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HomeMy WebLinkAbout0921 . UNIFORM COVENANTS. Borrower and I.e~der covenant and xgroe as follows: i. F~ymeot ot Yrtnclpa! aad Yntereat; Prep~yaro~t ~aJ Lnte Cb~trges. Borrower shall promptly pay when due the principal of and interest on the debt evidrncod by the Note and uny prtpaymcnt and latc charges due undcr the Notc. 2. Ifiad~ ior Tsxa aad Iae~nce. Subjoct to appticable iaw or to a written waiver by Lender, Borrower shaii pay to I.ender on the day monthly payments are due under the Note, until thc Notc is psid in PuU, a sum ("Funds") eqasl to onc-twelRh of: (a) ya?rty tax~s and as.sessments which mny attAin priority over this Socurity Instrument; (b) yearly leasehold payments or ground nnts on the Property~ if any; (c) yeariy haaard insurancc premiums; and (d) yearly mortgage insurana premiums, if any, These items are called "tscrow items: ' Lender may estimate the Funds due on the ' basis of cunent data and reasonsbie ~timates of f'utun escrow items. The Funds shal) be held in an iastitution tht deposits or accounts of which arc insured or guaranteod by a faicra! or stat~ agency (including Lender if Lender is such an institution). Lender shati apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing th~ accaunt or verifying the escrow items~ unless • Lendtr gays Horrower intcrest on the Funds and applicable !aw permits I.ender to make such a charge. Horrower and : Lender may agra in writing that interest shall be paid on the Funds. Unless an agrcement is made or applicabte law ~ roquires interest to be paid. Lender sball not be roquirod to pay Borrower any interext or earnings on the Fands. Lender : shall give to Barrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the ` purpose for which each debit to the Funds was made. Th~ Funds are plalged as additional s~curity for the sums secured by ~ r 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 tscruw items, shall excoed the amount roquired to pay the escrow items when due, the excess shall be. at Borrower's option, either promptly repaid to Borrower or crodited to Borrower on n;vnthly payments of Funds. If the ~ amount of the Funds htld by Lender is not sufficient to pay the escrow items whtn due~ Bonower shalt pay to Lender any ~ amount ntce~ry to make ug the deRciency in one or more payments as required by I.ender. ~ Upon payment in ful! of alt sums seeurecf by this Stcurity Instrument, I.ender shall promptly refund to Borrower any Funds held by Lender. If undtr paragraph 19 the Pmperty is sold or acquired by Lender~ Lender shall apply, no latcr ; than immediately prior to the satc of thc Property or its acquisition by Gtnder, any Funds held by Lender at the time of ~ application as a crodit against the sums secured by this Security Instrument. ; 3. Appltration of Fayeneats. Unless applicabte law provides otherwise, alt payments received by Ler~der under i paragraphs 1 and 2 shalt be appliod: first, to late charges due under the Note; socond~ to prepayment charges due under the 3 Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. ~ 4. Cliarges; I.iens. Bonower shall pay all taues~ sssessmcnts, chargcs, Rnes and impositions attributable to the € Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. ~ Borcower shall pay these obligations in the manner providod irt 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 Lender all notices of amounts to be paid under this paragraph. If Bonower makes these payments directly, Borrower shall promptly furnish to Lender rtceipts evidencing the paymants. Borcower shall promptly discharge any lien which has priority over this Security Instrument unless Bonower: (a) agrces in writing to the payment of the obligation socurod by ihe lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the litn in. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or farfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Ixnder subordinating the lien to this xcurity Instrument. If Lender determines tliat any part of ti~e Property is subject to a lien which may attain priority over this Socurity Instrument. Lender may give Bonower a , notice ideritifying the lien. Borrower shall satisfy the lien or take one or more of the actions set Corth above within 10 days of the giving of notice. ~ S. Hazard Iasurance. Borrower shall kap the improvemcnts now eaisting or hereafter erected on the Property f insured against loss by fire, hazards included within the torm "extended coverage" and any oiher hazards far which Lender requires insurance. T'his insurance shall be maintained in the amounts and for the periods that I.cnder requires. The ~ insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval whict~ shall not be i unreasonably withhetd. . I All insurance policies and renewals shall be acceptabte to Lender and shal3 include a standard mortgage clause. P Lender shall have the right to hold the poticies and renewals. If Lender requires, Bonower shall promptiy give to I.ender ' , alI receipts of paid premiums and rer~ewa! notiees.ln the ev~nt of toss, Bonower shall give prompt notice to the insurance i carrier and Lender. I.ender may make proof of loss iPnot made prompily by Borrower. Uniess Lender and Bonower otherwise agree in writing, insurance proceeds shalt be appleed to restoration or repair of the Froperty 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 socarity wauld be lessened, the insurance proceeds shall be appliod to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If " Borcower abandons the Properiy, or does not answer within 30 days a notice from I,ender that the insurance carrier has ; offered to settle a claim, then Lender may collect the insurance proceeds. I.ender may use the proceeds to repair or restore E the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin E whcn the notice is given. ~ Unless Lender and Bonower othtrwise agree in writing. any application of proceeds to principal shalf not extend or postpone the due date of the monthly payments refened to in paragraphs i and 2 or change the amount of the payments. If ff under paragraph 19 the Property is acquirod by I.ender. Borrower's right to any insurance policies and procceds resulting i from damage to tho Property prior to th~ acquisition shall pass to Lender to the eater~t of the sums secured by this Security ! Instrument immediately prior to the acquisition. " b. Presenation and Mainteaance of ~ Property; I.easebolds. Bonowc~ shall not destroy, damage or substantially change the Property, allow tht Property to deteriomte or commit waste. If this Security Instrument is on a leasehold, ~ Borrower shall comply with the provisions of the tease, and if Honower acquires fee title to the Property, the leasehold and fa title shall not merge unlcss I.ender agrees to the merger in writing. ~ Protertton of I.eader's Rigbts In the Property; Mortgage Insurance. If Borrower faits to perform the ~ covenants and agreements contained in this Sccurity InstrumtnC, or there is a legal proceeding that may significantly affect € Lrnder's rights in the Property (such as a proceoding in bankruptcy~ probate, for condemnation or to enforce taws or R regulations), then L.ender may do and pay for whatever is neces.sary to protcct the value of the Property and Lendcr's rights ~ in the Property. L.ender's actions rr+ay include paying any sums secured by a lien which has priority over this Security E Instrument, appearing in court, paying reasonabte attorneys' fas 8nd entering on the Property to make repairs. Although ~ Lender may take action under this paragraph 7~ Leader does not have to do so. 5 Any amounts disbursod by Lender under this paragraph 7 shati become additiona! debt of Borrower secured by this ~ S~cur~ty Instrument. Unless Bonower and Lender agrce to other terms of payment, these amounts shall bear interest from j the date of disbursement at the Nota rate and shall be payable, with interest, upon notice from I,ender to Borrower r~questing payment. i ' ~ . $OQK PAGf 71V ~ , e.~~~ : _ _ . . . ~ . ~vsr-_.