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Home My WebLink About0930 UNIFORM COVGNANI'S. Borrower and Lender cavenant and agree as foUows: , ~ l. Payment ot Pirinci{w! and lnterest; Prepsy~neal and Late Charges. Borrower shall promptly pay when due I the principal af and interest on the debt evidenced by the Note and any prepayment and late charges due under the No~e. 2. Funds for T~uces and Insurance, Subjecl to applicable law or to a written waiver by Lender~ Borrower shall pay II to Lender on the day monthly payments are duc undec the Note, until the Note is paid in full. a sum ("Funds") equal to ~ pne•twelfth oP: (a) yearly taxes and assessments which may attain priority over ihis Security Instrument; (b) yearly ~ leasefiold paymcnts or ground rents on the Propeny. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the i basis of current data and reasonable estimates of future escrow items. The Funds shall be held in a~ institution the deposits or accounts of which are insured or guarantecc! by a federal or ~ state agency (including Lender if I.endzr is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and npplying the Funds. analyzing the account or veritying the escrow items, unless = ~ Lender pays Horrower interest on the Funds and applicable law permits Lender to make such a eharge. Borrower and l.ender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or appticabte iaw requires interest to be paid, I.ender shall not be required to pay Borro~ver any interest or earnings on the Funds. I.ender shall give ta Borrower, without charge, an annual accounting of the Funds 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 securecl by this Security Instrumeni. If the amount of the Funds held by Lender. together with the future monthly payments oP 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 Bonower or credited to Borrower on rr~onthly 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 de6ciency in one or more payments as required by Lender. Upon payment in fuU of aU sums secured by this Security Instrument, Lender sfiall promptly refund to Borrower F any Funds held by Lender. If under 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 Lendcr 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 ' paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second. to prepayment charges due under the t Note; third, to amounts payable under pa~agraph 2; fourth, to interest due; and last. to principal due. 4. Charges; Liens. Borrower shall pay alI taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority aver this Security Instrume+nt, 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 Qay them on time directly to the person owed payment. Borrower shall promptly farnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower s6atl promptly furnish to I.ender receipts evidencing the payments. - Borrower shall promptty discharge any lien which has priority over this Security Instrument unless Barrower: (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 opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; ~r (c) secures i'rom the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of f the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identitying the 1ien. Bocrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. ' ~ S. Hazard Insurance. Borrower shall keep the improvements now existing or hereatter erected on the Property insured against loss by fire. hazards included within the term "extended coverage" and any other hazards for which L.ender ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that L.ender requires. The = insurance carrier providing the insurance shal) be chosen by Borrower subject to Lender's approval which shaii not be ! unreasonably withheld. All insurance policies and renewals shall be acceptable to L.ender and shall include a standard mortgage ciause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shait promptly give to I.ender all receipts of paid premiums and renewal notic~. 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 Lender 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 E restoration or repair is not economically feasible or I,ender's security would be lessened, the insurance proceeds shall be applied to the sums secared by this Security Instrument, whether or not then due. with any excess paid to Borrower. If Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has i ; oftered to setNe a ctaim. then I.ender may collect the insurance proceeds. Lender may use the proceeds to repair or restore r ihe Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin r when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthty payments referred to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is acquired by Ixnder, 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 suFns secured by this Security x Instrument immediately prior to the acquisition. 6. Freservatton and MAlntenance of Property; I.easeholds. 8orrower shatl not destroy, damage or substantially ~ change the Property, altow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, ~ Borrower shali comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the teasehold and z : fee title shal! noi merge unless I.ender agrees to the merger in writing. . ~ 7. Protection of Lender's Rights in the Property; hiortgage Insurance. [f Borrower fails to perform the ; covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly a~'ect ~ Lender's rights in the Property (such as a proceeding in bankruptcy, probate, fbr condemnation or to enforce laws or ~ regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights s in the Properiy. Lender's actions may include paying any sums securetl 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 ~ Lender may take action under this paragraph 7, I.ender does not have to do so. ~ Any amounts disbursed by I.ender under this paragraph 7 shall become additional debt of Borrower secured by this ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from ~ the date of disbursement at the Note tate and shall be ~ayable, with interest, upon notice from Lender to Borrower ' requesting payment. . ~ << y eooK5~4 Pac~ g29 ~ ~ ~ . , ~ _ . _ _