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HomeMy WebLinkAbout0958 UNIFOfiM COVENANTS. Borrower and l.ender covenanl ar,d agreQ as (o~lows: 1. Peyment of Prlnctpal and Interest; Prepeyment and Lete Chergea. Borrower shalt promptty pay when due the ; p~incipal of and inlerest on the debt evidenced by 1hQ Noto and any prepayment a~d late charges due under the Note. ~ 2. Funds for Texes and In:u~ence. Subject to applicable !aw or to a wrilten waiver by len~er, Borrower shall ~~ay to LQnder ~n the day monthly payments aredueunder the Nole, until thQ Noto is paid in full, a sum ("Funds") equal to one-twelfih ol: (a) ~ yearly laxes and assessments which may allain priority over this Security Instrument; (b) yearly teasehold payments or grounrf ( rents on the Property, it any; (c) yearly h~zard insurance premiums; and (d) yea~ly mo?tgage insurance premiums, if any. These ~ items are called "escrow ilems." Lend~r may Qslimale Ihe Funds due on the basis of current data and reasonable eslimates ot ~ future escrow items. The Funds shall be held in an institul:on the deposils or accounls o( whict~ are insured or guaranteed by a federat or state agency (including lender i( Lender is such an instituiion). lender shall apply the Funds to pay the escrow +tems. Lender may no! charge (or holding and appying the Funds, analyzing thQ accouni or verirying the escrow items, unless Lender pays Borrower interest on the Funds and applicable la~v permits Lender !o make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an ag~eement is made or applicable Iaw requires inlerest lo be paid, lender shall not be ~ re uired to a Borrower an interQSt or eamin on Ihe Funds. Lender shall 4 P Y Y gs give to Borrower, without charge, an annual accounting ot ihe Funds showing credits and debits tothe Funds and lhe purpose lor which each debit tothe Funds was made. The ~ Funds are pledged as additional security (or the sums secured by this Security Instrumenl. If the amount ot the Funds held by Lender, together withthe future monlhty payments of Funds payable prior to the duedates oi ihe escrow items, shall exceed the amount required to pay the escrow items when due, theexcess shall be, a! Borrower's option, either promptty repaid to Borrower or credited to Borrower on monthly payments oi Funds. Ii 1he amount ot Ihe Funds held by Lender +s not su(ticient topay the escrow items when due, Borrower shatl pay to lender any amount necessary to make up the deticiency in one or more payments as required by Lender. ~ ' ~ Upon payment in tull of all sums secured by this Security Instrument, Lender shall promptly retund to Borrower any Funds held by Lender. It under paragraph 19 th~ Properiy is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale oi the P~ope?ty 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. Appllceiion oi Peyments. Untess appticable law provides othenvise, ali payments received by Lender under paragraphs t and 2 shaft be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; t~ird, to amounls payable under paragraph 2; fourth, to interest due: and last, to principal dtie. j 4. Charges; Llens. Borrower shafl pay all taxes, assessments, charges, fines and imFositions attributab!e to the { Property ~vhich may attain priority over ihis Security Instrument, and Ieasehold payments or ground rents, it any. Borrower shafl pay ihese obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly tothe perso~ owed paymenl. Borrower shall promptly furnish to Lender all notices of amounts tobe paid under this paragraph. If Borro~ver makes these payments direcily, Borrower shatl promptty furnish to Lender receipts evidencing the payments. Bbrrower shall promptly discharge any tien which has priority over this Security Instrument unless 8orrower: (a) agrees in writing tothe payment of the obligation secured by 1he I+en in a manneracceptabletoLender; (b) contests in good taithlhe lien, by or defends against entorcement ot lhe lien in, legal praceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of ihe Property; or (c) secures from the holder of the lien an agreemeni satis(actory to Lender subordinating the lien to lhis Security Instrumenl. If Lender determines that any pari of the Property is subject to a lien which may attain priority over this Security Instrument. Lender may give 8orrower a nolice identifying lhe lien. Borrower shall satisfy the Isen ~ take one or more of the actions set forth above wiihin 10 days oi the giving of notice. 5. Hazard (naurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards inc~uded within ihe term "extended coverage" and any nther hazards Eor which Lender requires insurance. This insurance shatl be maintained in the amounts and tor the periocis lhat Lender requires. The insurance carrier providing the insurance sha!! be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender _ ~ shall have the right to hotd ihe policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and rene~val notices. In the event of loss. Borrower shall give prompt notice to the insurance cacrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower ofherwise agree in writing, insuranc~ proceeds shafl be applied to restoration or repair of the t Property damaged, it the restoration or repair is economically feasible and Lender's security is not Iessened. If !he restoration or ~ repair is not economically feasible or Lender's security would bs lessened, the insurance proceeds shall be applied to lhe sums secured by this Security Instrument, whelher or not then due, with any excess paid to Borrower. If B~rrower abandons ihe Property, or does not answer within 30 days a notice from Lender ihat the insurance carrier has offered to settle a ciaim, then Lender may collect lhe insurance proceeds. Lender may use lhe proceeds to repair or restore the P~operty or to pay sums secured by this Security Instrument, whetner or not then due. The 30-day period wilt begin when the notice is given. ~ Unless Lender and Borrawer otherwise agree in writing, any application oi proceeds lo principal shatl not extend or postpone the due date of the monihly payments referred to in paragraphs 1 and 2 or changs the amount o1 th~ payments. I( under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance poticies and proceeds resulting irom damage to the Property prior to lhe acquisition shall pass to Lender to the extent ot the sums secured by lhis Security Ins?rument immediate;y prior to the acquisitioR. 6. Preservatlon and Malntenence of Properiy; Leeseholds. Borrower shall not destroy, damage or substantially change the Property, alto~v the Property to deteriorate or cornmit waste. I( ihis Security Instrument is on a leasehold, Borrower shall comply with ihe provisions ot the lease, and if Borrower acquires fee title to the Property, the leasehold and teetilleshall not merge unless Lender agrees to the merger in writing. 7. Protectlon ot LendePs rlghts ln the Property; Mortgage Insurance. tf Borrower fails to perforrn the covenants and agreements contained in this Security instrument, or there is a legal proceed+ng that rriay signitican!!y aftect Lendei's rights in - the Property (such as a proceeding in bankruptcy, probate, for condemnation or !o enforce laws or regulations), then Lender may do and pay for whatever is necessary !o protect the value ot 1he Properly and Lender's rights in the Property. Lender's act+ons may include paying any sums secured by a lien which has priority over this Security Instrument. app8aring in court, payir~g ceasonable attorneys' fees and entering on Ihe Property to make repairs. Although lender may take aclion 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 secured by this Security ~ Instrument. Unless Borrower and Lender agree to other terms oi payment, these amounts shall bear inlerest from the date of ~ disbursement at the Note rate and shali be payable, with in!erest, u~oon notice from Lender to Borrower requesting payment. f P~;a» ean~w, a r~ ae may ea ~,~o oeaz~3 Re~ seP ea ttboz? vc i ~4 5!~ P~6E0 9 5 4. i R .