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Home My WebLink About0968 UNIFORM COVEN!?NTS. 8orrower and Lender covenant and agra u i'ollows: 1. P~ya~eat ot Priacip~l asd I~ta~esh Prep~yn~eat wd Late t~. Borrowrr shall promptly pay when duc the principal ofand interat on t~e debt evidencxd by the Nate and any prepayment and late chargcs d~e under the Note. ~ 2. Fti~ for Taaces aad I~. ' Subjoct to applicsbk law or to a written waiver by Ltnder, Borrowe~ shall pay to Lender on thc day monthly paymrnts ue due under the Nott. until the Note ia paid in full~ a sum ("Funds") squal to ; one•twelflh of: (a) yarly tua and assasments which may attain priority over ihis Security Instrument; (b) yesrly ~ leasehold paymrnts or ground ra?ts oa the Property. if any; (c) yearly haTSrd insurance premiums; and {d) yearly E mortg,sge insurance prcmiums, if any. These items are called "escrow items." Lender msy estimate the Funds due on the ~ basis of current data und reasonable estimates of future escrow items. f The Funds shall be held in an institution the deposiu or ~ccounts of which are insur..d or guaranteod by a federai or . state ageney (including L.endar if L.ec?der is such an institution). Lender shall apply the Funds to pay the escrow it~ms. ? I.ender may not charge tor hoiding and applying the Funds, analyzing the axount or verifying the acrow items, unless I,ender pays Borcower intercst on the Funds and applicable law permits Lendor to make such a charge. Borrower and ~ Lender may agrce in writing thai inserest shal! be paid on tht Funds. Unless an agrcement is made or applicable law ; requires interest to be paid, L:ender shall not be roquired to ps.y Borrower any interest or earnings on the Funds. Lendcr ~ shall give to 8orrower. wit~iout charge, an annual accounting of the Fur.ds showing credits and dcbits to the Funds and the ~ purpose for which each debit to the Funds was madt. The Funds are pledged as additional security for the sums secured by ~ this Security Instrument. If the amount of thc Funds held by Lendu, together with the futurc manthly payments of Funds payable prior to ~ thr due dates of ihe escrow items. shall eacetd the amount required to pay the escrow items when due, the excess shall be, ~ at Borrower's option. eith~r promptly rcpaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount nf the Funds held by Lender is not suRScient to pay the escrow items when due, Borcower shall pay to I.ender any ~ i amount necessary to make up the deficiency in ono or more payments as roquirod by I.ender. Upon payment in full of all sums socurod by this Security Instrument, Lender shall promptly refund to Borrower ~ any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Ltnder. Ltnder shall apply, no later than immediately prior to the sale of the Property or its acquisition by L.ender. any Funds held by Lender at the time of ~ application as a credit against the sums securcd by this Security Instrum~nt. ~ 3. AppGration of Payme~ta. Unless applicable law provides oiherwise, al! payments received by Lendsr under ~ paragraphs i and 2 shall be applied: first, to late charga due under the Note; second, to prepayment charga due under the ~ Note; third. to amoants payable under paragraph 2; fourth, to interat due; and Iast, to principal dut. ~ 4. Charges; L.iens. Dorrower shall pay all taxes, assessments, charges, fines and impositions attributable to the ± Property which may attain priority over this Sec:urity Instrument, and teasehold payments or ground rents, if any. ~ i Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall ~ ~ pay th~m on time directly to the person owed payment. Borrower shall promptly furnish to L.ender all notices of amounts ~ to be paid under this paragra~h. If Borrower maka these payments direcdy, Borrower shali promptly furnish to i.,ender # I receipts eridencing the paymtnts. ~ ' ' Borrower shal! promptly discharge any lien which has priority over this Security Instrument unias Borcower. (a) j agrees in writing to the payment of the obligation secured by the lien in a manntr acceptable to Lender; (b) contests in good faith the lien by, or deftnds against entorcemcnt of the lien in, legal procealings which in the Lender's opinion operate to prevent the enfor~ernent of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an , i agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of ' j the Propeny is subject to a lien which may attain priority over this Security lnstrument, I.ender may give Borrower a I 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. Haurd Insurance. Borrower sha!! keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requira insurance. This insurance shall be maintained in the amounts and for the periods that I.ender requires. The insurance carrier providing the insurance shali be chosen by Borrower subjeet to Lender's approva! which shall not be ; unreasonably withheld. ~ All insurance polieies and rentwals shall be acceptable to L,ender and shai! include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly giv~ to Lender : all receipts of paid premiums and renewal notices. ~in the event of loss, Borrower shall give prompt notice to the insurance carrier and I.ender. I.ender may make proof of loss if not made promptly by Bc~rrower. Unless I.ender and Borrower otherwix agree in writing, insurance proceeds shall be applied to restoration or repair 4 of the Propeny damaged. if the restoratian or repair is economically feasible and Lxnder's security is not le$sened. If the ; restoration or repair is not economically feasible or I.ender'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. tf ~ ~ Borrower abandons the Property, or does not answer within 30 days a notice from L.ender that the insurance carrier has ~ ~ offered to settte a claim, then I.ender may coilect the insurance procceds. Lender may use the proceeds to repair or restore ~ ! the Property or to pay sums secured by this Security Instrumtnt, whether or not then due. The 3~-day period will begin ~ ' when the notice is given. t Unless Lender and Borrower otherwise 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 I and 2 or change the amount of the payments. If under paragraPh 19 the Property is acquired by Lender, Borrower's right to any insurance policies an~ pnxeeds resulting from damage to the Property prior to the acquisition shalt pass to I.endfr to the extent oF the sums secured by this Szcurity Instrument immediatety prior to the acguisition. 6. Presenation and Maintenance ot Property; L.easetwlds. Bonower shall not destroy, damage or substantially change the Property, allaw the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Ebrrowe.r shall comply with the provisions of the lease. and if Borrower acquires fce titie to the Property, the leaschold and fee title shall not merge unless Lender agr~es to the merger in writing. ~ 7. Prottction of I.ender': Rtgtib iu the Property; Martgage Insurance. 1f Borrower fails to perform the covenants and agreemtnts containod in this Security Instrum~nt, or there is a legal proceeding that may significantly afTect Lender's rights in the Property (such as a procoeding in bankruptcy, probate, for condemnation or to enforce [aws or regulations), th~n Lender may do and pay for whatever is nxessary to protect t6e value otthe Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien w~ich has priority over this Security Instrum=nt, appcaring in court, paying reasonable attorntys' fas and entering on the Propeny to make repairs. Although Lender may tak~ action under this paragraph 7, Lender does not havc to do so. Any amounts disbursed by Lender under this paragraph 7 shal! become additional debt of Borrower securat by this Security Instrument. Unless Borrower and I.ender agree to other terms of payment, these amounts shali bear interest from the date of disbursement at the Note rate and shall be payable, with interat, upon notice from Lender to Borrower requating payment. . BOOK PA~E 967 ~ ~ ~ ~ - ~ _,s~ ~ ~ „R~_ . _ ~ - . -~s~,. ~ ~ - , . i _i