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HomeMy WebLinkAbout0970 UNIFORM COVENAN7'S. Borcower and Lendec covenani ~u~d agra as foilows: l. P~yment oi Princlp~l and Iatera~ Prep~ynteet aad I.ate GLarges. Borrower shall promptly pay when duc the principA! of a.hd interest on the dtbt evidencxd by the Note and any pnpayment and late charges due under the Note. 2. P~tad~ for Tua and Iawranee. Sub}xt to appllcable law or to a writtm waiver by-Lender, 8orrower shall pay to Lender on the day monthly psymcnts are due under the Note, untU the Note ~S paid in fuli, a sum ("Funds") oqual to onatwelRh of: (a) yearly taues and assessmerits which may attain priority over this Security Instrument; (b) yeariy leasehold pnyments or ground nnts on the Property~ if eny; (c) yearly hazard insuranc~ premiums; and (d) yearly mortgage insurancc prcmiums. if any. These items are caliod "escrow items." I.endcr may cstimatc the Funds due on the basis of curnnt data and reasonablc estimates of fi~ture tscmw items. ~ The Funds shall be held in an institution the depwita or acxounts of which are insured or guara~teed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. ~ Le.mder may not charge for holding and applying the Funds. analyzing the acoount or verifying tht escrow items~ unless ' L,ender pays Bornower interest on the Funds and applicabte law permita Lcnde~ to make such a charge. Bonower ana - Lender may agra in writing that interest shall be paid on the Funds. Unless an agroement'is madc or applicable taw requires interest to be paid~ Lender sball not be required to pay Borrower any intenst or earnings on the Fu~ds. Lender shall give to Horrower, without charge, an annual aooounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to thc Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of th~ Funds held by I,ender. together with the future monthly payments of Funds payable prior to ~ the due dates of the escrow items. shall exc€~od the amount requirod to pay the escrow items when due, the exress shall be, at Borrower's option, either promptly npaid to Bonower or cralitod to Horrower on monthly payments of Funds. If the amount of the Funds held by Lender is not suR3cient to pay the escrow items when due~ Bonower shall pay to Lendcr any amount necassary to make up the de6ciency in one or more payments as roquired by I.ender. Upon payment in full of all sums socurod by this Socurity Instrument, Lender shall promptly nfund to Borrower any Funds held by Lender. If uader paragraph 19 the Property is sold or acquired by Lender, I.ender shall apply, no later than immediately prior to the salc of the Property or its acquisition by I.ender~ any Funds held by Lender at the time of application as a credit against the sums securod by this Security Instrument. 3. Applicatton of Paymenta. Unless applicable law provides othera+isq all payments received by I.ender under patagraphs 1 and 2 shall be applied: first. to late charges due under the Not~; sa:ond, to prepayment charges due under the ~:,te; third~ to amounts ~yable under paragraph 2; fourth, to interest due; and last, to prir_-^.ipal due. 4. C6uges; Ltens. Borrower shall pay all taaes, assessments, charges, fines and impositions attributable to the Property which may attairt priority over this Socurity Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragaph 2, or if not paid in that manner, Barrower shalt pay them on time directly to the person owed payment. Borrower shall promptly furnish to Ltniler all notices of amounts to be paid under th~s paragraph. If Borrower makes these paymenRs directly. Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Sxurity Instrument unless Bonower: (a) agras in writing to the payment of the obligation socured 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 procoedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of sny part of ihe Property; or (c) secures from the holder of the lien an agrcement satisfactory to Lender subordinating the lien to this Security It~strument. 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 forth above within 10 days of the giving of notice. S. Nazard Insurance. Bonower shall kcep the improvements now existing or hereafter erected on the Property ::~surod against loss by firq hazards included within the term "eatendod coverage" and any other hazards for which Lender requires insurance. 1'his insuranct shall be maintained in the amounts and for the periods that I,ender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be I; 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. tf Lender roquires, Horrower shall promptly give to I.ender ~ all receiprtc of paid premiums and renewal notices. In the event of loss, Bonower shall givc prompt notice to the insurance carrier and Lender. I.ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agrce in writing, insurance proceods shall be applied to restoration or repair o€ the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not a.onomically feasible or Lender's security would be lessened~ the insurance proceeds shall be appliod to the sums sacurod by this Soourity Instrument, whether or not then due, with any excess paid to Bonower. If Borrower absndons the Property~ or does not answer withie 30 days a notice from I.ender that the insurance carrier has offeral to settle a claim, then Lender may collect th~ insurance proceods. I.ec?der may use the procaods to repair or restore the Properiy 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 L.ender and Borrower otherwise agree in writing~ any application of proceods to principal shall not exttnd or postpone the due date of the monthly payments referrod to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Bonower's right to any insurance policies 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 I~strument immodiately prior to the acquisition. 6. PresenaHon aad Malutenance of Property; I.eaaeholda. Bonower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall comply with the provisiona of the lease, and if Borrower acquires fa title to the Property, the leas~hold and fee title shall nat merge unless Lender agras to the merger in writing. . Protection o! Lender's Rtg~b in the Propert~, Mort~tge Insuraace. If Bonower fails to perform the covenants and agreements containod in this Security Instrt~ment. or there is a legal prucading that may significanHy affect Lender's rights in the Property (such as a proeoeding in bankruptcy, probate, for condemnation or to enfora laws or regulations), then Lendec may do and pay for whatever is nccessary to protect the value of the Property and I,cnder's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Secarity Instrument, appearing in court, paying reasonable attorc?eys' fas and entering on the Property to make repairs. Although Lender may take action urider this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Bonower securod by this Security Instrument. Unless Borrower and Lender agroe 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 roquesting payment. ~ ~KO 5 3 I PA6E0 9 6 9 _ _ x ,::~i~:.>. ,l . . ..-x-,~-,-z~ - - Y~y . . . . . ' _ _ ..!i~~- . . ~ . . . ' . . . . . ~ _ _ .