Loading...
HomeMy WebLinkAbout0955 UNIFORM COV6NANTS. Bo~towr~ and Lender cuvena~c a~d ag~ce as follows: f i 1. Payment of Priacipal and Incerest; Prepayme~t and Lsce Ch~~gea. Borrower shall prompcly pay whe~ due che i principai of and incerest on thc debc evidented by tht Note and any prepayment and late thacges due under the Noce. 2. Funds for Taxes and l~sutsnte. Subject to applicable law or to a written waiver by l.ender, Bc~rrower shall pay co Lender on che day mon~hly paymencs are due under ~he Note. uncil che Noce is paid in full, a sum ("Funds") equal co ~ one•twelfth of: (a~ yearty caYes and assessments which may attai~ priority over chis Secvcity lnscrument; (b) yearly leasehuld payments or ground rents an che Property, if any; (c) yearly fiazard insurance premiums; aad (d) yeariy morcgage insurance premiums, if any. These itcros are called "escrow icems: ' Le~der may escimace che Funds due on the basis uf curce~c data and reasonable estimates of fucure estrow items. The Funds shall be held in an insritution the deposits or accouncs of which a~e insured or guaranteed by a federal or , scace agency (including Lender i! Lender is such an inscitution). Ixnder shall apply che Funds co pay che escrow icems. Lender . may nac charge Eor holding and applying ~he Funds. analyziog che accounc or verifyi~g che escrow icems. unless I.ender pays Borrower interest on the Funds and applicable law pcrmic"s l.ender ca make such a charge. Borrower and Lender may agree in wricing that inceresc shall be paid on che Funds. Unless an agreement is made or appticable taw rcquires iate~esc co be paid, Lender shall noc bc required co pay Borrower any incerest or earnings on che Funds. l.ender shall give ~o Borrower. wichouc charge, an annual accouncing of che Funds showing credics and debits co che Funds and che purpose for ahich each debic co che Funds was made. The Funds arc pledged as additional securicy fo~ che sums secvred by chis Security Inscrumenc. If rhe amounc of che Funds held by I.ender, cogecher wich che future monchly payments of Funds payable prior co che , due dates of the escrow icems, shall exceed the amounc required to pay the estrow items when due, the excess shall be, ac Borrower's option, either promptly repaid to Borroaer or c~edited to Borrower on monthly payments of Funds. If the amounc of the Funds held by Lendec is noc sufficient to pay the escrow items ahen due. Borrower shall pay tu Lender any amount necessary co make up the deficienty in one or more payments as required by I.cnder. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. lf under paragraph 19 che Property is sold or acquired by l.ender, Lender shall apply, no lacer chan immediately prior co che saleof the Property or its acquisition by Lender, any Funds held by Lender ac the cimeof applicarion ~ as a credic against che sums secured by this Security Instrument. l 3. Application of Payments. Unless applicable law provides otherwise, al) payments received by Lender under paragraphs i and 2 shall be appliecf: first, co late charges due under che Note; second, co prepaymenc charges due under che Noce; chird. co amounts payable under paragraph 2; fourch, co incerest due; and last, co principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessmencs. charges. fines and impositions attribucable co che Property which may attain priority over chis Securitp Inscrumenc, and teasehold payments or Sround rents, if any. Borrower shall pay chese obligations in the manner provided in paragraph 2~or if not paid in that manner. Borrower shall pay them on cime direccly co che person owed paymenc. Borroa•er shall prompdy furnish co I.ender all nocices of amouncs to be paid under this paragraph. If Borrower makes chese paymencs direccly, Borrower shall promptly furnish to Lender receipts evidencing . che paymencs. Borrower shall prompcly discharge any lien which has prioricy over this Security Instrumenc unless Borrower: (a) agrees in writing co che paymenc of the obligation secured by che lien in a manner accepcable ro Lender; (b) contescs in gc~d faith che (ien by, or defends agai~sc enforcemenr of che lien in, legal proceedings which in the Lender's opinion operace to prevent the enforcemenr of chc lier~;or forfeicure of any parc of the Property; ar (c) secures from the holder of che lien an - agreemenc satisfaccory co I.ender subordinacing che