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Home My WebLink About0965 ! t UNIFOKM C(~vENANTS. 13arrower and Lender cavenant and agree as follo~vs: ~ L Payment of PrfncipAl and Interest; Prepay~mcrt r.nd I~te ChAr~~c, 13orrower shal) t~romptly pay i?~hen duc ,j the principal of and interest on the dcbt evidenced by the Note and any prepayment and late ch~rges duc undcr thc Notc. 2. Funds for TAxes and Insurance. Subject to applicable law or to u written ~vaiver by Lender, E3orrower shall pa~~ to l.ender an the cl~y monthly payments are due under the No1e, until the Note is paid in full, a sum ("Funds") equal t~~ a~e-twelfth of: (a) yeacly taxes and assessments which may attain priority over this Security lnstrument; (b) yearly leasehold payments a; ground rents on thc Property, if any; (c) vearly haz~rd insurance premiums; anci (d) yearly mortgage insurance premiums, iPany. These items are catted "escraw items." Lencler may cstimate the Cunds due nn the basis of current data and reASOnable estimates of future escrow ilems. . Ttie Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal ar state agency (including Lender if Lender is such an institution). Lender shall apply the Punds to pay the escra~v items. Lender may not charge for holding and applying the Funds, analyzing the account or verifyii~g the escroa~ items, unless Lender pays Borrower interest on the Funds and applicable law permits Lcnder to make such a charge. Dorrower and Lender may agree in writing that interest shall be paid on ihe Funds. Untess an agreement is made or applicable law i requir~s interest to Ue paid, Lender shall noi be required to pay BorroH~er any interest or earnings oi~ the Funds. Lender shall give to Borrower, without charge, an annuai accounting of the Funds showing credits and debits to the Funds and ihe purpose for which each debit to the Funds was made. The Funds are pledged as additional security for ihe sums secured by this Security Instrument. If the amount oPthe Funds held by Lender, together with the future monthly payments of Funds payable prior ta the due dates of the eserow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is no1 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 lnstrument, Lender shal) promptly rePund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later ihan immediatety prior to the sale of the Property or its acquisition by Lender, any Funds hetd by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applicat(on of Payments. Untess applicable law provides othenvise, all payments received by Lender undcr paragraphs 1 and 2 shall be apptied: 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 principal due. ~ 4. Charges; Liens. Borrower shall pay all taxcs, assessments, charges, fines and impositions attribntabte to the Property which may attain priority over this Securily Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shail ~ ~ pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts ; to be paid under this paragraph. lf Borrower makes these payments directly, Borrower shall promptly furnish to I.ender receipts evidencing the payments. . Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrawer: (a) ; agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good t ~ 1'aith the lien by, or defends against enforcement of the lien in, legal pruceedings which in the Lender's opinion operate to ~ ; prevent the enforcement of ihe lien or forfeiture of any part oi'the Property; or (c) secures from the holder of the lien an i agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part oi the Property is subjeet to a lien which may attain priority over this Security 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 ]0 days of'the giving of notice. S. Hazard Insueance. Borrower shall keep the improvements no~v existing or hereaf'ter erected on the Property insured against loss Uy fire, hazards ineluded within the term "extended coverage" and any other hazards for wtiich Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that L.ender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. Aii insurance policies and renewaEs s~s~. w uC~Ct^.:?.~~~ ? pn~er ?nel shall include a standard mortgage clause. I,ender shaU have the right to hold the policies and renewats. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal 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 promptiy by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds sha11 be applied to restoration or repair of the Property damaged~ if the restoration or repair is economically feasible and I..ender's security is not lessened. If the restoration or repair is noi economically feasible or Lender's security would be lessened, the insurance proceeds shall be - applied to the sums secured by this Security Instrument~ whether or not then due, with any eacess paid to Borrower. If Borrower abandons the Propecty, or dces not answer within 30 days a notice from Ixnder 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 secured by this Security Instrument, whether or not then due. The 30-day periocl will begin when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shali not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of th~ payments.lf under paragraph 19 the Property is acquired by Lender, Borrawer's right to any inse~rance policies and proceeds resulting ~ from damage to the Property prior to the acquisition shal) pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservatlon and Maintenance of Property; Leaseholds. Barrower shall not destroy, damage or substantiaily c change the Property, aUow the Progerty 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 fee title shall not merge unless I,ender agrees to the merger in writing. ~ 7. Protection of Lender's Rights jn the Property; Mortgage Insurance, li' Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proeeeding that may significantiy afl'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 pratect the value of the Property and Lender's rights in the Property. Lender's actions may inctude 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. Although !.1-, Lender may take ~ction under this paragraph 7, Lender does not have to do so. ~ Any amounts disbursed by L.ender under this paragraph 7 shall become additional debt of Borrower secured by this ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, thesc amoants shall bear interest from ~ the date of disbursement at the Note rate and shali be payable, with interest, upon notice from Lender to Borrower requesting payment. ~ - ~ ~ . ~ ~ ;