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Home My WebLink About0988 UNIFC)RM CoVt:NANTS. [3orrower and Lender cavenant and agree as fotlows: l. Yaymcnt of Principal and Inter~st; Prepayment and I.ate Chargcs. I3orrower shall promptly pay «~hen due the prinripa) af and interest on the debt evidenced by ihe Nate and any prepayment and late charges due under the Note. 2. I~unds for Taxes and Insurance. Subjecl to applicable law or to a written waiver by l.encier, Aorrawer 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 of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly~ leasehold payments nr ground rents on the Property, if a~~y; (c) yearly hazard insurance premiums; and (d) yearly mortg~ge insurance premiums, 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 escrow items. ~ The Funds shall be held in an institution the de~sits or accounts of which are i~isured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escro~v items. Lender may not charge far hotding and applying the Funds, analyzing the account ar verifying the escrow items, unless Lender pays Borrower interest on the 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 be required to pay ~3orrower any interest or earnings on the Funds. Lendcr shall give to l3orro~ver, without charge, an annual accounting of the Funds showing credits a~~d 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 lnstrument. ~ IP the an~~unt of the Funds held by Lender, together with the future monthly payments oP Funds payable prior to ~ the due dates of the esc~o~ i;~ms, shall exceed the amount required to pay the escrow items when due, the excess shalt be, ~ at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly paymcnts af Funds. ]f the : amaunt of the Funds held by I.ender is not 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. ~4 Upon payment in full of all sums secured by this Securiry Instrument, Lender shall promptly refund to Borrower ~ any Funds.held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later ~ than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of appiication as a credit against the sums secured by this Security Instrument. 3. Appliration of Payments. 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; fourth, to interest due; and last, to principat due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the 1 Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. _ ~ Dorro~~~er shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, IIorrower shall pay them on time directly to ihe person owed payment. Borro~ver shall promptly furnish to I.ender all notices of amounts to be paid under this paragraph. If Borrower ^~~ke~ these payments directly, Borrower shall prom~tly furnish to Lender ~eceipts evidencing the payments. : f3orrower shall promptly discharge any lien which hes priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment oPthe obligation secured by the lien in a manner accepiable to Lender, (b) contests in good ; faith 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 Yro rt or (c) secures from the holder of the fien an ' I~ Y; agreement satisfactory to Lender subordinating the lien to thi~ Security Instrument. If Lender determines ihat any part of ~ the Property is subject to a lien which may attain priority over this Security Instrument, l.ender may give Borrower a notice identiPying ihe lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Barrower shall keep the improvements now existing or hereaftei erected on the Property ~ insured against loss by fire, hazards included within the term "extended coverage" and any other hazards i'or which Lencler requires insurance. This insurance shall be maintained in the amounts and for the peric?ds that Lender requires. The -s insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be ; unreasonably withheld. = All insurance policies and renewais 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, Borrower shal) promptly give to Lender ~ 1 all receipts of paid premiums and renewat notices. In the event of loss, Borro~ver shal! gi~~e prompt natice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair L of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the - restoration Qr repair is not economically feasible or Lender's security woutd be lessened, the insurance proceeds shall be - applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If : Qorrower abandons the Properry, or does not answer within 3b days a notice from Lender that the insurance carrier has ; ofTered ro 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 secured by this Security Instrument, whether or not then due. The 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 ~ postpone tt~e due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is acquired by Lender, Borrow•er'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 Securit}° ~ Instrument immediately prior to the acquisition. ~-3 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially ~ 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 leasrliolci and Q~'' fee title shall not merge unless Lender agrees to the merger in writing. ~ 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to per~m the ~ covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significa~ afl'ect ~ Lender's rights in the Property (such as a proc;eeding in bankruptcy, probate, for c~ndemnation or to enforc~ws or ( regulations), then Lender may do and pay for whatever is necessary to protect the value of the Yroperty and Lend nghts ~ ~ ~ in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this~curity ~ _ Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. ~ough Lender may take acti.on under this paragraph Lender dces not have to do so. ~ Any amounts disburs~d by Lender under this paragraph 7 shal) become additional debt of Borrower securl~y this ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts st~all bear inte~s~t from the date of disbursement at the Note rate and shall be payable, v~ith interest, upon notice from Lender to ~6?rower ~ ~ requesting payment. C~ c:>- ~ - . ~ _ ~ ~ +