lien co this Security Inscrument. If I.ender decermines chac any parc of che Propercy is subjecc to a lien which may atcain priority over this Security I~s~rumenc, Lender may give Borrower a norire idencifying clie lien. Borrower shall sacisfy the tien ar cake one or more of rhe accions ser forch above wichin 10 days of che giving oE nocice. ~ 5. Hazard Insurance. Borrower shall keep the improvemencs now exiscing or hereafcer erecced on che Propercy insured againsc loss by fire, hazards included wichin che cerm "extended coverage" and any ocher hazards for which l.ender requires insurance. This insura~ce shalt be maincained in the amouncs and for che periods chac Lender requires. The insurance carrier providing che insurance shali be chosen by Borrower subject to I.ender's approval which shall noc be unreasonabty wichheld. All insurance policies and renewals shall be accepcable to I.ender and shall include a scandard mortgage clause. I.ender ~ shall h~ve the righc co hold the policies and renewals. If Lender requires, Borrower shall promptly give co Lender alt receipts of paid premiums and renewal nocices. ln che event of loss, Borrower shall give prompc nocice co the insurance carrie~ and ; l.ender. I.ender may make proof of loss if noc made promptty by Borrower. ' Unless Lender and Borrower ocherwise agree in wricing, ir~surance proceeds shall be applied co rescoration or repair ~ of che Propetty damaged, if the resroration or repair is economicapy feasible and Lender's securicy is noc lessened. If che restoracion or repair is noc economically feasible or Ixnder s securicy would be tessened, che insurance proceeds shall be applied co che sums secuced by this Security Inscrumenc, whecher or noc chen due, wich any excess paid to Borrower. If Borrower abandons the Propercy, or dces noc answer wichin 30 days a nocice from Lender thac che insurance carrier has offered co sectle a claim, chen Lender may cottecc the insurance procetds. Lender may use che proceeds co repair or rescore che Propercy or co pay sums secured by chis Security Insrrumenc, whetheror noc then due. The 30-day period will begin when the rwcice is given. Unless I.ender and Borrower otherwise agree in wricing, any applicacion of proceeds co principal shatl noc excend or poscpone che due dace of che monthly payments referred to in paragraphs 1 and 2 or change the arm~unc of che paymencs. lf under paragraph 19 che Propercy is acquired by I.ender. Borrower s righc co any insurance policies and proceeds resulcing from damage co che Propercy prior co che acquisirion shall pass co I.ender co che excenc of the sums secured by chis Securicy Inscrumen[ immediately prior co the acquisition. 6. Preservation and Maintenance of Property; Ixasehotds. Borrower shall not descroy, damage or subscancialty change the Propercy, allow the Propercy co deteriorace or commit wasce. If chis Security Inscrumenc is on a teasehold, Borrower shall comply wich the provisions of che tease, and if Borrower acquires fee citle co che Property, rh~ feasehold and f fee citie s6a1( not merge unless Lender agrees co the merger in wricing. ~ ~ 7. Procection af I.ender a Rights in the Property; Mortgage Insurance. If Borrower fails co perform the covenants and agreements containec~ in chis Secvrity Inscrument, or there is a legal proceeding that may significantly affecc I.ender's righcs in che Property (such as a proceeding in bankcupccy~ probace, for condemnacion or co enforce laws or regulations), chen Lender may do and pay for whatever is necessaty co procecc che value of the Property and Lender's righrs in the Propercy. Lender's accions may include paying any sums secured by a lien which has priorityover this Security Instrument, appearing in courc, paying reasonable accorneys' fees and entering on th~e Propercy to make repairs. Although Lender may cake action under this paragraph 7, Lender does noc have co do so. Any amouncs disbursed by Lender under chis paragraph 7 shall become additional debt of Borrower secured by chis Security Instrumenc. Unless Borrower and I.ender agrec to ocher cerms of paymenc. chese amounts shali bear interesc from the date of disbursement at che Note rate and shalt be payable. r~+ich interesc, upon notice from Ixnder co Borrower requesting paymenc. • ~~053~ ~pe~4 , , . . . ~ _ . u, . _ . . ; _.~._y__..~. _ _ ..Y...~.~~~. . ..~---r,.-- _ - - . r y.