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Home My WebLink About0934 , ~ r UNiFORM CUVENAN7'S. Borrower and Lender oovenant ~nd agroe as follows: 1, Paymene ot Princtpal ~d ta~ercar, Prep~.ymeA~ and Lace Gl~sr~ea. Borrower shall promptly pay when due the principai of and intcrest on the debt evidenoai by the Note and any prepsymeat and late cherges due under thc Note. ~ 2. Ftinda for Tua aad Insurara. Subja;t to ~pplicsble lew or to a writtrn waive~ by Lendc~. Borrower shall pay ~ to Lender on the day monthly psymen!s arc due under the Note~ until the Note is puid in full~ a sum ("Fonds") equai to ~ onrtweiRh ofc (A) ymrly t~es and sssessme~ta which may att~in priority over this Security tnstrument; (b) ycarly ; la3ehoid payments or ground re~ts on the Properiy~ if any; (c) yarly h~zard ioaurana premioma; and (d) yeariy ~ moMgnge insurana prcmiums, if any. These items are callod "escrow items." Lender may eslimate the Funds due on the ~ basis of current dats and reasoneble estimates of future escrow items. ' The Funds shall be held in an institution the deposits or acoounts af which an insurod or guaranteed by a federal or state agency (inclu~~~~g I.ender if Lender is such an institution). Lcmder shall apply the Funds to pay the escrow items. I.,ender rnay not ch~~~ge for holding and applying tfie Funds. anelyzing the Acoount or verifying the escrow items~ unless ' Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall bc paid on the Funds. Unless an agreement is made or applicable law requires interest to be paiid, Lender shall not be required to pay 8orcower any interest or earnings on the Funds. Lender sh~~l give to Borrower. without charge, an annuul aocounting of the Funds showing credits and debits to the Funds and th~ ~ purpc~e for which eaeh debit to the Funds aat made. The Funds an pledged as additional security for the sums securcd by this Security lnstrument. If the amaunt of the Funds held by Ltnder. together with the future mor~thly payments ot Funds payable prior to . the due dates ofthe escrow items. shall exaed the amount required to pay the escrow items when due. the exccss shafi bc, . at Borrower's aption~ either promptiy repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by I,ender is not sutt'icient to pay the escrow items when due, Borrawer shaU pay to L.ender any amount nccessary to make up the deficimcy in one or mvre payments as requirod by Lender. Upon payment in full of all sums aaur+ed by this Seeurity Instrument. I.ender ahall promptly refund to Borrower any ~unds held by I.ender. If under paragraph 19 the Property is sold or acquirod by Lender~ Lender shall apply~ no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by L.ender at the time of application as a crodit against the sums secund by this Security Inst~ument. 3. Application of Paymenb. Unless applicable law pmvides otherwise, ell payments receivod by I.ender under paragraphs 1 and 2 shall be applied: &st, to late charges due under the Note; second. to prepayment charges due under the Note; third. to amounts payable und~r paragraph 2; fourth~ to interest due; and last. ta principal due. 4. Ch:rge~ Uens. Borrower shall pay all taxes, assessments. charges. f~nes anci impositions attributable to the Property which may attain priority over this Security lnstrument~ and leasehold payments or ground rents, if any. Borrower sha~l pay these obligations in the manner providod in paragraph 2. or if not paid in that manner, Bonower shall pay them on tim~ diroctly to the person owed paymrnt. Borrower shall promptly furnish to L.ender all notices of amounts to be paid under this ~ragraph. If Borrower malces these payments dircctly. Borrower shall promptly furnish to I.ender' reccipts evidencing the payments. Borrower shail promptly discharge any lirn which has priority over this Security Instrument unless Borrower. (a) agras in writing to the paymrnt of the obligation secured by the lien in a inanner acceptable to Lender, (b) contests in good faith the lien by. or defends against enforcemrnt of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcert~tnt of the lien or forfeitun of any part of the Property; or (c) secures from the holder of the lien an ~ agrament satistactory to Lender subordinating the lien to this Socurity Instrument. If I.~nder dctermines that any part of ; the Property is subjoct to a tien which may attain priority over this Srcurity Instrument, Lender may give Borrower a ~ notice identifying the lien. BonowEr sh~ll satisty the lirn or take one or more of the ~ctions set fohh above within 10 days ~ ~ of the giving of notice. ` S. Hazard Insarance. Borrower shall kap the improvements now existing or hereaRer srected on the Property ~ • insured against loss by fire. hazards included within the term "extended coverage" and any other hazards tor which Lender requir~s insurance. This insurance shall be maintained in the amounts and for the periods that I.ender requir~c. The ' insurance carrie~ providing t~e insurance shall be chosen by Borrower subject to I.ender's approval which shali not be ' unreasonably withheld. ~ All insurance policies and renewals shall be acceptable to Lend~r and shall include a standard mortgage clause. I.ender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to I,ender al) receipts bf paid premiums and renewal notices. In the evtnt of loss, Borrower shall give prompt notice to the insurance carrier and Z~..ender. Lcnder may make proof of loss if not made promptly by Bonower. Unless Lender 3nd Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or repair ; of the Praperty d2maged, if the restoration or repair is oconomically feasible and I.ender's security is not les~ened. if the ; restoration or repair is not economically fcasible er Lender's seeurity would be lessened, the insuranca proceeds shall be applied to the sums secur~d by this Security Instrument~ whether or not then due, with sny excess paid to Borrower. If 3 Bonower abandons the Pcoperty. or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim. then Lender may collect the insurana procceds. Lender may use the procecds to repair or r~tore 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. y Unless Lender and Borcower otherwise agrte 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 paregraph 19 tho Property is aequired by Lender~ Borrowtr's right to any insu_•ance 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. Presenation and MaIntenarice of Property; I,easehotds. Borrower shall not destroy, damage or substantially change the Property. allow the Property to deter~orate or commit waste. If this Stcurity 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 ta title shall not ~nerge unlcss Lender agra3 to the merger in writing. 7. ?'rotection ot I.ender's Rigi~ta in the Propert~, Mortgage Insurance. If Borrower faits to perform the covenants and agrcements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lendcr's rights in the Property (such as a proceeding in bankruptcy. probate. for condemnation or to enforce laws or regulatians), then I.ender may do and pay for whatever is nece.ssary to protect the value of the Propeny and I.ender's rights in the Pr~perty. Lender's actiQns ma~y include paying any sums secured by a lien which has priority over this Sccurity Instrument. appearing in court~ paving reazonable attorneys' fees and sntering on the Property to make repairs. Although Lender may take action under this paragraph 7, I.ender daes 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. [Jnless Borrower and Lender agree to o~her terms of payment~ thae amounts shall bear interest from the date of disbursement at the Note rate and shall be payable. with interest, upon notice i'rom L.ender to Borrower ra~uesting paymrnt. , • ' ~524 ~IB~9~y , . _ _ - -