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Home My WebLink About0976 f UKiPORt?~ CovEN~tvrs. 8orrower and L,endu oovenant and agra as follows: 1. Paymeat of Prisdpal a~d Ltua~ Prtipayaseat sed I.atE C~arQa, Borrower shall_ promptly pay wh~n due the principal of and intenst ~n the debt evidenced by the Note and any prepayment and late charga due ~nder thc Note. ; 2. P"uads far Taxa ud Iaiura~ee. Subject to applicabk law or to a aritten waiver by Lender, 8orrower shall pay # t~ Lender on the day moathly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to i one-twelfth of: (a) yeuly tuea u~d assessments which may attain priority over this Security Instrument; (b) yearly le~ehold payments or ground renta on th~ Property. if ~ny; (c) yearly huzard insurance premiums; and (d) yearly mortgage insurance pt~miums, if any. Thde items are called "escroa? items." Lender may estimate the Funds due on the basis of curnnt duta and reasonable escimates of futun escrow items. Th= Funds sball be held in an institution the deposits or accounts of which are insured or guarantoed by a foderal or state agrncy (including Laida J La?der is such an institution). I,ender shall apply the Funds to pay the escrow items. Lendtr may not charge for holding and aQplying the Funds, analyzing the account ~r verifying the escrow ittms. unlas I.ender pays Borrower interest on the Funds snd appIIcabla law permits Lender to make such a charge. Borrower and I.ender may agra in writing that interest shall be paid oa the Funds. Unless an agrecment ia made or applicable law roquira interest to be paid, Lander sha!! not be required to pay Borcower any interest or e$rnings on the Funds. I.ender shall give to Bbnoaer, without charge, an anaual acxounting of the Funds showiag crodits and debits to tht Funds and the purpose for which each debit to the Funds was mad~. The Fands are plodgtd as additional security for the sums socured by ~ this Socurity Instrument. ~ ~ If the amaunt of the Funds held by Lrnder~ together with the futuro monthly payments of Funds payable prior to ` the due dates of the escrow itetns, shall excood the amount roquirod to pay the escrow items when due, the excess shall be. at Borrower's option. either promptly repaid to Horrower or crodited to Bonower on monthly paymrnts of Funds. If the amount of the Fands hdd by I.ender is not suff'icient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more paymrnts as requircd by Lender. Upon paymtnt in full of all sums securod by this Sc+curity Instrument. Lender shall promptly refund to Borcower any Funds held by Lrnder. If under paragraph 19 the Property is sold or acquired by Lender, Lcnder shall apply. no later than immediately prio* to the ssle of the Property or its acquisition by L,ender, any Funds held by Lereder at the time of application as a credit against the suRSS socurod by this Security Instrumrnt. 3. Appltcatloa ot Paymeats. Unless applicable lsw prorides otherwise, all payments received by Lender under : paragraphs 1 and 2 s6a11 be applied: first, to late charges due under the Note; socond, to prepayment chargGS due under the Nott; third, to amounts payabk under paragraph 2; fourth, to interest due; and last~ to principal due. 4. Gbarge~ I3eas. Borrower shall pay all taxes, assessments. charges. fines and impositions attributable to the Property which may attain priority over this Security Instrumtnt, and leasehold payments or ground rents, if any. = Borrower shall pay these obligations in the manner providod in paragraph 2. or if not paid in that manner, Bonower shall p~y them on time diroctly to the person owod payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makas these payments dir~ctly, Borrower shall pramptly furnish to Lender raxipts evidencing the psyments. Borrower shall promptly dis~charge any lien which has priority over this Security Instrument unless Borrower: (a) agras in writing to the paycaent of the obligation sccurod by the lien in a manner acceptable to Lender; (b) contasts in good faith the lien by, or defrnds against rnforcantnt of the lien in, legal proceedings w~ich in the Lender's opinion operate to ~ prevent the enfor~xment of the licn or forfeitun of any part of the Property; or (c) socures from the holder of the lien an agreement satisfactory to Lender subordinating tho lien to this Security Instrument. If Lender determines that any part of ~ the Property is subject to a lien which may attain ptiority over this Security Instrument, Lender may give 8orrower a ' notice identifying the Utn. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. ~ S. Hazard Iawraece. Borrovra shail kxp the improvements now existing or hereaf'ter erxted on the Property insurod against loss by fire, hazards included within the term "exteaded coverage" and any other hazards for which Lender roquires 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 Borrower subject to Lender's approval which shall not be unreasonably withheld. ' All insurance policies and renewals shalt be aceeptable to Ixnder and shall include a standard mortgage clause. ~ Lender shall have the right io hold the policies ~nd renewals. If I.ender roquires, Borrower shall pramptly give to Lender ~ all receipts of paid premiums and renewal noticss. In ths event of loss, Barrower shall give prompt notice to th~ insurance carrier and Lender. La~der may make proof of loss J not made promptly by Borrower. ~ Unless Lender and Bonower otherwise agree in writing. insurance proce~ds shall be applied to restor~?tion or repair of the Property damaged, if the restoration or repair is economicaliy feasible and Lender's security is not tessened. If the restoration or repair is not economically feasible or Lrnder's security v~ould be lesscnod, 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 doas not answer within 30 days a notice from Lender that the insurance carrier has offrred to settle a claim, thrn I,ender may coUect the insurance proceods. Lendcr raay use the proceeds to repair or restore the Property or xo pay sums aecurod by this Socurity Instrument. whether or not thtn due. The 3d-day period will begin when the nosice is given. - Unless Lender snd Borrower otherwise agree in writing, any application of procoeds to principal shall not eatend or pc~stpone the due dat~ of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the p~ymrnts. If under paragraph 19 the Proptrty is acQuirod by Lenda, Borrower's right to any insurance policies and proceeds rtsulting from damage to the Property prior to the scquisition shall pass to Lender to the extrnt of the sums s~ured by this Security Instrumrnt i~modiately prior to the acquisiaon. 6. prper~atioo and Maiatenance of property; Lase6oids. Borrower shall not destroy. damage or substantially change the Property, allow the Property ~o deteriorate or commit waste. If this Security Instrument is on a leasehold, Borcowa shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fae title shall n~t merge unless Lender agroes to t~e merger in writing. ~ 7. Protecbion of I.eOda's RIg6b in the Property; Mortgsge Inwrance. If Borrower fails to perform the x covenants and agreements contained in thit Socurity Instrument, or there is a legal procooding that may significantly aifcc~ ~ Lender's rights in tht Pmperty (sach as a procoeding in bankruptcy. probate. for condtmnation or to enforce laws or ~ rcgulations), then Lender msy do and pay for whatever is necessatry to protect the valut of the Property and I.cnder's rights in the Property. Lender's actions may inciude paying any sums socured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fas and entering on the Property to make repain. Although Lenda may take action w~da this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragaph 7 shall bocome additional debt of Bonower secured by this Socurity Instrument. Unless Borrower and I.ender agrtt to other terms of payment, these amounts shall bear interest from .he date of disbursement at the Note rate and shall be payabk, with interat, upon noticx from Lender to Borcowa requeating paymrnt. U R 5~2 PAGE 9 i v SOOX . ~ ~ _ - • - _ , . _ ~ ~ 9 . .~_..v~ ~ . _ _ - - _ _ _ ~ _ _ ~.__c_ , . _ ~ k