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Home My WebLink About0968 ~ UNIFORM COVENAHTS. Borrowcr and Lender covcnant and agree as follows: l. Pxymeat ot Priaclpal u~d Iatereat; Prep~ymeal snd Lste Cbsrges. Borrower shall promptly pay when due the principal of and intercat on thc debt evidenced by the Note and any prepayment artd late charges duc under the Nota . 2. I~Lads tor'hxes sad lnsurnaca Subject to applicable law or to a written waiver by Lender. Borrower shall pay to I.ender on the day monthly payments are due undcr the Not~ untii the Note is paid in full~ a sum ("Funds") equal to one-twe(fth of: (a) yearly taxes and assessments which may attain priority over this Security lnstrument; (b) j yearly leasehald 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 "escrow items" Len~er 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 guarantecd by a federal ~ or state agency (including L.ender if Lender is such an institution). Lender shall appty the Funds to pay the escrow ~ items. Lender may not ch~rge for holding and applying the F~nds. analy~ing the account or verifying the escmw items. , untess Lender pays Borrower interest on the ~nds and applicable law permits Lender to make such a charg~ 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. Lender shall not be required to pay Borrovrer any interest or earnings on the Funds. ~ L.ender shall give to Borrowet. without chatge, an annual accounti~g of the Funds showing credits and debits to the ~ Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security ~ for the sums secured by this Security lnstrument. ~ If tlie 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 Borrower's option, either promptly tepaid to Botrower or credited to Borrower on monthly payments of ~ ~ Funds. If the amount of the Funds hetd by Lender is not suf~cient to pay the escrow items when du~ Borrower shall ' ~ pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. ' Upon payment in full of all sums secured by this Security [nstrument, Lender shall promptly refund to Borrower ~ s any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shalt appty~ no { later than immediately prior to the sale of the Property or its acquisition by L,ender, any ~unds held by Lender at the time of application as a credit against the sums secured by ihis Security Instrument. ~ 3. Applieatlon ot Ps~yments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs l 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 principat due. 4. C6Arges; Liens. Borrower shall pay al1 taxes, assessments, charges. Cnes and impositivns attributablc to the ° Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower d shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay o them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be aid under this ara ra h. If Borrower makes these a ments direcd Borrower shall rom tl furnish to Lender N P P 8 P P Y X P P Y =i R receipts evidencing the payments. r Borrower shall promptiy discharge any lien which has priority over this Security [nstrument unless Borrower: _ ~ ~ (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests L+ 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 [nstrument. IC Lender determines ~ f that any part of the Property is subject to a lien which may attain priority over this Security instrument, Lender may give Borrower a notice identifying ihe lien. Borrower shall satisfy the lien or take one or more of the actions set forth ~ ~ above within 10 days of the giving of notice: 5. HazArd Insu~nce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by ~re, hazards included within the term "extended coverage" and any other hazards for which : 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 so I.ender's approval which shall ~ not be unreasonabix withheld. - ~ All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. ~ I.,ender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewai notices. [n the event of loss, Borrower shall give prompt notice to the insurance carrier and I.ender. Lender may make proaf 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 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 seitle a claim, then Lender may collect the insurance proceeds. I.ender may use the proceeds ~ to repair or restore the Property ar 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 Borrower otherwise agree in writing, any application of proceeds to principal shail not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the ~ payments. If under paragraph 19 the Property is acquired by Lender~ Borrov~er'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 ~ i secured by this Security Instrument immediately prior to the acquisition. 6. Preservation And Msiintenance oi Properly; I.eASe6olds. Borrower shall not destroy~ damage or substantially , change the Property, allow the Property to deteriorate or commit wast~ If this Security Instrument is on a leasehold. ~ Borrower shali compiy with the provisions of the 1eas~ and if Bonower acquires fee title to the Property, the leasehold ~ ' and fee title shall not merge unless Lender agrees to the merger in writing. ~ ~ 7. Protectlon oi Lender's Rtghts In t6e Propcrty; Mortgage Insuranca If Borrow~er fails to perform the crnenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect I.ender's ~ . rights in the Property (such as a proceeding in bankruptcy, probat~ for condemnation or to enforce taws or reguiations), o then Lender may do and pay for whatever is necessary to protect the valuc of the Property and Lender's rights in the Property. Lender's actions may include paying arry sums secured by a lien which has priority ov~er this Security Instrument, appearing in court, paying reasonable attorncys' fecs and entering on the Property to make repairs. Although Lender ~ may take action under this paragraph 7~ Lender does not have to do so, tf~ Any amounts disbursed by Lender under this paragraph 7 shal! become additional debt of Borrower secured ~ by this Security Instrument. Unless Borrower and Lender agree to other terms of a o~ p yment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payabl~ with interest, upon notice from Lender to Borrower requesting payment. , ~ _ _r___ ~ - _ . _ -