Loading...
HomeMy WebLinkAbout0987 UNIFORM COVBNANTS. Borrower ~xi t~nde~ covenant ~nd egrec as follows: ' , : ~ l. Psymeat of Priadp~l s~d tatere~t; Prs~nneai and l.Ate Cbuges. Bonower shall promptly psy wtuo due the principat of and interesi oa 4hc debt ovldenced by the Nota a~d any prcpsyment and lAte cha~ges duc u~e~ thc Noto. 2. Ftiads ioc'ttixes ~Wd lnsuraqce. Subjcct to appiicabk taw or to a writtcn wraivcr by Lende~. Bo~ower shal! pay to L.endcr on the day monthiy p~ymeMa ~re duc u~cie~ tha Nota. until thc Note is paid in full. a sum ("Funds") cqual to one•tweifth of: (a) ycalty taxcs and ~ssesstncnts whkh rttxy attni~ priority ovcr thls Secu~ity lnstrument; (bryearly leaschold paymcnts or g~ound rents oq~~hc Pmpchy, if any; (c) yta~ly hatar+d lnsurancc pnmiums; and (d) yc~rly mangage insurance p~rcmiums, if any. Thesc items a j~ called "escrow items." Lcnder may cstimate the Fu~ds duc an tfic basis of current data and reasoaabie cstimates of future cscraw .~fcros. Thc Funds shall bc held in an inuitution thc dcpasits or accounts of which are insured or guarante~ed by a federal or statc agency (including Lender if l.ender is such at? institution): Lender shaU apply the Funds to pay the escrow items. Lender may oot char~.. for hoiding and apptying the Funds. analyzing the aCCOUnt ar verifying the esc~ow items, untcss Lcnder pays Borrower intcrest on the Funds and applicable law pcrmits i,~~de~ tq makc such a chargc. Borrower and L,endcr may agree in writing that interest shall be paid on the Funds. Unlcss an agreemcnt is made or applicable !aw r+equires interest to be paid, I.ender sh$II not be rtquired to pay 8orrower any interest or eamings on thc ~urids. Lendcr shal! give to Borrower, without charge, an annual accounting of the Funds showing credits and~debits to the Funds a~td the purposc for which e~~h debit to the Funds was madc. The Funds are pledged as additional. secutiry fo~ the sums securod by this Securiry~ Instrumcnt. lf the amount of the Funds held by Lender, togethe~ with the future monthly payments of Funds payablc prior to the due dates j of the escrow items. shall exceed the amou_nt required to pay the escrow items when due. the excess sha(1 be, at Borrower's option, ~ cither promptly repaid to Bon~ower or credited to Borrower o~ monthly payments of Funds. If the amount of thc Funds hefd by Lender ` is not sutficient ta pay the escrow items wfieri due, Borrower shall pay to Lender any art~ount necessary to make up the deficiency in one or more payments as required by [,enden . Upon payment i~ iull of ali sums sacured by this Security Instrument. Lender shall promptly refund to Borrower any Funds ' held by I.ender, If under paragraph 19 the Property is sold or acquired by l,ender. Lender shall apply. no later than immediately i prior to the sale of the Property or its acquisition by Lender; any Funds heid by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applkation of ~yme~ts. Unless applicable law provides wherwise. all payments, received by L.ender under parag~aphs I and 2 should ~~ppiied: iirst to amounts payable unde~ ~ragraph 2; second to interest; and last to principal. 4. Chs~rges; Lieres. Borrower shall pay a(I taxes. assessments, charges, fines and impositioac attributable to the Property which may attain priority over this Security lnstrument, and ieasehotd payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2. or if not paid in that maqner, Borrawer shall pay them on time directiy to the person owed paymeni. Borrower shall promptly Purnish to I.ender aU notices of amounts to be paid under this paragrnph. If Borrower makes th.~se payments directly. Borrower shall promptly furnish to Lender receipts evidencing the payments. . Borrower shall promptly discharge any lien which has prioriry over this Se~curity Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to L.ender; (b) contests in good faith the lien by, or defends against enfomement of the lien in, lega! proceedings which jn the Lender's opinion ope~ate lo prevent the enforcernent of the lien or forfeiture of any part of the Property; or (c) secures from tt~ holder ot th~ lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. tf Lender determines that any ~?art ot the Property is s~bject to a lien which may attain priority over this Security lnstrument, L,ertder may give Borrower a nWice identifying the lien. Borrower shall satisfy the lien or take one ar more of the actions set forth above within 10 days of the giving.of notice. 5. Hazard Insura~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against Iws by fire, hazards included within the term "extended,coverage" and any other hazards for which I.ender requires insurance.l'his insurance shatt be maintained in the amounts and for the periods that I.ender requires. The insurance carrier providing the insurance shall be ctwsen by Borrower subject to Lender's approval which shall not be unreasonably withhetd. All insurance policies and renewals shall be acceptable fo L,ender and shall inctude a standard mortgage clause. I.ender shali have the right~~o hold the policies and renewals. if I,e~der requires, Borrower shalt promptly give to L.ender al) rcoeipts of paid preiniums and renewal notices. In the event of toss. Borrower shalf give prompt notiee to the insurance carrier~and L.ender. Lender may make proof of toss if not made promptly by Borrower. ~ Urtless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Pro- perty damaged, if the restoratlon or repair is ecanomically feasible and Lender's securiry is not lessened. If the restoration or repair is not economically feasible or l.ender's secu~iry would be lessened, the insurance proceeds shall be applied ro the sums secured by this Security insfrument, whether'or not then due. yvith any excess paid to Borrower. [f Bofrower a~andons the Property, or dces ~ not answer within 38 days a notice fr`omLender that the insurance carrier has offered to settle a claim, then [,eoder may collect the insurance proceeds. I.ender may use tFic procceds to repair or restore the Praperty or to pay sums secured by this Security Instrumertt, whether or not then'due. The 30-day period wilt begin when the notice is given. Unless [.ender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the rrtonthly payments referced to in paragraphs 1 and 2 or c~ange the amount of the payments. If under paragraph 19 tF~ Property is aequired by I.ender. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to I.ender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. . 6. Preservation and Ms?intenance of Property; Leasehotds. Borrower 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 shatl comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rigltts in the Property; Mortgage Insttrance. If Borrower fails to perform the covenants and agreements contained in this Security lnsttiment. or there is a lega! proceeding that may significantly affect I.ender's rights in the ~ ~Property (such as a proceeding in bankruptcy. prabate. far condemnation or to enforce laws or regulations), then L.ender may do and pay for whatever is necessary to protect the value of the Property and L.ender's rights in the Property. L.ender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable astorneys' fees and entcring on the Property to make repairs. Although Lender may take action under this paragraph 7; Lender does not have to do so. ~ . . f >1; ~ . ~~4 : ~ ~ ~ , . ~ -.~~~r 1 ~ ~ i . ~ - ; , _ ~ . ' ~ ~ . . t . i - ~ ~ , ' L.. i - - - . . . . . - - - _ . . . . . ~ i'