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Home My WebLink About0987 ) ~ ~ UNIFORM COVENANTS. Borrower and lender covenant and agree as (ollows: 1. Psymenl of Prlncip~l and Intere~t; Prepayment end late Chergos. Aarower shall promplly pay when due the principal ot and inferest on the deW evidenced by the Note and any prepayment and late charges due under Ihe Note Z. Funds for Taxes and Inaurance. Subject !o applicable iaw or to a w~itie~ waiver by lender, Barower shall pay to Lender on theday monthly payments are due under Ihe Note, until the Note is paid in full, a sum ("Funds") equal lo one-twelfth of: ( al yearly taxes and assessmenis which may altain priority over this SeCuriry Instrument; (b) yeariy leasehold payments or ground rents on the Property, ii any; (c) yeary hazard insurancQ premiums; and (d) yeary mortgage insurance premiums, ft any These ilems are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates ot tuture escrow iterns. The Funds shall be held in an instilution the deposits or accounts of which are insured or guaranteed by a federal or state t S agency (including Lender if Lender is such an inslitution). lender sha!! appy the Funds to pay the escrow items. Lende~ may not ' charge for hotding and appfying 1he Funds, analyzing the account or verifying lhe escrow items, unlQSS lender pays Barower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that inteiest shall be paid on Ihe Funds. Unless an ag~eement is made or applicable law requires interest tobe paid.lender shall not be = required lo pay Bor~ower any interest or earnings on the Funds. Lender shall give to Borrower, wilhout charge. an annual ~ accounting ot the Funds showing credits and debits tothe Funds and the purposetor which each debit tothe ~unds was made The ; Funds are ptedged as additional security for the sums secured by this Security Instrument. # ~ ~ It the amount o1 the Funds held by Lender, together with the future monthty paymenls of Funds payable prior to the due dates ~ of the escrow items, shall exceed the~amount required fo pay the esc~ow items when due, the excess shafl be, at Borrower's option, ° either promptly repaid to 8orrower or c~edited to Borrower on monthly payments of Funds. If the amounl of Ihe Funds held by Lender is not sufficient topaylhe escrow items when due, Borrower shall pay tolender any amount necessary to make upthe def~ciency in one or more payments as required by lender. Upon payment in full of atl sums secured by this Security Inslrument, Lender shalt prompty retund to Borrower any Funds held by Lender. lf under paragraph 19 the Prope?ty is sotd or acquired by Lender. Lender shalf appy, no later than immediatefy prior to the sate oi the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credi~ againsl !he sums secured by this Security Instrument. . 3. Appltcatton o/ Payments. Untess applicable !aw provides olherwise, all payments rece~ved by Lender under ~ paragraphs 1 and 2 shatl be applied: first, to late charges dc~e under the Note: second, to prepayment charges due under the Note, third, to arnounts payable unde~ pa?agraph 2: fourth. to interest due; and last, to principal due. - 4. Charges; Llens. 8orrower shall pay all taxes, assessments, charges. fines and impositions attributable io the ~ Property which may attain priority over this Securify Instrumenl, and leasehold paymenls or ground rents, it any. 8orrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shatl pay them on time directly to the person owed payment. Borrower shall promplly fumish to Lender all notices of amounts tobe paid under this paragraph lf Barower maRes these payments directly, Borrower shall prompty turnish to Lender receipts evidencing the payments. Borrower shall prompfty discharge any tien which has priarity over this Secu~ity Inslrument unless Barower~ ~a) agrees in writing foihe payment at the obtigation secured by the I~en in a manner acceptable toLender: (b) cantests in good faith the lien, by or - defends againsi enlorcemenl of the 11en in, legal proceedings which in the Lender's opinion operate to prevent the entorcement of the lien or forfeiture of any part of Ihe Property; or (c) secures from 1he holder of the lien an agreement salisfactory to Lender , subord+naling the lien to ihis Securily Instrument. If Lender determines