HomeMy WebLinkAbout0970 UNIFORM CovFNnNTS. Horrower und Lender covenant and agree as follows:
~ l. Payme~t ot Princfpal and Interest; Prep~ynteat and I.~te Charges. Horrower shall promptly pay when due
; the principal oPand interest on the debt evidenced by tht Note and any prepayment and late charges.due under the Note.
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to Lender on tha day monthly payments ace 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 an the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
mortgagc insurance premiums, if any. Thcsc items are called "escrow items." Lender may estimate the Funds due on the
basis oFcurrent 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 guaranteed by a fecieral or
state agency (including Lender if I.ender is such an institution). Lender shall apply the Funds to pay the escrow items.
I.ender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless ,
, I.ender pays Bonower interest on the Funds and applicablc law permits I,ender to make such a charge. 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 Borrower any interest or earnings on the Funds. Lender
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~ purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by
g this Security Instrument.
If the amount of the Funds held by I.ender, 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 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 I.ender any
amount necessary to make up the deficiency in one or more payments as required by I.ender.
Upon payment in full of all sums secured by this Security Instrument, L.ender shall promptly refund to Borrower
any Funds held by I.ender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply, no later
than immediately prior to ihe 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 Instrument.
3. ApplIeation of Payments. Unless applicable law provides otherwise, all payments received by Lender under I
paragraphs 1 and 2 shal! 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 principal due.
~ 4. Charges; Lieas. Borrower shall 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
pay them on time directly to the person owed payment. Bonower shall promptly furnish to Lender all notices of amounts
to be paid under this paragraph. If Bonower makes these payments directly. Borrower shall promptly furnish to Lender
receipts evidencing the payments.
; Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in gnod
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 I.ender subordinating the lien to this Security Instrument. If Lender determines that any part of
the Property is subject to a lien which may attain priority over this Security Instrument, I.ender 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
of the giving of notice.
S. Haz~trd Insurance. Borrower shall keep the improvements now eaisting or hereafter erected on the Property
- insured against loss by fire, hazards included within the term "eatended 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 .to Lender's approval which shall not be
_ unrgasonably withheld.
All insurance policies and renewals shall be acceptable to I.ender and shall include a standard mortgage clause.
Ixnder shall have the right to hold the policies and renewals. If I.ender requires, Borrower shall promptly give to I.ender
all 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 proof of loss if not made promptly by Borrower.
Unless I,ender 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 I.ender'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 settle a claim. then L.ender may collect the insurance proceeds. L,ender may use the proceeds to repair or restore
the Property or 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 shall not eatend 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 I.ender, Borrower's right to any insurance policies and proceeds resulting
from damage to the Property prior to the acquisition shal{ pass to Lender to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition.
6, Preservation and Maintensutce 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,
Borrower shall comply with the provisions otthe lease, and if Borrower acquires fee titie to the Property, the leasehold and
fee title shall not merge unless Ixnder agrees to the merger in writing. .
7. Protection of Leader's Rights in the Property; Mortgsge Insurance. If Borrower fails to perform the
s covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly aflect
~ Lender's rights in the Property (such as a proc:eeding in bankruptcy~ probate, for condemnation or to enforce laws or
regulations), then I.ender may do and pay for whatever is necessary to protect the value of the Property and I,ender'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
I.ender may take action under this paragraph 7, Lender does not have to do so.
Any amounts disbursed by L.ender under this paragraph 7 shall become additionai debt of Borrower secured by this
Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest trom
the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower
requesting payment.
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