The URL can be used to link to this page

Home My WebLink About0961 . < i t l ~r, - UNIFOR CAVENANTS. Barower and Lender covenant and agree as tollows: 1. P~ym ot IMndpM and tntsr~~ Pr~pa~im~l ant! l.~t~ Ch~r~. Barowe? ahau promply pay when due the ~ principal of 8nd tnterast an ihe deW evide~ced by the Nole end any {xepayment and late charges due under the tVote. j•` t Rund~ for Taoas and Insurano~. Suqec~ to ap~ticabte law ot to s wr~len~waiver by~ lender, Bwrower shall pay to Le nder oa the day manlt?ly payments are due u nder the Nate, unt7lhe Note is pald in iull, a sum ("f unds") equa! to one-twelith ot ( a) yeary taxes and assessmeMs which may ettain prbrRy over this Secu?iiy Instrumenl; (b) yeary leasehoid payme~?s or gound ~ents pn the Property, H arry; (c) yea~ly hazard insurance p~emiums; and (c~ yeariy matgage insurance premiums, d arry. These t ::`1 items, are caiteci "escrow rtems." Lender may estimate the Funds due on lhe basis ol currenl data and reasonable estimates ot s future escrow +tems. • ~ The Funds shail be held in an institution the deposils or accouMS oiwhich are insured or guaranteed by a federal or state agency (including lender it lender is such an hstitution). lender sha~l apply the Funds to pay the esaow A~ns. Lender may not = charge for hotding and appying the Funds, anayzing the acoourn or veritying Ihe escrow ~lems, untess Lertder p8ys Bor~ower ;a interest on the Funds and appliceble law permits lender to make such a charge. Borrower and lertder may agreo in writing ihat interest shali be paid on the Funds. Unless an agteement is made or epplicaWe law requires interest iobe paid, Lender shail not be required to pay. 8orrower any interest or samings on ihe Funds. Lender shall ~ve to Borrower, wilhout charge, an annua! accouniing ot the Funds showing cred'its and debits totha Func~ and the purposefor which each debit tothe Funds was made. The Funds are ptedged as additional securiry tor ihe sums secured by ihis Secur'rty Instrument. if the amount of the Funds heid by Lender, togelher with the future moMhiy payments ot Funds payable pr'ar tothe due dates :F of the escrow items, shaii exceed ihe artwuM required to pay the escrow items when due, the excess shail be, at Borrower's opiion, either prompty repaid to 8or?ower or credited ro Borrower o~ monthly payments of Funds. If 1he amourn of the Funds held by lender ~ is not sutfic+ent ta payltue escxow ilems whet~ due, Borrower shall pay to Lender any amount necessary to make up the deticiency in _ one or mae payments as ~equired by Lender_ ~ r'; Upon payment in tuli ot att sums secured by this Securrty Instrument, lender shali prompty retund to 8orrower any Funds held by Ler?de~. tt under paragraph 19 the Prope?ty is sdd or acquired by lender, lender shall appy, no later than immediately ptior to ihe sale of ihe Property or ~s acquis~ion by Lender, any Funds held by Lender at the time of appfication as a credit against the 1~ sums secw~ed by this Security insirument. ~ 3. ApptlCiHOn ol Paym~nb. Unless appiicable law provides dhenvise, al! payments teceived by lender under paragraphs 1 and 2 shalt be applied: first, to late charges dus under the Note; second, to prepeyment charges dueunder the Note; third, to amounts payable under parag~aph 2; iourth, to interest due; and last, to prinapal due. 4. Chsr~s; Lt~ns. Borrower shaN pay a!1 taxes, assessmenls, charges, tines and impositions attributabte to the Property which may attain priority over this Security Instrument, and leaseholdpayments or ground rents, if amr.8orrowsr shalt pay ~ these obligatio~s in the manner pravided in paragraph 2, or it not paid in thal manner, Borrower shall pay them on tirne direcly tothe . ~ person owed paymer~t. 8a?ower shall prompty fumish ta Lender all not~ces oi amouMs to be paid under this paragraph N Borrower makes these payments directly, Bonowar shall promply furrtish to Lender receipts evidenang the payments. 