The URL can be used to link to this page

Home My WebLink About0928 ~ UNIFOAM COVENANTS. 8arower and lQnAer cx~venant and agree as follows: 1. P~ym~nt oi Pri~dpM s~d Int~ra~ P?~p~ym~nt ~d Lat~ Chsr~. Borrower sha?I prompty pay when due the principal 01 and interest on tha debi evidenced by the Note and arry prepayme~! and lale cha?gas due under the IYoie. Fu~ fo~ T~x» and Insw~nw. Subject to applicable 1av~ c~ to a wrAten waiver by lender, 6orrower shatl pay to lender on the day monthly payments aredue under ihe Note, uniil the Nois is paid in tull, a sum ("Funds") equal to one-twelith of: ( a) yeary taxes and assessments which may attain priority over this Securiry Instrument; (b) yearty leasehold payments or ground ~ ~ents on the Property, if any; (c) yQarly hazard insurance premiums; and yeary malgage in$urance prsmiums, it any. These items are called "escrow items." Lender may estimate the Funds due on the basis ot cur~e~t data and reasonable estimates of t~ture escrow items. The Funds shalt be held in an institulion the deposits or accounts ot which are insured or guaianteed by a federal or state agency (including Lender if Lender is such an institution). Lender shalt appty fhe Funds to pay the escxow ilems. Lender may not charge (or ttolding and appying the Funds, anaiyzing the acoouM or veritying the escrow items, unless Le~der pays 8orrower inierest on the Funds and applicable law permits Lender to make such a charge. Barower and Lende~ may agree in writing that interest shatl be paid on the Funds. Unless an agreemenl is made o~ applicable taw requires interc3st tobe paid, Lender shall nol be required io pay 8orrower any iMerest or eamings on Ihe Funds. lender shal! give !o Borrower, without char~e, an annual accounting of the Funds slxiwing credits and ~ebits tothe Funds and 1he purpose for which each debit tothe Fu~ds was made. The € Funds are pledged as addilional security for the sums secured by ihis Security Instrument. It the amount oi the Funds held by Lender, logether with the tuture moMNy payments ot Funds payable pr'br tothe due dates ot the escrow items, st~all exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's aption, e+ther promptly ~epaid to Borrower or credited to Borrower on monthly payments oi Funds. It the amouni of the Funds held by Lender i is not suHicient to pay the escrow items when due, Barower shall pay to Lender any arnount necessary to make up the deticiency in one or more payme.~is as required by Lender, Upon payment in futl of a!I sums secureti by this Securily Instrument, Lender shall prompty refund to 8orrower any Funds held by Lender. II ~nder paragraph 19 the P~operiy is soida acquired byl.ender. Lender shall apply, notaterthan immediately pria to the sale of the Property or its acquisition by lender, any Funds held by Lender at ihe time of applic~tion as a credit againsl lhe sums secured by this Security Instrument. 3. Appilcatlon o1 P~ym~nls. Unless applicaWe law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: fi~s1, to late charges due under lhe Note; seoond, io prepayment charges due under the Note: third, to amounts payable under paragraph 2; fourth, to inte~est due; and tasl, to principai due. 4. Char~s; Lhns. Borrower shall pay aIl laxes, assessmenis. charges, fines and impositions attributabte to the Property which may attain priaiiy over this Security tnstrume~t, and teasehold payments a ground rents, if any. Borrower shall pay - these obligations in the manner provided in paragraph 2, ar if not paid in that manner, Bwrower shall pay them on time directly to th2 person owed payment. Borrower sha(I prompty furnish to Lender a!I notices of amouMs tobe paid under this paragraph. IF Borrower makes these payments directty. Bo~rower shal! prompty furnish to lender receipts evidencing the paymenls. Barrower shall promptly discharge any lien which has priority over this Secu~ity Instrument ~nless Borrower: (a} agrees in writing to the payment of the obligation secured by the lien in a manner acceptabletoLender: {b) contests in good taith the lien, by or detends against enforcement ot the lien in, legat proceedings which in ihe Lender's opinion operate to prevent theentorcemenl ot the lien ar forteiture of any part of the Ptoperty; or (c) secures