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Home My WebLink About0984 ~ ~ UNIFOR;~1 Cc~vl.~iANTS. Borro~ver anct I.ender covenant and agree as f~llo~vs: ' 1, Payment of Prtnclpal and Interest; Y~epayment and I,ate ChnrRcs. F3orrower shall promptly pay when duc t the rrincipal of and interest on the debt evidenced by Ihe Note and flny prepayment and lalc charges due under the Note. 2. I~unds for Taxes and InsurAnee. Subject to applicable la~v or to a written waiver by l.ender, [3orrower shall pay to L.ender on the day monthly payments are duc under the Note, until the N~~te is paid in fuil, a sum ("Funds") equal ro one-twelilh af; (a) ye~rly taxes and assessments ~~~hich may attain priority over this Security lnstrument; (b) yea~ly leasehold payments or ground rents an the Yroperty, if ~ny; (c) yearly hazard insurance premiums; and (d) yearly mortgage insi~rance premiunis, if any. These items are ealled "escrow items." I.ender may estimate the Funds due on the basis of current datfl s~nd reasonable estimates oP future escrow items. The Funds sh111 Ue held in .jn institution the depc~sils or nccounts of ~ti~hich are insured or guaranteed by a feder~~l ar state agency (includin~ Lender if Lender is such an institution). 1_eY~der shall appl}~ thc Fu~~ds to pay the escro~v items. Lender may not charge for holding and applying the Funds, analyzing the accoi~nt c~r verifying the escrow items, unless Lender pays Borrawer interest on the Funds and applicahle law permits Lendcr to make such a charge. Barrower anci Lender may agree in ~ti~riting that interest shall be paid on the P'unds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borro~~~er 1ny interest or earnings on the Funds. Lend~r shall give to 13orrowec, without charge, an annual accounting of the Fu~;~+s showing credits and debits to !he Funds and the purpose for whirh each debit to the Fu:~:is was made. The Funds are pledged as additional security for the sums secured by this Security Instrurrtcnt. ! If the amount of the Funds held by I.ender, together with the future monthl~~ payments of Funds payahle prior to the due dates of the escrow itcros, shall exceed the amount required to ray the escro~~• items ~vhen due, the excess shaH be, at Borrower's option, either promptly repaid to 8arro~s~er or credited to E3orro~cer un n~onthly payments of Funds. !P the amaunt of the Funds held by Lender is not sutiirient to j~ay the rscro~i• i~ems ~~~he~~ due, Borroti?~er shall p~iy to Lender any amount necessary to m~ike up the deficienc~• in oiic or n~ore payrnenfs as rcquired by Lcnder. Upon payment in ful! of all sums securc~f by this Security ]nstrument, I.ender shall promptly ret~und to [3arro~~•er any f•'unds held by Lender. If under p~irugraph 19 the Yroherty is sold or acyuircd by I.ender, Lender shall appl~~, no later [ than immediately prior to the sale of the Property or its acyuisition b~• Lei~dcr, an}~ i~unds hcld hy Lertder at the time oP ` application as a credit against the sums secured by ihis Security Instrument. 3, Applieation of Payments. Unless ~ipplicable la~~• provides other~~~ise, all payments received by Lender w~der paragraphs 1 and 2 shall be applied: first, to late charges due under thc Note; second, to prepa~~ment charges due under the j _ Note; third, ta amounts payable under paragraph 2; fi~urth, to interest due; and last, to principa) due. e= 4. Charges; I.iens. Iiorro~~•er shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leaset~old payme+~ts or ground renls, if an)•. Y Borrower shall pay these obiigations iu the rnanner providec! in paragraph 2, or if not paid in that manner, Borro~~~er shall ~ pay them on time directly to the person owec! payment. Borrower shall promptly fa~rnish to Lcnder all notices of amounts _ ; to be paid under this paragraph. If ~3orrower makes these payments directly, I3orrowcr shall promptly furnish to Lcnder receipts evidencing the payments. ; Borro~ver shall pramptly discharge any lien ~vhich has priority over this Security Instrume+~t u?iless Borro~ti~er: (a) ; agrees in writing to the payment of tlie obtigation secured by the lien i?