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Home My WebLink About0943 UNIFORM Cov~N~NTS. Borrower and Lender covenant and ag~ee as fofiows: l. Ps?yment of Prtncipal and Interesh P~epayment And Gate Charges. Bo~~ow-er shall promptly pay when duc the principal of and inter~st on the debt evidenced by thc Note and any prepayment and late charges due under the Note. 2. Funds fo~ Tnxes and Iosu~ance. ' Subj~ct to applicable law or to a written waiver by Lender, Horrower shall pay to I.ender on thr day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelfth of: (a) yearly 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 martgage insurance premiums, if any. These items are called "escrow items." Lender may estima~e the Funds due on the basis ofcurrent data and reasonable estimates af future esc~ow items. The Funds shall be held in an institution the deposits or accounts of which are insur..~ or guaranteed by a tederal or state agency (i~cluding Lender if Lender is such an institution). L.ender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing lhe account or verifying the escrow items, unless Lender pays Borrower interest an the Funds and applicabte law permits Lender to make such a charge. Borrowe~ and Lender may agree in writing that interest shal) be paid on the Funds. Unless an agreement is made or applicable law ` requires interest ta be paid, Lender shall not be required 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 purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount af the Funds hetd by Lender, together with the future monthly payments of Funds payable prior io 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 aptian, either promptly repaid to Borrower or credited to Borrower on monthly paymenis of Funds. If the amount of the Funds hetd by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one o~ mnre payments as required by Lender. Upon payinent in fuil of ail sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. if under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of'the Property or its acquisitiori by Lender, any Funds held by Lender at the time of ~ application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first, to late charges due under the Note; serond, to prepayment charges due under the ~ote; third, to amounts payabl~ under paragraph 2; fourth, !o interest due; and last, to principal due. 4. Charges; Liens. Borrow~er shall pay all taxes, assessments, charges, fines and impositions attributable to the I'ro~erty which ma~~ attain priority over this Security Instrument, and Icasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or itnot paid in that manner, Borrower shal! pay them on time directly to the person owed payment. Borrower shaN promptly furnish to Lender a!1 notices of amounts to be paid under this paragraph. If Borroa•er makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. f3orroa•er shall promptly dischargr any lien w~hich has priority over ihis Security Instrument untess Borrower: (a) agrees in w~riting to the payment of the obligation tiecured by the l~en in a manner acceptable to Lender; (b) contests in gaod faith the lien by, or defends against enforcement of the lien in, tegai proceedings which in the Lender's opinion o,perate to prevent the enforcement of the tien or forfeiture c~f 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 E the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identiFying the lien. Borrower shall satisf}~ the lien c~r take one or more of the actions set forth above within 10 days i of the giving of notice. ~ 5. Hazard Insurance. Borrower shatt keep the impro~•ements 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 Lender i reyuires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier pro~•iding the intiuran~e shall be chosen by Bo~row•er subject to 1_ender's approval which shall not be unreasonabl~ withheld. All insurance r?olicies and renewals ~hall be acceptable to Lender and shal! include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If I.endcr reyuires. Borrower shall promptly give to Lender al! receipis af paid premiums and renewal nc~tices. In the e~~ent of loss, I3orrower shall give prompt notice to the insurance : carricr and Lender_ Lender may make proof of loss if not made promptly b~• Borrower. Unless Lender and Borrow~er otherw~ise agree in writing, insurance prcx:eeds shall be apptied to restoration or repair o( the Propen}• damaged, if the restoration er repair is economically feasibte and Lender's security is not lessened. If the restoration or repair it not economically feasible or Lender's security w•ould be lessened, the insurance proceeds shall be . applied ro the sums secured by this Security Instrument, whether or not then due, w~ith any excess paid to Borrower. If Aorrow~er abandons the Property, or dces not answ~er within 30 days a notice from I.ender that ihe insurance carrier has offered ta settle a claim, then Lender may rollect the insurance proceeds. Lender may use the proceeds to repair or restore ~ the Ymperty or to pay sums secured by this Security [nstrument, whether or not then due. The 3Q-day period will begin when the notice is given. Unless t_ender and Aorrow•er otherwise agree in w•riling, any application of proceeds to principal shall not extend or post~ne the due date of the monthly payments rei~erred to in paragraphs 1 and 2 or change the amount of the payments. If undcr 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 otthe sums secured by~ this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Ixaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate ar commit H•aste. If this Security Instrument is on a leasehold, Borrower shall comply w~ith the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Yrotection of Lender's Rights in the Property; i~iortgage Insurance. (f Borrower fails to perform the co~enants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly aflect Lender's righis in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or - regulations), then Lender may do and pay for whatever is necessary to protect the value of tne Property and Lender's rights ~ in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although W Lender may take action under this paragraph 7, Lender does not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shatl become additional debt of Borrower secured by this Securitti~ lnstrument. Unless Borrower 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. ~ ~ ~ A ~ ~ ~ ~ _ . ~ ~ . . . ~ . ~