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Home My WebLink About0949 . ' . • • . ~ t t ~ UNlFnRM COVF.NANTS. l~orrc~wer and I.ender ruvenant and agree as fuUows: ~ i 1. Payment of Principat end Inceeest; Prep$yment end Late Char~es. I3orrotiver shall promptly pay when due the priRCipal of and i~teresc on the debt evidenced by the Note and any prepayment and late charges due under che Nucc. 2. Funds for Tnxes ~nd Insurance. Subjecc to applicabte law or co a wriccrn waiver by l.ender, E3c~rr~w•er shall pa~• to Lender on the day monthly paymencs are due under the Note, uncit che Note is paid in full, a sum ("~unds") cqual ~u une-twelfth of: (a) yearly taxes and assessments which may attain prioricy ove~ this Security lnstrumc~t; (b) yearly leasehold payments or ~rou~~d rents on che Property, if any; (r) yearly hazard insur~nce premiun~s; artd (d) yearly morcgage insurance premiums, if any. These items are talled "escrow items." Lender may e$timate the Funds due an the basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accuunts of which are insured ar guaranteed by a federal ar state agency (incluu~ing Lender if Lender is such an institution). Lender shall apply the Funds t~ pay rhe escrow items. Lender may not charge fo~ holding and applying the Funds, analyzing the account or verifying the escrow it~ems, unless Lender pays Borrower interest on the Funds and applicable law permits Lender ta make such a charge. Be~rrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest co be paid, Lender shall not be required to pay Borrower any interesc or earnings un the Funds. Lender shalt give tu Borrower, withouc ~ charge, an annua! accounting of cl~e Funds showing c~edits and debi~s to the Funds and the purpose for w~ich each c~ebir cu the ~ Funds was made. The Funds are pledged as additiona) security for the sums secured by this Securicy Inscrument. lf the amounc of the Funds held by Lender, together with the future monthly payments of Funds payable prior co che ' due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, che excess shall be, ac Borrower's option, either promptly repaid to Borrower or credited to IIorrower on monthly payments uf Funds. If tf~e amounc of the Funds held by Lender is not sufficient to pay che escrow items when due, Borrc~wer shall pay co Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full oE all sums secured by this Security Instrumenc, Lender shall promptly refund to Borrower any Funds held by l.ender. If unde~ paragraph 19 che Propercy is sold or acquired by I.ender, Lenu'er shall apply, no lacer ihan immediately prior co the sale of the Property or its acquisition by Lender, any Funds held by Lender ac che cime of applicacion as a credic against the sums secured by this Security Inscrument. 3. Apptication of Payments. Unless applicabte law provides acherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due i~nder the Note; second, to prepayment charges due under the IVote; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. ~ 4. Charges; Liens. I3orrower shall pay all taxes, assessments, charges, fines and imposicions accribucable to che ' Property which may attain priority over this Security Instr~+ment, and leasehold payments or ground rents, if any. Borruwer i shall pay these obligations in che manner provided in paragraph 2,or if not paid in thac manner, Borrower shal) pay them on ~ time directty to the person owed payment. Borrower shall promptly fur~ish to Lender a!) notites of amounts to be paid under ~ -chis paragraph. !f Borrower makes these payments direcdy, Borrower shali promptly furnish to Lender reteipes evidencing the payments. ~ Borrower shall promptly discharge any lien which has priority over this Security Instrument untess Borruwer: (a) agrees in writing to the payment of the obligation secured by the lien in a manner aaeptable ro Lender; (b) conrests in gvod faith the lien by, or defends againsc enforcemenr of the lien in, legal proceedings which in che Lender's opinion operace to prevent che enforcement of che lien or forfeiture of any parc of the Property; or (c) secures from the holder of che lien an agreement satisfactory to Lender subordinating che lien to this Security Instrument. lf Lender determines that any part of the Property is subject to a lien which may atcain priority over chis Security Instrument, Lender may give Borro«~er a nocice identifying the lien. Borrower shall satisfy the lien or take one or more of che actions set forth above wichin tQ days of the ~ giving of notice. 5. Hazara lnsurance. Borrower shall keep rhe improvements now ~xisting or hereafcer erecced on the Propercy " insured against loss by fire, hazards included within che term "excended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amouncs and for the periods chat Lender requires. The insurance carrier providing the insurance shall be chosen by Sorrower subject to Lender's appraval which shall nor be unreasonably withheld. All insurance policies and renewals shaU be acceptable to Lender and shall include a standard morcgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall prompcly give to Lender all receipts oE paid premiums and renewal notices. 1~ che event of loss, $orrower shall give prompc notice to the insurance carrier and Lender. Lender may make proof of loss if noc made prompdy by Borrower. Unless Lender and Borrower otherwise agree in writing, insurartce proceecls shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economitally feasible and Lender's security is not lessened. If the resroration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied.to che sums secured by this Secvrity Instrument, whether or noc then due, wich any excess paid to Borrower. If Borrower abando~s the Property, or dces not answer withi~ 30 days a notice from Lender thac the insurance carrier has offered to settle a claim, then Lender may cotlect che insurance proceeds. Lender may use the proceeds to r~pair or rescore the Property or to pay sums secured by this Security lnstrument, whether ~r nor then due. T'he 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or posepone che due dace of the monchly paymencs reEerred to in paragraphs 1 and 2 or change che amount of che paymencs. If under paragraph 19 the Property is acquired by Lender, Borrower's right co any insurance policies and proceeds resulting from damage ta che Propercy prior co the acquis+cion sha!! pass to Lender ~o the excent of the sums secured by this Security Inscrumenr immediatety prior to rhe acquisition. b. Preservation and Maincenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property co 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 titte to che Propercy, the leasehold and fee tide sha(1 not merge unless Lender agrees co che merger in writing. 7. Protection of Ixnder's Righcs in che Property; Mortgage Insurance. IF IIorrower fails co perform che covenancs and agreements contained in this Security Instrument, or there is a leg~l praceeding that may significantly affect Lender's righcs in che Property (such as a prcxeeding in bankruptcy, probate, for condemnation or co enforce laws or regulacions), then Lender may do and pay for whatever is necessary to protecc che value of the Property and Lender's righcs in the Propercy. Lender's actions may include paying any sums secured by a lien which has priority over chis Security lnstrumenc, appearing in court, paying reasonabte a[torneys' fees and encering on the Propercy to make repairs. Although Lender may sake action under this paragraph 7, I.ender does not have to do so. - Any amouncs disbursed by I.ender under this paragraph 7 shall become addicional debc of Borrower secured by this Security Inscrumenc. Unless Borrower and Lender agree to other cerms of payment, these am4unts shat( bear interesc from che dace of disbursemene ac the Noce race and shall be payabte, wich interest, upcm nocice from I.ender co Borrawer requesting paymenc. " BOOK~~~ PAGE 9`t~