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Home My WebLink About0923 , . . UNIPORM COVENAN7'S. Bonower and Lender covenant and agree as follows: l, Paymeat of FeincIpal and Intarest; Prepaymeat and I.+~te G1~rgea. Aorrower shall promptly pay when due the principal of and interest on the dabt evidenced by the Note and any prepayment and late charges due under ti~c ;:~te. 2. ~nda for T~urea ~nd Insuraa~. Subjoct to applicuble law or to a written waiver by Lender, Honowc~ shall pay to I.ender on the day monthly pay~nents are due undec the Note, until the Note is paid in full, a sum ("Funds") equa! to onatwclfth of (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance pnmiums; and (d) yearly mortgage insurance premiums~ if any. These items are called "escrow items." Lendec may estimate the Funds due on the basis of current data and reasonable estimates of futun escrow items. The Funds shall be hcld in an institution the deposits or aocounts of which are i~sured or guarantcod by a federal or state agency (inctuding Lender if I.ender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account ar verifying the escrow items~ unless Lender pays Borrower ~nterest on the Funds and applicable law permits Lcnder to make such a charge. Horrower and Lender may agrce in writing that interest shall be paid on the Funds. Unless an agreement'is made or applicable law requires interest to be paid, Lender shall not be roquired to pay Borrower 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 purpose for which each debit to the Funds was made, The Funds are pledgod as additional security for the sums secured by ~ this Secusity Instrument. If the amount of the Funds held by Lender~ together with the future monthly paym~nts of Funds payable prior to ~ the due dates of the escrow items, shall excood the amount roquired 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. If the j amount of th~ Funds held by I,ender is not sufficient to pay the escrow items when due, Bonower shall pay to Lcmder any amount neces.sary to make up the deficiency in one or mon payments as required by Lender. Upon payment in full of all sums securod by this Socurity Instrument, I.~nder shall promptly refund to Bonower any Funds held by Lender. If under paragraph 19 the Property is sold or acquirod by I.ender, Lender shall apply, no Iater than immodiately prior to the sale of the Property or its acquisition by I.ender, any Funds held by Lender at the time ~f application as a crodit against the sums secured by this Security Instrument. 3. AppllcAdoa of Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs 1 and 2 shall be applied: fi*st, to late charges due under the Note; second, to prepayment charges due under the _ Note; third~ to amounts payable under paragraph 2; fourtb, to interest due; and last~ to principal due. 4. Charges; Lteaa. Borrower shall pay all taxes. assessments. charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument~ and leasehold 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, Bonower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to I.ender all notices of amounts ~ to be paid under this paragraph. If Borrower makes these payments directly. Bonower shall promptly furnish to Lender ; receipts evidencing the payments. ~ ' " Borrower shall promptly discharg~ any lien which has prioriry over this Socurity Instrument unless Borrower: (a) ~ ~ agrees in writing to the ~yment of the obligation socured by the lien in a mann~r acceptable to Lender, (b) contests in p,ood E faith the litn by, or defends against enforcxment of the lien in, legal procudings which in the Lender's opinion operate to 1 ~ prevent the enforcement of t1_±c lien o"r forfeiture of any part of ~he Property; or (c) secures from the holder of the lien an i ~ agrcement satisfactory to Lender subordinating the 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 Bonower a notice identifying the lien. Honower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Haurd In~urance. Bonower shall keep th~ improvements now existing or hereaRer erected on the Property insured against loss by fire, hazards included within the term "eatendod coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that I.ender reguires. The insurance carrier providing the insurance shalt be chosen by Bonower subject to Lender's approval which shall not be f unreasonably withheld. ~ All insurance policies and rtnewals shall be acceptable to Lender and shall include a standard mortgage clause. I.ender shall have the right to hold the policia and renewals. If I.ender requires, Borrower shall promptly give to L.ender all receipts of paid premiums and renewal notices. In the event of loss, Honower shaU give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borr~wer otherwise agrce in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and LendPr'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 secu~od by this Security Instrument, whether or not then due, with any excess paid to Bonower. If Bonower abandons the Properiy, or does not answer within 30 days a notice from I.ender that the insurance carrier has offered to settle a claim~ then I.ender may collect the insurance procceds. Len~er may use the procceds to repair or restore the Property or to pay sums secured by this Sccurity Instrument, whether or not then due. The 30-day period will begin when the notice is given. ; Unless Lender and Bo•rrower otherwise agroe in writing, any application of procads to principal shall not extend or ( postpone the due date of the monthty payments referrod to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquirod by Lender~ Bonower's right to any insurance Qolicies 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 immed~ately prior to the acquigition. ~ 6. Preser~adon and Maintenance of Property; I.easeholds. Bonower shall not destroy, damagP s~r substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrowar shall comply with ihe provisions of the lease, and if Borrower acquires fee ti~;e to the Property~ the leasehold and ~ fee title shall not merge unl~ss Lender agras to the merger in writing. . P'' 7. Protection of Lender's Rtghts in t6e Property; Mortg,~ge Insurance. If Bonower fails to perform the covenants and agrcements contained in this Security Instrument, or there is a legal procceding that may significantly affect ii~ ~ Lender's rights in the Property (such as a procceding in bankruptcy~ probate, for condemnation or to enforce laws or ~ ~ rcgulations)~ then Lender may do and pay for whatever is necessary to protect the value of the Propcrty and L.ender's rights ~ ~ in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security j Instrument, appearing in court. paying reasonable attorncys' fees and entering on the Property to make repairs. Although ~ j Lender may take action urider this paragraph 7, Lender does not hav~ to do so. ~ Any amounts disbursed by I.ender under this paragraph 7 shall become additional debt of Borrower secured by this ~ Security Instrument. Unless Borrower and I.ender agrce to other terms of payment, these amounts shall bear interest from ~ the date of disbursement at the Note rate and shall be payable. with interest, upon notice from I,ender to Borrower requesting payment. , - . . '.:-...-k'~ - _ n_. . ~ . . -+s. . : . _ _ . _ - . `~~."`r~