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HomeMy WebLinkAbout0921 ~ ~ ~ ' ` ~ 8S~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as toilowa: + 1. Peyment ot Principel end Interett; Prepsyment end L.~to Chirq~~. Borrower ahall promptly pay when due the t principal of and interest on the debt evidenced by the Nots ~nd any prepayment and late charges due under the Note. ~ 2. Funds !or Taxes and Inauranca. Subject to applicable law or to a written walver by Lender, 8orrower ahall pay to lender on the day monthly payments are due under the Note, until the Note Is pald in fuli, a aum ("Funds") equel to one-twelfth of: (a) yearly taxes and assessments whlch may ettain prlorlty ovsr this Security Instrument; b yearly leasehoid payments o~ ground rents on the Property, If any; (c) yearly haz~rd Insurance p~emiuma; and ~d; yearly mortgage insurance premiums, it any. These items are called "escrow items." Lender may estimate the Funda due on the basis of current data and raasonable estimatea of fiuture esc~ow items: The Funds shall be heid in an institution the deposits otaccounts of whfch arelnsured or guar~nteed by a federal or state agency (~ncludtng lender 1f Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the eccount or verlfying the escrow items, unless l.ender pays Borrower interest on the Funds and appiicable law permlts Lender to make such a cherge. Borrower and Lender may agree in writing that interest shall be pefd on the Funds. Unless an egreement is made or applicable !aw requires interest to be paid, Lender shall not be required to pay ~orrower any Interest or earnings on the Funds: Lender shall give to Borrower, without cha~ge. an annuai accounting oi the ~unds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as addiNonal security for the sums secured by this Security lnsirument. If the amount of the funds held by Lender, together with the future monthly payments of Funds payabie prtor to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when dus, the excess shali be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. !f 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 deficiency in one or more payments as requ(red by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds hetd by Lender. If ~under paragraph 19 the Property is sold or acquired by Lender, Lender shal! apply, no later than immediately prior to the 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. Application of Paymenta. Uniess applicable law provides otherwlse, al! payments received by Lender under paragraphs 1 and 2 shall be applied: firsi, to amounts payable under paragraph 2; second, to Interes4 due; and lest, to principal due. 4: Charges; Liena. 8orrower shall pay ali taxes, assessments, charges, fines and imposttlons attrtbutable to the Property which may attain priority over this Security lnstrument, and leasehold payments or ground rents, if any. Borrower sha!! pay these obligations in the manner provided in paragraph 2, or if not pald in thet manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptiy furn(sh to Lender ali notlces of - amounts to be paid under this paragraph. if Borrower makes these payments directly, Borrower shall promptly furnish ~ to lender receipts evidencing the paymants. ` Borrov~er shall promptiy discharge any lien which has priority over this Security Instrument unless Borrower: (e) agrees in writing to the payment of the obligation secured by the lien in a manner acCeptable to Lender; (bj contests in . good faith the lien by, or defends against enforcement of the lien in, lega! procesdings which In the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part ofi the Property; or (c) secures irom the holder of the lien an agreement satisfactory to Lender subordinati~g the lien to this SecuNty Instrument. If Lender determines f that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. 8orrower shall satisfy the lien or take one or mOre of the actlons set forth ~ above withln 10 days of the giving of notice. 5. Hazard lnaurance. Sorrower shali keep the improvements ndw existing or hereafter erected on the Property t insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which - Lender requires insuranc~. This insurance shall be maintained in the amounts and tor the periods that Lender ~ requires. The insurance carrier providing the insurance shail be chosen by 6orrower sub)ect to Lender's approvai which shall not•be unreasonably withheld. _ ~ = All insurance po(icies and renewats shalt be acceptable to Lender and shall include a standard mortgage clause. ~ Lender shaN have the right to hold the policies and renewais. If Lender raquires, Borrower shall promptly give to ! Lender all receipts of paid premiums and renewal notices. In the event ot (oss, 8orrower shal) give prompt notice to the ~ insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. - Untess Lender and Borrower otherwise agres in wriiins, insu?ance proceeds shail be appfied to restoration or i repair of the Property damaged, if the restoration or repair is economicatly feasible and Lender's security is not = lessened. If the restoration or repair is not economicaliy feasible or Lende~'s security woutd be lessened, the : insurance proceeds shall be appi(ed to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Bnrrower. If Borrower abandons the Property, o~ does not answer within 30 days a notice trom lender lhat the insurance carrier has offered to settle a claim, then Lender may collect the tnsurance proceeds. e Lender may use the proceeds to repair or restore the Property or to pay sums secured by thls Securlty fnstrument, ~ whether or not then due. The 30-day period wiN begin when the notlce !s given. Unless Lender and Borrower otherwise agree in writing, any applicatfon of proceeds to principal shall not extend ~ ar postpone the due date of the monthly payments referred to 1n paragraphs 1 and 2 or change the amount ot the ~ payments. If under paragraph 19 the Property is acquired by Lender, Borrower's rlght to any insurance pollcies and • proceeds resulfing from damage to the Property prior to the acquisiiion shall pass to Lenderto the extent of the sums ~ secured by this Security Insirument immediately prior to the acquisitlon. 6. Preservetlon and Malntenance o! Praperty; ~easeholde. Borrower shall not destroy, damage or substantislly ~ change the Property, allow the Property to deteriorate or commit waste. If thls Security Instrument is on a leesehold, BQrrower shall comply with the provisions of the tease, and if Borrower acqulres fee titletothe Property, the leasehold ` and fee title shall not merge unless Lender agrees to the merger in writing. ~ T. Protectlon of Lender's Rlghts In the Property; N4ortqa~e Insurance. If Borrower fails to penor+~n the covenants ~ ani~ agreements contained in this Security ~nstrument, or there is a legal proceeding that may signiticantly atfect j Lenders rights in the Property (such as a proceeding in bankruptcy, probete, for condemnatton or to enforce laws or s regulations), then Lender may do and p~y for whatever Is necessary to proteCt the value of the Property end Lender's rights in the Property. Lender's actions may inctude paying any sums secured by e lien which haa priority over thls Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on tFie Property to make ; repairs. Although Lender may take action under this paragraph 7, Lender does not heve to do so. s Any amounts disbursed by Lender under this ~aragraph 7 shall become addittonel debt of Borrowersecured by ; this Secu~ity Instrument. Unless Borrower and Lender agree to other terms of payment, thess emounts shal! bear ; interest from the date af disbursement at the Note rate and shall be payable, with intnrest, upon notice irom Lender to - Eorrower requesting payment. ~ ~ ~ 2 BOOK P~Gf