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Home My WebLink About0922 UNlFORI~1 (:OV1:NANTS. Burrc~wer and I.ender cuvcn:snc and a~;ree as Eullu~vs: l. Payment of Principa! and lnterest; Prepayment and Late CharAes. Burruwer si~all prumptl~~ E~:~~~ ~~~hen ~lur chc princiral of and interest un the debe evidenced by the Note and any prepaymenc an~ late rhar~es ~lue under ehe~ N~~te. 2. Funds f~r "I'axes ane! lnsura~ce. Subjece tu applicable law or ce~ a~vriccen waiver by I.en~ler, I3urruwe~ shall ray co l.ender on ehe day monchly payments are di~e u~der the N~~ce, u~cii che Note is p;;id in full, a surn ("Funds") eqi~al tn one•twelfch uf: (a) yearly taxes and assessments whitli may attain priority uver thisSecuricy ]nstrumenr, (b) yearly leasehuld pay~ments or ground rents on the Property, if any; (r) yearly hazard insur;ince premiums; and (d) yrarly murt~;agr insurance premiums, if any. These i[ems are called "escrow items." l.ender may estimate the Funds due on the basis ~~f currenc dar,~ and ~ reasonable escimates of future esauw items. £ 1'he Funds shall be held in an institutiun the deposits or acrouncs uf whict~ are insurcd ur guaranteed by a fedrral ur s~ace agency (including l.ender if l.ender is such an institutivn). l.ender shall apply the Funds to pay che escruµ~ itents. l.ender may not charge for holding and applying che Funds, analyzing the aauunt ur verifying che esrrow items, unless l.ender pa~~s 13orruwer ineerest on the l~unds and applicable law permics Lender w make such a charge. l~urruwer a~d Lender ma~~ agree in writing that interest shall be paid on the Funds. Unless a~ a~;~eement is made or applirable IaH~ requires interesc cu be paid, Leneier shall nuc be required to pay Eiorre~wer any interesc or earnin~s c~n the Funds. l.ender sha!! gi~-e cn 13urr<,wer, wichi~uc k charge, an annuat accounting o! the l~unds showing credits and dcbits to the Funds and the purpose fur which each debit te, ehe ~ t~unds was made. The Funds are pled~;ed as additiunal securiry Fur the sums secured by chis Security Instrumenc. S If che amuunt uf the Funds held by l.ender, togcther with the future munthly payments of l~unds payable priur to the i duc dates of ~he escruw items, shall exceed the amounc required to pay che escrow items when due, the excess shall 5e, ac ' [3urn~wer's option, either promptly repaid co florrower ur credited to Borrower on monthly payments uf Funds. !f the amuunc of che Funds hetd by l.ender is nor sufficient co pay ~he escrow items when due, Borruwer shall pay tu Lender any amuunt necessary tu make up the deficienc~~ in one or more paymencs as required by l.ender. Upon payment in full of all sums secured by this Securicy Inscrumene, l.ender shall promptly refund co Borrower an~~ ~ Funds held by Lender. If under paragraph 19 che Propercy is sotd or acquired by I.ender, I.ender shatl appl~~, nu tarer than ~ immediately prior ~o che sate of the Yroperty ur its acquisicion by I.ender, any Funds I~c Id by I.ender at thr tinze uf applicatiun ~ as a credit against th~ sums secured by this Security Instre~ment. . 3. Apptication of Payments. Unless applirable law provides utherwise, all payments received by l.ender under Y paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, co prepayment char~;es due under the y Nute; chird, tu amounts payable undrr paragraph 2; fourth, [o interesc 3ue; and lasc, eo principal due. ~ Charges; Liens. Borrower shall pay all caxes, assessmencs, charges, fines and impositi~ms actribucable co the ~ Property which may atcain priority over this Security Instrumene, and teasehe~fd payments orgro~~nd rents, if any~. f3urruwer ' shall pay these ubiigations in the manner provided in paragraph 2, or if not paid in chat manner, I3orrc~wer shall pa~~ them un tim~direccly tv the persur~ owed payment. I3orruwer shall prumpcly iurnish cu I.ender all ne~cices uf amounts co be paid under r this paragraph. If I3urruwer makes these payments direct!y, Bc~rro~ver shall prumptly furnish cu l.ender receipts evidencin~; ~ the paymencs. ' Borrower shall prompcly discharge any lien which has priority uver chis Securiry lnstrurrzcnt unless Aorrower: ~a) ~ agrees in writing tu the payment c~f the obligation secured by the lien in a manner acceptable to I.ender, (b) cuntests in ge>od ~ Faith the lien by, ur defends againse enforcemenc e~f the lien in, legal pruceedings which in che