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HomeMy WebLinkAbout0949 UNIFOttM CovEN~NTS. E3orrower and Lender covenant and ag~ee as follows: 1. PAyment ot Princip~tl and Inte~est; Prepayment and Late Charges. Borrower shall promptly pay when due the principal oPand interest on the debt evidenced by ihe Note and any prepayment and late charges due under the Note. 2. Funds tor Ts~zes wnd Insurance. ' Subject to applicable !aw or to a written waiver by Lender, Borrower shall pay to Lender on thr day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelflh of: (a) yearly taxes and assessments which may attain priority over this Security Inst~ument; (b) yearly leasehold payments ar ground rents on thc Property~ if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance p~emiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the ~ basis ofcurrent data and reasonabtt estimates of future escrow items. The Funds shal! be held in an institution the deposits or accounts of which are insur,.~ or guaranteeci by a federal or . state agency (including Lender if C.ender is such an institution). Lender 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 escrow items, uniess Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Horrower and Lender may agree in writing that interest shali be paid on the Funds. Unless an agrtement is made or applicable law , requires interest to be paid, Lender shali not be required to pay Borrower any interest or earnings on the Funds. Lender shall give Io 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 of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due clates of the escrow items, shall exceed the amoant req~ired to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower 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 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 lnstrument, Lender shall promptly refuad to Borrower ~ any Funds held by Lender. If u~der 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 acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security lnstrument. 3, Application of Payments. U~less applicable law provides otherwise, a!1 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 ?``ote; third, to amounts payabte under paragraph 2; fourth, to interest due; and last, to principal due. 4, Charges; Liens. Barroa~er shall pay al! 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 shali pay them on time directly to the person oH~ed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If E3orrower makes these payments directly, Horrawer shaN promptly furnish to Lender receipts evidencing the payments. - Borrower sha11 promptly discharge any lien which has priority over this Seeurity Instrument unless Borrower. (a) agrees in writing to the payment of the obligation secured by the lien in a manner aceeptable 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 aperate 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 subardinating the lien to this Security Instrument. If Lender determines that any part of , the Pro~erty is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a ~ notice identifying the iien. 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. Nazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property ~ insured against (oss by fire, hazards included w~ithin the term "extended coverage" and any other hazards for which Lender i requires insurance. This insurance shall be maintained in the amounts and for the periods that [.ender requires. The ~ insurance carrier providing the insurance shall be chosen by Bo~rower subject to Lender's approval which shall not be ~ unreasonably withheld. All insurance policies and renew~als shall be acceptable to Lender and shall inciude a standard mortgage clause. Leodcr shall have the right to hold the policies and renewals. If Lender requires, Borrower shal! promptly give to Lender al) 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 proo(of loss if not made promptly by Bormwer. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Vroperty damaged, if the resroratian 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 ta the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Yroperty, or dces not answer within 30 days a notice from Lender that the insurance carrier has af~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 lnstrument, whether or not then due. T'he 30-day period will begin when the notice is given. . Untess Lender and BarroK~er otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date otthe monthly payments referred to in paragraphs 1 and 2 ~r 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. y 6. Preservation and Maintenance of Property; Leaseholds. 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 leasehold, , B~rrower shall comply with 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. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the f covenants anci agreements contained in this Security Instrument, or there is a lega! proceetling that may significantly af~ect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulatinns), then Lender may do and pay for whatever is necessary to protect the value of the 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 t6e Property to make repairs. Although ~ Lender may take action under this paragraph 7, Lender does not have ta do so. Any amounts disbursed by Lender under this paragraph 7 shal) become additiona) debt of Borrower secured by this Security 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. ~ . g~0535 P~6E0949 ~ ~_-----v~, _ _ _ f