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Home My WebLink About0942 t f ` i. ~ f' I ~ ~ 1 UNIFORM COV~NA~TS. Borrowe~ and Lender coveru~nt snd agree u follows: l. P~ymen~ ot Prtncip.t and to~erar Prepaymen~ ~ed Lste Chu~ea. Borrower shall promptly pay when due ' the principel of snd interest on the dtbt evidencod by ihe Note snd any p~epayment end tate charges due unde~ the Note. ~ ' 2. Funds tot Taxq and Iatunnee. Subjoct to applicable law or to a writttn waiver by l.ender, Borcower shall pay to I.ender on the day monthly paymenta ue due undtr the Note, untii the Notc is Paid in tull, a sum ("Funds") equal to ~ one-twelRt~ of: (a) yesr?y taxes and assessments which may attnin priority over this Security Instrument; (b) ycarly leasehold payments or ground rents on the Property~ if any; (c) yearly hazard insurance premiums; and (d) yearly ~mortgage insurancc pramiums~ if any. These items are called "escrt~w items." Lender may estimate the Funds due on the .basis of current data and ressonable estimates of futur~ escrovir items. The Funds shail bt held in ar~ institution the depasits or accvu~ts of which are insured or guaranteed by a federa! or +state agency (including Lender if Lender Is such art institution). Lender shall apply the Funds to pay the escrow items. • L.ander may not charge for holding and applying the Funds. anAlyzing the account or verifying the escrow items, unless Le~der pays Borrower interest un the Funds and applicable law permits Lender to make such a charge. Horrower and Lender may agra in writing lhat interest shall be paid on the Funds. Unless an egretment is mad~ or appticable !aw requiras interest to be paid. Leader shall not be required to pay Botrower any interest or earnings on the Funds. I.cnder shall give to Borrower, without charge. ar~ annual accounting of the Funds showing credits and debits to the Funds and the purpc~se for which each debit to the Funds was made. The Funds are pledged as additional security tor the sums secured by . this Security Instrument. If the amount of the Funds held by Lender, togcther with the future monthty payments ot Funds payabfe prior to the du~ dates of the esc~ow items, shait excxed tho amount requircd to pay the escrow items when due, the excess shall be, at Bonower's option~ either promptly repaid to Botrower 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 ittms when due~ Borcower shall pay to Lende~ any amount necessary to make up the deflciency in one or more payments as requirod by I.ender. Upon payment in full of ail sums secured by this Security Instrument~ Lender shall promptty retund to Borrower any Funds held by Lender, If under paragraph 19 the Property is sold or scqqirod by I.ender~ Lender shall apply, no later - than immediately prior to the sale of the Propetty or its acquisition by Lender, any Funds hetd by Lender at the time of application as a crodit against the sums sccured by this Security Instrument. . 3. ApplicaNon ot Paymeats. Unless applicable law provides otherwise~ all payments received by Lender under _ paragraphs 1 and 2 shall be applitd: first~ to late charges due under the Note; sxond. to prepayment charges due nnder the Note; third, to amounts payabte under paragraph 2; fourth, to interest due; and last~ to principal due. 4. Clargea; Lleas. Borrower shall pay ali tazes, assessments. charges~ fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or geound rents. if any. Borrower shall pay these obligations in the manner providcd ip paragraph 2~ or if not paid in that manner. Borrower shall pay them on tim~ directly to the person owed payment. Borrower shall promptly furnish to I.ender all notices oCamounts to be paid under this paragrap6. If Borrower makes these payments dircetly~ Borrowcr shall promptly furnish to Lender receipts evidencing the paycttents, Borrower shall promptly dischatge any lien which hss priority over this Security Instrument unless Borrower: (a) agrces 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 enforctment of the lien in. legal procoodings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (e) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Socurity tnstrument. If Lender determines that any part of the Property is subjcct to a lien which may attain priority over this Security Instrument, I.endtr may give Borrower a notice identifying the lien. Borcower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. H~zud Iaauruece. Borrower shall keep the improvements now existing or htreafter erxtod on the Property insured against loss by fire, hazards includod within the term "eatended coverage" and any other hazards for which l.ender 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_ to Ixnder's appro~al which shall not be unreasonabty withheld. All insurance policies and renewals shall be acceptable to_ I.ender and shatt include a standard mortgage clause. I.ender shall have the right to hotd the policies and rcnewals. If Lendtr requires, Borrower shall ptomptly givt to L.ender ~ all receipts of paid premiums and renewal notices. In the event of loss, Borrower shali give prompt notice to the insurance carrier and Lender. I.ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower othtrwise 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 ecortomical(y ftasibie or Lender's socurity would be lessenod, the insurance proceeds shal! be I applied to the sums socurod by this Socariry Iestrument, whrther 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 I.ender that the insurance carrier has oSerod to settle a claim~ then I.ender may collect the insurance proceods. i.ender may use the procads to repair or restore the,Property or to pay sums secured by this Security Instrument~ whether or not then due. The 30-day period wiit begin when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of ~roceeds 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. lf under paragraph 19 the Property is acquirod by Lender, Bonower's right to any insurance policies and proceeds raulting from damage to the Property prior to the ~cquisition shall pass to I.ender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. . 6. Preservatioa aad Mdatenance of Property; I,ea:eholds. Borrower shall not dalroy, damage or substantially chang~ the Property. allow the Property to deteriorate or cammit waste. If this Sxurity lnstrument is on a leasehold. Bonowtr shall comply with the provisions of the lease, and if Borrower scquires fa title to the Prop~ny. the leasrhold and w ~ fa title shall not merge unless i.ender agrea to the merger in writing. 7. Protecttoa of Lender's Rights in the Property; Mortgag~ Inaurance. If Bor~ower taiis to perform the ~ covenants and agreements contained in this Security Instrumtnt~ or there is a legal procoeding that may significantly affect ~ ' Lender's righis in the Property (such as a procccding in bankruptey, probate. for condemnation or to enforce laws or ~ ~ regulations), then Lender may do and pay for whatever is nocessary to protect the value of the Property and L,ender's rights in the Propeny. Lender's actions may include paying any sums seeured by a lien which has priority over tljis Security Instrument, appearing in court, paying reasonable attorneys' fea and entering on the Property to make repairs. Although ~ l.ender may take action under this paragraph 7. Lendor does not have to do so. pq Any amounts disbursed by Lender under this paragraph 7 shsll become additional ~ebt of Borrower ucur~d by this Socurity Instrument. Unless Borrower and L.ender agree to other terms of gaymcnt, these amounts shali bear in~`erest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to: Borrow~r roquesting payment. . _ . ~ ~ . ~.,,._.,~,,,.a,,,r,,,,. , _ - - . . p , - - , _ . . . . ~ . ~ p ~ ~