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HomeMy WebLinkAbout0966 . ~ _ ' . . a ~ - ~ ~ 7 ? ~ : ~.~y ~ ~ ~i - - - UNIFORM COVENANTS. 8o~rowar and Lender covenant and agree as tollows: 1. Paymsnt uf Principal and Intsr.st; P~spayment and lata Chuges. Borrower shall p~omptly pay whan due the princ~~al of and interest o~ the debt evidenced by the Note and any p~epayment and late charges due under the Note. 2. Funds fo? Taxes and fnsu~ancs. Subject to epplicable law or to a written waiver by lender. Borrower shatt pay to Lander on the day monthly payments are due ~nder the Note, until the Note is paid in tuil, a sum ~"Funds") equa! to one•twelfth oi: (a) yearly taxes end assessments which may attain p~iority over this Security Instrurnent; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearty hazard insurance premiums; ~nd (d) yearly mortgage insurance premiums, if any. These items are celled "escrow items." Lender may estimate ihe Funds due an the basis ot current deta and reasonable estimates ot (uture escrow itemc. The Funds shall be held in an institution the deposits or accounts of which are insured o~ ~uaranteed by a tede~al or stale agency (including Lender it lender is such an institution). lend~r shatl appfy the Funds to pay the escrow items. Lender may not charge for holdi~g and applying the Funds, analyzing the accouni or verifyinp the escrow items, unless Lender pays Bor~ower interest on the Funds and applicable law permits Lender to make such a charge. 8orrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires ~nterest to be paid, Lende~ shalt not be required to psy 6orrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the pu:pose far which each debit to the Funds was made. The Funds are pledged as additional security for tho sums secured by this Secu~ity Instrument. If the a~iount of the Funds held by Lender, together with the tuture monthly payments oi Funds payable prior to the due dates o! the escrow items, shall exceed the amou~t required to pay the escrow items when due, the excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly payments of funds. lf the amount ot the Funds held by Lender is not sufticie~t to pay the escrow items when due, 6orrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, lender shall promptly retund to Bor?ower any Funds he(d by Lender. It under paragraph 19 the Property is sold or acquired by Lender. lender shall apply, no later than imme~iately pr+or to the sale ot the Propeny or its acquisition by Lender, any Funds held by lender at the time of apptication as a credit against the sums secured by this Security Instrument. 3. Applicetion of Peyments. Unless applicable law provides otherwise, atl payments received by lender under paragraphs 1 3 and 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; tourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, a~sessments, charges, fines and impositiores attributable to the Property • which may attain priority over ihis Security Instrument, and leasehold paymenls or ground re~ts, if any. Borrower shall pay these : 9 obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrcwer shall pay them on time directly to the • person owed paymei~t. Borrower shall promptly fu~nish to lender all notices oi amounts to be paid under this paragraph. lf Borrower makes these payments directly, Bor~ower shall promptly turnish to Lender receiptS evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptabte to Lender; (b) contests in good faith the lien by, or defer.As against eniorcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any pan of the Property; or (c) secures from ~he hoider of th~ tien a~ agreement satisfactery to Lender subordinating ihe lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give 8orrower a notice identifying the lien. Borrower shall satisfy the lien or take one or m„re of the actions set forth above within 10 days of the giving oi notice. . 5. Hszard i~surancs. Borrower shall keep the improvements now existing or hereaiter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other ha~ards tor which Lender requires insurance. This insurance shall be mai~tained i~ the amounts and for the periods that Lender requi~es. The insurance carrier providing the insurance shall be chosen by Borrower subject to lender's approval whicfi shall not be unreasonably withheld. All insurance policies and renewals shaN be acceptable to Lender and shall include a standard mongage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premium~ and renewal notices. In the event of loss, Borrower shall give prompt natice to the insurance carrier and Lender. Lendec may make proot of loss if not made promptly by Borrower. Unless Lender and Borrower othervvise agree in writing, i~~~~~?nr_.R ~roceeds shall be appli~ 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 would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Bo: rower. If Bo~rower abandcns the Property, or does not answer within 30 days a notice trom Lendar that the insurance carrier has oNered to settle a claim, then Lender may ~ collect the insurance proceeds. Lender may use the ~roceeds to repair or restore the Property or to pay sums secured by this Securi4y ~ Instrument, whether or not then due. Th~ 30-day period wil! begin when the notice is given. ` Unless Lender and 8orrower 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 af the payments. t~ under paragraph i 9 i I the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to ihe Property ; I prior to ihe acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the ecquisition. 5 ~f 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall ~ot destroy, damage or substantially change the ; ~ Properiy, a!!ow the Property to deteriorate or commit waste_ If this Security Instrumem is on a leasehold, Borrower shal[ comply with ~ the provisions of the lease, and if Borrower acquires iee title to the Property, the leasehuld an~ fee titte shall not me~ge unless Lender ~ agrees to the merger in writing. ~ ~ 7. Protection of Lender's Rights in the Property; Mortgage Insursnce. If Borrower fails to periorm the covenants and j agreements contained +n this Security Instrument, or there is a legal proceeding that may significantly affect Lendar's rights in the f Propsrty (such as a prceeedirsg in bankruptcy, probate, for condemnation or to enforce laws or regulationsl. then Lender may da and ~ pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a liert which has Friority over this Security tnstrument, appearing in court, paying reasonabie attorneys' feas ~nd entering an the Property to make repairs. Alth~ugh Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security 3 Instrument. Unlsss Borro~nrer and Lender agree to other te~ms of payment, these amou~ts shall bear interesi irom the date of disbursement at the Note rate and shall bs payab(e, with interest, upon notice from lender to Borr~wer reQussting payment. ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security {nstrument. Borrower shall ~ pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreeme~t or applicable law. 8. Inspection. Lender or its agent may make reasonable entries ~pon and inspections of the Property. lender shall give Borrower notice at ihe time of or p: ior to an inspection specifying reasanable cause for ihe inspeetion. 9. Condemnation. The proceeds of any award or claim ior damages, direct or consequential, in connection with any condemnation or other taking of any par! of the Property, or for conveyance ir. liau of condemnation, are hereby assigned and shall be paid to l.ender. ~ ~ ~A~24 P~086 i - r: ~ . ? - - _ .