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Home My WebLink About0920 . UNtFORM COVENAM[S. 8orrower and Lender covensnt and agree as follows: 1. Paya~t o! Priscipal ind Iaterat; ~t ud I.~te Cbarga. Borrower shaii promptly pxy whcn due thc principal of end interest on the det~t evldenood by the Note and any prep~ymtnt and late charges duc under thc Note. 2. ~~t for Taset wd Iawnu~a Subjeet to ~ppUcabk tAw or to ~ written waiver by Lender. Borrow~~ shall pay to Lcnder on thc day monihly p~yments ue duc under tba I+Tote, until the Note, is psid i~n fuU~ ~ sum ("Funds") oqual to ono-twetRh of (a) yearly taxea and aasatsment~ which may attain priority over this Socurity Instrummt; (b) yearly leasehold pm~ymcnta or gound renta on the Property~ if any; (c) yearly hezard insursnce premiums; a~d (d) yairly mortgage insurana premiums, if ariy. Tt?ese items ate called "escrow items." I:ender may estimate the Funds due on the basis of curnnt data and reasoneblc cstimatcs of future escrow itcros. ' Thc Funds shall be held in an tnstitution the deposita or accounts of which are insured or guaranteod by a f~deral or stste agency (inctud~ng I.ende~ if Lendet Is such an institution). Lender shall apply the Funds to pay the escrow itcros. I~endcr may not charge for holding and applying th~ Funds, aaalyzing thc account or verifying the cscrow items. unless t Lender paya Bo~rmwer interest on ihe Funds and applicable luw permita I.ender to make such a charge. Ho~rower and ; Lender may agra in writing that interest sf~all be paid on the Funds. Unless an asreoment ~is made or applicable law roquires intecest to be paid, Lender sheli not be rcquired to pay Bonower any interest or earnings on the Funds. Lender shali give to 8omower. without charge, nn 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 additionel sccurity for the sums secured by this Security Instrument. If the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to the due dates of the escrow items. shall excad the amount requirod to pay the escrow items when due~ the excess shall be~ at Borrower's oprion~ either promptly =tpaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sui~icient to pay the escrow items ahen due, Bonower shall pay to Lender any amount aocasary to make up tltt defticiency in one or more payments as roquind by Lender. . Upon payment in full of all sums s~urod by this Security Instrumertt~ I.endec shal! promptly nfund to Borrower any Fuads held by I.ender. If under paragraph 19 the Pmperty is sold or acquired by L.ender, Lender shall apply, no later than immodiatety prior to the sale of the Property or its acquisition by Lender. any Funds held by I.ender at the time of ~ application as a crodit against the sums socured by this Socurity Instrument. 3. AppUcadoa oi Paymenta. Unless appticabk law provides otheraise~ ail payments rceeived by I.ertder under paragraphs 1 and 2 shall be applied: flrst, to tate charges due unda the Note; secand. to prepayaient charges due under thc Note; third, to amounts payable under paragraph 2; fourth~ to interat due; arld last~ to pri»cipal due. 4. Cha~ I.teas. Horrower shall pay all tsxes, assessmmts, charges, 8nes and impositions attributable to the Froperty which may attain priority over this Security Instrument, and leasehold payraents or ground rents~ if any. Borrowtr shall pay these obligations in the manner provided in paragraph 2~ or if not paid in that manner, Borroacr shall ~ pay them on time directly to thc person owed payment. Horrower shali promptiy furnish to Lcnder a!! notices of amounts to be paid under this paragraph. If 8onower makes these payments directly~ Borrower shall promptly furnish to I.ender receipts evidencing the payments. ~ Borrower shal! pmmptly discharge any lien which has priority over this Security Instrumrnt unless Borrower: (a) agrees in writing to the payment of the obligation socured by the lien in a m~nner acceptable to Lender; (b) cantests in goai faith the lien by. or defends against enforcemtnt of the lirn in, legal proaedings which in the I.end~r's opinion operate to prevent the enforcement of the lien or forfature of any part of the Property; or (c) secures from the holder of the lien an agrament satisfactory to Lender subordinatiag the lien !o this Security Instrument. If I.ender determines thaE any part of the Property is subjeci to a litn which may attain priority over this Security Instr?~ment, I.ender_may give Borrower a notice identifying the lien. Bonower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giring of notice. S. Harard Insnr~nce. 8onowcr shali koep the improvements now existing or hereafter erected on the Property insurai against loss by fire, hazards inefudtd within the term "extended coverage" and any other hazards for which I.ender re~uires insurance. 'This insurance shall be maintained in the amounts and for the periads that I.ender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to L.ender's approval which shalt not be unreasonsbly withheld. Ali insurance policies and rene~+als shall be acoeptable to Lender and shall ireclude a standard mortgage clause. Lender shall have the right to hotd the policies and renewals. If I,er~der requires, Bonower shall promptly give to Lendar all receipts ot paid pamiams and renewal notices. In the event of lass, Borrower shall give prompt notice to the insurance carrier and Lender. Ixnder may make proof of loss if not made promptly by Horrower. Unless Lender and 8onower otherwise agra in writing, insurance proceeds shail be apptied to restoration or rcpair of the Propehy damagod~ if the pestoration or repair is xonomically trasible and Lender's security is not lessenod. If the restoration or repair is not eeonomically feasible or Lender's seeurity would be le.SSened, the insurance procoeds shall be appliad to the sums secured by this Socurity Inslrument, whether or not then due, with any excess paid to Borrower. lf - Borrowtr abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carri~r has otferod to settle a claim, then Ltnder may coiloct the insurance proca~s. I.ender may use the procoods ta repair or restore the Property or to pay sums secured by this Security Instrument~ whether or not then due. The 30-day period will begin when the notice is given. ~ Unless Lender and Bonower otherwise agrae in writing, any application of procoeds to principal shall not oxtend or postpone the due date oithe monthly payments referred ta in paragraphs 1 and 2 or change the amount of the payrr~ents. If under paragraph 19 the Property is acquirod by Lrnder, 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 sums secared by this Security Instrument imm~diately prior to the acquisition. 6. Presenation snd MAtnteaance of Praperty; I.easehalda Bonower shall not destroy, damage or substantially change the Property, allow the Property to dsteriorate or commit waste. If this Socurity Instrument is on a lease6ofd~ Bonawer shall comply with the provisions of the lease, and if Borrower acquires fee title to the Proptrty, the kasehold and fa title ahall not merge unltss Lender agrees to the merger in ariting. . 7. Protadon ot Lendte's Rig6ta in tlse Property; Mortg~ge Inaannca. If Borrower fails to pcrform the covens~te.and agroementa containod in this Socurity Instrament, or there is ~ legal proceeding that may significantly affect Lrnder's rights iw the Property (~uch as a proooeding in ;bankruFtcy. p*obate, foi_ condemnation ar to enforce laws or rcguiations), then Y.ender may do"and {iay for vvhafc4e~ is ~lecessary to protect tNe ~value of the Property and Leqder's rights in the Property. Lender's actions may include paying any sutns secured by a tim which has priority over this Security Instrument. appearing in court~ paying reaaonable attorneys' fas and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lrnder dces not have to do so. Any amounts disbursod by I.ender under this paragraph 7 shail become additional debt of Borrower secured by this Security Instrume~t. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest trom the date of disbursement at the Note rate and shall be payabte, with interest. upon notice from Lender to Borrower : roqLesting paymrnt. I BOOK ~ PAGE - _ ~ _ T- - ~ . . ~