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HomeMy WebLinkAbout0999 i UNlFORM COVENANTS. Borrower and Lender covenar?t stnd agrre as follows: ~ 1. Payeaent oi Priactpal and Intera~ Prep~yment and Latd Cbarga. Bonower shali promptly pay when due 4 the principal of and int~nst on the debt evidenced by the Note and any prepayment and late charges due undcr the Note. 2. F~adt for Tiuca and Ia~unaa. Subjxt to applicabk law or to a written waiver by I.ender, Horrower shall pay . ta Lender on the day monthly payments are due under the Note. until thc Note ia paid in full~ a sum ("Funds") equal to ono-twelRh of: (a) yauly taxes and asaessmenta whlch may attein priority over this Security Instrument; (b) yearly leasehold paymenta or ground rents an the Property~ if any; (c) ye~rly hazard ias4rance premiums; and (d) ycarly mortgage insurance premiums, if any. Th~ ~tema are wllcd "esemw items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of futun escrow items. ~ The Funds shall be held in an institution tha depaslta or accounts of which are insurod or guaranteed by a federat or ~ state agency (including Lender if Lender is auch an institution). Lender shall apply the Funds to pay the escrow items. Lender msy not charge for holdiag and apptying the Funds~ analyzing the account or verifying the escrow items, unless Lender psya Borrower interest on the Funds and spplicsble law permits Leader to make such a charge. Bonower and - Lender may agra in writtng that interest shall be paid on the Funds. Unless an agrament is made or applicable law roquires interest to be paid, Lender shall nat be roquirod to pay Horrower any interest or earnings on the Funds. Lender shall give to Borcower, without charge. an annual accounting of the ~nda showing crodits and debits to the Fands and the = purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by ' this Security Instrument. If the amount of the Funds held by Letider, tog~thar with the future monthly payments of Funds payable prior to ' the due dates of the escrow items~ shall excad the amount roquired to pay the escrow items when due, the ~xcess shali be, at Borrower's option, either promptly repaid to Bonower or creditod to Borrower on monthly payments of Funds. If the amount of thc I?unds held by Lender is not sufticient to pay thc escrow items when due~ Horrower shall pay to Lender any ~ amount necessary to make up the deftciency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, I.ender shall promptly refund to Borrower any Funds held by I.ender. If under paragraph 19 the Property is sold or acquired by I,ender~ Lender shal! apply, no [ater Y than immediately prior to the sale of the Property or its acquisition by Lender~ any Funds hetd by Lender at the time of ~ application as a credit against the sums secured by this Security Instrc~ment. 3. AppUcadoa of Psymeats. Unless spplicable law provides otherwise~ all payments received by Lender under parsgraphs 19~d 2 shali be appliod: Srat, ta late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth~ to interest due; and las?, to principal due. ~ t 4. Glruges; I.teas. Bonower shall pay all taxes, assessments~ charges, fines and impositions attributable to the Property whish may attain priority over this Socurity I~sttument, and leasehotd 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, Borrawer shall pay them on time diroctly to the person owod payment. Borrower shall promptly furnish to Lender all notices of amounts to bc paid under this paragraph. If Borrower makes these payments directly, Bonower shall promptly furnish to Lender receipts evidencing the payments. ~ Bonower shall promptly discharge any lien which has priority over this Security Instrument unless Bonower: (a) agrees in writing to the payment of the obligation socured by the lien in s manner acceptabla to Lender; (b) contests in good faith the tien by~ or defends against enforcemtnt of the lien in, legal proceaiings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agrtement satisfactory to I.ender subordinating the lien to this Security Instrument. If Lender determines that any pan of the Property is subject to a lien which may attain priority over this Security Instrument, I.tnder may give Borrower a notice identifying the lien. Borrower shall satisfy th~ tien or take one or more of the sctions set forth above within 10 days of the giving af notice. S. Huud Insaranee. Borrower shall kap the improvemertts now ~xisting or hereafter erected on the Property insured against loss by Bre. hazards included within the term "eatended coverage" and any other hazards for which Lender s requires insurance. This insurance shall be maintainod in the amounts and for the periods that I,ender reyuires. The insurance carrier providing the insurance shall be chosen by Borrower subjcct to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to I.ender and shall include a standard mortgage clause. ~ I,endar shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender ~ all receipts of paid premiums and renewal notices. In the event of loss, Bonower shall give prompt notice to the insurance j carrier and I.ender. Lender may make proof of loss if not made promptly by Bonower. ~ Untess Lender and Bonower otherwise agra in wciting. insurence procteds shall be appliai to restoration or repair ; I' of the Property damagod, if the restoration or repair is economically feasible and Ler?der's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessenod~ the insurance proceeds shall be applied to the sums stcured by this Sccurity Instrument~ whether or not then due, with any eacess paid to Bonower. If Bonower abandons the Property, or does not answer within 30 days a notice from Ltnder that the insurance carrier has ~ otfercd to settle a claim, then Lender may collxt fhe insurance proceeds. Lender may use the procerds to repair or restore ~ the Property or to pay sums socural by this Security Instrument~ wheth~r or not then due. The 30-day period will begin ~ when th~ notice es given. - ~ Unless Lender and Borrower otherwise agret in writing~ any application of proceeds to principal shall not extend or ~ , postpone the due date of the monthly payments refened to in paragraphs 1 and Z or change the amount of the payments. If 3 ~ under paragraph 19 the Property is acquired by Lender~ Bonower's right to any insurance policirs and proceeds resulting a from dAmage to the Property prior to the acquisition ahsll paas to Lender to the eatent of the sums sccured by this Security ~ Instrument immediately prior to the acquisition. ~ 6. Prwenadoe and ;1~iatntenanca oi Property; Lea~holdt. Horrower shall not dsstroy, damage or sulsstantiaity x change the Property~ allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Bonower shall comply with the provisions of the lease, and if Borrower acquires foe titfe to the Property, ihe leasehold and fce title shall not merge unless Lender agras to the merger in writing. - j 7. Protecdoa ot Leader's R1g6ta in the Properky; Mortgage Inaurance. If Borrower fails to perform the covenants and agraments contained in this Security Instrument~ or there is a legal proceeding that may significantly affect , Lender's tights in the Property (such as a procetding in bankruptcy, probate~ for condemnation or to enforce faws or W regulationa)~ then Lender may do and pay for whatcver is necessary to protect the value of the Praperty and Lender's rights ~ in the Property. I.ender's actions may include paying any sums securod by a lien which has priority over this Security ~ Instrument~ appearing in court, pay'tng reasonable attorneys' foes and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, L.ender does not havt to 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 agra to othor terms of payment, these amounts shali bear interest from the date of disburaement at th~ Note rate and shall be payable~ with interest, upon notic~ from Lender to Borrower ~ roquesting payment. ' ~ ~ ~ . , ~ ~ . _ _ _z___~..$ . _ . . _..-_.__~._..t ~ _ : - - - _ . .