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Home My WebLink About0958 ~ , UNiFORM CovElvn*~TS. Borrower and Lendcr covenant and agree as follows: l. Payment of Princlpsl and Interest; Prepaymeat and I.ate Cbarges, Borrower shall pramptly pay w•hen due ~ tht priucipal of and interest on the debt evidenced by the Note and any prepeyment and late charges due under the Note. 2. Funds tor Taxes and Iasufaace. Subject to applicable Iaw or to a written waiver by Lender, Borrower shall pay ~ to Lender on the day monthly payments are due ureder the Note, until the Note is paid in full, a sum ("Funds") equal to ~ one-twelRh of: (a) yearly taxes and assessments which may atiaen priority over this Security Instrument; (b) yearly ~ I;aseh~ld payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yrarly # mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the ~ basis of current data and reasonabl~ estimates of future escrow items. j The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or t state agency (including Lender ii L.ender is such an institution). L.ender shall apply the Funds to pay the ~scrow items. + Lender may not charge for holding and applying the Funds, analyzing tt~e account or veriCying the escrow items, unirss ; Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and ~ Lender may agree in v?riting that interest shall be paid on the Funds. Unless an agreement is made or applicable law ; a requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender < shall give to Borrower, without charge. an annua! accounting of the Fur.ds showing credits and debits to the Funds and the ` purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by } this Security Instrument. ' ~ If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount reyuired to pay the escrow items when due, the e~cess shall be, ~ at Bonower's option. either pr~mptly repaid to Borcower or credited to Borrower on monthly payments of Funds. If the ~ amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount nece~sary to make up the deficiency in one or more payments as required by Lender. r Upon payment in Cull of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower > any Funds held by Lender. If under paragraph 19 the Property is sold or acqui~ed by Lender, Lender shall apply, no later ~ than immediately prior to the sale of the Property or its acquis~tion by I,ender, any Funds 6eld by Lender at :he time of - application as a credit agaiast the sums secured by this Security Instrument. ~ 3. Application of Payments. Unless applicable Isw provides otherwise, all payments ~eceived by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the ~ Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Ctwrges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositians 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 pro+ided in paragraph 2, or if not paid in that manner, Borrower shall 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 Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evideqcing the payments. Bortower shall promptly discharge any lien which has priority over this Security Instrament unless Borrower: (a) - agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to L.et~der; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal Qroceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Propeny; or (c) secures from the holder of the lien an 4~ agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines ihat any part of A the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a ; ~ notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above v?•ithin 10 days s'', of the giving of notice. ~ 5. Hazar~ Insurance. Borrower shall keep the improvements now existing or hereaRer erected on the Property ~ insured against loss by fire, hazards induded within the term "eztended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shall be chosen by Bonower subject to Lender's approval which shall nut be unreasonably withheld. Ai! insurance poZicies and renewals chall be acceptable to Lender and shall include a standard mortgage clause. - Lender shall have the right to hold the policies and renewals. If Ixnder requires, Borrower shall promptly give to Lender ; ~ al! receipts of paid premiums and renewa! notices. In the event of toss, Borrower shall give prompt notice to ihe insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borcower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restaration or repair of the Property damaged, if ihe restoratiori or repair is economically feasible and I,ender's security is not lessened. If the k restoration or repair is not economically feasible or Lender's security woutd be lessened, the insurance proceeds shall be f applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. I~ ~ Borrowrer abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ~ ~ offered to 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 by this Security Instrument, whethe~ or not then due. The 30-day period will begin ~ when the notice is given. k Unfess Lender and Borrower otherwise agree in writing, any application of proceeds to principal shal) 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 s under paragraph l9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting k 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 aad Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially~ ~ change the Pr~perty, allow the Property to deteriorate or commit waste. If' this Security Instrument is on a leasehold, ` Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehoid and = fee title sha!1 not merge unless Lender agrees to the merger in writing. ~ 7. Protection of I.ender's Rights in the Property; Mortgage Insurance. If Borro~cer fails t~ periorm the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may sigr.ificantly affect ~ _ L.ender's rights in the Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce law~s or ~ ~ regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights ~ 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 paragraph 7, Lender dces not have to do so. $ Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrow~er secured by~ this ~ Security Instrument. Uniess ~rrower and Lender agree to other terms of payment, these amounts shall bear inrerest from F the date of ~isbursement at the Note rate and shall be payable, with interest. ~~~n notice from I.ender to Borrower : requesting payment. ~ € ~ ~ ~ ~ ~ gooK 512 PACE 957 S r . _ ..R~.-.~.w~z-~.s..~,...~. . . . . . . ...a. ~<<.t _ _ y r ~;..~.,a~, ' _ . . _ _ . _ . ,M_. . . . . _ . . - Y