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Home My WebLink About0978 , . . . t,! ~ c ` ' ' ~ 8 , UNIFORM COVENANTS. 8orrower and Lender covenant and aaree as follows: 1. P~yment of P~IhClqal and Int~~~t; Pre~~y~}tent and ~.At~ CINr~. BoKOwer shall promptly pay when due~the principal of and interest on the debt evidenced by th~ Note and ~ny.prepayment and lete charges due under t~e Note. Fund= tor Taxes ~nd In~ur~nCe. Subj~ct to ~~pli~able law or to a w~ltten waiver by Lender, Borrowe~ shall pay to Lender o the day~r~nonthty payments are due un er the Nqte~ until the Note ts pafd In full~ a sum ("Funds") equa! to • one-twelki~~f: (a) ysarly taxes.:an~! assessments which may attain prio`rity over this'Securiry Instrument; (b) yeaNy leasehold:~~y~nents o~ ground refits on th@, Propetty, if ar~y; (c) yea~ly hazard insurance premiums; and (d) yeaNy mortgage i,~su~ancd premiums. It any. These items ~re calied "escrow items." Lender may estimate the Funds due on the bas(s of cu~rent data a~d.reas.o~abie 6stim~tes of future esarow itams. The Funds shall be het~ in an institution the deposits or accaunts of which are insu~ed or guaranteed by a federal o~ state agency (including Lender if Lender is such an institutiqn).. l.ender shall apply the Funds to pay the escrow items. lender may rtot ch~rge for hoiding and applying the Funds. anaiyzing the account or veriryfng the escrow items, unless l.ender pays Borrower interest on, the Funds and applicabte Iaw permits Lender to~make such a charge. Borrower and Lender may agree in writing that interest shell be paid on the Funds. Unless an agreemenY ts made or applicabie law requires inte~est to be paid, I.erider shali not be required to pay Bor~owe~ any interest or earnings on the Funds. lender shall'give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds artd the purpose for which each debit to the Funds was made. The Funds'are pledged as additlonal securlty for the sums secured by this Securirylnstrument. - If the a,mount of the fiundS hetd by Lender~ togethet with th~e futu~e monthly payments of Funds payable prior to the due date~ oi the e~ctow items, shall exceed thA amount'required to~pay the escrow items when due~ the excess shail be. at Borrowers optiqn. either promptly repaid to Borrowe~ 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 i~ems when due, Borrower shall pay to Le~der any amount necessary to make up the deficiency tn _one `or more payments as required by Lender. Upon paymeM in full of ail ~ums secured by this Securiry Instrument, Lender shall promptiy refund to Borrower any Funds hQld by Lender. if under paragraph 18 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prio~ to the sale of the Property or its acquisition by lender. any Funds held by Lender at the time of application as a credlt against the sums secured by this Security Instrument. 3. Application ot Peyments. Unless appiicable law provides otherwise, al! payments received by Lender under paragraphs 1 and 2 shali be apptied: first, to amounts payable under paragraph 2; second, to interest due; and last, to principal due. 4. Ctiarges; Llens. Borrower shail pay all taxes, assessments, charges, fines and lmpositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. 6orrower shall pay these obligati,ons in the manner provided in paragraph 2. or if not paid in that manner, Borrower I shall pay them on tlme directly to the p~rson 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 Lertder receipts evidencing the payments. Borrower shall promptly discharge any lien which haspriority overthis Security instrument unless Borrower. (a) ° agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good f81th the lien by. or defends against enforcement of the lien in. le al proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part o~the Property; or (c) secures from the holderof the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. if Lender determines that any part of the Property ts subject to a lien which may attain priority over this Security tnstrument, lender may give Borrower a ~lotice identifyi~g the lien. 8orrower shali satisfy the lien or take one or more oi ihe actions set forth above within 10'days of the giving of notice. ; 5. Hazsrd Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property ~ insured against loss by fire, hazards inciudetl within the term "extended coverage" and any other hazards for which i Lender 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 l.ender's approval which shall not•be unreasonably withheld. ' . All~insuranc~ policies and renewals shall be acceptable to Lenderand shali inciude a stand8rd mortgage clause. Lender shali havA the right to hold the policies and renewels. If Lender requires, Borrower ~hall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss. Borrbwer shall give prompt notice to the ~ ~ insurance carri~r and Lender. lender may make praaf of loss if not made promptly by Borrower. ? Unless Lender and Borrower 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 Lender's security is not t ~ lessened. If the restoration or repair is not economicaliy feasible or Lende~'s security would b~ lessened, the ' insurance p~oceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with ' ~ any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from . lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restors the Property ar ta 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 appiication of proceeds to principai shall not extend or postpone the due date of the monthiy payments refe~red to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policfes and ~ proceeds resulting from damage to the Property prior to the acquisition shail pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. ~ ~ 6. Preservation and Matntenance o1 Property; leeseho{ds. 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 leasehoid, s Borrower shall compty with the provisions oi the lease, and if Borrower acquires fee title to the Properry, the leasehold and fee title shali not merge t~nl~ss lender agrees to the merger in writing. 7. Protectlon of Lender's Rt~hb in the Prop~rty; Mo~tya~e Insurance. If Borrower fails to perform the covenants _ and agreements cont`ained in this $ecurity Inst~ument~ or there is a legal proceeding that may significantly affect Lender's righfs in the Property(such as a proceeding in bankruptcy,.probate. for condemnation or to enforce laws or regulation"s~, then L'ender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the PropArty. 4ender's actions m~y incl~}de paying any sums secured by a"lien which has priority over this Security'InStrument, appearing in court, payin~'reasonable attorneys' fees 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 Lender under this paragraph 7 shall becoine additional debt of Borrowersecured by this Security (nstrumertt.~ Unless 8orrower and Lender agree 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 Lender to " Borrower requesting payment. ~ ~ ~ ~ j ~~~5~ ~097~ 2 - ; . t•'~ - • - - - - -