that any part of ihe Property is subject to a lien which may ~ attain prio~ity over ihis Security Insirument. Lender may give Borrower a notice idenlitying the lien Bonower shatl satisfy the I~en or ~ take one or more of the actions set forth above within 10 days of Ihe giving oi nolice. ; ~ 5. Hezard Ineurance. Borrower shall keep Ihe improvements now existing or hereafter erected on the Property insured against toss by tire. hazards included w~thin the term extended coverage" and any other hazards for which Lender requ~res ~ insurance. This insurance shall be mainta~ned in the amounts and for !he periods that Lender requires The ~nsurance carrier s' ` providing the insurance shall be Chosen by Borrower subject to ~ender's approval which shall not be urreasonably withheld. ' ~ A!! insura~ce policies and renewals shall be acceptable to Lender and shafl include a standard mortgage clause lender j shall have ihe right to hold the policies and renewals. If Lender requires, Barower shall promplly g~ve to Lender all receipts af paid ( ~ premiums and renewal notices In the event ot loss. Borrower shall give prompt notice to the insurance carrier andLender. Lender { ~ may make prool of loss if not made promptly by Borrower ~ Untess Lender and Borrower otherwise agree in writing, msurance proceeds shaN be aoplied to restoration or repa~r of 1he j g Properly damaged, it lhe restoration or repair is economically feasible and Lender's security is not lessened ll the restoration or t repair is not economically feasible or Lender's security would be lessened. Ihe insurance proceeds shall be applied to the sums ~ seCUred by this Security Instrument, i+vhether or not then due, with any excess paid to Borrower. If Borrower abandons Ihe Property. ~ or does not answer within 30 days a notice from Lender ihat the insurance carrier has otferecl to settle a cla~m. then ~ender may % co!lect !he insurance proceeds. Lender may use the proceeds to repair ar restore the Property or to pay sums secured by tris 's tr Security Instrument, whether or not then due. The 30-day perlod will begin when the notice is given. Untess Lender and Borrower otherwise agree in writing, any appl~calion of proceeds to principal shati not extend or ~ ~ postpone the due dale of the monthly payments reterred to ~n paragraphs 1 and 2 or change the amount of the paymenis If under ~ paragraph 19 the Property is acquired by Lender. Borrower's right toany ~nsurance pot+cies andproceeds resu~tingfrom damageto ~ the Properiy prior to the acquis~tion shatl pass to Lender to the extent ot the sums secured by th~s Secunty Instrument immed~ately ~ ~ prior lo the aCquisitiOn } 6. Presen+atlon and Malntenance of Property; L.easeholds. Borrower shall not destroy. damage or substant~ally ~3 chan~e the Pronerty. allow the Property to detenorate or commit waste If this Security Instrument is on a~easehold. B~rrower shall s comply w~th the provis~ons of the tease. and if Borrower acqu~res fee Gtle to the Property. the leaseho!d and feet~tleshall not merge F ~ unless Lender agrees to the merger In wnting ~ 7. Protectlon of Lender's nghts In the Property; Mo~tgage Insurance. If Borrower Fai?s to perform the covenarns and agreements contained ~n thls Secunty Instrument, or there is a tegat proceed~r~g that may s~gnit~cantly aftcct Lender s nghls ~n the P~operty (such as a proceedmg ~n barkruptcy. probate for condemnai:on or to entorce laws or reguiat~ons), then Lender may do and pay for whatever ~s necessary to protect the value ot the P~operly and Lender~s nghts ~n the Property Lender~s achons rnay mc(ude paymg any sums secured by a hen ~ahich has pnonty over th~s Secunty Instrument. appearing in court. pay~ng reasonable attorneys' fees and entering on the Property to mai:e repairs Although Lender may take achon i,nder th~s paragraph 7 Lender do~ ~ not have to do so ~ Any amounls disbursed by Lender under this paragraph 7 shall become addit~anat debt oi BorroKer secured by this Secunty ~ InstrumenL Unless Borrower and Lender agree to other terms of paymenL Ihese amounts shall f~ear i~terest (rom the date of d~sbursement at the Note rate and shall be payable. w~1h inlerest, Upon notice from Lender to Borrower requesting payment. ~ ~ goaK 544 PAGf 986 - pm~ a r~ e+ m.r e~ wea oeczp n.rc.p e~ ueoz?PC ws _~.~t.~ _