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Home My WebLink About0981 ~ ' S' i i UNIFORM COVENANTS. Borrowtx and Lende~ oovenant and agree ss tollows: 1. P~ym~nt ot P~indp~l atd IntK«~ P~~p~ymsnt ind Lat~ Char~cs. Barower shall promptly pay when due the p~incipai of and inieresi on ihe debt evidenced by the i~ote and eny p~epayment and iate charges due under ihe Note. ~ Fund~ b~ T~pt~s and IMtttsne~. SubjeG to eppllcable law or to a written waiver by lender, Bonower shall pay to Lender on thedey monlhly payments a~edue undet the Note, until the Note is paid in iuil, a sum ("Funds") equal loone-twetfthof: (a) yeary taxes and assessments which may altain priority over this Searity Instrument; (b) yearly leasehald paym~nts or gound ' rents on the Property, N any; (c) yeary hazard insurance premiums; and (c~ yearly matgage insurance premiums, if any. These ~ items are called "esc~ow items" Lender may estimate the Funds ~a on ihe basis of curreM dala and reasonable estimates of ~ t futurA esCrOw itemS. i ~ The Funds shall be h~ld in an institution the deposiis a accouMs of which are insured or guaranteed by a tederal or siaie , agency (induding Lende~ it lender is such an institution). Le~der shaU appy the Funds to pay the escxow ~ems. lender may not ' charge tor holding and apptying the Funds, analyzing the acoouM or veritying the escrow ilems, uNess Lendet pays Borrower . ' interest on the Funds and applicaWe law permits Lender to make such a charge. Borrowe~ and Lender may agree in writing that interest shall be peid on the Funds. Unless an agreement is made or applicable law requires iNeresl to be paid, Lender shall not be required to pay BOrrower any interest or earnings on the Funds. lender shall give to Borrower, withoul charge, an annual acoounting of the Funds showing credits and debits tothe Funds andthe purposeforwhich each debit tothe Funds was made. The Funds are pledged as additionat securiry tor the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the futuremoMhly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amouM ~equired to pay the escrow items when due, the excess shall be, at Borrower's option. either promptly repaid to 6orrower or c~edited to Barower on monthy payments oi Funds. If the amount of the Funds held by lende~ ' is not suff icient to pay the escrow items when due, Borrower shali 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 all sums secured by this Security Instrument, Lende~ shall prompty re(und to Borrower any Funds held by Lender. If under paragraph 19 the Property is sdd or acquired by ~endei, Lender shall appy, no later than immediately pria ~ ; to the sale of the Property or rts acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. AppllCatlon ot Pa~?m~nt~. Unless applicable law provides otherwise, all paymenis received by lender under paragraphs 1 and 2 shall be applied: (irst, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest d~e; and lasi, to principal due. 4. Char~N; LI~M. ~ Borrower shal! pay all taxes, assessments, charges, fir~es and impositions attributabls to the Property which may attain priority over this Security Instrument, and leasehoid payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if nd paid in that manner, Borrower shall pay them on time directy to the personowedpayment.BorrowershaltpromptlyfurnishtoLenderallnoticesofamountstobepaidunderthisparagraph ItBarower makes these payments direcNy, Borrower shall prompty (urnish to Lender receipts evidencing the payments. Borrower shall promptly discha~ge any 6en which has priority over this Security Instrument unless 8orrower: {a) agrees in wriiing ioii~e paymeni of ihe obiigation secured by ihe iien in a manneraccepta~ieto lender; (b) contests in goodiaith the lien, by or defends against enforcement oi the lien in, legal proceedings which in the Lender's opinion operate to prevent ihe eniorcement of the tien or torteiture of any part of the Property; or (c) secures from the hold~ of the lien an agreement satisfactory td Lender subordinating the lien to this Security Instrume~t. Ii Lender determines that arry part of the Property is.subject to a lien which may ~ attain priority over this Security instrument, Lender may give 8orrower a notice identityingthe lien. Borrower shall satisfy ihe lien or take one or more of the actions set (orth above within 10 days of the giving of notice. 5. Huard tnturanc~. Borrower shall keen the imcxoveme~ts now existino or hereafter erected on ihe Prooertv insured against loss by (ire, hazards included within ihe term "extended coverage" and any other hazards for which Lender requires insurance_ This insurance shall be maintained in the amo:ints and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance poliaes and renewais shall be acceptabte to Lender and shall indude a standard morigage clause. lender i shalt have the right to hold the poticies and renewals. If Lender requires, Borrowe.~ shalt promptly give to Lender all receipts oi paid premiums and renewal notices. In the event of loss, Borrower shall give prompt nolice to the insurance carrier andLender. Lender . may make proof of loss 'rf not made promptly by Borrower. i Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair oi the Property damaged, if the restoration or.repair is economically teasiWe and Lender's security is nol lessened. If the restoration or repair is not economically teasible or Lender's security would be lessened, the insurance proceeds shall be applied iothe sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abancbns the Property, or does not answer within 30 days a nolice irom Lender that the insurance carrier has offered to seltle a claim, then Lender may collect ihe insurance proceeds. lender may use the proceeds to repair w r~,store 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 otherwise agree in writing, any application oi proceeds to principal shall nol extend or postpone the due date of the monthly payments re(erred to in paragraphs 1 and 2 or change the amount oi the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to arry insurance policies and proceeds resulting irom damageto the Prope?ry prior to the acquisition shall pass to Lender to the extent oi lhe sums secured by this Security Insirument immediatety prior to the aoquisition. 6. Pres~rvstlon and Mdnt~nance of PropKty; L~a~eholds. Borrower shall not destray, 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 provis+ons of the lease, and if Borrower acqui~es fee title to Ihe Property, the leasehold and tee title shall not merge unless Lender agrees to ihe merger in writing. 7. Protectlon of Lende~'s ~IQhts In the Propert~?; Mortgspe Insur~ca. If Borrower faits to perform the covenants and agreements contained in this Security Instrument, or Ihere is a legal proceeding ihat may significanty affect Lender's rights ~ the Property (such as a proceeding in bankruptcy, probate, (or condemnation or to enforce ~aws o~ regulations),,then Lender may do and pay (or whatever is necessary to proted the vatue of the Property and Lender's rights in thePr(~Arty: L~n'der'sactions may inctude paying arry sums secured by a lien which has priority over this Security I nstrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Althaugh Lender may lake action under this paragraph 7. Lender does • not have to do so. Any amounts disbursed by Lender under this paragraph 7 shali become additional debt of Borrower secured by this Securiry Instrument. Unless 8arower and Lender agree to other terms ot paymenl, these amounts shall bear interest trom the date ot disbursement at the Note rate and shali be payable, with interest, upon notice trom Lender to Borrower requesting paymenl. g~j( 0.~D 3' p~UC 0 9~~ P~a..dno~+ a,hr e~ ~.y e. u..e aeea~ R« s.p e~ t~eo¢? vc _ , . . ~,.:.-s4.:~-_fi•: ..~,,,s - i = ` = , . _ . . z~