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Home My WebLink About0958 ( UNI~~ORh1 COYENAN'fS. Borruwcr and Lendcr covcnant and ,+grce as follaw~: 1. ~'a~~men! of Yrlnclpul and Interesl; Prepaytnent and l,ate Charges. k3urmwcr shali prumpdy pay whcn Juc thc principal ~ ut' ~+nd int~'res{ on the debt evidenced by the Nat~ and any prepayment and late charges due under ~he yote. ' , 2. Fuiidc for ~'axes and lnsu~ance. Subjecl to applirable law or t~~ a w~-itten waive~ by Lendcr, f3orro~~~er shall pay (o l.ender ~~n ttee day monthly payntents are due undcr th~ Note, until the Note is paid in fuU, a sum ("Fun~s") equai to one•twc:lfth of: (a) ~ f ! ycarty taxes and a$sessn~ents which may utlain priority over this Security Instrument; (b) yearty teasehntd paymrnis or ground rents t+ on thc F'roperty, if any; (c) yearly hazard insu~unce premiums; and (d) yea~ly martgage insurance prcmiums, il' any. These items arc called "escraw items." L.ender may estimate the Funds due on the hasis of current data and reasonahle estimates of future escrow ~ items. ~ ~ ~ The Funds shal! be held in an institutian the deposits or accounts of which are insured ~r guaranteed by a federa! or state ~genry (inrluding Lender if l.ender is such an institution). l.ender shal! apply the Funds to pay the eticro~~~ i~ems. l.endcr may not charg~ ~ for h~~lding and apptying d~e Funds, analyzing the account or ve~ifying thc escrow items, unless Lender pays Borrawer interest on the Funds and applicable law permits Lendcr to make such ~ charge. 8orrower aad Lcndcr may agrec in writing that interest shalt hc~ paid on the Funds. Unless an agreement is made or applicablc !aw reyuires interest to be paid, Lcnder shall not be required to p;ey Borrower any interest or earnings on the Funds. L.~nder shall give to Borrawer, without charbe, an annual accounting of the ~ fiunds showing credits and debits ta the Funds and the purpose for which each debit to the Funds was made. The Funds are pledgcd ~j, as udditional security for tt?e sums secured by this Securiry Instrument. ~1 lf the amount af'the Fun~ls held by Lender, together with the future monthly payments of Funds payablt ~rior uf the due dates of the escrow items, shall exceed the amount required to pay the eserow items when due, the excess shall bc, a~ Born?wer's uption. ~ ; either prompQy repaid to Borrower or rredited to Borro~ver on monthty paymcnts of Funds. If the ami~unt of the FunJ~ held by~ L.ender ; , is not sufficient to pay tt~e escrow items when due, E3orrower shall pay to L,ender any amount necessary to make up the de(iciency in onr or mo~e payments as required by lxnder. ~ U~x~n payment in fuil of all sums secured by this Security lnstrument, Lender shaN pramptly reFund to Borru~~•cr any Funds held by L.ender. [f under paragraph l9 the Property is sold or acquired by Lender, Lender shall apply, no later than immcdiately ~ prior to the sate of the Property or its aequisitiim by Lender, any Funds held.by Lrnder at the time of appliratinn as a credit against ~ i the sums secured by Ihis Security Instrument. 3. Applicatlon of Fayments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs ~ I and 2 should be applied: first to amounts payable under paragraph sccond to interest; and lasl to prinripaL 4. Chacges; Liens, Borro~ver shall pay all taxes, assessments, charges, tin~s and imp~3sitions attributabtc to the Property ~vhirh . n?ay attain priority over this Security Instrument, and IeasehoW payment~ or ground rents, iFany. Borrower shall pay these obligations f~ ~ in the manner provided in paragraph 2, o~ if not paid '+n that manner, Borrawer shall pay thcm on time directly ro the pr.rson uwed pa}~?nent. E3orrower shall proie~ptly furnish to Lendcr a!! nu~iccs ~~f amounts to bc paid under ihis paragraph. If Borrti~ti~ir ntakes th~se ; payments directly, Borrower shall pr~>mptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Securiry Instrument unless Borrower: (a) agrees in ~ti-riting tu thc payment of the obligation secur~d by the lier? in a manner acceptable to Lender, (b) contests in gc~e! faith the lien by, or dcfenJs against enforcement of the lien in, legal prorecdings ~which in the L.ender's opini~n operate to prevent the enForcement c~f the lien ~~r forfeiwre c~f any part of the Prope:rty: or (r) secures from the holder of the lien an agreement satisfactury to Lender xuhordinating thc lien to this Securiry Instrument. If LenJer derermines that any part of the Property is subject ta a lien whirh ~»ay attain priority over this Security (nstrument, Lender may give Borrower ~ notice identifying the lien. Borrower shall satisly the licn ur take ~>ne or more of the actior~s set forth above within 10 days of the giving of notice. ~ 5. Nazard Insurance. Barrower shal! keep the iniprovements no~~• existing or hereaRer erected on thc Propc.rty insured against loss by tire, hazards included withio the term "extcnded cnverage" and any other hazards for which l,ender reyuires insurance. This insurance shall be maintained in th~ amounts and for the periexls that Lender rcquires. The insurance carrier providing the insurance ;j ~hall !x chosen by Borrower subject to Lender's approval which shaU nat be unreasonably ~ti~ithheld. ~ All ir~surance policies and renewals shall t~ acceptable to [.ender and shalt inrlude a standar~! mortgage clause. Lender shalt havc thc ri ht to hotd the licies and renewals. If L.ender re uires, Borrower shal) ram tl rve to Lender all recei ts of aid remiums { g P° 9 P P Y g~ R p P and rencwal ~oticcs, In the evcnt of loss. Borrow~cr shali give prompt nutice to the insurance carrier and i.cnder. Ixndcr may make } proof of loss if not madc prompdy by Barrower. ~ Unless Lende~ and Borrower otherwise agree in writing..insuranre prcxeeds shall be applied to restoratinn or repair af the Pro- perty Jamaged, if the restoration or repair is economically teasibie and Lender's security i~ not lcssened. (F thc restoration or reF~air is not economicaNy feasible or Lendcr's security would be lessened, the insurance proceeds sfiall be applied to the sums secured by this Sec~rily Instrument, whether or not then due, with a~y excess paid to Sormwer. (f Borrower abandons the Property, or dcxs noi answer within 30 Jays a notice fram Lender that the insurance carrier has offered to settle a claint, then L.en~fer may coltect the inlurance proceeds. i.ender may use the prnceeds to repair or restore the Property or to pay sums secured by this Security instrument. whether ar not ther~ due. The 30-day perial will bc;gin when the _notice is givea. Unless Lender and Borrower otherwise agrec in wr+ting, any appliration of proceeds ta principal shal! not extend or Ewslpone the due date of the mon~h(y payments referr~d to in paragraphs ! and 2 or change the amaunt of the payments. lf undcr paragraph ~ 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Properry prior to the acyuisition shall pass to L.ender to the extent of the sums s~cured by ihis Seruri~y )nstrument in~mediately pricir to the ~ acquisiticm. , • ~ 6. Preservation and btaintenance of Propertt~; Leaseholds. Sorro~~~cr shall not destroy, damage or substantially ch~nge thc ~ Pr~~perty, a(low the Property to deteriorate or rommit waste. If this Security Instrument is on a leasehold. Surrower shall comply ~ with the provisians of the lease, and if Borrower acyuires fee tiQe to thc PropeKy, the leasehold and fec titlc shall not mergc unlesti ~ L~:ndcr agrees ro the merger in writing. . ~ 7. Frotection of Lender's Rights in the Properly; hlortgage Insurance. If Borrower faits to pert<?rm the ~ovenants and ~ agrecment~; containeJ in this Security Insirument, or there is a Iegal proceeding that may ~ignitirantly afleci Lender's rights in the Property (such as a proceedirtg in bankruptcy, probate, for rondemnation or to enforce laws or regulations), thcn Lender may do and pay for whatever is necessary to protect thc vatue of d~e ~'roperty and Lender's rights in the Propcny. L,ender's actions may ~ include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court. paying reas~nable ~ ~ttorncys' fees and entering on thc Praperty to ~nake re~airs. Ald~ough Lender may take aQtii~n under this paragraph 7. Lender dces not have tu do so. < < ' ~ 1.R r~'! • { ~ 5 2 2 P~6E0 9 5 5 r: ~ . . ~ - . , • ~yY p F . . . . y , . . , , ' . ` ' ~