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Home My WebLink About0987 ~ f UNIEORM COVENANTS. &~rrower and l~ertdcr ruve~ant anJ aXree as fulluws. i 1, Payment of Principa[ and lnteresc; Prepaymenc ind l.ace Ch~cges. Burrc~wer shal) prumpcly pay when due ~he principal uf and inccresc an che debt cvidencec! by thc I<uce and a~y prepaymenc aRd lare charges duc unde~ che Nute. ' 2. Funds for 1'axa and I„sunnce. Subjecc ~a applicable ~aw ur tu a writccn waivcr by Ixnder, E~rruwer sha11 pay to ~ l.ender un thc clay munthly paymencs are due under thc Nute, until chr Nute is paid in full, a sum ("Funds"> equal tu une-ewel(th of: (a) yearly taxes and assessme~ts which may attain priority uver this Security lnstrume~t; (b) yearly leasehuld paymen~s ur gruund rencs un ehe Pruperey, if any; (c) yearly hazard insurance premiums; and (d) yearly mur~gage insurance premiums, ii any. These icems are call+ed "escruw items." 1.endEr may estimace the Funds due un the basis of current data and reasonable estimates uf fucure escruw items. The Funds shall oe held in ar~ institutiun the deposits or accounes of ahich a~e insureef or guaranteed by a federal ur state agency (including Lender if l.ender is such an institucion). l.cnder shall apply chc Funds co pay cheescrow items. l.ender may noc charge for hulding and apptying the Fu~ds, analyting the accour.t or verifying the escrow icems, unless Lender pays Borrower incerest on che Fu~ds and applicable !aw permics l.ender co make such a charge. Borrower a~d l.ender may ag~ee in wriring ~hat interest shall be p~id on che Funds. Unless an agrecment is made ur applicable law requires interesc a~ be paid, l.e~der shal! rxx be required to pay Bor~owec any inceti°st ur earnings on ehe Funds. Lender shall give to Borrower, withcyut charg~, an annual accounting uf che Nunds showingcredits and debits co the Funds and che purpc~se Eur which each debi! tu ehe ~ Funds was made. The Funds are ptedged as addicio~a) secvrity Eur che sums setured by this Secvrity !r?scrumenc. lf che amounc of che Funds held by Lender, tugether wich the future mun~hly payments of Funds payable pric~r ~u che due daces of the escrow ieems, shall exceed the anwunc required to pay the estruw items when due, the excess shall be, ac Burn~wer's option, either promptly repaid to Borrower ur crrdiced to Bc~rruwer on ~nunthly paymencs of ~unds. if che amount of the Funds held by Lender is not sufficie~c tu pay ehe escrow icems when due, Borrower 3hal1 pay tu Lender any amount necessary cu make up the deficiency in o~e or mvre paymencs as required by l.ender. Upon paymenc in Eul! of al! sums secured by thic Securicy lnstrume~t, Lender shall prumptly refund to Burruwer any Funds held by Leoder. If under paragraph l9 [he Propercy is sold ~r acquired by Lender, Lender shall apply, no later than immediacely prior co che sale uf che Pre~~erty ur its aequisi[ion by I.e~der, any Funds held by Lender ac che cime af applicacion as a credit against ~he sums secured by chis Securiry lnstrument. 3. Application of Payments. Untess applicable !aw provides ocherwise, all paymencs ~eceivecf by l.ender under paragraphs 1 and 2 shalt be applied: firs~, ro late charges due under ehe Note; seco~d. cu prepayment charges due under che Note; third, tu amouncs payable under paragraph 2; fourth. co inceresc due; and lasc, to principal due. 4. Charges; Liens. Burruwer shall pay all ~axes, assessments, charges, fines and impositions actribucabie co che Propercy which may actain priuricy over this Securicy lnscrument, and leasehol~ paymencs orground rencs, if any. Borrower shaU pay these obligations in che manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay chem on time direccly to che person oaed payment. Borr~wer shall prompcly furnish to I.e~der all n~itices of amouncs co be paid under ~his paragraph. If Borruwer makes these paymencs direcdy, Borrower shall prompcly Eurnish co l.ender receipts evidencing che paymencs. Bc~rrower shall promprly discharge any lien which has priuricy over chis Secvricy Insaumene unless &~rrower: (a) agrees in wricing to che paymenc of che obliga~ion secured by che lien in a manner acceptable co Lender; (b) cuntescs in gcwd ' faich the lien by, or defends against enfurcemen~ of the lien in, legal pnxeedings which in che I.ender's opinion operace co s prevenc the enforcemenc of ehe lien or forfeicure of any part of che PropErty; or (c) secures from ~he holder of che lien an agreemenc satisfactoty to Lerder subordinacing che l:e~ to this Security Instrument. lf Lender determines that any part of che Property is subject to a lien which may attain prioricy over chis Security lnstromenc, Lender may give Borrower a notice " identifying che lien. Borrower shall satisfy the lien or cake one or more of the actions se~ forth above within 10 days uf the giving of nocice. 5. Hazard Insurance. Bc~rrower shall keep the improvements now existing or hereafcer erecced on the Property insured against loss by fire, hazards i~cluded wichin the term "excended coverage" and anp ocher haza~ds for which l.ender requires insurance. This insurance shall be maincained in che amounts and for che periods chac l.ender req~ires. The insurance carrier providing che insurance shal! be chosen by Borrower subjecr co Lender's approval which shatl noc be unreasonably wichheld. AU insurance policies and renewals shall be accepcable co Lender and shal! incfude a scandard morcgage clause. l.ender shall have the right tu hold che policies and renewals. lf I.ender requires, Borrower shali ~romptly give to I.ender all receipcs of paid prem~~ms and renewal notices. [n the event of loss, Borrower shall give prompc notice to the insu~ance carrier and Lender_ 1.ender may make proof of ioss if noc made promptly by Borrawer. [lntess Lender artd Borrower otherwise agrc•e in wricing, insurance prcxeeds shall be appl'sed to restoration or repair of che Property damaged, if the restoration or repair is economically feasible and Lender's security is noc lessened. If the rescoracion or repair is noc economicaliy feasible or Ixnder's securicy would be lessened, che insurance proceeds shall be applied co che sums secured be chis Security Inscrumenc, whether or not chen due, with any excess paid co Borrower. If Borroaer abandons :he Propercy, or dces not answer aithin 30 days a notice fronn I.ender that the insurance carrier has offered co secrle a daim, then Lender may collect the insurance proceeds. Lender may use che proceeds to repair or resture che Propercy or ro pay sums secured by chis Security Instrument, whecher or not then due. The 30-day period will begin when che notice is given. ~ Unless La~der and $orrower ucherwise agree in writing, any applicacion of proceeds to ~rincipal shal! nor excend or poscpone che due date of che monchty paymencs referred co in paragraphs 1 ana 2 or change che amounc of the paymencs. lf under paragraph i9 che Property is atquired by Lender, Borrower's right co any insurance policies and proceeds resulting from damage to che Properry prior co che acquisicion shall pass co I.ender co che extent of che sums secured by this Securicy Inscrument immediacely prior to the atquisition. ~I 6. Preservation and Mainten~nce of Praperty; I.easeholds. Borrower shal~ nor descroy, damage or substantially - i change the Pruperty, allow che Property eo deteriorace or commic wasce. If this Security Instrument is on a leasehold, Borrower shall compfy aich the provisions of che lease, and if Borrower acquire~ fer citle to che Property, the leasehold and ~ fee ricle shall ~at merge unless l.ender agrees co che merger in wricing. 7. Protection of Lend~r's Righes in the Property, Mongage Insurance. If Borrower fails co perform the covFnanes ~ an:~ agreemencs contained in this Securicy Instrumene, or chere is a legal proceeding chac may significandy affecc f.endei s rights in che Proprrty (such as a proceeding in bankrupecy. probate, for condemnation or coenforce laws or regulacions), cF:en ~ I.ender may da and pay for svhaceve: is necessary co procect che value of ehe Propercy and I.ender's righcs in che Properry. ~ Lender's accions may inrlude paying any sums secured by a lien which has prioriry over chis Securi~y Inscrumenc, appearing in courr, paying reasonabie attorneys' fees and entering on the Propercy co make repairs. Alchough Lender may cake action ~ under chis paragraph 7, Lender does noc have co do so. Any amounts disbursed by l.ender under this paragraph 7 shall betome additional debc of Borrower setured by chis Securicy Inscrument. Untess Borrower and Lender agree toocher terms of payrnent, chese amoun~s shall bear interesc from che dace of disbursemenc ae che Note race and shaU be payabl~, with inceresc ;upon nocice from i.ender to Borrower requesting p~ymenc. ~ i ~ . . , ~Qa 24 P~ef08~~ ~