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Home My WebLink About0924 ~ • a ~ ; 1 • UNIFORM COVENANTS. 8orrower and Lender covenanl and agree as lollows: ~ ' 1. Payment of Pr(nclpal and Inte~est; P~epayment and Late Charges. Borrowei shail promptly pay ~~hen due Ihe principal of and interest on the debt evidenced by Ihe Note and any prepayment and lale chargss due under the Note 2. Funds lor Taxes and In~u~ance. Subject lo appt~cable law or to a wiilten wa~ver by Lender. Borrower shali pay to Lender on the day monthly paymenis are due under thQ Note, until the Note is paid in tull, a sum ( Funds") equal to one-tweltth o1: ( a) ± yearly taxes and assessments ~vhich may attain priority over this Secwity Instrument; (b) yeaily leasehold E>ayments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mo~tgage insurance premiums, if any. These ; items are called ' escrow items " Lender may estimafe Ihe Funds due on the basis ot current data and reasonable estimates ot S future escrow items. ~ The Funds shall be hetd in an inslitution the deposits or accounts ot which are insured or guaranteed by a tederal ~r state ~ ; agency (inc?uding Lender if Lender is such an institution). lender shall apply the Funds to pay the esuow items. Lender may not ~ charg~br hotding and applying the Funds, analyzing Ihe account or veri.ying the escrow dems. unless Lender pays Barower ~ ~nterest on the Funds and appticable law permits Lender to make such a charge. Barower and Lender may agree in writing ihat ~ interest shall be paid o~ the Funds. Unless an agreement is made or applicab~e law requires+nterest tobe paid.lender shall not be a ~ required to ~ay Borrower any interest or eamings on Ihe Funds. Lender shall give to Borrower, without charge. an annual ~ accounting of the Funds showing credits and debits tothe Funds and the purpose (or which each debit tothe Funcls was made. The ; r Funds are pledged as adtiitional secu~ily for the sums secured by this Security Instrument. ~ I( the amount o( the Funds held by Lender, together with the tuture monlhly payments oi Funds payable prior to the due dates ot the esc?ow items, shall exceed the amount required to pay the eserow items when due, ihe excess shall be, at Borrower's option. ~ either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amoupt of the Funds held by Lender ~ # is not sufficient to pay the escrow items when due. BorroNer shall pay toLender any amounl necessary to make up the deticiency in s. one or more paymenls as required by Lender. ~ Upon payment in tull oi all sums secured by this Security Instrument. Lender shall promptry refund to Borrower any Funds ~ held b Lender. If under ara ra h 19 the Pro ert is sold or ac uired b Lender. Lender shall a no later than immediatel rior Y P 9 P P Y 4 Y PpN• Y p . to the sale ot the Property or its acquisition by Lender, any Funds hetd by Lender at the time o( application as a credit against the ~ sums secured by this Securiry Instrument. l~ 3. Appllcation of Paymenfs. Untess applicable law provides otherwise, all payments received by Lendzr under paragraphs 1 and 2 shalt be applied: first, to late charges due under the Note: second. to prepayment charges due under th~e Note: _ third. to amounts payable under paragraph 2: tourth, ro irnerest due; and last, to principal due. ~ = 4. Charges; Lians. Borrower shall pay all taxes, assessments. charges. fines and impositions attributable to the Property which may attain pr~ority over this Security Instrument. and leasehold payments or ground rents, ii any. Borrower shall pay ~ these obliqations in the rrtanner provided in paragraph 2. or if not paid in that manner, Borrower shall pay Ihem on time direcUy to the ~ person owed paymenL Borrower shall promptly furnish to Lender alt not~ces of amounts to be paid under this paragraph. tf Borrower makes these payments directty. Borrower shall promptiy furnish to Lender receipls evidencing the payments. Borrowe~ shall promptly discharge any lien which has priority over this £ecurity Instrument unless Borro~ver: (a) agrees in writing to the payment of the obligation secured by the 6en in a manner acceplableto Lender, (b~ contests m good iaith the lien. by or detends against enforcement