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Home My WebLink About0936 UNiFORM COVENANTS. Borrower and l.ender rovcnanc and agrce as tolk~ws: 1. Ppymenc of Pri~cipal ~and lncecesc; Prepaymsnc *nd I.ace Chugra. Bonuwer shall prompcly pay when due che principal of and inceresc on chedebc cvidenccd by ~hc Noce and Any prcpaymenc and latocharges due undc~ che Noce. 2. Funds far Tsxes ~nd Insurance. Subjat ta applicable law o~ to a w~itcen waivc~ by l.cnder, Born~wec shall pay cu l.ender on the dAy monchly payments a~e due unde~ che Noce, uncil che Noce is paid in full, a sum ("Funds") equai cu une•cwelfch of: (a) ye~rly caxes a~d assessme~cs which may aaain priority over this Security lnsccument; (b) yearly leasehuld payments or ground rents on the Propcrty. if any; (c) yearly haza~d i~sucanrc premiums; and (d> yearly murtgage insurance premiums~ if any. Theso itcros a~ecallcd "~scrow items." I.tnder may estimatt the ~unds due on the basis of currenc da~a and reasonablc estimaces of future escrow icems. The Fu~ds shall be held i~ an inscitution cho deposits ur aaouncs of which are insured or guaranteed by a federal or ~ state agency (including Lender if Lende~ is such an inscitution), Lender shalt appty the Funds to pay the escrow icems. Lcnder may noc charge for holdinR and applying che Fu~ds, aaelyzing che account o~ vecifying the escrow items, unless Lender pays ' Bor~ower inceresc on the Funds and applicable !aw permics I.ender to make such a charge. Bonower and l.ender may agree in writing ~hac inceres[ shall be paid on che Funds. Unless an agceement is made or applicable law requires incerest co be paid, I.ec~der shall not be required to pay Borrower any interesc or eacnings on the Funds. I,ender shall give co Borrower, wichouc rharge, an annual accouncing of che Funds showing credics and debits to che Funds and che purpose for which each debic co ~he Funds was made. The ~unds are piedged as addicianal securicy for che sums secured by ~his Secvrity Inscrumenc. If [he amounc of the Funds held by Lender, together with the fucure munthly payments of Funds payable prior co che due dates of che escrow icems, shall exceed che amount required to pay ~he escrow items when due, the excess shall be, ac Borrower's option, eicher prompcly repaid co Borrower or credited co Borcower on monchly paymencs of Funds. If che amounc of che Funds t~eld by Lender is noc sufficienc co pay che escrow items when due, Borrower shall pay to l.ender a~y amounc necessary [o make up che deficiency in one or more payments as required by Lender. Upon payment in fuN of al! sums secured by this Security Instrument~ Lender shall promptly refund co Borrower any Funds held by Lender. If under paragraph ~19 che Propercy is sold or acquired by l.ender, Lender shall apply, no later than immediately prior to che sale of che Property or its acquisition by Lender~ any Funds held by I.ender at the cime of applicatiun as a credic againsc the sums secured by chis Secu~icy Insttumenc. 3. Application of Payments. Unless applicabie law provides ocherwise, al) payments received by Lender under paragraphs I and 2 shall be applied: first, to late charges dne under che Note; second, to prepaymenc tharges due under che Note; third, to amounts payable under pa~agraph 2; Eourch, to interesc due; and iasc~ to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges~ fines and imposicions accribucable tu che Property which may a[cain prioricy over chis Securicy Inscrumenc~ and leasehold payments or ground rencs~ if any. Borrower shall pay chese obligacions in the manner provided in paragraph 2,or if not paid in that manner, Borrower sha!! pay chem on cimedirectly to the person owed payment. Borrowershall promptly furnish to I.enderall noticesof amouncs cobepaid under chis paragraph. If Borrower makes these payments direccly, Borrower shall promptly furnish to Lender receipcs evidencing the payments. Borrower shall promptly discharge a~y lien which has prioricy over chis Securicy Instrumenc unless Borrower: (a) agrees in wricing co che payment of che obliga~ion secured by the lien in a manner acceptable co Lender; (b) concests in good faith che lien by, or defends againsc enforcemenc of the lien in. tega! proceedi~gs which in the Lender's opinion operace co prevent the enforcement of the lien or Eorfeiturr of any part of the Propercy; or (c) secures from che holder of che lien an - agreemenr satisfacrory to I.ender subordinating che lien co this Sea~rity Instrument. lf I.ender determines that any part of che P:operty is subjecc co a lien which may attain ~riority over this Securicy Inscrumenr. Lender may give Borrower a notice idencifying the lien. Borrower shall satisfy che lien or cake one or more of the actions sec forch abc~ve within 10 days of the giving of nocice. 