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HomeMy WebLinkAbout0952 UNIFOFiM COVENANTS Borrower and Lendef covenant and agree as follows: i. Payment of Prlncipal and Intereat; Prepeyment end Late Charges. Borrower shall promptly pay when due the Exincipal o( and interest on the debl evidenced by the Note and any prepayment and late charges due under the Note 2. Funds for Taxes and Inturance. Subjecl to applicable law or to a wrilten v~aiver by Lender, Barower shatl pay to Lender on the day m~nthty payments are due under the Note, until lhe Note is paid in futl, a sum ( Funds") equal to one-t~velf~h 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) yeaily hazard insurance premiums; and (d) yearty mortgage insurance premiums, if any. These ilems are called ' escrow items." lender may estimate the Funds due on the basis ot current data and reasonabte estimates of tuture escrow items. The Funds shatl be held in an institution the deposits or accounts ot which are insured or guaranteed by a tederal or state 4gency (including Lender if Lender is such an institution). Lender shatl apply the Funds to pay Ihe escrow items. Lender may not charge for holding and applying Ihe Funds, analyzing the account or verifyi~g the escrow ilems, unless Lender pays Barower r ~nterest on the Funds and applicable law permits lender to make such a charge 8orrower and Lender may agree in writmg that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shatl not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, wilhout charge. an annual accounting of the ~ur.ds showing credits and debits tolhe Funds and the purpose lor which each debil tothe Funds was made. The Funds are pledged as add~tional security for the sums secured by this Security Instrument. It the amount of the Funds hetd by Lender, together with the future mor.thly payments of Funds payable prior tothe due dates of the escrow items, shall exceed the amounl 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 monthty payments ot Funds. I( the amount at the Funds held by Lender is not suificient to pay the escrow items when due, Borrower shall pay tolender any amount necessary to makeupthe deficiency in one or more payments as required by Lender. Upon payment in full of atl sums secured by this Security Instrument, Lender shall promply refund to Borrower any Funds held by Lender. It under paragraph 19 the Property is sold or acquired by Lender, Lender shall appy, na later than imme~~ately prior lo the sale of the Property or i!s acquisition by Lender, any Funds held by Lender at the time oi application as a credit against the sums secured by this Security Instrument. 3. AppUcaUon of Payments. l;nless appticabte law provides otherwise, all payments received by Lender under paragraphs t and 2 shall be applied: firsl, to late charges due under the Note; second, to prepaymeni charges due under the Note: third, to amounts payable under paragraph 2: fourth, io interest due: and last. to principal due. 4. Charges; Llens. Borrower sha11 pay aIl taxes. assessments. charges, fines and impositions attributable to the Property which may attain priority over this Security lnstrument, and leasehold payments or ground rents, ii any Borrower shall pay these obligations in the manner provided in paragraph 2, or ii not paid in that manner, Boirower shall pay them on time directy iothe person owed paymenl. Borrower sha;l promplly furnish to Lender all notices of amounis to be paid under this paragraph. It Borrower makes these paymenis directly. Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall p;omptly discharge any tien which has priority over th~s Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptabtetoLender; (b) conlests in good taiththe lien. by or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent ihe enforcement of ihe lien o~ forfeiture of any part of the Prope~ty: or (c) secures trom Ihe holder of the lien an agreemeni 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 Instrumenl. Lender may give Borrower a notice iden!ifying the lien. Borrower shatl satisfy the lien or I take one or more of th2 actions set torth above within 10 days of the giving ot notice. ' 5. Hazard Insurance. Barower shall keep ihe improvements now existing or hereafter erected on the Property insured against loss by fire. hazards inc~~ded wilhin the term extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that ~ender requires. The insurance carrier providing Ihe insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonabty ~vithheld ; All insurance policies and renewals shall be acceptabte to Lender and shall include a standard mortgage clause. lender ~ ~ shall have the right to hold the po~icies and renewals. lt Lender requires. Borrower shall promplly give to Lender all receipts of paid ' premiums and renewal notices. In the event of toss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender ~ ' may make proot of toss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Properiy damaged. if the restoration or repair is economicalty (easible and Lender's security is not lessened. Ii ihe restoration or repair ~s not economically (easible cr Lender's security would be lessened, the insurance proceeds shall be appl~ed to the sums secured by this SecUrity Instrurnent, whether or not then due. with any excess paid to Borrower. It Borrower abandons the Property. or does not answer within 30 days a notice irom Lender that the insurance carrier has oftered to settte a claim. then l.ender may collect the insurance proceeds. lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherw~se agree in writing, any appfication ot proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs t and 2 or change the amount of the payments. lt under paragraph 19 the Properiy is acquired by Lender. Barrower's right to any msurance polic~es and proceeds resultingirom damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. ~ 6. Preservatlon and Malntenance of Property; Leaseholds. Borrower shall not destroy. damage cr su~stantially ' change the Property. allow the Property to deteri~rate or commit waste. If this Secuniy Instrument is on a leasehoid. Borrower shall comply with the provisions oi the lease. and if Borrower acquires (ee title to the Property, the leasehotdand feet~tleshall nol merge unless Lender agrees to the merger in wnting. 7. Rrotection of Lender's rtghts In the Property; Mortgage Insurance. If Borrower ta~ls i~ perform the oovenants and ag!eements contained in th~s Security Instrument. or there is a Iega1 proceeriing that may signif~cantly af(ect Lender's rights m ~ the Property (such as a proceeding in bankruptcy, probate. for ~ondemnat~on or to entorce laws or regulat~ons). then Lender may ~ do and pay for whalever is necessary to protect the value of t he Property and Lender's rights in Ihe Properly Lender's act~ons may ~ include paying any sums secured by a Ilen whlch has priority over th~s Secunty Inslrument. appearing m court. paying reasonabte ~ a attorneys' fees and entering on the Property to make repa~rs Although Lender may take action under this paragraph 7. Lender doe~s o'`~.. ~ not have to do so r Any amounts disbursed by Lender under this paragraph 7 sha11 become additional debt of Borrower secured by this Secunty ~ ~ M i Instrument. Unless Borrower anci Lender agree to other terms of payment, these amounts shall bear mterest from the date of ~ . disbursement at the Note rate and shatl be a able. with mterest. u on nolice from Lender to Borrower r uestin ~ P Y P eQ 9 Payment. ~ ~ - oa~ ~ ~ P~w~s eomo~ a,r~a a~ may oe ~sea aeaza9 ar. see e+ ~+60¢~ Pc ~ . _ - . _ _ . . _ _ _~_A,.~_._ _ ; . :r~ hj4_,