The URL can be used to link to this page

Home My WebLink About0942 1 ~ UNIFORI~i COVENANT'S. Borrower snd Lereder covensr~t a?nnd agrce as foltows: ; l, Pa~?meut oi Prlaciptl ud Iatero~~ Prep~t aNd I~ste t~sr~. Bon'ower shell prornptly pay when due ~ the principal of snd intereat on the debt evidenaod by the Note ~nd any prtpayme~t and late charges due under the Note. _ 2. ~aads tor Taxd a~d Imnniace. ` Subject to spplicabk kw or to a w~Itteo wsiver by Lender. 8orrower shall pay ` to I.ende~ on th~ dsy monthly paymcnts ue due under the Note, unti! the Note is paid~in full~ a sum ("Funds") equal to , onatwetRh of (a) yearly tuxa and assasslnenta whlch m~y att~in priority over this Security Instrument; (b) yearly , kasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurana premiums. if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of cunent dats and reasonable estimates of futurc escrow items. The Funds shall be held in an institution the deposits or scoounts of which an insur..d or guarantad by a kderal or st~te agency (inciuding I.ender if Lendar is such an institution). Lender shali apply the Funds to pay the escrow items. ' Lender may not eharge for holding and applying the Funds, analyzing the account or verifying the escrow items. unless ! I.ender pays Borrower intercst on the Funds and applicable law permits Lender to make such a charge. Borrower and ~ L.ender may agra in writing that interest shall be paid on the Funds. Unless an agnement is made or applicable law ~ requires interest to be paid. Lender sfiall not be requi~ed to pay Borrower any interest or earnings on the Funds. Lender ~ shall give to Borrower, without charge~ an annual accounting of the Fur.ds showing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. The Funds ace pledged as additional security for the sums securod by ~ this Socurity Instcument. If ~he amount of the Funds held by Lendcr~ togethe~ with the futur~ monthiy payments of Funds payable prior ta ~ the due d~tes of the escrow items, sha11 ~aceed the amount required to pay the tscrow items when due, the txcess shall be~ e.~ at Borrower`s option, either promptly npaid to Horrower 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 v?hcn due, Bonower shall pay to Lender any ; amount nece.s.cary to make up the deficieney in one or more payments as required by I.ender. Upon payment in full of all sums securcd by this Security Instrument, Lender shall promptly refuRd to Borrower w',' any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by I.ender, I,ender shall apply, no later than immediatety prior to the sale of the Property or its acquisition by I.ender~ any Funds held by I.ender at the time af apptication as a credit agai~st the sums secured by this Security Instrument. c`-; 3. ApplIcat~on of Psyments. Unless applicable law provides otherwise, all payments received by Lcnder under paragraphs 1 and 2 shall be applied: first, 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 due; and iast, to principa! due. i== 4. Charges; Liens. 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. ~ Borcower shal! pay these obligations in the manner provided in paragraph 2. or if not paid in that mann~r, Borrower shali ~ pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender ail notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. • Borrower shail promptly discharge any iien which has priority over this Security Instcument unlas Horrower: (a) agrees in writing to the paymeni of the obligation securod by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by. or det'ends against enforcement of the lien in~ legal prceeedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any pan of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Ltnder subordinating the Iien to this Security Instrument. If I.ender determines that any part of ~ the Property is subject to a lien which may attain priority over this Security Instrument, I,ender 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 q of the giving of notice. . 5. Hazard Iosuran~e. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any oiher hazards for which L.ender requires insurance. This insurance shall be maintained in the amounts 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 policies and renewals shall be acceptable to Lender and sha11 include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to I.ender all receipts of paid premiums and renewa! notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lende~. I.ender may make proof of loss if not made promptly by Borrower. Unless I.ereder and Barrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and I.ender's security is not lessened. If the restoration or repair is not economically feasible or I.ender's security would be tessened~ the insurance procceds shal! be applied to the sums secured by this Security Instrument, whether ar not then due, with any excess paid to Bocrower. If Borrower abandons the Property, ar dces not answer within 30 days a notice from L.ender that the insurance carrier has ~ offered to settle a claim, then I.ender 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 will btgin when the notice is given. Untess I.ender and Borrower otherwise agree in writing~ any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referced to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by I.endtr. Borrower's right to any insurance policies and proceeds resulting irom damage to the Property prior to the acquisition shaU pass to L.ender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. PreservaNon and M~intenance oi Property; I.esise6otds. 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 shalt comply with the provisions of the lease, and if Borrower acquices fee title to the Property, the leasehold and fee title shal! not merge unless Lender agrees to the merger in writing. ~ 7. Prntection of Leoder's Rights in the Property; Mortgage Insurance. If Borrower faiis to perform the covenants and agrcements contained in this S~curity Instrument~ or there is a tegal proceeding that may significantly affect Lender's rights in the Property (such~as a procading in bankruptcy~ probate, for condemnation or to enforce laws or regulations)~ then I.endcr may do and ~ay for whatever is necessary to protect the value of the Property and I,ender's rights in the Propecty. Lender's actions may include paying any sums securod by a lien which has priority over this Security Instrument, appearing in court. paying rtasonable attorneys' fas and entering on the Property to make repairs. Aithough Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by I.ender under this paragraph 7 shall bxome additional debt of Borrower securcd by this ~ Socurity Instrument. Unless Bonower and Lender agra to other terms of payment, these amounts shall bear interat from the date of disbursemeat at the Note rate and shall be payable, with interest, upon notice from Lender to Rorrower requesting psyment. ~0 S 3 3 P~6E~ 9 4! _v__.__. ~ - - . _ , _