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Home My WebLink About0982 ~ UNIFORM COVF.NANTS. Borrower and Lender covenant and ag~ee as follows: I' l. P~ymertt ot F'r~nciwtl aad Intercst; Prepaymeet and I.ate Chnrgsa. Borrower shali promptly pay when due ' the principal otand interest on the debt evidenced by the Note ~nd any prepayment and late charges due under the Note. i 2. Funds tor Taxea tad Inautance. ' Subject to applicable law or to a written waiver by Lender, Borrower shail pay s i to Lender on thr day monthly payments are due undet the Notc, until thc Note is paid in fuli~ a sum ("Funds") equal to one-twelRh of (a) yearly taxes and asussments which may attain priority over this Security Inslrument; (b) yearly # lesuhold payments o~ ground rents on the Property~ iP 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 ' basis oPcurrent data and reasonable estimates of future esc~ow items. 'fhe Funds shall be held 'en an institution the deposits or accounts oPwhich are insur..~ or guaranteed by a federal or a, state agency (including L.ender iP Lrnder is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charg~ for holding and applying tt~e Funds~ analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits I.ender to make such a charge. Borrower and ~ i Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable !aw } requires interest to be paid. l.ender shall not be` required to pay Borrower any interest or earnings on thc Funds. Lender ; shall give to Borrower, without cha~ge, an annual accounting of the Fur.ds 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 securcd by this Security Iastrument. ~ If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to thc due dates of thc 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 crediteci to Borrower on monthly payments of Funds. If the ~ amount of the Funds held by L.ender is not sufi'icient to pay the escrow items when due, Borrower shall pay to Lender any j amount necessary to make np the deficiency in one or more payments as required by Lender. ; Upon payment in full of all sums secured by this Security Instrument, Lender shaU promptly refund to Bor~ower 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 I.ender, any Funds heid by Lender at the time of - application as a credit against the sums secured by this Security Instrument. 3. Application of Paymer+ts. 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 Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributabte to the Property which may attain priority over this Security instrument, and teasehold payments or ground rents, if any. Borrower shall pay these obligations in the raanne~ provided in paragraph 2, or if not paid in that manner, Borrower shall , ~ pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts ' to be paid under this paragraph. lf Borrower makes these payments directly, Sorrower shal) promptly furnish to I.ender receipts evidencing the payments. ~ Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) i 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 Propeny; or (c) secures from the holder of the lien an ~ agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of = ~ the Property is subject ta a lien which may attain priority over this Security instrument, Lender may give Borrower a ~ notice identifying the lien. Borrower shall satisfy the lien or take one or mare of the actions set forth above within 10 days } ~ of the giving of notice. ; ~ 5. Hazard lnsurance. Borrower shall keep the improvements now existing or hereafter erected on the Property , insared against loss by fire, hazards included within the term "extended 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 Bo~rower subject to Lender's approval which shall not be unreasonably witt~held. Al) insurance policies and renewals ~hall be acceptable to Lender and shall include a standard mortgage clause. Lendcr shall have the right to hold the policies and renewals. If Lender requires, Sorrower shall promptly give to Lender : 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 proofotloss i(not made promptly by Borrower. ~ Untess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied ro restoration or repair ~ oP the Property damaged, if the restoratian or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender'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 I.ender may collect the insuranee proceeds. Lender may use the proceeds to repair or restore ' the Pro~erty or to pay sums secured by this Security Instrument, whether or nat 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 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 a under paragraph 19 the Property is acquired by Le~der, Borrower's right to any insurance policies and proceeds resulting ' from damage to the Property prior to !he acquisition shall pass to Lender to the eztent of the sums secured by this Security ~ Instrument immediately prior to the acquisition. ~ 6. Preservation pnd Maintenance of Property; Leaseholds. Borrawer shail 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 of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee tiNe shall not merge anless Lender agrees to the merger in writing. - 7, Protection of Lender's Rights in the Property; Mortgage Insurance. If Sorrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly afTect ` Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay tor whatever is necessary to protect the value of the Propeny and Lender's rights ~ in the Pro rt Lender's actions ma include a ~n an sums srcu~ed b a lien which has r~orit over this Securit ~ Pe Y• Y p Y~ 8 Y Y P~ Y Y ~ 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, Lender does not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this ~ Se+curity Instrument. Unless Borrower and Lender agree to other terms af payment, these amaunts shal! bear inlerest frorn 4 the date ot disbursement at the Notc ratc and shall be payable, with interest, upon notice from Lender ~to Borrower , ' requesting payment. ~ go~K 544 ~~~E 981 ~ ~ - . r. ~ ~ ~L ~ . . _ . _