8orrower sha!! promptly discharqe any ken which has priority over this Securii}r Ir~strument uNess Borrowef: (a) agrees ~ wrRing tothe payment of the obligation secured by the lien in a manneracceptabletoLender; (b) cpntests in goad faith Ihelien, by a detends against eniorcement oi the ti~n in,l8gal proceedings which in the Lendei s opinion ope~ate to prevent ihe enforcemenl oI the lien or fateiture of any part of the Property: or (c) s~ures trom the hotder ot the lien art ag~eement satisfactory to Lender suborc~nating the lien to tfiis Security Instrument. !f Lender determi~es that any pa~i of the Property is subject to a lien which may attain priority over lhis Security Inslrumenl, Lender may give Borrower a nolice identifyingthe Iien.Bo~rower shalf sat7sty the lien a take one or mcxe of the actions set torth above within t0 days of 1he giving of notice. 5. Hazxd Insur~. Borrowet shal! keep ihe impravements now existing or hereafter erected on the Property insured against loss by tire, hazards inGuded w+thin the term "extended coverage" and any other hazards tor which lencier requires insurance. This insu~ance shall be maintained in the amounts and.tor the periods that Lender requires. The insurance carrier . providng the insurance shall be chosen by Barower subject to Lender's approval which shall not be unreasonabty withheld. AN insu~ance policies and renewals shait be acceptable to Lender and shatl indude a standard m~rigage dause. Lender shall have the right to hold the policies and renewals. lf Lender requires. Borrower shall piompty give to Lender ati receipts of paid premiums and renewai notices. ln the event ot loss, Borrower shatl give prompt notice to the insurance carrier and Lender. lender may make proof of loss it not made promply by Borrower. ~ , I Unless Lender and Borrower otherwise agrve in writing, insurance proceeds shall be applied to restoration or repair of the ~ Property damaged, if the restoralion o~ repair is economicafy feasible and Lende~'s security is not lessened. If the resloration or ~ repair is not economicafly feasible or Lender's security wnutd be lessened, the insurance proceeds shall be apptied to the sums ~ secured by this Security Insirument, whether or not then due, with any excess paid to Borrower. (f Borrower abandons the Property. or does not answsr within 30 days a notice trom Lender that the +nsurance carrier has oflered to settle a claim, then Lender may colleci the inswance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 3Q-day peri4C wdl begin when the notice is given. UNess Lender and Borrower oiherwise agree in writing, any application o# proceeds to principal sha~! not extend or postpone the due date of the manthly payments referred to in parag?aphs 1 and 2 or change tt?e amount of the payments. If under paragraph 19 the Property is acquired by Lender, 6orrower's right to any insurance poticies andproceeds resutting (rom damage ta ~ the Property prior to the acquisition shatl pass !o Lender to the extent oi the sums secured b~/ lhis Securiry Instrument immed'+ately prior to the acquisition. 8, P~es~nratlor~ ~nd M~lnt~nanof ot Prop~tt~r, Leassl~oldr. Borrawe.~ shatt not destroy, damage or substantially change the Property. allow the Property to deteriaate o? commit waste. If this Security I~sirument is on a leasehold. Borrowef shall comply with ihe provisions of the lease, and it Borrower aoqu"aes fee title to fhe Property, the leasehold and feetitle shalt not merge unless Lender agrees to ihe merger in writing. 7. Ptot~ction ot i.ond~'s rlghb In thrPropr~rt~?; Mort~p~ lnsunnca. If Borrower Iai1s to perform the covenants and agreemenis contained in this Security Mstrumertt, or lhere is a legal proceeding that may significanty aHed Lender's rights in Ihe Property (such as a proceeding in bankruptcy, probaie, for condemnation or to enforce laws or regulations), then Lender may do and pay ior whatever is rtecessary to proted the value ot the Property and Lender's righls in the Propc~rty. Lender's actions may include paying arry surrts secured by a lien which has priority over ihis Security Instrument, appearing in court, paying reasanable altomeys' fees and enlering on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does not t~ave to do sa - Any amouMs disbursed by lender unde+ Ihis parag~aph 7 shati became additional debt ot Borrowef secured by ttas Security Instniment. Untess 8orrower and lender agree to other terms of payrr3enl, these amounts shalt bear interest irom ihe date ot disbursemeM at the Note rate and shall be payable, with interest, upon notice hom Lender to Borrower requesting payment. 600K 5~ PASf 9~1 o~..~ a.~r s~ ~rr e• we oe~ R« sw e~ ~~eorr~ vc ' _ ; . :