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Home My WebLink About0923 ~ UNtFORht CovFNntvts. }3orrower aad Lender covenant ~nd agree as follows: 1, Payment of Prlnclpal and Ynterest; P'repayment and I.ate Charges. Borrower shall promptly pay when due : th,e ~rincinal of and interest on thc debt evidenced by the Note and any prepaymcnt and late charges due under the Note. ~ 2, Funds far'Taxes and Insurance. SU~.IJCC~ t0 AppllCBbIC 18W 8i i0 a Wili~Cit ii`iiiY2i by Le~~~~r, ~rrQwQr s?~??! ray ' to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to ~ ` ane-twelRh of: (a) ycarly taxes and assessments which may attain priority over this Security lnstrument; (b) yearly 1 ' leasehold payments or ground rents on the Yropeny, if any; (c) yearly hazard insurance premiums; and (d) yearly ~ t mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items, The Funds shall be hetd in an institution the deposits or accounts of which are insured or guaranteed by a federal or ~ stste agency (including I,ender if Lender is such an institution). I.ender shall apply the Funds to pay the escrow items. ~ Lender may not chnrge for holding and applying the Funds, analyzing the uccount or veriPying the escrow items, unless ? Lender pays IIorrower interest on the Funds and applicable law permits Lendcr to make such a charge. Borrflwer 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 shalt not be required to pay Borrower any interest or earnings on the Funds. Lender ; shali give to Borr~wer, without charge, an annua1 accounung ot ine runus ~i~uw~~~g ~je~i~s a~~~ d~~it~ to th~ Funds ~nd the purposg for which each debit to the Funds was made. The Funds are pledged as additional security for the sunls secured by ~ thisSecurityInstrument. i° i If the amount of the Funds held by I.ender, together with the future monthly payments of Funds payable prior to ; the due dates of the escrow items, shalt exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptty repaid to Borrower or credited to Borrower on monthly payments of Funds. If the ~ amount of the Funds held by Lender is not suflicient to pay the escrow items when due, Borrower shali pay to Lender any ~ amount necessary to make up the deficiency in one or more payments as required by Lender. ~ j Upon payment in full of all sums secured by this Security Instrument, Lender shal) prompily reiund to Borrower ~ I 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 ot' 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, - Applieation of Payments. Unless applicable law provides otherwise, all payments received by Lender under ~ ; paragraphs 1 and 2 shall be applied: flrst, to late charges due under the Note; second, to pre~ayment charges due under the ~ f Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. I 4. Charges; Liens. $orrower si~ali pay all taKes, ass.,-ssrnents, charges, fines and impositions attributable to the ~ ; Property which may atlain priority over this Security Instrument, and leasehold payments or ground rents, if any. ~ ~ Borrower shall pay these obligatians in the manner provided in paragraph 2, or if not paid in that manner, Borrower sha11 j ; pay them on time directly to the person owed payment. Borrower shaU promptly furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promp;ly furnish to Lender ~ receipts evidencing the payments. t Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) ~ agrees in writing to the payment of the obligation secured by th~ lien in a manner acceptable to Lender; (b) contests in gaod ~ 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 forf'eiture of any part oP the Property; or (c) secures from the holder of th~ lien an t ~ agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of ~ ' the Properiy is subject to a lien which may attain priority over this Security Instrumer~t, Lender may give Borrower a t ~ notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above ~vithin 10 days [ y of the giving of notice. ~ 5. Hazaed Insarance. Borrower shall keep the impro~~ements now existing or hereafter erected on the Property ~ insured against toss by fire, hazards inciuded within the term "extended cuverage" 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 insurance shall be chosen by Borrower subject to Lender's approval which shali not be ~ unreasonably withheld. All insurance policies and renewals shalt tse acceptable to Lender and shail include a standard mortgage clause. ~ ~ Lender sha(1 have the right ta hold tlie policies and renewals. If Lender requires, Borrower shall promptly give to Lender r_ al1 rec;eiots of paid premiums and renetival notices. In the event of loss, Borrower shall give prompt notice to the insurance ~ ~ carrier and Lender. Lender may make proof of loss if not made prompiiy oy uor~uwc~. E Unless Lender and Borrower otherwise agree in writing, insurance proceeds shaii be applied to restaration or repair of the Property damaged, if the restoration or repair is economicaity feasible and Lender's security is not lessened. If the restoration or repair is not economicatly feasible or Lender's seeurity would be lessened, the insurance proceeds shall be appiied to the sums secured by this Security lnstrument, whether or not then due, with any excess paid to Borrower. If Borro~ver abandons the Property, or does not answer within 30 days a nolice from Lender that the insurance carrier has o~'ered 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 secured by this Security Instrument, Evhether or not ttien due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agre~ in writing, any application of proceeds to principal shall not extend or ~stpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. lf under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and pro~:eeds 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 acquisition. 6. Preservatior~ 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 5ecurity Instrument is on a leasehold, Borrower sha11 comply with the provisions of the tease, and if Borrower acquires fee title to the Property, the leasehold and ' fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Martgage Insurance. If Borrower fails to perform tire covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly aff'ect ' Lender'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 value of the Property and Lender's rights 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' fees and eniering on the Property to make repairs. Although ' 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 Instrument. Unless`Bor,ower and Lender agree to other terms of payment, these amounts shall bear interest from - the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower ' " ' , requesting payment. ~ - . 0 5 ? ~ f~'';~~~ . 3 9 I E ~