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Home My WebLink About0966 r , UNIFORM COVE(VANTS. Borrower and Lender covenani and agree as tollows: 1. P~yment of Prlnclpa! and lntere~l; Prepayment ~nd Late ~hargee. Baro~ver shall piomplly pay when dt~e the principal of and interest on~lhe debt evidenced by tho Noto and a~y prepayment and late charges due under Ihe Note. 2. Futtds for 1'axea and Inaurance. Subject to applicablQ iaw or to ~ written waiv~r by Lender, Borrower shall pay to lender on the day monthly payments are due under thQ NotQ, until ihe Note is paid in tuil, a sum ("Funds") equal to onQ-twetfih oi: (a) yearly taxes and assessments which may altain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on il~e Property, ii any; (c} yearly hazard insurance prentiums; and (d) yearly mortgage insurance premiums, if any. These ' items are called '~escrow items." Lender may estimate the Funds due on the basis ol currenl data and reasonable eslimales o1 iuture escrow items. The Funds shall be held in an inslitulion the deposits or acco?,nts of which are insured or guaranteed by a(ederal or state agency (including Lender ii Lender is such an institution). Lender shall apply th2 Funds to pay the escrow items. Lende~ may not charc~e for holding and applying ihe Funds, analyzing the account or veritying Ihe escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower a~d lender may agree in writing thal t inleresl shall be paid on Ihe Funds. Unless an agreement is made or applicable law requires interest to be paid. Lender shatl not be required ta pay Borrower any interest or earnings on the Funds. Lender shall give to Borrawer, without charge, an annual accounting ot ihe Funds showing credits and debits to the Funds andthe purpose for which each debit tothe Funds was made. The ~ Funds are pte~ged as additional security for the sums sec~red by this Security lnstrumenl. li the amount of !he Funds held by lender,logether withihe future monthly payments of Funds payable prior tothe due dates ot the escrow items, shall exceed ihe amount required to pay the escrow items when due, ihe excess shall be, at Borrower's option, ~ either promptly repaid lo Borrower or credited to Borrower on monthly payments oi Funds. Ii the amount ot ihe Funds held by Lender is noi sufficient to pay ihe escrow items when due, Borrower shall 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 alI sums secured by this Security Instrument. Lender shall promptry refurtd to 8orrower any Funds held by Lender. If under paragraph 19 !he Property is soldor acquired by Lender. Lender shall appty, no later than immedialety prior to the sale of the Properiy or its acquisition by Lender, any Funds held by Lender ai the lime ot application as a credit againsl lhe sums secured by ihis Security Inst~ument. 3. Appllcatlon ot i~~yments. Unless applicable law provides otherwise, 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 Note; third, to amounts payable under paragraph 2: (ourih, to interest due; and last, to princ+pal due. 4. Ch~rges; Liens. Bo!rower shall pay eil taxes, assessments. charges. fines ar~d impositions attributable to the Property which may attain prioriiy over this Security tnsfrument, and teaseholdpayments or ground rents, if any. Borrower shal! pay j these obliga:ions in the manner provided in paragraph 2, or it not paid in ihat manner, Borrower shal! pay them on time directty to the I person owed payment. Borrower shall promptly lurnish toLender all notices of amounts iobe paid under this paragraph. li Borrower makes these paymenis direclly, Borrowei shall prompty furnish to Lender receipts ev'sdencing lhe payments. Bi~rrower shall promptly discharge any tien which has priority over lhis Security Instrument unless Borrawer: (a) agrees in writ+ng iolhe payment of the obligation secured by the ~ien in a manner acceptsble tolender; (b) contests in goad faith the lien, by or defends againsl eniorcement oi lhe lien in, legal proceedings which in the Lender's opinion operate to prevent the entorcement of the tien or forieiture of any part of the Property: or (c) secures from the holder of the lien an agreemeni satis(actory to Lender subordinating lhe lien to this Security Instrument. If lender determines that any part of the Property +s subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identity+ng thetien. 8orrower shall salisly !ne ~ien or take one or more o~ the aciions sei ivrlh above within 10 days of !he giving oi nolice. _ 5. Hazard Inaurance, Bo~rower shall keep the improvements now existing or hereaiter erected on the Property insured againsl loss by fire, hazards inc~uded within the term "extended coverage" and any o!her hazards for which Lender requires 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 sha11 not be unreasonably withheld. All insurance policies and renewals shall be acceptable ta Lender and shall include a standard mortgaqe clause. Lender shall have the right to hold ihe poticies and renewals. If Lender requires, Sorrower shalt promptly give to ~ender all receipls of paid premiums and renewal notices. t~ the event at ioss. Borrower shalf give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if noi m3de promplly by Borrower. Unless Lender and Bor~ower otherwise agree in writing, insurance proceeds shall be apptied to restoration or repair of the Property damaged, if the resloration or repair is economically (easible and Lender's security is not lessened. It the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied io the sums secured by this Security Instrument, xhether or not then due, with any excess paid to Borrower. If Bcrrower abandons the Property. or does not answer within 30 days a notice (rom Lender lhat the insurance carrier has of(ered to setife a cfaim, then lender may . collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by ihis Security Instrument, whether or not then due. The 30-day period will beg'rn when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds !o principal shall not extend or postpone the due date of the monlhly paymenls referred to in paragraphs t and 2 or change ihe amount oi the payments. I( under paragraph 19 fhe Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting (rom damage to the Property prior to the acquisition shall Gass to lender to the extent of the sums secured by this Security Instrumeni immediatety prior to ihe acquisition. 6. Preaervallon and Malntsnance ot Property; Le~eholds. Borrower shatl not destroy. damage or substantially change ihe Properiy, allov~ the Property to deteriorate or commit waste. If this Security Insfrument is on a leasehold. 8orrower shal! comp(y with the provisions ot the tease, and if 8orrower acqu+res fee title to the Properly, the leasehold and fee tilleshatl noi rrierge unfess Lender agrees io the merger in writing. _ 7. Protectlon o! lenders rlght~ ln the F~roperty; Mortgage Inse~rance. It Borrower fails lo perform the covenants and agreements contained in ihis Security Instrument, or there is a tegal proceeding if~at may signilicantly afiect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnat~on or to en(orce laws or regulations). then Lender may do and pay for whatever is necessary to protect Ihe value o( the Properiy and Lender's rights in the Property.lender'sactions may include paying any sums secured by a lien ~vhich has prioriiy over this Security Instrument, appearing in courl, paying reasonable - attorneys' fees and entering on the Property to make repairs. A(though Lender may take actian under this paragraph 7. Lender aoes not have to do so. * Any amounts disbursed by Lender under this paragraph 7 shall become additional debi of Borrower secured by th;s Security ~ Instrument. Unless 8orrower and Lender agree !o other terms of payment, these amoun?s shall bear interest irom the date of disbvrsement a! ihe Note rate and shall be payable, with interest, upon notice irom Lender to Borrower requesting payment. S~~ 4J fA~~Q ~ y P~an eo~o~ a~,~ a~ msr ~ ~sea oe~s~ Ar, sev ~ 1~sar~ Pc - I