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Home My WebLink About0923 UNiFORM Cov~H~NTS. 8orcower and l.cnder ~~venant and agra: as follow~: 1. Paya~eat ot Prlucipd aad tatsruh, Prepsyu~eat and I.ote CUa~es. Borrowtr shall p~omptiy pay when due the principal of and interest on the dcbt evidenced by the Ncte and any prepayment and late charges due under the Note. 2. ~1nd~ to~ Taxa sad Iasun,ACe. ' Subjoct to applicable Isw or to a writlen waiver by Lender~ Borrower shall pay to t-~nde~ on thr day monthly payments are due under the Note~ until the Note is paid in full. s sum ("Funds") equal to one-twe111h of: (a) yearly taxa and asses„nent3 which may attain p~ority ove~ this Security Instrument; (b) yearly ; leasehold payments or ground rents on the Property~ if any; (c) yearly hazard insurance premiums; and {d) yea~ly i mortgage insurance prtmiums, if any. These items are called "escrow items." Lender may estimate tht Funds due on the # basis of current data and reasonable estimates of future tscrow ittms. . ~ The Funds shall be held in an institution the depcuits or accounts otwhich are insur.~ ar guaranteed by a fede~al or state agency (including Lender if Lender is such an institution). l.ender shall apply the Funds to p:~y the escrow items. Lender may not charge for holding and applying the Funds, analyzing the aecount or verifying the cserow items, unless ; Lender pays Borrower interat on the Funds and applicable law perntits LenJer to make such a charge. Borrower and ' Le~de~ may agree in writing that interest shalt be paid on the Funds. Unt~ss an ag~ament is msde or a{~plicab;e !aw ~ , requira inte~est to be paid. Lender shall not be rrquired to pay Borrower any interest or earnings on the Funds. Lender ' shal! give to Borrower. without charge. an annual accounting of the Fur.ds showing credits and debits to the Funds and the purpose for which ~ach dcbit to the Funds was made. The Funds are pledged as additional security for the sums sccured by ? ~ this Security Instrument. If thc amount of the Funds held by Lender. together with the future monthly payments of Furds payable prior to ' the due dates of the eserow items, shall exceaf thr amount required to pay the escrow items when due, the ezcess shall be. i at Borrower's option, tither promptly repaid to Borrower or credited to Borcower on monthly payments of Funds. If the i amount of the Funds held by L.ender is not suli'isient to pay the escrow items when due~ Borcower shall pay to L.ender any amount necessary to make up the doficiency in one or more payme~ts as required by Lender. Upon payment in ful! of a!I sums secured by this Security Instrument. Lender shall pr~mptly 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 immedialely prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the iime of application as a credit against the sums secured by this Security Instrument, 3. Applicat~on ot Psyments. Unless applicable law provides othenviu. all payments received by Lender under ' paragraphs 1 and 2 shall be applied: first, to late cha~ges due under the Note; second, to prepayment charges due under the Note; thi~d. to amounts payable under paragraph 2; Fourth~ to interest due; ~nd last. to prir~cipal due. ; 4. Charges; Liens. Borrower sha!! 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 j pay them on time direclly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts F to be paid under t6i~ paragrap6. If Borrower makes these payments directly, Borrower shall promptly furnish to I.ender j receipts evidencing the payments. - Borrower shall promptly discharge any lien ~hich has priority over this Security Instrument unlas 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 a~ainst er~forcement of the lien in. legal proceedings which in the Lender's opinion operate to j prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) securcs from the holder of the lien an i agreement satisfactory to Lender subordinating the lien to this Security Instrument. If L,ender determines that any part of ~ the Property is subject to a lien which may attain priority over this Security [nstrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days i of the giving af notice. ~ 5. Nazard Insurance. Borrower shail keep the improvements now existing or hereafter erected on the Property ~ insured against loss by 6re, hazards included withir~ the term "extended coverage" and any other hazards for which I.ender ~ requires insurance. This insurance shall tse maintained in the amounts and for the periods that I.ender requires. The insurance carrier providing the insurance shall be chosen by Borrawer subject to Lender's approval which shall not be 4 unreasonably withheld. ; All insurance policies and renew~als shall be acceptable to Lender and shati ineiude a standard mortgage elause. S I.ender shall have the right to hold the policies and renewals. If Lender requires, Borrower shaU promptly give to I,ender ~ all receipts oFpaid premiums and renewa! notices. !n the event of loss, Borrower shall give prompt notice io the insurance carrier and Lender. Lender may make proof of loss iP not made promptly by Borrower. ~ L'niess Lendtr and Borrower otherwise sgree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if ti~e restoration or repair is economieaily feasible and Lender's security is not lessened. If the restoration or repair is not economica(ly feasible or Lender's security woutd be lessened, the insurance proceeds shall be ~ apptied to the sums secured by this Security Instrament, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer ~~ithin 30 days a notice from Ixnder 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 restore the Property Qr to pay sums secured by this Security instrumeni, whether or not then due. The 30-day pc::cd will begin ~ when the notice is given_ ~ Unless Lender and 8orrowe~ otherwise agree ir~ writing, any application of procerds to principal shall not eatend 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 damzge to the Property prior to the acquisition shall pass to I.ender to the extent of the sums secured by t6is Security ~ Instrument immediately prior to the acquisition. 6. PresenAtion and ltqaintenance oi Property; I.eateholds. Borrower shall not datroy, damage or substantially ~ change ihe Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the prvvisions of the lease. and if 8orrower acquires tce title to the Property. the leasehold and fee title shall not merge unt~ss Lender agrees to the mergcr in writing. Protection of I.ende~'s Rights in the Property; Mortgage tnsursnce. lf Bor~ower faiis to perform the covenants and agreements contained in this Security Instru:nent, or therc is a lega! proceedeng that may significantly affect Lender's rights irt the Property (such as a proeetding in bankruptcy, probate, for condemnateon or to enforce laws or regulations), then Lender may do and pay for whatever is neccssary to protect the value of the Property and L.ender's rights in the Propehy. Le~nder's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying re~sonable attorneys' fees and ente~ing on the Property to make repairs. Although Lender may take action unde~ this paragraph 7, Lensier does not have to do so. ~ Any amounts disbursod by I.ender under ihis p2ragraph 7 sha11?r_come additional debt of $orrower secured by this 3 Security Inslrument. Unl~s Borrower and Lender agree to other terms of payment. these amounts shall bear interat from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Boerower requating payment. , ~ ~ 6~~537 P~0921 ~ ~ - =.-'-~rc: ~ - _ _ _ . :