Loading...
HomeMy WebLinkAbout0955 UNIFORM COVIiNAN1~. Kurrowcr ;~nd I.rnder c~i~~rnant an.1 aRrec as f~~lluw~s• l. Paymenc of P~incipal and Interesc; Prepayment and Lace Charges. B~~~ruw~er shall prumpcly pay whrn ~fuc• ~hr principal of and interest on che debt evidenced by the Note anJ any prepayment and I;~te char~rs due under ~he Nuce. Z. Fu~ds for 1'axes and lnsurance. Subjecc cu applicable law ur n, a wrieten W~aiver by l.rnder, llorruwer shall pay u~ I.rnder un ~he day munthly payments a~c dur undcr the Nute, uncil che N~~te is paid in full, a sum 1"Fun~1s") eyual cu une-cwelfch~~f: (a) yearly caxrs and assessmencs which may atcain priurityover chisSecuriey Instn?mcnr, (b) yearl~~ Ieasehul~i paymencs urKruund renes un che Pruperty, if any; (r) yrarly hazard insurance prcniiums; and (J) yearl~• murtgage insurance premiums, if any. These ieems are talled "escruw items." I.en~fer may escimaer ~he Funds due un ehe basis uf curren~ data and reasunable estimates of future escrow items. The Nunds shall be held in an institutiun the de~x~si~s ur accuunts of which are insurrd ur guaranteed by a fedrral ur seaee ~gency (includin~ l.ender i( Lender is such an institutiun). Lender shall apply the Funds co pay the escrow ieems. l.ender may n~~e charge fur hulding anJ applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrowrr interest on the Funds and applicable law~ permies Ixnder tu make such a charge. Horrower and 1_ender may agree in writinK chat interes~ shall be paid un the Funds. Unless an agreement is made or applicable law requires incer:sc tu be paid, I.ender shall nut be required tu pay Borrower any incerest or earnings on che Funds. I.ender shall give co Horruwer, withuuc charAe, an annual accounting uf the Funds showing crc~its and debies eo che Hunds and the pur~~se for which each debit tu thc l~unds was made. The Funds are pledgctif as aJdicional securi~y fur che sums secured by this Security Instrument. !f che amount uf the Funds held by Lender, tugecher with the future monthly payments uf Funds pa~~able prior co the due daces uf che escrow i;ems, shall exreed che amuunc required co pay the escrow items w~hen due, che excess shall be, ac Burrower's uptiun, either promp[ly repaid cu Burrower or crediced co Horrower on munthly payments i~f Funds. If thc amount uf the f~urids held by l.ender is noc sufficien~ to pay che escruw~ icems when due, Hc~rruwer shall pay to l.ender any~ am~nin~ ncressary tu make up ~he deficiency in one or mure payments as required by l_ender. Upun payment in full of all sums secured by this Security Inserumenc, lxnder shal) prumptly refund tu Hurruwer an~• t~unds held by Lender. If under paragraph 19 the Property is sul~1 ur acquircd b~~ l.ender, I.en~3er shall apply, n~~ later chan immcdiately priex to [he sale of che Propercy or its acquisition by Lender, an~~ Funds hrld by I.ender at the time uf appliratii~n as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides ocherwise, all pay~menes received b~~ I.rnder under paraRraphs t and 2 shall be applied: first, tu lace charges due under che Nuce; secund, cu prepayment charges due under the [tiu~e; third, co amuunts payable under par~kraph 2; fuu~th, interest due; and last, to principal dur. -i. Charges; Liens. Burruwer shall pay all taxes, assessmenrs, charges, fines and impusitions actributable u~ ~he Yroperty which may attain priority uver ~his Securitp Instrument, and leasehuld paymen~s or ground rents, if any. Hurruw•er shall pa~• ehese ubligacions in che manner pro~•ided in paragraph 2, or if not paid in that manner, Aurrower shall Fay ~hem ~~n time directly to the person uwed payment. Hurruwer shall promptly furnish to I.ender all notices uf amuunts te, be paid under this paragraph. lf Burruwer makes these payments directly, Borre~wer shall prumptly furnish to I.ender receiPts e~~idencin~; ~he paymencs. Born~wer shall prumptly discharge any lien w~hich has prioriry o~•er chis Securi~~• Inserument unless Burrower. ta> a~;rees in wricing cu che paymene of the obligacion secared by ehe lien in a manner acceptable cu Lender, (b) contests in go~~d faith che lien by, ur defends againsc enforcement of che lien in, lega! pnxeedings which in the Lender's opinion uperate cu prevent the enforcement of che lien or forfeiture uf any part uf the Property; or (c) sea~res from che hulder of the lien an agreement satisfactory to l.ender suburdinating the lien to this Security~ Instrument. lf Lender derermines thac a~y part of che Yn~perry is subjecc co a lien which may accain priority uver chis Security Inscrumenc, l.ender may give Borruw~er a notice idencifying the lien. B~~rrower shall satisfy the lien or take one or more of the actiuns set forth above within !0 da~~s uf che giving uf notice. 