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Home My WebLink About0928 ~ . , i UNIFORM COVENANTS. DorrawQr and Lender covenant and agroe as lollows: 1. Peyment ~f Principai ~nd Intereel; Prepayment and Late Chesrges. Eiorrower shail promptly pay when due the principai ol and interest on the debt evidence~ b~ tho Note and any prepaymenl and late charges due under tho NotQ. 2. Funds tpr Taxea ~nd Inaurance. Subject to applicable law or to a written w~iver by lender, Borsower shall pay to Lender on thQ day monthiy payments are due under the Note, untii the Note is paid in full, a sum ("Funds") equal to one•twelfth oi: (a) yearly taxes and assessments which may attain prioriiy over this Security Instrument; (b) yearly IQasehofd paymenls or ground rents on the Property, if any; (c) yeary hazard insurance premiums; and (d) yearly mortgage ~nsurance premiums, it any. These items are called "escrow items." Lender may estimatQ the Funds due on the basis oi current data and reasonable estimates ot tuture escrow items. ~ ~ The Funds shatl be held in an institution the deposits or accounts of which are insured or guarante~d by a fede~al or state agency (including Lender if Lende~ is such an institution). Londer shall appty the Funds io pay ihe escrow items. Lender may not ~charge (or holding and applying the Funds, analyzing the account or veri(ying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits lender to make such a charge. Borrower and Lende~ may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicabte law requires interest to be paid, lender shall not be ~ required io pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of lhe Funds showing credits and debits tolhe Funds andthe purpose tor which each debit tothe Funds was made. The Funds are pledged as additional security ior the sums secured by ihis Security Instrument. If the amount oi the Funds hetd by Lender, together ~vith the future monlhly payments of Funds payable prior tothe duedates of the esc~ow items, shall exceed the amount required to pay the escrow items when due, ihe excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly payments oi Funds. I f the amount of the Funds held by Lender is nol 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. • Upon payment in full of all sums secured by this Security Instrumenl, Lender shall prompiy retund to Borrower any Funds held by l.ender. If under paragraph 19 the Properly is sold or acquired by Lender, Lender shatl apply, no later ihan immediatety prior to 1he safe oi the Property or its acquisition by Lender, any Funds hsld by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Appllcatlon of Payments. Unless applicable law provides otherwise, all paymenis received by lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the N~te; second, to prepayment charges dueunder ihe Note; ! th~rd, lo amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. ! 4. Charg~a; Llena. Borrower shall pay all taxes, assessments, cha~ges, fines and impositions attributable ta the ~ Property which may attain priority over this Security Instrument, and leasehold payments ar ground rents, ii any. Borrower shall pay these obligations in ihe manner provided in paragraph 2, or'rf not paid in ihat manner, Borrower shall pay them on time directty tothe ~ person owed payment. Borrower shall promplty furnishto l.ender all notices of amounts tobe paid under this paragraph. If Borrower , makes these paymenls directly, Borrower shall promptly furnish to Lender receipts evidenc+ng the payments. ; B~rrower shalt promptiy discharge any lien which has priority over this Security Instrument unless Borro;nrer: (a) agrees in writing tothe payment oi ihe obligation secured by ihe lien in a manner acceptableto lender; (b) contests in goodtaiththe lien, by or defends against enforcement oi the lien in, legal proceedir.gs which in the Lender's opinion operate to prevent the eniorcement of the lien or forfeiiure of any part of the Property; or (c) secures from the holder ot the lien an agreement satis(actory to lender subordinating the lien to ihis Security Instrument. If lender deiermines that any part ot the Property is subject to a lien which may attain priarity over this Security Instrument, Lender may give Borrower a notice ideniifyingthe lien. Borrower shall satisiy lhe lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. li~zard Insur~nce. Borrower shall keep the improvements now existing or hereaiter erected on the Property insured against !oss by fire, hazard~ inc~uded within ihe term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for 1he periods that Lender requires. The insurance carrier ; providing ihe insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasona~ty withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender ` shall have the right to hold the policies and renewals. If Lender requires, Borrov~er shall prompily giye to Lender all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to Ihe insurance carrier and Lender. Lender may make proof of loss it not made promplty by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if ihe restoration or repair is economicaliy feasible and Lender's security is not lessened. If the resloration or repair is not economically feasible or Lender's securily would be lessened, ihe insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then d~e, with any excess paidio Borrower. If Borrower abandons the Property. or cioes not answer within 30 days a notice from Lender ihat the insuran~ carrier has offered to settle a claim, ihen Lender may collscl the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Insirument, whether or not t1~en due. The 30-day period will begin when the notice is given. Unless Lender and Borrower oiherwise agree in writing, any applicaiion of proceeds to principal shall not extend or postp~ne the due date ot the monthly payments reterred to in paragraphs 1 and 2 or change the amount of lhe payments. Ii under paragraph 19 lhe Properly is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damageto the Property prior to the acquisition shaN pass to Lender to ihe extent of the surr~s secured by this Security Instrument immediately prior to the acquisition. - f3. Preserratlon and M~Inten~nee ot Propeny; Leaaeholds. Borrower shall not destroy. damage or substantialty change the Property, allow the Property to 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 title to the Property, the leasehold and feetitleshall not merge ~ unless Lender agrees to the merger in writing. ' {~j 7. Proteatlan of 6ender'a rlghte Ir+ the Preperty; Mortgags Insurance. If Borrower tails to pertorm the covenants ~ and agreements coniained in this Security Inslrument, or there is a legal procseding thai may significanity affect Lender's rights in ~ lhe Property (such as a proceeding in bankruptcy, probate, for condemnat~on or to ertorce laws or regu ljor}F~, t~ie;~~ender may ~ do and pay for whatever is necessary to praiect the value of the Property and Lender's righls in the Prope~y. Len~eYs~~ctions 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. Altho~r~h 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 secured by this Security p Instrument. Unless Borrower and Lender agree to other terms ot payment, lhese amounts shall bear interest Erom the date of po~o disbursement at ihe Note rate and shall b2 payabte, with interest, upon notice irom Lender to Borrower requesting paymenf. ~ , Pre~riow ea,e~on a.rw u msy be wea oesz+s aev s~ e4 Us~1 Pc