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Home My WebLink About0978 ~ ~ 1 UNIFORM COVENANTS. Horrower and Lender covenant and agtee as follows: 1. Payment ot Principal ~nd Iaterest; P~epayment ~nd I.ate Ch4rgea. Borrower shall promptly pay whcn due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. ~nds ior TAxes aad Insuranee. ' Subject to applicable law or to a written waiver by Lender~ Borrowtr shall pay ; to Lender o~ the day monthly payments a~e-due under tht Note~ until the Note is paid in tull, a sum ("Funds") equal to i one-twelflh of: (a) yearly taxes and assessments which may attai~ priority ove~ this Sccurity lnstrumcnt; (b) yearly ` leasehold payments or ground ~ents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yea~ly ~ mortgage insurance premiums, if any. These items a~e called "escrow items." Lender may estimate the Funds due on the ~ , basis of current data and reasonable estimates of future escrow items. ~ The Funds shall be held in an institution the deposits or accounts of which are insur,,~ or guaranterd by a federal or ~ state agency (including Lender if I.ender is such an institution). I.endcr shall apply the Funds to p:~y thc escrow items. ~ , I.ender may not charge for holding and applying the Funds~ analyzing the account or verifying the escrow items, untess Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Untess an agreement is made or applicable law requires interest to be paid, Lender shail not be required to pay Borrow~er any interest or earnings on the Funds. Lender shaN give to Horrower, without charge, an annual accounting of the Fur.ds showing credits and debits to the Funds and the Y~ purpose for which each debit to the Funds was made. The Funds ar~ pledged as additional security for the sums secured by ~ this Security Instrument. If the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to ~ the due dates of the escrow items, shail exceed the amount 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 monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any ` amount necessary to make up the deficiency in one or more payments as required by I.ender. ~ Upon payment in full of all sums secured by this Security Instrument, Lender shall prompdy refund to Borrower ~ any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by I.ender, Lender shall apply. no later F. than immediately prior to the sale'of the Property or its acquisition by Lender, any Funds held by Lender at the time of ~ application as a credit against the sums secured by this Security Instrument. ~ 3. Apptication of Payments. Unless appiicable law pravides otherwise, all payments received by Lender under ~ paragraphs 1 and 2 shall be applied: first, tu 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 1ast. to principal due. d, Charges; Liens. Borrower shall pay a!1 taxes, assessments, charges, fines and impositions attributable to the Y Property which may attain priority over this Security lnstrument, 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, Borrower shall = pay them on time directly to the person uwed payment. Borrower shall promptly furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrower makes these payments directly, Borrower shal! promptfy furnish to I,ender receipts evidencing the payments. - ~ Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good ; faith the lien by, or defends against enforcement of the lien in; legal proceedings which in the Lender's opinion operate to ~ prevent the enforcement of the lien or forfeifure ot any part of the Property; or (c) secures from the holder of the lien an ? agreemenl satistactory to [.ender 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 Borrower a ~ notice identifying the lien. Borrower shall satisfy the lien or take one or more ot the actions set forth above within 10 days ~ of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereaFter erected on the Properiy < insured against loss by fire, hazards inetuded within 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 Lender rcquires. The ~ insurance carrier providing the insurance shall be chosen by Bo*row•er subject to Lender's approval whieh shall not be ~ unreasonably withheld. ' All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. ~ Lender shall have the right to hold the policies and renew•als. If Lender requires, Borrower shall promptly give to Lender ~ alt receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance " carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to resroration or repair ~ of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the i restoration or repair is not economically feasible or Lender's security woutd be lessened, the insurance proceeds shall be j apptied to the sums secured by this Security lnstrument, whether or not then due, with any excess paid to Borrower. It E Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has i ofTered to settle a claim, then Lender may coltect 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 wili begin when the notice is given. ~ ~ Unless Lender and Borrower atherwise agree in writing, any application of proceeds to principal shall not extend or ~ postpor~e the due date of the monihly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by I.ender, Borrower's right to any insuran~e policies and proceeds resulting t~ ~ from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security t~- Instrument immediately prior to the acquisition. Q? ~ 6. Preserration and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially O - change the Properiy, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, ~ ~ Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the feasehold and fee title shall not merge unless Lender agrees to the merger in writing. o ; 7. Protection of Lender's Rights in the Property; Mortg~ge Insurance. If Borrower fails to perform the M F covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly aff'ect ~ ~ ~ Lender's rights in the Property (sach as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights ~ in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security ~ lnstrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragrapfi 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree 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 Lender to Borrower ~ requesting payment. ~ ~ . ~ ---s~--+-r----s---,•~ _ . . - _ _ . _ ~ - _