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HomeMy WebLinkAbout0952 _ ~ ? UNIFORM COVENANTS. Borrawer and Lender covenant and agree as foUows: 1. Payment ot PrincipA! and lnte~est; P~epAyment And Late Charges, Borrower shali promptty pay when due the principal oiand inte~est on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Fonds~tor Taxes and Insurance. Subject to applicable law ~r to a written waiver by Lender, Horrower shall pay tu Lender vn the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelRh of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearty 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 called '•escrow items." Lender may estimate the Funds due on the ~ basis ofcurcent data and reasonable estimates of future escrow items. The Funds shall be held in an institution the"deposits or acGOUnts oPwhich are insur,.d or guaranteed by a federal or ; state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow itcros. Lender may not charge far holding and applying the Funds, analyzing the account ar verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable taw permits Lender to make such a charge. Borrower and Lender may agree i~ writing that interest shal) be paid on the Funds. Unless an agreement is made or applicabte law ~ requires interest !a 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 annual 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 L,ender, togeiher with the fature monthly payments of Funds payable prior to the due dates of the escrow items, shall excei~ the amount required to pay the escrow items when due, the excess shatl be, ; at Borrower's option, either promptly repaid to Borrower or credited to Borrawer 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 necessary to make up the deficiency in one or more payments as required by Lender. i lipon payment in fuli of atl suttts sc~;urc~ by this Securiiy Instrument, Lender shall promptly refund to Borrower any Funds held by ? ender. If under paragraph 19 the ProQerty is sold or acquired by Lender, Lender shall apply, no later ; than immediately prior to the sate of the Property or its acquisition by Lender, any Funds held by Lender at the time of ~ application as a credit against the sums secured by this Security Instrument. ; 3. Application of Payments. Unless appiicable iaw pr~vides atherwise, all payments received 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 ~ Nole; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. ; 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the { Pro~rty w~hich 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 th~t manner, Borrower sha1) ; pay them on time direcily to the person owed payment. Borrower shal! promptly furnish to Lender all notices of amounts s to be paid under this paragraph. If Borrow~er makes these payments directly, Borrower shall promptly furnish to Lender ; receipts evidencing the payments. - Borrower shall promptly discharge any lien w~hich has priority over this Security Instrument ur,tess Borrower: (a) ' agrees in writing to the payment of the obtigation secured 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, lega) proceedings which in the Lender's opinion operate to ~ prevent the enforcement of the lien or forfeiture of any part of the Property; ar (c) secures from the holder of the lien an 4 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 o~-er this Security' Instrument, Lender may give $orrower a ` notice identifying the Iien. Borrower shail satisfy [he tien or take one ar more of the actions set forth above within 10 days ~ ' of the giving of notice. ~ 5. fTazard Insurance. Borrower shall keep the improvements naw eristing 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 requires insurance. This insurance shall be maintained in the am~unts and for the periods that Lender requires. The j insurance carrier providing the insurance shail be chosen by Bo~rou•er subject to Lender's approval ~vhich shal! not be # unreasonably withheld. i All insurance policies and renewais shall be acceptable to Lender and shall include a stan~ard mortgage clause. : Lei~der shall have the right to hold the pc;licies and renewals. If I.ender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrow~er shall give prompt notice to [he insurance ; carrier and Lender. Lender may make proof of loss if not made promptly by Burrower. Unless Lender and Borrower oiherwise agree in writing, insurance proceeds shall be applied to restoration or repair ; of the Property damaged, if the restoration or re~+air is economically feasible a~d Lender's security is not tessened. If the j restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be npE~fied to thc s~~r~s se:.ure~ ~y t; is ~~u:a;~ I:~sir::m.n;, ~al:ether er n~! thPn due, wiih any excess paid to Borrower. If ~ $orrower abandons the Property, or dces not answer within 30 days a notice from Lender thai the insarance carrier has ; offered ro 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 SecuritS~ Instrument, whether or not then due. The 30-day period will bcgin ~ when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the month(y payments referred to in paragraphs 1 and 2 or change the amount of the paym~nts. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting 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 Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit w~aste. If this Security [nstrument is on a leasehold, - " Borrower shall comply with the provisions of the lease, and if Borrower acquires fee ti!!e ro the Property, the leasehold 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 Borrower fails to perform the covenants and agreements contained in this Security Instrumetit, or there is a legal proceeding that may significantty aflect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnati~n or to enforce laws or reguiations), 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 actians 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 does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secared by this Security tnstrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest From - the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower _ requesting payment. i> ~ ~ soo~ ~~.3 PACE 945 ~ ~ ~ . ~ - . . . .