~ a manner acceptable ro Lender, (b) contests in good ? faith the tien by, or defends against enforcement o~ the lien in, legal proceedings which in the Lender's opinion operate to ; prevent the enforcement of the lien or forfeiture oP any part of the Yroperty; or (c) secures from the holder of the lien an ~ agreement satisfactory to Lender suborciinating the lien to this Security Instrument. [f L.ender determines that any part of ~ the }'roperty is subject to a lien ~vhich may attain priority over this Security Instrument, Lender may give IIorro~~~er a ~ notice identifying thc lien. Borro~ver shatl satisfy the lien ~r take one or nTOre of'the actions set Forth abuve within 10 da~•s of the giving of notice. 3 5. Haaard Insurance. Borro~ti~er shall keep the improvements now cxisting or hereafter erected on the Propert~~ insured against loss by fire, hazards included w~ithin the term "extended coverage" and an~~ other hazards for which Lender ; requires insirrance. This insurance shall be maintained in the amounts and for the pcriods that Lcnder requires. The ~ insurance carrier providing the insurance sha(I be chosen by t3orro«•er subject to i.e?~der's approval ~vhich shall not be ~ unreasonably withheid. ~ All insurance policies and renew~als shaU be acreptable to Lender and shall includr a standard mortgage clause. ~ Lender shaU have the right to hold the policies and renewals. If Lendcr reyuires, I3orrower shall promptly give to Lender ~ all receipts of paid premiums and r~newal nolices. In the e~~ent of loss, [3orro~~•er shall give prompt notice ta the insurance carrier and Lender. Lender may make proof of loss if not made promptly by I3orrawer. ~ Unless Lender and Borrower otherwise agree in ~vriting, iiisura~ice prcxeeds shaU be applied to restoration or repair ~ of the Property damaged, if the restoratior~ or repair is econamically feasible and Lender's security is not lessened. IP the ~ restoration or repair is not economically feasible or Lender's securit~~ would be lessened, the insurance prcxeeds shall be ~ applicd to the sums secured by this Security Instrument, ~vhether or not then due, ~vith any excess paid to Borro~i-er. If Borro~F~er abandons the Property, or does not ans~ver within 30 days a notice from Lender that the insarance rarrier has y ot~ered to settle a claim, then Lender may col[ect thc insurance prc~ceeds. Lender may use the proceeds to repair or restore ~ the Property or to pay sums secured by this Security It~strument, whether or nat then due. The 30-day period «~ill begin when the notice is given. Unless Lender and Borro~ver otherwise agree in ~~~riting, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthly payments referred to in paragraphs 1 a~tici 2 or change the amount oP the paymrnts. If ~ under paragraph 19 the Property is acyuired by Lender, I3orro~ver's right to any insurance policies and proceeds resulting ~ from damage ta 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 aequisition. ~ 6. Preservation and Maintenance of Yroperty; I,easeholds. 6orro~~~cr shall nat destroy, damage or substantially U~ ~ 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 Borrowes' acquires fee title to it~e Property~, the leasrhe~ld and ~ ~ fee title shall not mer e unless Lender a rees to the mer er in writin R g g g~ ~ ~3 7. Protection of I,ender's Rights in the Property~; ~iortgage Insurancr. If f3orro~?~er fails to pcrform the ~ covenants and agreements contained in this Security Instrument, or there is a legal prcxeeding that may significantl~~ afiect c'~' Lender's rights in the Property (such as a prcx:eeding in bankru~tcy, probale, for condemnation or to enforcc la~cs or regulations), then Lender rnay do and pay for w~hate~~er is necessar}~ to protect the <<alue of the 1'roperty and Lendcr's rights in the Property. Lei?der's actions may include paying any sums secured by a lien ~~~hich has pri~rit~~ over this Srcurity ~ Instrument, appearing in court, pa}~ing reasonable attorney.s' fees and entering on the }'roperty to make repairs. Alth~~ugh ~j ~ Lender may iake action under this paragraph 7, Lender does not have to do so. i:~ Any amaunts disbursed by Lender under this paragraph 7 shall lxcome additionaf clebt or Borrower secured b}~ tiiis ~ Security Instrument. Unless Barro~ti~er and Lender agree to other terms of payment, tiiese amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to I3orro~~•er requesting payment. . . ' x ~ ' ~ ~