items." Lender may eslimate the Funds due on the
basis of
current data and reasonable estimata of future escrow items.
The Funds shail be held in an institution the deposits or accounts of :~•h;ch are insur..i or guaranteed by a federal or
state agency (including Lender if I.ender is such an institution). Lender shall apply the Funds to r~y the ~u:rov?• items.
L.ender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow ~tems, unless
Lender pays Borrower interest on the Funds and applicable iaw permits I.ender to make such a charge. B.~rrow~~r snd
L.ender may agret in writing that interest shall bt paid on the Funds. linless an agreement is made or applicable law•
' requires interest to be paid, Lender shall not be required to pay Borrow~er any interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Fur.ds showing credits and debits to the Funds and the
purpose for whi~h each debit to tht Funds w•as made. l'he Funds are pledged as additic~nal security far the sums secured bv
this St~:unty Instruraent.
If the amount of the Funds helc~ by Lender, together with the iuture monthly payments of Funds payable prior to
the due dates of the escrow iter~s, shall exceed the amount required to pay the escrow items when due, the exress shall be,
at Sorrower's ~ption, either promptly repaid to Borcower ~r creciited to Borrower on monthly paymen;s of Funds. If the
amo~nt of the Funds held by Lender is not suf~icient to pay the escrow items when due, Borrower shall pay to Lender any
amount necessary to make up :he deficiency in one or :nore payments as required by Lender.
Upon paymen; in full of all sums securrd by this Security Instrument, Lender shalt promptly refund to Borrow~er
any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later
than immediately prior to the sale of the Propeny or its acquisition by Lender, any Funds held by Lender at the time of
appliration as a credit against the sums secured by thic Security Instrument.
3. Application of Payments. Unless applicable law provides otherw•ise, all payments reti:eived by Lender under
paragraphs 1 and 2 shall be applied: first, to late charges due under the No!e; second, to prepayment charges due under the
Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last. t~ principal due.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
Properiy which may attain priority over this Security Instrument. and leasehold payments or ground rents, if any.
Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrov?er shal)
pay them on time directly to the person ~w•ed payment_ Borrower shall pr~mptly furnish to Lender all notices of amounts
to be paid under this paragraph. If Borrow~er makes these pa~•ments directly. Borrow~er shaU promptly furnish to Ler.der
receipts evidencing the payments.
Borrower shall promptly discharge any~ lien w•hich has priorit~• over this Security Instrument unless Borrow•er: (a)
agrees in writing to the payment of the obligation sec:ured by the lien in a manner acceptable to Lender; (b) contests in good ~
faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion 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
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
the Property is subject to a lien which may attain priority over this Security Instrument, Lender ma}~ give Borrow~er a
notice identifying the lien. ~orrower shall satisfy the lien or take one or more of the actions set Corth above within 10 days
of the giving ~f noiice.
S. Ha~rd Insurance. Borro~~er shall keep .he impm~~ements now~ existing or hereaRer erected on the Property
insured against loss by fire, hazards i~~cluded within the term "eatended coverage" and any other hazards for v?~hich Lender
r~guires insurance. This insurance shall be maintained i~ the amaunts and for the periods that Lender re~uires. The
insurance carrier providing the insurance sha:l be chosen by &~~row~er su5ject to Lender'~ approval which s}~all not be
unreasonably withheld.
Al) insurance policies and renew•als shall be acceptable to Lender and shall inciude a standard mortgage clause.
Lender shail have the right to hold the policies and renew~als. If Lender requires, Borrower shall promptly gi~•e to Lender
all receipts of paid premiums and renewal notices. In the event of loss, Borrow~er shall give prompt ne;ice to :he i~surance
carrier ~:.d Lender. L.ender may make proof of los~ if not made promptly b~- Borr~w•er.
Unless Lender and Borrower otherwice agree in writing, insurance proceeds shall be applied to restoration or repair
~ of the Property damaged, if the restoration or repair is economically fea~ible 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 sun~s secured by this Secunty Instrument, w•hether or not then due, with any excess paid to Borrower. If
Borrower abandons the Property, or does not answer w•ithin 30 da~s a notice from Lender that the insurance carrier has
offered ta settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
the Property or to pay sums secured b}• this Security Instrument, whether or not then due. The 30-day period will begin
when the notice is given.
Unless [,ender and Borrower otherwi4e agree in writing, any application of proceeds to principa) shalt not extend or
postpone the due date of the monihly payments referred to in paragraphs 1 and 2 or change the amount of the pay'ments. If
under paragraph 19 the Property is acquired by L.ender, Borrower's right to any insurance policies and proceeds rrsulting
r from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition.
6. Preservation and Maentenance of Property; Leaseholds. Borrow~er shall not destroy, damage or substantiall}~
change the Property. allow the Property to deteriorate or commit w~aste. If this Sc;curity Instrument is on a leasehold,
Borrower shall comply with the provisions otthe tease, and if Borrower ac~uires fee title to the Property, the leasehold and
~ fee title shail not merge u:~less [xnder agrees to the merger in writing.
7. Protection of I.ender's Rights in the Property; ~iortgage Insur~ace. If Borrow~er fails to perform the
cavenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect
Lender's righta in the Prope~ty fsuch as a proceeding in bankruptcy, prabate, for condemnation or to enforce laws or
regulations), then Lender may do and pay for whatever is necessary to protect the value of ti?e Property and Lender's riphts
in the Property. I.ender's actions may include paying any sums secured by a lien w~hich nas priority over this Security
~ Instrurr.ent, appearing in couri, paying reasonable attorneys' fees and e~te:ing on the Propert}° to make repairs. Although
I.ender may take action under this paragraph 7. Lender does nnt i~ave to do sc.
Any amour.ts ddsbursed by L.ender under this paragraph 7 shall become ad~itional debt of Borrower sec~~red by this
Security Instrument. Unless Borrower and Lender agree to other terms of ~a~~ment, these amounts shall bear interest from
the date of disbursement at the Note rate and shall be payable, ~vith ir~terest, upon notice from Lender to Borrower
requesting payment.
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