o( the Iien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement oi ~ the lien or forieiture oi any part of the Property: or (c) secures from the holder of the lien an agreement satisiactory to Lender Y subordinating the lien to th~s Security Instrument. If Lender determines that any part of the Properiy is subject to a IiQn which may attain priorily over this Security Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisty the lien or ~ take one or more of the actions set forth above within 10 days of the giving of not~ce. ~ ~ 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against toss by fire. hazards inciuded 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 periocis that Lender requires. The insurance carrier ~ ~ providing the insurance shall be chosen by Borrower subject to lender's approval which shalt not be un,easonably vrithhetd. All insurance policies and renewals shatl be acceptable to Lender and shali include a standard mortgage clause Lender ~ shall have the right to hotd the policies and renewals Ii Lender requires, Borrawer shall promptty give to Lender all receipts of paid ~ premiums and renewat notices. ln the event of Ioss. Borrower shatl give prompt notice to the insurance carrier and Lender. Lender ~ may make proof of loss if not made promptly by Borrower ' ~ Unless Lender and Borrower otherwise agree in writing. ~nsurance proceeds shall be applied lo restoration or repair of the s~ Property damaged, ii the restoration or repair is economically feasible and Lender's security s not lessened. I( the restoration or repair is not economically feasible or Lender's security would be lessened. the insurance proceeds shatl be apptied to the sums ~ secured by this Security Insirument, whether or not then due. with any excess paid to Borrower. lf Borrower abandons the PropeRy, ~ or does not answer within 30 days a notice trom Lerzder that the insurance carrier has oflered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair ar 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 Borrower otherwise agree in writing. any application oi proceeds to principal shall not extenci or T postpone the due date of the monthly payments referred to in Raragraphs 1 and 2 or change the amounl of the payments If under ~ paragraph 19 the PropeRy is acquired by Lender. Borrower's nghl to any insurance polic~es and proceeds resulUng from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Secunty Instrument ~mmed~ately prior to the acquisition. 6. Preservat(on and Maintenance of Property; Lesseholds. Borrower shafl not destroy. damage or substanhaily € change the Property. allow the Property to deteriorate or commit ~vaste It this Security Instrument is on a leasshold. BorroNer shall ~ comply with the provisions ot Ihe lease. and if Borrower acquires !ee t~t!e to the Property. theleaseho~dand teefit!eshall not merge ~ unless Lender agrees to the merger in writing ~ 7. Protectlon of Lender's rights In the Property; Mortgage Insurance. If Borrower fads to per(orm the covenants and agreements contained in this Secunty Instrument. or Ihere is a legal proceed~ng that may sigrnhcantly aftect Lender's nghts in the Property {such as a pro~eeding ~n bankrupicy. probate. for condemnat~on or to enforce laws or regulations). then Lender may do and pay for whatever ~s necessary to protect the va!ue of the Property and Lender's r~ghts ~n the Property Lender's actions may ~ ~nctude paying any sums secured by a hen wh~ch has pnority over th~s Secunty Inslrument. appearing ~n court. paying reasonabte ~ attorneys' fees and entenng on tFie Property tomakerepa~rs Allhough Lender may take act~on under th~s paragraph 7. Lender does not have to do so Any amouMs disbursed by Lender under ihis paragraph 7 shall become addi!ional debt of Borrower secured by ihis Secunry Instrument. Unless Borrower and Lender agree to other terms oi payment. these amounts shall bear interest trom the date of disbursement at the Note rate and shall be payable. w~th interest, upon not~ce trom Lender to Borrower requesting payment. ~ 300K 548 PACE ~7~~ Pmv,ous edrtan d Ju~ E4 maY be used OBB2t9 Her Sep 6/ (160Q) PC '.f0.i~-N--r <;-~..+...r.~ • ~ra_ . . . . ..K.. " ~ . z~ _i_ _---r- .-~rr. _ .