5. Nazard Insurance. Burrower shall keep the impru~•ements now existing ur hereafter erected un che Propert~~ insured againsc loss by fire, hazar~ls included w~ithir. the rerm "extended coverage" and any oeher hazards for which Lender requires insurance. This insurance shall be maintained in che amounes and fur the periods that I.ender requires. The insurance carrier pruvidinb the insurance shall be chosen by Borruwer subject to Lender's approval which shall not be unreasun:~bly withheld. Ali insurance policies and renewals shall be accepcable co 1_ender and shall include a standard morcgage dause. I_ender shall have the right to hotd the policies and renewals. lf l.ender requires, Burruwer shall prompcly give:o I_ender all receipcs of paid premiums and renewal notices. In the event of loss, Borrower shall give prumpt notice to che insurance carrier and l.ender. Lender may make prcx~f of loss if not made promptly by Aorrower. Unless [.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair uf the Yroperry damaged, if the restoration or repair is economically feasible and I.ender's securiry is not iessened if che resturation or repair is not economicalfy Feasib(e or l.ender's securiry would be lessened, the insurance pnxeeds shall be applied co che sums secured by this Security Inscrumene, whether ur noc chen due, with any excess paid to Borrower. If Borrower abandons ehe Froperty, or does noc answer wiehin i0 days a nocice From Lender ehac che insurance carrier has uffered to settle :e claim, chen I.ender may collece che insurance proceeds. Lender may use che proceeds to repair or rescore the Property or to pay sums secured by this Securiry Instrument, whether or not then due_ The 30-day period will begin when the norice is given. ~ Unless Lender and Borrower otherwise agree in wricing, any applicacion of prexeeds ro principal shall not excend or postpune the due date of ehe monthly payments referrecl to in paragraphs 1 and 2 or change che amount of che paymencs. If under paragraph 19 che Property is acquired by Lender, Borrower's right co any insurance policies and prexeeds resulcing fn~m damage co [he Properry prior co che acquisition shall pass to Lender co che excene of the sums secured by chis Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Propercy; Leaseholds. Borrower shall noc destruy, damage or substancially change che Property, allow ehe Propercy co deceriorace or commit wasce. If chis Security Inscrument is on a leasehold, ~ Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title co the Properry, the leasehold and ~ ; fee ticle shall not merge unless Lender agrees to the merger in wciting. ~ 7. Protection of Lender's Rights in che Propeny; Mortgage Insurance. If Borrower fails co perform the covenancs p and agreements contained in this Security Instrument, or chere is a legal prcxeeding chat may significantiy affect Lender's ~ righcs in ehe Property (such as a prexeeding in bankruptcy, probare, for condemnation or co enforce laws or regulations), then o- Lender may do and pay fur whatever is necessary co protect the value of the Propercy ard Lender's rights in the Proper~y. Lender's aceions may include paying any sums secured by a lien which has priority over this Security Inserument, appearing in ~ court, paying reasonable atcorneys' fees and entering on ehe Property co make repairs. Atehough Lender may take accion ~ under chis paragraph 7, Ixnder dc~s noc tiave co do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this ~ Security Instrument. Unless Borrower and Lender agree co other cerms of paymenc, these amouncs shall bear interesc from O°° , r che date of disbursemenc at che Note race and shall be payable, wich incerest, upcm nocice from Lender to Borrower requesting ~ payment. • ; _ ~ - - - - " . ~ ~ _ . .F . ~ r.