Loading...
HomeMy WebLinkAbout0955 UtvIFORM Cov~N~NTS. Borrower and Lender covenant and agrcc as toiiows: ~ 1, Payment ot Principnl and lateresh PrepAyment and I.ate Charges. Borrower shall promptly pay when due ; the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Fuads tor Taxes aad Iasurance. Subject to applicable law or to a written waiver by Lender~ Bo~rower shall pay to Lender on the day monthly payments a~e due under thc Note~ until thc Note is paid in full~ a sum ("Funds") equal to ~ one•twelRh of: (a) ycarly taxes and assessments which may attain priority over this Security Instrument; (b) yearly ~ leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly ; , mortgage insurance premiums, if any. These items are called "esarow items." I.ender may estimate the Funds due on the ~ basis of current data and reasonable estimates of future escrow items. - ' The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or ' state agency (including•Lender if Lender is such an institution). I.ender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escraw items~ unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and ~ Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law ; requires interest to be paid, I.ender shali not be required to pay Borrower any interest or earnings on the Funds. I,ender shall give to Borrower~ without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was madt. The Funds are pledged as additional security for the sums secured by this Security Instrument. : ' if the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Bono~ver's option~ eithcr promptly repaid to Bonower 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 when due. Borrower shall pay to I.ender any amount necessary to make up the deficiency in one or mort payments as required by I.ender. Upon payment in full of all sums secured by this Security Instrument. I.ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Properiy is sold or acquired by Lender, Lender shaU apply. no later than immediately prior to the salc of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Appllcation of Psymenb. Unless applicable law provides otherwise, all payments received by Lender 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 last~ to principal due. 4. Charges; Liens. Bonower 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. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borcower makes these payments directly, Borrower shall promptly furnish to I.ender receipts evidencing the payments. , Bonower shall promptly discharge any lien which has priority over this 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 ~ faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an , agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of , ~ the Property is subject to a lien which may attain priority over this Security Instrument, L,ender may give Borrower a ~ notice identifying the lien. Bonower shall satisfy the lien or take one or more of the actions set forth above within 10 days , of the giving of notice. S. Hszard Iasuranee. Bonower shall keep the improvements now existing or hereaRer erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which I.ender requires insurance. 1'his insurance shall be maintained in the amounts and for the periods that I.ender requires. The - insurance carrier providing the insurance shall be chosen by Borrower subject to I.ender's approval which shall not be : unreasonably withheld. ~ All insurance policies and renewals shall be atceptable to Lender and shall include a standard mortgage ciause. i: Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Ixnder ~ ~ all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance - carrier and Lender. Lender may make proof 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 lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be appliedto the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borcower abandons the property~ or does not answer within 30 days a notice from L.ender that the insurance carrier has of~'ered to settle a claim, then Lender may collect the insurance proceeds..Lender 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 begin when the notice is given. Unless Lender and Bonower otherwise agree in writing, any application of procceds to principal shall not extend or _ ~ postpone the due date of the monthly payments referred 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 policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security = Instrument immediately prior to the acquisition. ~ : 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destrby; 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 provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee tide shall not merge unless Lender agrees to the merger in writing. . ('7 7. Protection of Lender's Rig6ts in the Property; Mortgnge Insurance. If Borrower fails to perform the ~ : covenants and agreements contain e d in t his S e curity Instrument, or there is a legal proceedin g that may significantly affect ~ I Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or 0 regulations), then I.ender may do and pay tor whatever is necessary to protect the value of the Property and Lender's rights ~ in the Property. Len der's actions may include paying any sums secured by a lien which has priority over this Security a Instrument~appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although - Lender may take action under this paragraph 7, Lender dces not have to do so. - Any amounts disbursed by I.ender under this paragraph 7 shall become additiona! debt of Borrower secured by this ~ Security Instrument. Unless Bonower 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. O°° I` : ' ~ . . - . , _ x-,,.,y„ . _ . _ . , . , . , - - - - - _ _ . . _ _ ~..1