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HomeMy WebLinkAbout0923 _ . _ _ _ ir~ UN~FORM CovEtv~tvTS. 8orrowe~ and Lender coveaant and agra as follows: l. Paymeat ot Priac[pal aad Interest; Prep~ymeat ta~ Gate Clsarga. Borrower shall p~amptly pay when due } the principsl of and interat on the debt evidenced by the Note and any prepayment and late charga due under ~he Note. i 2. Ftiqdt tor Taxd aad la;uranc~e. ' Subject to ap~licable !aw or to s written waiver by Lender~ 8orrower shail pay to Lender on thc day monthly payments ~re due under the Note. until the Note is paid in full, a sum ("Funds") equal to ane•twellth of: (a} yearly tAxa And asse.csmcnts which msy attain priority ove~ this Security Instrumen~; (b) yearty leasehaid payments or ground rents on the Prcipeny, if any; (e) yearly hazard insurance premiums; and (d) yearly mortgage insurnnce premiums. if any. These items are called "ascrow items." Lender may estimate the Funds due on the basis ofcurcent data and reasonablc estimates oifuture tscrow items. ' 'The Funds shall be held in an institution the dtpoaits or Accounts of which are insur..~ or guarantecd by a fede~al or state agency (including Lender if Lendar is such an institution). Lender shall apply the Funds to p~y the escrow items. . Lender may not cha~ge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funds and appli~,abk law permits Lendtr to make suci~ a charge. Borrower and Lender may agra in writing that interest shall be paid on tt,e Funds. Unless an agrament is ~:ade or applicable law requira interest to be paid, Lender shall not be required to pay Bomower any interest or carnings on the Funds. Lender shall give to Borrower~ without charge. an annual accounting of the Fur.ds showing credits and debits to tf~e Funds and the ; purpose for which each dEbit to the Funds was made. The Fundc are plodgod as additional security for the sums secured by f this Security lnstrument. If the amount of the Funds held by Lendet. together with the future monthly payments of Funds payable prior to the due dates oP ihe escrow items, shall cxcad the amount required to pay the escrow items when due, the excess shall be, at Borrower's optian. either prompdy repaid to Bo~rower or creditod to Borrower on monthly paym~nts of Funds. If the ~ amount of the Funds held by Lender is not sult'icient to pay the escrow items when due. Borfower shall pay to I.ender any amount necessary to make up the deficiency in one or more payments as re~uired by I.ender. Upon payment in full of all sur~° ~ecured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by I.ender. If under ngraph 19 the Property ~s sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquis:;ion by Lender. any Funds held by L.ender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applicat[on of Payments. Unless applicablt iaw provides otherwise, ali payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the ~ Note; thir~d~ to amounts payable under paragraph 2; fourth, to interat due; and last, to principal due. 4. Charges; I.iens. Borrower shall pay all taxes, assessments, charges~ fines and impositions attributable to the Property which may attain priority over this Security Instr~ment. and leasehotd 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 shall ~ 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. If Borrower makes these payments directly, Borrower shali promptly furnish to L.ender receipts evidencing the payments. • Borrower shall promptly discharge any tien which has priority over this Security [nstrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manr.er acceptable to Lender; (b) contests in good ~ faith the lien by. or defends against enforcement of the lien in, legal proceedings which in the L.enaer'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 agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any pan of ~ the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Horcower a notice identifying the lien. Borrower sha11 satisfy the lien nr take orre or more oi the actions set forth above within 10 days of the giving of noticx. I S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property ! insured against loss by fire, ha2ards included within the term "extended coverage" and any other ha~rds for which Lxnder ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that L.ender requires. The ~ insurance carrier ~~~~~~~o rhP lnsurance shall be chosen b Borrower sub'ect to Lender's a roval which shall not be ~....._--•o - Y 1 PP unreasonably withhefd. All insurance policies and renewals shall be acceptabte to Lender and shali include a standard mortgage clause. ~ I.ender shail-have the right to hold the policies and renewals. If Lender requires, Borrower shail prompt[y give to Lender ~ all receipts of Paid premiums and rencwal notices. In the event of loss. Borrower shall give arompt notice to the insurance carrier and I.ender. Lender may make prooCof loss if not made promptly by Borrower. Untess I prtc~er 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 I.ender's security is not lessened. If the restoration or repair is not ecoAamieally feasible or L.ender's security would be lessened. the insurance proceeds shall be applied to the sums secured by this Security lnstrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property~ or does not answer within 3Q days a notice from Lender that the insurance carrier has ' offered to settte 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 will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly paymenta referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired hy I.ender, Borrower's righi to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the eatent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Prese~ ~ation and Matnteaance of PropRrty; Leaseholda. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or eommit waste_ If this Security Instrument is on a leasehold, ~ Borrower shall comply with the provisions of ihe lease~ and if Borrower acquires fee title to the Property, the leasehold and fee title shall not rr~erge unless I,ender agrces to the merger in writing. ~ 7. ProteMton of Lendtr's Rights in the Property; Mortgage Insurance. If Burrower fails to perform thc covenants und agraments contained in this Sec:urity Instrument, or there is a legal procceding that may significantly affect ~ I,ender's rights in the PropeRy (such as a proceeding in bankruptcy. probate, for eondemnation or to enforce laws or regulations). then Lender may do and ~ay fot wtatever is necessary to protect the value of the Property and Lender's rights ~ in the Property. Ltnder's actions may include paying any sums secured by a lien which has priority over this Security Instrument. appearing in court. paying reasonable attorneys' fea and entering on the Propeny to make rcpairs. Although Lender may t~ke action under this paragraph 7, Lender dees not have to do so. ~ Any amounts dssbutsed by L.ender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Horrowe: and Lender agree to oiher terms of payment, thesc 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 ~ roquesting paymrnt. e ~ t ~ ~osrs ~ ~ ~..~.Tx.~ ~