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HomeMy WebLinkAbout0988 UNIP'ORM C70VENANT'3. BOtCOwet and I.dfdci' COYpuAt stld ag!'Oe aa fbl}o~rs:. P~?pa~eat o! PrlAClpil aed Ibt~a~ Pt~apyrmat ud Lte Clu~~b~.~ ~orrower ahaU ~comptiy pay when due the principal of ~nd interest on the debt evidencod by t~ae Note and aay prepsyment and late chuges du~ undat the Note. 2. Ph~ [or T~xe~ 1md I~wran~e. Subject to appllqble Isw or to a writteu araiver by Lender~ Borrower sha!! pay to I.a~der on the day moathly psyments ue duo under the Note, until the Nota paid !n full~ a sum ("~nds") equal to onatwelfth of: (a) yearly ta~ces ~nd aasessmenta which may nttein priority over this Svcurity Instrume~t; (b) yearly teasehold psymrnts or ground renta on the Property, if any; (c) yearly hazard insurance pnmiums; and (d) yearly mortgsge inwranae pretalwaa. if any. These items are callod "escrow Items," Lender may estimate the Funds due on the basis of current dAta and ra~sonsble estimates of future escmw itecns. ~ 'I`h~ Funds shall bc held in an institution the deposita or aooounts of which arc insurcd or guaranteod by a federal or atate agency (including Lendet if I.ender is auc& an inaNtution). Lender shnll apply the Funds to pay the escrow items. " Y.ender may aot charge for holding and spplying the Funda, ansiyzing the axount or verifying the escrow items. unless ~Lender puys Borrowa intcrat on thc Funds arid applicsble law perniits I.ender to make such a charge. Borrower and Lender may agroe in w~ting that interest shall be paid on We Funds. UNess an agrament is made or applicabie law roqufrrs interest to be paid, i.ender shall not be requircd to pay Bomawer any interest or earnings on the Funds. Lender shall give to Borrowtr~ without charge, aui annual aocounting of the ~nds showing credits and debits to the Funds and the purpose for which each dehit to the Funds was made. The F~nds are plodged as additional security for the sums securod by this Socurity Instrument. ~ . If the amount of the Funds h~td by Lender, togcther with the future monthly paymcnts of Funds payable prior to the due dates of the cscruw items. shall cxcoed the amount requircd to pay the escrow items when due, th~ excess shall be, at Borrower's option, ather promptly repaid to Horrower or creditod to Borrower on monthly payments of Funds. If the . amount af the Funds held by Lender is not sulficient to pay the escrow items when due, Borrower shall pay to Lender any amount nocessary to mnlce up the de8ciency in one or more payments as roquired by Ltnder. Upon payment in fuIl of all sums socured by this Secwity Inatrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sotd or acquirod by Lender, Lender shall Apply, no later than immodiately prior to the sale of the Property or its acquisit~on by Lender. any Funds held by Lender at the time of application ss a crodit against the sums secured by this Secwity Instrument. 3. Appliattion ot Payments. Unless applicable law prorides otherwise, all payments roceived by Lender under paragraphs 1 and 2 shall be applied: flrst. to late charges due under the Note; swond, to prepayment charges due under the Note; third, to amounts payable under paragraph Z; tburih, to interest due; and Iast, to principal due. 4. Gbarge~ Ltens. Horrower shall pay ali ta~ces, assessm~nts, charges, fines and impositions attributable to the Property whiCh may attain priority over this Security Instrument, and leasehold payments or ground rents~ if any. Borrawer shall p~ay these obligations iu the manner providod in paragraph.2, or if not paid in that manner. Borrower shall . pay them on time dicoctly to the person owed payment. Borrower shall promptly furnish to Lender ali notices of amounts to b~ paid under this paragraph. If Borrower tnakes these payments diroctly~ Borrower shall promptly furnish to Ixnder receipts evidencing t6e paymedts. Borrower shall promptly discharge any liai which hss priority over this Security Instrument unless Borrower: (a) agrces in writing to the payment of the obtigation secured by tha lien in a manner acctptable to I.ender, (b) contests in good faith the Uen by. or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or. (e) secures from the holder of the licn an agroement satisfactoty to Lender subordinating the liea to this Socurity Instrument. If Lender determines that any part of the Proptrty is subjoct to a lien which may attain priority over this Socurity Instrument, Lender may give Bottower a notice identifying the lien. Borrower shall satisfy the Gen or talce ane or more of the actions set forth above within 10 days of the giving of notice. S. H~rd Insurance. Borrower ahall ketp the improvements now existing or hereafter erocted on the Property insurod against loss by fire, hazards included within the term "extmded coverage" and any other hazards for which Lender roquires insurance. This insurance shall be maintainod in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Bonower subject to I.ender's approval which shall not-be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. i Lender shall have the right to hold the policies and rtne~rals. If Lender roquires~ Honower shall promptly givc to Lender all receipts of paid premiums and renewal notices. In the evient of loss, Borrower shall give prompt notice to the insurance e ; carrier and Leader. Lender raay make proof of loss if not made promptly by Borrower. ' Unless Lender and Bonower otherwise agroe in writing, ineurance procads shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and I.ender's security is not lessened. Ii the restoration or repair is not oconomically feasibte or Lender's sxurity would be less~nal. the insurance procoeds shall be appiied to the sums secured by this Sectuity Instrumatt~ whether or not ihen due, with any excess paid to Bonower. If Bonower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proc.~eds. Lender may use ths procceds to repair or restore the Property or to pay sums sxured by this Security Instrument, whether or not then due. The 30-day period will begin ~ when the notice is given. ~ ' Untess Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the duc date of the monthly payments rcferr~d to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is acquirod by Lender, Borrower's right to any insurance policies and procecds resulting 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. Presenation u~d Maiatenance of Property; Leaseholda. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Sccurity Instrument is on a leasehold, Borromr shall comply with the provisions otthe lease, and if Borrower acquires fee title to the Property, the leasehoid and fee title shall not merge unless Lender agreas to the merger in writing. 7. ProtecNon oE Lender's Rights tn the Proptrty; Mortgage Insurance. If Borrower fails to perform the covenants and agrctments contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (sach as a proceeding in bankruptcy, probate, for condemnation or to cnforce laws or regulations), thcn Lender may do and pay for whatevcr is necessary to protect the value of the Property and I.ender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Sscurity Instrument, appcaring in court, paying reasonable attorneys' fas and entering on the Property to make repairs. Although Lender may take action undcr this paragraph 7~ Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall bocome additional debt of 8onower secured by this Security Instrumeni. Unless Borrower and Lender agra to other terms of payment~ these amounts shall bear interest from the date of disburscment at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 800K~~ P~E 90 t _.r_ - - .