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Home My WebLink About0914 . ' UN~FORM Cov[:NnNTS. Borrower and Lender covenant and agree as follows. 1. Payment of P~inc(pal nnd Interest; 1'repayment and Late Charges. Borrawer shal! promptly pay when ciue the principal of and interest on the debt evidenced by the Note and any p,repayment and late charges due under the Note. 2. Funds for Taxes and InsurAnce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay ta Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelfth oP: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leusehold payments or ground rents on the Property, iF any; (c) yearly hazard insurAnce premiums; and (d) yearly mortgage ir~surance ~ice?niums, if any. These items are called "escrow items." Lender may estimate the Funds due an the basis of current data and reasonable estimates of future escroH~ items. ~ The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (inciuding L,ender if Lender is such an institution). L,ender shait apply the Funds to pay the escrow itei~is. Lender m~; charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless ~ Lender pays Borrower interest on ihe Funds And applicable law permits Lender to make such a charge. Borrower and ~ Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law ; requires interest to be paid, Lender shall not he required to pay Borrower any interest or earnings on the Funds. I.ender ~ • shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the ? purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrumenf. 4 If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to ~ the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shail be, ~ at Borrower's option, either promptly repaid to Borrower or creciited to Borrower on monthiy payments of Funds. If the ~ amount of the Funds held by L,ender is not suflScient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deRciency in one or more paymenis as required by Lender. t Upon payment in full of ap sums secured by this Security lnstrument, Lender shall promptly refund to Borrower i an Funds held b Lender. If under ara ra h 19 the Pro rt ~s sold or ac uired b Lender, Lender shal! a I, no later Y Y P & P Pe Y~ 9 Y pP Y than immediately prior to the sale of the Property 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. Application of Payments. Unless applicable law provides ntherwise, 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 fourth, to interest due; and last, to principal due. ; ; 4. Charges; Liens. Borrower shall pay all taxes, acsessments, charges, fines and impositions attributable to the ~ Property which may attain priority over this security Instrument, and leasehold payments or ground rents, iF any. ? Borrower shall pay thesc obligations in the manner provided in paragraph 2, or if not paid in that manner, Barrower shall - pay them on time direcdy to the person owed payment. Borrower sha11 promptty furnish to Lender all notices of amo~~nts ; to be paid under this paragraph. If Borrower makes these paym~nts directly, Borrower shall promptly i'urnish to I.ender ' receipts evidencing the payments. Borrower shall prompt(y discharge any lien which has priority over this Security Instrument unless Borrower: (a) ~ agrees in writing to the payment of the obligation securerl by the lien in a manner acceptable to L.ender; (b) contests in good Y ~aith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to ~ - prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an ~ _ agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of ; ~ the Property is subject to a lien which may attain priority over this Secarity Instrument, Lender may give Borrower a ~ notice identifying the lien. Borrower shall satisFy the lien or take one or more of the actions set forth above within 10 days ' i^ of the giving of notice. 5 ~ S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property - insured against loss by fire, hazards included within the term "exsended coverage" and any other 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 insnrance shal! be chosen by Borrower subject to Lender's approval which shall not be ~ unreasonably withheld. All insurance policies and renewals shali 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, Borrower shatl promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prorript notice ta the insurance carrier and I,ender. L,ender may make proof of loss if noi made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the j; restoration or repair is not economically feasible or Lender's security wouid be lessened, the insurance proceeds shalt be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or dces not answer within 3Q days a notice from Lender that the insurance carrier has ~ offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secure~d by this Security Instn+ment, ~vhether or not then due. The 30•day periad will begin I' when the notice is given. j j Unless Lender and Borrower otherwise agree in ~vriting, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthty Rayments referred to in paragraphs 1 and 2 or change the amount of the payments. If ; ~ under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting : from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acyuisition. 6. Preservation and Malntenance of Peoperty; Leaseholds. Borrower shalt not destroy, damage or substantially _ change the Property, allow the Property to deteriorate or commit waste. If this Security Instrumeni is on a leasehold, ~ Borrower shall comply with the provisions of the lease, and if Borrower acquires i'ee titie to the Property, the leasehald and f Y' fee title shall not merge unless Lender agrees to the merger in writing. ~ ~ 7. Protection of Lender's Rights in th~ Property; Mortgege Insur~nce. If Borrower fails to perforn~ the G") covenants and agreements contained in this Security Instrument, or there is a legai proceeding that may significantly affect G ~ I,ender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or _ regulations), then Lender may do and pay for whatever is necessary to protect the valu~ of'the Property and Lender's rights cJ in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security ~ Instrument, appearing in court, paying reasonable attorneys' f~es and entering on the Properry to make repairs. Although r~- - Lender may take action under this paragraph 7, Lender dces not have to do so. Any amounts disbursed by Lender under this paragraph 7 shatl become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest f'rom U ~ the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrowe~ requesting payment. tJ ~ ! ~ ~ ~ ~ ~ . ~