5. Hazard Insurance. Barrower shal) keep the improvemenrs now exiscing or hereafcer erecced on che Propercy insured againsc loss by fire, hazards induded wichin the cerm "excended coverage' and any other hazards for which Lender ~ requires insurance. This insurance shall be maintained in the amounts and for the periods chat Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subjecc to Lender's approval which shall nac be 'i unreasonably withheld. ~ All insurance policies and renewals sha!! be accepcable to l.ender and shall include a standard mortgage clause. Lender ~ shall have che righc co hold che policies and renewals. If Lender requires, Borrower shall promptly give co Lender all receipts of paid premiums and renewal nocices. In che evenc of loss, Borrower shall give prompc nocice co che insurance carrier and Lende~. l.rnder rr,ay make proof of toss if noc made promptly by Borrower. Unless Lender and Borrower ocherwise agree in writing, insurance prcxeeds shall be applied co resroration or repair of the Property damaged, if che rescoracion or repair is economitally feasible and Lender's se~vrity is noc lessened. If the rescoracion or rppair is noc economically feasible or I.ender's security would be lessened, the insurante proceecis shall be applied co the sums secured by this Security tnstrument, whether or ~?oc then due, with any excess paid to Borrower. !f Borrower abandons che Property. or dces noc answer within 30 days a notice from Lender chac che insurance carrier has offered co setcle a claim, chen Lender may collecc che insurance prcxeeds. l.ender may use che proceeds to repair or rescore the Proper[y or to pay sums secured by this Security Insrrumen[, whecher or not chen due. The 30-~ay period will begin when the nocice is given. Unless Lender and Borrower otherwise agree in writing, any applicacion of proceeds co principal s~jall noc excend or postpc~ne che due dace of the monchly paymencs referred to in paragraphs t and 2 or change the amuunc of the paymencs. If under paragraph 19 the Property is acquired by I.ender, Borrower's righc co any insurance policies and praceeds resulting from damage co che Propercy prior to the acquisition shail pass co Lender co rhe extenc of the sums secured by this Security Inscrumenc immediacely prior to che acquisition. 6. Preservaxion•aed Maintenance of Property; I.easeholds. Borrower shall not descroy, damage or subscantially change che Propercy, allow the Property co deceriorace or commic wasce. lf chis Security Inscrumenc is on a leasehold, Borrower shall comply wich the provisions of che lease, and if Borrower acquires fee cicle co the Property. che leasehold and fee citle shall noc merge unless Lender ag,rees co the merger in wricing. 7. Protection of Lender's Rights in the Property; Maagage Insurance. If Borrower fails co perform the covenants and agreements contained in chis Security Inscrument, or there is a legal proceeding chat may significancly affecc [.ender's righcs in the Property (such as a proceeding in bankruptcy,probace, for condemnation or toenforce laws or regulations), then I.ender may do and pay for whacever is netessary to protecc the value of the Property and Lender's rights in the Property. Lender's accions may include paying any sums secured by a lien which has prioricyover this Security Inscrumene, appearing in court, paying reasonabte attorneys' fees and encering on the Propercy co make repairs. Although Lender may take accion under this paragraph 7, I.ender dces noc have to do so. Any amour~ts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security ]nstrument. Unltss Botrower and Lender agree co other cerms of payment, chese amounts shall bear interest from the dace of disbursemene ac the Note race and shall be payabte, with inceresc, upon nocice from Lender to Borrower requescing paymenc. ~ ~ooK 549 FAGE 935 ~ - ~ . . . . . _ _ G..,: