Loading...
HomeMy WebLinkAbout0928 ~ ~1 .i ; UNIFORM COVENANTS. Borrower and Lcader covenAnt and agree as follows: ~ l. Pa~mnt oi Prlncipal and Iat~~a~ Prep~ymeot and I.ate Cbargea. 8orrowcr shall promptiy pay when due I tha principal of and interest on the debt evidenced by the Nota and any prepayment and late charges due under the No~e. ~ 2. FLnda for Tua aad Iwunaa. Subject to applicnbte law or to a written waiver by Lender~ Borrower shall pay ~ to Lcnder on the day monthly payments src due under the Note~ until the Notc is paid in full, a sum {"Funds•') equal to one•/weiRh of (a) yearly ta~ces ~nd assessmenis which may attain prioriry over this Security Instrument; (b) yearly : i leasehold paymenis or ground rents on the Propeny, if any; (c) ycarly.hazard insurance premiums; and (d) yearly mortgage insurance premiums~ if any. These items are callcd "escrow items." Lender may estimate the Funds due on the ; basis of current data and reasonable estimates of future escrow items. ; ~ ' The Funds shali be hetd in an institution the deposits or sccounts of which are insured or guaranteed by a federal or ~ j 9tate agency (including I.ender if Le+nder is such an institution). Lcnder shall apply the Funds to pay the escrow items. ~ ~:ender may not charge for holding and applying the Funds. analyzing the account or verifying the escrow items, unless Lender pays Borrower int~rest on the Funds and applicable law permits I.ender to make such a charge. Borrower anc! i I,ender may agra in writing that interest shall be paid on tha Funds. Untess arr agreemeat is made or applicable Iaw requires interest to be paid, Lender shalt not be aquired to Ray Horrower any interest or earnings on the Funds. Lender shall give to Borrowor, without charge, an anaual accounting of the Funds showing credits and debits to the Funds and the pvtpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Sxurity Instrument. If the amount of the Funds held by Lender~ together with the future monthly paymenis of Funds payable prior to ~ the due dates of the escruw items~ shall exceed the amount reqaired to pay the escrow items when due, the eacess shall be. at Borrower's option, either promptly repaid to Horrovs~er or creditod'to Borrower on monthly payments of Funds. If the ~ amount of the Funds held by I.ender is not suflicient to pay the escrow items when due, Borrower shal! pay to [.ender any ~ amount necessary to make up the deficieney in one or more payments as required by I.ender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower ~ any Funds held by I.ender. tf under paragraph 19 the Property is sold or acquirai by I,snder~ i.ender shall apply, no later i than immediately prior to the sale of the Property or iis acquisition by Lender, any Funds held by Ltnder at the time of ~ appfication as a credit against the sums secured by this Security Instrument. ` 3. Appltcatton oi Psyments. Unless applicable law provides othenvise, all payments received by I.ender under . ; paragraphs 1 and 2 shaq be applial: first~ to late charges duc under the Note; second, to prepayment charges due under the ; Note; third~ to amounts payable under paragraph 2; #'oucth, to interest due; and last, to principal due. ' ' 4. Gfiarges; I.lena. Borrower shall pay al! ta~ces, assessments, charges, fines and impositions attributable to the 1 ' Property which may attain priority over this Secucity Instrument~ and leasehotd payments or ground rents, if any. r Bonower shall pay these obligations in the manner providcd in paragraph i, or if not paid in that manner, Bonower shall pay them on time directly to the person owed payment. Bonower shall promptiy furnish to Lender al! notices of amounts to be paid under this paragraph. If Bonower makes these payments directly, Borrower shall promptly furnish to Lender recxipts evidencing the payments. Borcower 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 good faith the lien by. or defends against enforcement of the lien in, legal proceedings which in the Lender's opinior~ 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 Ltnder 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 S~curity Instrument, L,ender may give I3orrower a notice identifying the lien. Borrower shaU satisfy the lien or take one or more of the actions set forth above within t0 days of the giving of notice. , S. Hazard Insurnace. Bottower shall keep the improvements now existing or hereafter erected on the Property insured against toss by fire. hazards included within the term "extended coverage" and any other hazards tor which Lender requires insurance. 'fhis insurance shall be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shall be chosen by Bonower subject to I.ender's approval which shatl not be unreasonably withheld. All insurance policies and renewals shall be acceptabie to L.ender and shal! include a standard murtgage clause. L.ender shall 6ave the right to hotd the poticies and renewals. If L.ender requires, Borrower shalt promptly give to Lender all receipts of paid premiums and renewal notices.ln the event of loss, Barrower shall give prompt natice to the insurance carrier and I.ender. Lender may make proof of loss if not made promptly by Bonower. - Unless I.ender and 8onower otherwise agree in writing, insurance prceeeds shall be applied to restoration or repair of the Property damagod. if the restoration or repair is economicai(jr feasible and Lender's security is not lessened. If the restoration or repair is not economicaily feasibte or Lender's security would be lesssned, the insurance proceeds shall be applied to the sums secured by this Security tnstrument, whether or not then due, with any excess paid to Borrower. [f 8orrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has otfered to settle a claim, then L.ender may eolleci the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums socured by this Security Instrument, whether or not then due. The 30-day period u•ill begin when the notice is given. Unitss Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend 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 shall pass to Lender to the eztent of the sums secared by this Security Instrument immediately prior to the acquisition. 6. Preserr~tton and Mdntenance ot Property; I.eASeholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to detcriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, tl~e leasehold and fee title shall not merge unless l,ender agrees to the merger in writing. 7. Protection ot Lendet's Rights in the Property; Mortgage Insurance. If Borrow~er faits to perform the covenants and agreements contained in this Security instn~ment, or there is a legal proceeding that may significantly aflcct Lender's rights in ihe Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then L.ender may do and pay for whatever is necessary to protect the value of the Praperty and Lender's rights in the Property. I.ender's actions may include paying any sums secured by a tien which has priority over this Security Instrument, appe~aring in court, paying reasonable attorneys' fees and entering or~ the Properly to make repairs. Although Lender may take action under this paragraph 7, Lender dax not have to do so. Any amounts disbursed by Lender under this paragraph 7 chall become additional debt of Borrower secured by this " Security Instrument. Unlas Borrower and Lender agra to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payablt, with interest, upon notice from Lender to Borrower requesting payment. , , , BOOK 5~~ PACE 728 - - _ _ -z--~- ~ _ _ _ 1 _ _ .