from the holder ot the tien an agreement satisfactory to Lender subordinating ihe tien to this Security Instrument. If Lender determines that any part ot ihe Property is subjeci to a lien which may attain priority over ihis Security Instrument, Lender may give Borrower a notice identityingthe lien. Bosrower shall satisfy the lien a take one or more of the aclions set forth above within 10 days of ihe giving ot notice. ~ S. Hssard inwrance. Borrower shall keep the improvements now exisling or hereaiter erected on the Property insured against Ioss by tire, hazards included within the term "extended coverage" and any other hazards tor which lender requires insurance. This insurance shal! be mainlained in ihe amouMs artd for the periods Ihat Lender requires. The insurance carrier ~ providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. { ~ All insurance policies and renewals shall be acceptable to Lender and shall inGude a standard mortgage clause. Lender " shafl have the right to hotd the paticies and renewats. If Lender requires. Borrower shall promptly give to Lender all receipts ot paid premiu~„s and renewal notices. !n the event ot loss. Borrower shalt g9ve prompt notice to the insurance carrier and Lender. Lender j may make proof of loss 'rf not made prompty by Borrower. ~ j Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restaation or repair of ihe ~ Property uamaged. ii the restoration or ~epair is economicalty (easible and lender's security is noi lessened. lf ihe restoration or # ~ repair is not economica!!y feasible or Lender's security would be lessened. the insurance proceeds shall be apptied to the sums t ! secured by this Security InslrumenL whether o~ not then due, with any excess paid to Borrowe?. If Borrower abandons the Properiy, ; or does not answer wiihin 30 days a notice f~am Lencier that the insurance carrier has oftered to sett~e a c~aim, then Lender may ~ collect the insurance proceeds. Lender may use ihe proceeds to repair or restare the Property a to pay sums secured by this f Security tnstrument, wheth~r or not ihen due. The 30-day period wiN begin when the notice is given. i Unless Lender and Borrower otherwise agree in writing, any appliealion of proceeds to principal shatt not extend or ~ posipone the due date of the monlhly paymenis reterred io in paragraphs 1 and 2 or change the amaunt oi the payments. If under ~ paragraph 19 the Property is acquired by Lender, Bo~rower's right to arry insu~ance poticies andproceeds resulting irom damage to , the Property prior to the acquisiiion shall pass to Lender to the exlent of the sums secured by this Security Instrument immediatety ~ f prior to the acquisition. I 6. Pr~servitlon a~d Meintenancv of Property; Lestahold~. Borrower shalt ~ot destroy, damage or subslantially ~ change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall ~ comply wilh ihe provisions of the lease, and if Borrower acquires fee titte to the Property, the teasehold and feetitleshall not merge i unless ~eRder agrees to the mergEr in wnting. ~ ~ 7. P?otecilon ol Lendsr's nghts tn the Praperty; Mortqsge Insunnce. If Borrower ta+ls to pertorm the covenants ~ and agreements contained in this Security Instrument, a there is a legal proceeding that may signi(icanty affect Lender's rights in ! the Property (such as a proceed+ng in bankruptcy, probate, tor condemnat+on o~ to entorce laws or regulations), then Lender may ~ do and pay for whatever is necessary to protect ihe vatue of the Properiy and lender's rights in the Property. Le~der's actions may E include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonabte ~ attaneys' fees and entering on the Property to makerepaiis. Although Lender may take actian under this paragraph 7, Lentler does E not have to do so. ~ Any amounts disbursed by Lender under ihis paragraph 7 shalt become addiiional debt of Borrower secured by this Security ~ tnstrument. Unless BarowP? and Lender agree to other terms of payment, these amounls shall bear inierest from the date of ~ disbursement at the tVote rale and shalf be payabie, with ~7~lerest, upon notice irom Lender to Borrower req n ent. ^ I ' ~ . pQK~e)W PAGE ~7~ P~..~s eaa~ a.~r a+ m+r w u.se oe~2.o pa sso a~ ~teo~f Pc "-~~~2iy•:'.+:_f`-^. . . . . . . , ' . ~ . .