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HomeMy WebLinkAbout0952 e c UNIFORM CovEN~tNTS. Borrower and I.cnder covenant and agree as follows: 1. Payment ot Pridcipal and Iaterest; Prepsymeut aad Late Cbuges. Borrower shal! prumptly pay when due tht principal of and interest on the debt evidenced by ihe Note and any prepayment and late charges due under the Note. ` 2. Fbads tor Taxes and Iaaurenee. Subjoct to applicable taw ar to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments arc due under the Note, unEil the Nott is paid in full, a sum ("Funds") equal to one-twelflh of: (a) yearly taxts and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums. if any. These items are caliec! "escrow items." Ixnder may estimate the Funds due on the basis of current data and reasonable estimates of futurt escrow items. The Funds shail be held in an institution the deposits or accounts of which are insured or guaranteed by a federa! or state agency (including ~I.endtr if I.ender is such an institution). L.ender shall apply the Funds to pay the escrow items. I.ender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on the fiunds and applicable law permits I.ender to make such a charge. Bonower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law roquires interest to be paid, L.endtr shall not be requircd to pay Borrower any interest or earnings on the F~nds. Lender sha!! give to Borrowrr. without charge, an annual accounting of th~ Funds showing credits and debits to the Funds and the purposg for which eacj~ debit to the Funds was made. The Fun~s are pledged as additional security for the sums secured by ~ this Security Instrument. If the amount of the Funds held by L.ender~ together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall eacad the amount required to pay ?he escrow items when due, the eacess shall be. at Borrower's option, either promptly repaid to Borrower ot credited to Borrower on monthly payments o~' Funds. If the amount of the Funds held by I.ender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as reyuired by I.ender. Upon payment in full of all sums secured by this Security Instrumtnt, Lender shat! promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by I,ender. Lender shall apply, no later than immediately prior to the sale of the Property or iu acquisition by Lender, any Funds held by Ixnder at the time of application as a credit against the sums secured by this Security Instrument. 3. Applicatioa ot Payments. Unless applicable law provides otherwise. all payments receivcd by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second. to prepayment charges due under ihe Note; third, to amounts payable undtr paragraph 2; fourth, to interest due; and fast, to principal due. 4. C3argas; Liens. Borrower shall 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 shall pay these obligations in the manner provided in paragraph 2, or if nat paid in that manner. Borrower shatl pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts _ to be paid under this paragraph. If Borcower makes these payrr~ents directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a} agrees in writing to the payment of the obligation stcured 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 entorcement of the tien or farfeiture 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 Propertv is subject to a lien which may attain priority over this Security Instrument, I.ender may give Sorrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days - of the giving of notice. 5. Hazard Insurance. Borrower shalt keep the improvements new existing or hereafter erected on the Property insured against loss by 6re, hazards i:~cluded within the term "extended coverage" and any other hazards for which Lender . requires insurance. This insurance shali be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonabiy withheld. All insurance poticies and renewals shaii be accepiable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If L.ender requires, Borrower shail promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shal! give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shali be applied to restoraiion or repair oF the Property damaged, if the restoration or repair is economically feasible and Lertder's security is not lessened. If the restoration or repair is not ecortomically feasible ar 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 I.ender that the insurance carrier has offered tQ settle a claim, then I.ender may colleet 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 wil! begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any applicatipn of proceeds to principal shall not extend or postpons the due date of the monthly payments referted to in paragraphs 1 and 2 or change the amount of the ~ayments. If under paragraph 19 the Propeny is acquired by I.ender, Borrower s right to any insurance polici~ and proceeds resulting from damage to t he Property prior to t he acquisition shall pass to Lender to the eztent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; I,easeholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Bonower shall comply with the provisions of the lease, and if $onower acquires fee title to the Property, the teasehotd and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Bflrrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly a~'ect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condem~ation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Praperty and Lender's rights in the Property. Lender's actions may inctude paying any sums secured by a iien w~hich has priority over this Security Instrument, appearing in court, paying reasonable attomeys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender dces not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at tne Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. , sQOK512 PAGE 951 _ _s ~ - ~ _ _ ~ ~ ~ _ _ ~ ~ y