Loading...
HomeMy WebLinkAbout0924 UNiFO~M CovEN~?tvTS. Horrowcr and Lender covcnant and ag~ec as follows: ' 1. P~ymeat ot Principsl ~ad late~eat; Prepsymeat ~nd I.~te ChuBa. Bc~rrowe~ shall promptly pay when due ~ the principal of and interest on the debt evidenced by ihe Note and any prepsyment and late charges due under the Note. ' 2. Fruada-tor Tsxea and I~un~nce. Subject ta appUcable law or to a written waiver by Lcnder. Bo~rower shall pay to Lender on ehc day manthly payments are duc under the Note, until the Notc is pRid in full, a sum ("Funds") equal to one•twelfth of: (a) yeariy taxes and as.~sments v~hich rtisy ~ttain priority over this Security Instrument; (b) yeariy leasehold •payme~~~ nr Qraund ~entc nn the Prri~rtv_ if any~ tc1 ~earlv ha7ard insurance nnmiums; and (d) yearly mohgage insuranco premiums~ if any. The~e items are calted "escrow items." I.ender may estimate the Funds due on the ~i : ' basis of current data and rcasonable estimates of futu~e escrow items. The Funds shall bc held in an institution the dcposits or accounts of which are insur..~ or guaranteed by a fedcral or state agency (inetuding I.endtr if L.ender is such an institution). Lendar shall apply the Funds to p3y the escrow items. - ' Lender may not charge tor holding and applying the Funds~ analyzing the account or veriPying the escrow items~ unless Lender pays 8orrower intercst on the Funds and aprlicable law permits Lender to make such a charge. Borrower and I.ender may agree i~ writing that interest shall be paid on the Funds. Unless an agrcement is made or applicable law ' requircs int~rest to be paid~ Lender shall noi be roquired to pay 8orrowe~ any interest or earnings on the Funds. L.ender shall give to Bortower~ without charge, an annual accounting of the Fur.ds showing credits and debits to the Funds and ihe pur~ f~tr ~hich e~ch dcbit to the Funds was made. The Funds ara plodged as additional security for the sums secured by ' this Security Instrument. tf the amount oi the Funds held by Lender~ together with the future monthly payments of Funds payable prior to the due dates oP the escrow items, shall 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 I.ender is not sufl'icient to pay the escrow items when due~ 8orcower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of ali sums secured by this Security Instrument. Lende~ shall prompily refund to Borrower any Funds held by L.ender. If under pa~agraph 19 the Property is sold or acquired by Lender, I.ender shall apply~ no later 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 lnstrument. 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs 1 and 2 shall be applisd: ficst. to late chargts due under the Note; second, to prepaymant charges due under the Note; third. to amounts payable under paragraph 2; fourih, to interest due; and last, to principal due. 4. Charges; Ltens. 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 shaU pay these obligations in the manner provided in paragraph 2~ or if not paid in that manner. Borrower shali -a-= " r---'-L r __a~_ _n ..C...........~~ PaY them on time directiy to the ~.y~~~en~. :r,. „-.a:~ Lb~~YM~ - - - - to be paid under this paragraph. If Borrower makes these payments directly, Borrower shail promptly furnish to L.ender receipts evidencing the Qayments. • Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to tht 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 forfeiture of any part of the Property; or (c) secures from the holder of the lien an agre~ment 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 Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set farth above within 10 days of the giving of notice. j 5. Hazard Insarance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against Inss by fire, hazards included within the term "extended coverage" and any other hazards for which I.ender - requires insurance. This insurance shall be maintained in the amounts and for the periods that I.ender requires. The ~ insurance carrier providing the insurance shall be chosen by Bo~roa~er subject Io Lender's approvat which 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 renewals. If Lender requires, Borrower shall promptly give to Lender ~ all receipts of paid premiums snd tenewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ; carrier and L,ender. L,ender may make proof of los.e if not made promptly by Borrower. Unless I.ender and Sorrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ofthe Property damaged, if the restoration or repair is economically feasible and Lender'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 secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. If Borrower abandons the Propecty, or.does not answer within 3Q days a notice from Lender that the insurance carrier has offered to settle a claim. then Lender may collect the'insurance proceeds. I,ender 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 witf begin when the notice is given. ' Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or postpone the due date of the monthly 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 insurance policies and proceeds resulting from damage to the Property prior to the acquisition shalt pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preaervation and Mainteeaace ot Prnperty; Leaseholds. Borrower shall aot destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehoid, Borrower shaU comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and Cee title shall not merge unless I.ender agcces to the merger in writing. 'f. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agre~ments contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce laws or ~ regulations), then Lender may do and pay tor whatever is necessary to protect the value of the Property and Lender's rights N in the Propeny. I.ender's actions may include paying any sums secured by a lien which has priority over this Security ~ Instrument, appearing in court, paying reasonable attorneys' fea and entering on the Property to make repairs. Although ~ Lender may take action under this paragraQh 7~ Lender does nos havt to do so. Any amounts disbursed by knder under this paragraph 7 shall become additional debt of Borrower secured by this ~ Security lnstrument. Unless Borrovrer and Lender agree to other terms of payment, these amounts shall bear intsrest from ~ ~ the date of disbursement at the Note rate and shall be payable, with interat, upon notice from Lender to ~arrower ~ requating paymcnt. • ~ . , ~ ~ ~ ~ BOOK PAGE (rQ~~ ~ ~ , , ~ ~ . ~ - ;'4 5 : E'; yL - - ~ f _ , Y ~ ~ . _ ~ ~ . ~ ~pr'~ 2 .'_~.~.___.,__....__~__r~ _~C..."'s..- . . ._'~'_t -~~t~