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HomeMy WebLinkAbout0982 _ - - - - - - - - . _ _ _ - - - _ UN~FORM CovEN~NTS. Borrower and i,ender covensnt and agree as foilows: 1. P~yment o! Principal and Iatetat; Plrepaymeat aad I.ate Char~es. Borrower shall promptly pay when due the principai of artd interest on tht debt evidenced by the Note and any prepayment and late charges due under the Note. 2. F1uds tar Taxes ~ad Iasursna. ' Subject to applicable law or to a written waiver by Lender, Borcower shall pay to Lender on the day monthly payments An du~ under the Note, ::~tii the Note is paid in fuil~ a sum ("Funds") equal to one-twelfth of (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leaseholci paymenis u~ graund rents on the Property. it any; (c) ye~rly hazard insurance premiums; and (d) yearly mortgage insurance prtmiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of curcent data and rcasonable estimates of future escrow items. The Funds shall bc held in an insiitution the deposits or accounts of which are insur.d or guaranteed by a federal or state agency (including I,ender if L.ender is such an institution). I.ender shall apply the Funds to pay the acrow items. I,ender may not charge for hotding and applying the Funds~ anatyzing the account or verifying the rscrow items, unlsss I.ender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and L.ender may agree in writing that interest shall be paid on the Funds. Unless an agrament is made or applicable law . requires interest to be paid, Lender shall no1 be required to pay Bonower any interest or earnings on the Funds. Lender shail give to Borrower, without charge~ an annual accounting of the Fur.ds showing credits snd debits to the Funds and tt~e ; purpose for which each debit to the Funds was made. The Funds are ptedged as additional security for the sums secured by this ~ecurity insirun~~nt. If the amount of the Funds held by Lendor. togethcr with the future monthly payments of Funds payable prior to the due dates of the escrow 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 Borcower on monthly payments of Funds. If the amount of the Funds held by l.ender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the de6ciency in one or more payments as required by Lender. Upon payment in full of all surr~s sccured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragrep; 19 the Propeny is sold ar acquired by Lender. I.ender shall apply. no later than immediateiy prior to the sale of the Property or its acquisition by Lender, any Funds held by Ixnder at the time of application as a credit against the sums secured by this Security Instrument. ~ 3. Application of Payments. Unless applicable law pravides otherwise, all payments received by L.ender under paragraphs 1 an,d 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 principal due. 4. Charges; Liens. Borrower shall pay all tazes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and ltasehofd payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if noi paid in that manner. Borrower shall t pay them on time directly ta the person owed payment. Borrower shall promptiy furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptl_y furnish to Lender i receipts evidencing the payments. - ; Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrov?+er: (a) i ~ agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to I.ender; (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 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 determina that any part of ~ the Property is subject to a lien which may attain priority over this Security Instrument, I.ender may give Borrower a notice identifying the 1ien. 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. Borrower shall keep the improvements now existing or hereafter erected on the Property - insured against lass by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods ihat Lender requires. The insurance carrier providing the insurance shal) be chosen by Borrower subject to Lender's approval which shal! not be unreasonably withheld. All insurance policies and renewals sha!! be acceptable to Lender and shall include a standard morigage clause. L.ender shaU have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to I.ender ' ?1_I receipts of paid premiums and renewal notices. In the event ot loss, Borrower shall give prompt notice to the insurance ~ carrier and Lender. Lender may make proofofloss if not made promptly by Bc~rrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security woutd be lessened, the insurance proceeds shall be applied ro the sums secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. 1f Borrower abandons the Property, vr dces not answer within 30 days a notice from Lender 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 period wilt begin when the notice is given. Untess Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~ postpone the 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 Ixnder, Borrower'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 Security ~ Instrument immediately prior to the acquisition. ij 6. Preservatioa and Maintenance of Proptrty; Leasehotds. Borrower shall not destroy, damage or substantially " change the Property, altow the Property to deterioratt or commit waste. If this Security Instrument is on a leasehold, ~ 8orrower 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 Lender agrees to the merger in writing. ~ ~ 7. Protection of Lender'a Rights in the Property; Mortgage Insurance. If Borrower fails to perform the : covenants and agrcements contained in this Security Instrument. or there is a tegal proceeding that may significaqtly affect Lender's rights in the Property (such as a proceediog in bankntptcy, probate, for condemnation or to enforce laws or ~ re ulations), then Lender ma do and a for wha~ever is necessa to rotect the value of the Pro rt and Lender's ri hts ~ B Y P Y rY P Pe Y 8 ~ 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 rrasonable attorneys' fees and ent~ring on the Property to make repairs. Atthough ~ Lender may take action under this pacagraph 7, Lender doa not have to do so. Any amounts dis6ursed hy Lcnder undtr this paragraph 7 shal! becomt additional debt of Borrower secured by this _ Secarity Instrument. Unless Borrower and Lender agree to other terms of payment, theu amounts shall bear interest from = the date of disbursement at the Note rate and shall be payable, with interest, upon natice from Lender to Borrower requesting payment. _ ~ eKos23 ~ac~os7s ~