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Home My WebLink About0978 UNIFORM CbVENAMfS. ~orroMer and L.a~der oovenant and as fbliowa: l. Psymait ot IM~1p~1 a~d ~te~ Pr+ep~nsea= wd Lte Borrowq 1 prornptlY p~Y whea due ~ the principsl of aad intexat a~ t~~ debt evida~ood by the Note aad an~i p' and latd~ duc under the Note. Z. P1~ods for Tase~ aod i~nrwoe. Subjxt to spQlicx~ble lsw or to writtea waiver by I.er?der, Borrowec sh~lll pay to Lender on the dsy montlily p~yrneata are due under the Note, until the Note ~a psid in ti~ll, a aum ("Funds") equul to onatwelfth of: (a) yeuly taxd aund saxsameata which msy attaln priority over this Socurity Instrument; (b) yearly lems~hold psymaita or ~d rents on the Property~ if ~uy; (c) Yssrly hazard insurance pnmiams; and (d) yeariy mortg~ge insuranoe pr+ainiwna. lf any. Theac iteaaa are c~U~d "eacrow items." Lender may estimate the Funds due on the basjs of cwrent data and reaaorubk eatimstes of tLture escrow itana. The F~nda ah~ll be luld in aa inatitutlon the depoaita or e?ccounta of whtch are insured or guarantood by ~ foderal or state sgeeoy (iacluding I,a~der if Leiider ia auch an inatitution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for lalding snd spplying the Funds. uwlyzing the socount or verifying the cscrow items, unless Lender paya Horrower inter~eat on the Fun~ aad applicsbk lsa permits Lender to make such a charge. Borrower and Lender may agroe in writing that inta~eat sh~?U be paid on the Funds. Ualess an agramcnt is made or appticablc law . requirea inier~at to be psid. Lender ahaA not be requirod to psy Borrower any interest ar earnings on thc Funds. Lender shall give to Horrower, withaut charge, an ennual aocounting of the Funds showing credits and debits to tha Funds and the ~urpase for ahich each debit to the Funds was made. The Funds ar~ pledgod as additional security for the sums socured by this Socuriry Iastrumcnt. - ~ If the amount of the Funda h~ld by Lender~ together with the future monthly payments of Funds payablc prior to the due d~tes of the escrow items, shall exaed the amount requirad to pay the escrow items when due, the excess shall be, t_ at Bornower'a option, either promptly repaid ta Borrower or aredltod to Horrower on monthly payments of Funds. If the amaunt of tho Fuads htld by L.ender is rcot su~cient to pay the escrow itcros when due, Borrower shall pay to Lender any amount noces~ry to malce up the deficiency in one or mare payments ss roquirod by L~ender. Upon payment in full of all sums socured by tbis Security Instrum~nt~ Lender sha11 promplly nfund to Borrower aay Funds held by Lender. If under pnragraph 19 the Property is sold or acquirod by I.ender. I.e.mder shall apply, no later than iramediatdy prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the timt of application as a credit against the sums secured by this Security Instrument. 3. AppUpdou ot Paymenta. Unless applicable law provides otherwise~ all payments received by Lender under paragraphs 1 and 2 shall be applied: 6rst, to late charges due under the Note; sa:ond, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal du~. 4. G7t~rge~ Lteas. Borrower shall pay all taxes, as.~essments, chatges~ fints and impositions attributable to the Property which msy att~in priority over this Security Iastrumenl, and Isasehold payments or ground rents. if any. Borrower shall pay these obligations in tha manner pmvided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lendcr all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Honower shalt pmmptly furnish to Lender receipts evidencing the payments. Bonower shall promptly discharge any lien which has priority over this Security InstrumPnt unless Bonower: (a) agras in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good c faith the lien by, or deftnds against enforoement of the lien in, legal procadings which in the Lender's opinion operate to ~ pnvent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to L.ender subordinating the Gen to thiG Security Instrument. If Lender determinss that any part of 'i the Property is sub,ject to a lien which may attain priority over this Socurity Instrument, Lender may give Bonower a notice identifying the lien: Borrowet shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Huud Inaurnnce. Borrower shaU keep the improvements now eaisting or hereaRer erocted on tha Property insured against loss by fire~ hazards includod within the term "eatendod coverage" and any other hazards for which I.ender requires insurance. This insursnce shall be maintainod in the amounts and for the periods that Lender roquires. The insurance carrier pmviding the insurance shall be cho~sen by Bonower subject to Lender's approval which shall not be unreasonably withheld. - All insurance policies and renewals shall be acceptable to Lender and shalt inctude a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If I.ender requires, Horrower shall promptly give to I.ender all receipts of paid premiums and renewat notias. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. L~nder may make proof of loss if noi made promptly by Bonower. Unless Lender and Botrower otheraise agra in writing~ insurance proceeds shall be applied to restoration or repair of the Propcrty damaged, if the restoration or repair is economically feasible and I.ender's security is not lessened. If the restoration or repair is not economically feasible or Lender's socurity woutd be lessened, the insurance procceds shall be applied to the sums securod by this Security Instr?iment, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property. or does not ansaer within 30 days a notice from Lendor that the insurancc carrier has offerod to settle a claim, then I.ender may collcct the insurance proceeds. Lender may use the proceeds to repair or restore ihe Property or to pay sums secured by this Security Instrumtnt, whether or not then due. The 30-day period will begin whm the noticc is given. - , Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the montht~y payments refencd to in paragraphs 1 and 2 or changc the amount of the payments. If under p~ragraph 19 the Pmperty ~s acquirod by Lender, Bonower's right to any insurance policies and proceeds resuiting from damage to the Property prior to the acquisition shall pass to Lender to the eatent of the sums secured by this Security Instrument immodiately prior to the acquisition. 6. Praenadoa and MdnteaAna of Property; I.esseholds. Borrower shall noi destroy, damage or substantially change the Property. allow the Propetty to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall oomply with the provisions of the le~se, and if Honower acquires fa title to the Property, the le,~sehold and fa title shall not merge unleas Lender agras to the merger in writing. 9. Protectlon oi I.ender'a Ri~hto in t6e Property; Mortgage Insurana. If Borrower t'ails to perform the covenants and agramenta contained in thia Security Instrumtnt, or there is a legal proceeding that may significantly atFect Lender's rights in the Property (such as a proceeding in bankrupicy, probate, for.condemnation or to enforce laws or rogulations), then Lendtr may s!o and pay for whatever is nxessary to protect the value of the Property and Ltndtr's rights in the Property. Lender's actions may include paying any sums socurcd by a fien which has priority over this Sacurity Instrument, appearing in court. paying reasonable attorneya' fas and entering on the Property to make repairs. Although Lender may take action urider thia paragraph 7~ L.ender does not have to do so. _ Any amounts disburaod by Lender unda this paragraph 7 shall bocome additional debt of Borrower secured by this Security Instrument. Unless Horrower and Lender agra to other terms of payment~ these amounts shall bear interest from the date of disbursement at the Note rate and shall tx payable, with interest, upon notice from L.ender to Borrower roquesting payment. ~ 80~ 549 ~cE 9?7