l.ender's opinion operace w ~ prevenc the enforcement of the lien or forfeiture of any part oF the Property; or (c) secures from che holder c,f the lien an i agreemenc satisfaccory n~ I.ender suburdinacing the lien te~ this Securicy Instrument. If I.ender determines chac any parr of the ~ Pro~ercy is subject co a lien which ~nay aaain priority over chis Securicy Inscrumenc, Lender may give Borruwer a notice ~ identifying the lien. Burrower shall sacisfy the lien or take one or mare e>f the actions set forth abo~~e within IU da~~s uf the ~ giving of notice. ~ 5. Hazard Insurance. Borrower shall keep the improvemencs now exiscing or hereafter erected on the Yropercp ~ insured against loss by fire, hazards included wichin the term "extended coverage" and any other hazards for which I.ender ~ requires insurance. This insurance shall be muincained in the amouncs and for the periocis chat l.ender requires. The insurance carrier pruviding the insurance shall bn che?sen by Borrower subjecr to Lender's appr~~val which shall nut be unreasonably withheld. All insurance policies and renewals shall be acceptable cu l.ender and shafl indude a scandard me~rtgage clause. Lender ; shaU have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly ~;i~~e te~ i.ender all receipcs ; of paid premiums and renewal notices. [n che evenc oF loss, Borrower shatl give prompt notice to the insuranre carrier and ~ ~ Lender. Lender may make prcwf of loss if not made prompNy~ by Borrower. { Unless Lender and Borrower otherwise agree in writing, insurance proceeds ~hall be applied co restoration or repair of the Prs~perty damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If che rescoration or repair is not ecunomically feasible or Lender's security would be lessened, the insurance proceeds shalt be applied co the sums secured by this Security Inscrument, whether ur noc chen due, with any excess paid a~ Borruwer. !F Borrower abandons the Property, or does not answer wichin 30 days a notice frum I_ender that the insurance carrier has offered co seule a rtaim, rhen Lender may a~llecc rhe insurance prcxeeds. Lender may use the proceeds co repair or rescore che Yroperty or co pay sums secured by chis Security Instrument, whether or noc chen due. The i0•day period will begin when che notice is given. ~ Unless Lender and Burrower otherwise agree in wnting, any application of pnxeeds to principai shall nc?t extend or ; postpz~ne the due date of the monthly payments referred to in paragraphs 1 and 2 ur change the amoun~ uf the payments. If ` under paragraph t9 the Yroperty is acquired by I_ender, Borrc~wer's right to any insurance policies and proceeds resulting ~ from damage to the Property priur to the acquisitiun shall pass co Lender ro the extent of the sums secured by this Seturity ~ Instrument immediately priur to the acquisition. 6. Preservacion and Maintenance of Property; Leaseholds. Borrower shafi not descroy, damage or substanriaily ~ change the Propercy, aliow the Property to deceriorate or commic wasce. 1f this Securicy lnstrumenc is on a leasehold, Borrower shail compty with the provisic~ns of the lease, and if Borrower acquires fee title tc~ che Property, che leasehold and ~ fee tirle shall not merge onless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Morcgage Insurance. If Borrower fails co perform the covenants ~ s and agreemencs contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's ` rights in the Property (such as a proceeding in bankrupccy, probate, for condemnacion or toenforce laws or regulacions), rhen "j I.ender may do and pay Eor whatever is necessary to protea the value of the Property and Lender's righcs in the Property. ~ l,ender's actiuns may include paying any sums secured by a lien which has priority over chis Security lnstrument, appearing in s cour~, paying reasonable atrorneys' fees and entering on che Property ce~ make repairs. Alchough I.ender may take accion under this paragraph 7, Lender does not have to do so. Any amounts disbursed by I.ender under this paragraph 7 shall become additional debt of Borrower sec~red by this , Secunty Inscrument. Unless Borrower and I.ender agree tu other cerms af payment, these amounts shal! bear interest frum - che dace of disbursement at che Ncyre rate and shall be payable, with interest, u~n notice from Lender to Borrower requesting . payment. ~ . ~ooK 514 PAGE 921 ' ~