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Home My WebLink About0994 UtviFORM Cov~N~tv'rs. Bonower and Leader covena~t and agra s~ folMws: 1. P~ya~eat ot PrtacipRl and Iatcre~l; Prepsymeut aod I.ate C~ar~e~. Borrower shall promptly pay whcn due the principa! of and intenst on Ibe debt evidencc~d by tho Note snd Any prepayment and tate charga duc under the Nnte. 2. F~nde for Tiuca ~ad I~uranca. Subjxt to applic~ble !aw or to a written waiver by Lender~ Horrower shall pay to Lendcr an the day monihly paymrnts are due u~dcr the Note. until the Note is paid in fuil~ a som ("fi~nds") equal to onatwelfth of: (a) yearty ta~ces and assessments whtch Yn~y attaln pr~ority over th~s Security Instrumenh (b) yearly leaschald paymcnts or ground « nta on the Property~ lf any; (c) yearly hazard insurance premiums; and (d) yearly mortgage iasurance premiuma, J any. These items are called "esccow items." I.ender may estimate the Funds due on the basis of currcnt data and reasonablc estimates of fLtur~ escrow items. ~ ~ ~ The Funds shal! be held in an inatitution thc dq~oaits or accounta of which are insured ar guarantad by a federal or , state agency (including Lender if Lender is such an institutIon). Lender shall apply the Funds to pay ihe escrow items. I:ender may not charge for holding snd spplyiag the Funds. analyzing the account ot verifying the escrow items~ unless luender pays Horrower intcr~st on the Funcis and applicable law permita LeAder to make such a charge. Borrower and I.ender may agrcc in writing that interest shall be pald on the Funds. Unless an agrament ~is made or applicabtc taw requires interest to be paid, Lender shall not be roquirod to psy Horrower any interest or earnings on thc Fbnds. Lender shall give to Bornower, 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. Thc Funds are pledgcd as additional security for the sums securcd by this Socurity lnstrument. If the amourit of th~ Funds held by Lender. together with the futun monthiy payments of Funds pa~table prior to the due dates of the escrow items~ shall excad the amount requirod to pay the escrow items when duo, the excess shall be, at Honower's option~ either promptly repaid to Honower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held hy I.ender is not suRicieat to pay the Gscrow itcros when dae, Bonower shaU pay to Lender any amount necessary to make up the deficiency in ane or more payments as required by I,ender. • Upon payment in full of all sums atcured by this Secwity Instrument~ I,~nder shall promptly refund to Borrower any Funds hcld by Lender. If under paragraptt 19 thc Property is sold or acquired by I.ender~ Lender shat! apply~ na later than immaiiately prior to the sale of the Property or its acquisitio~ by Lender~ eny Fuads held by Ler.der at the time of application as a credit against the sums secu~od by this Security Instrument. 3. Appllcation oi Paya~~nts. Unle~s applicable law provides otherwise~ all payments received by Lender under paragraphs l and 2 shsll be appliod: 8rst~ to late charges due under the Not~ socond, to prepayment charges due under the Note; third~ to amounts payable under paragraph 2; fouIth~ to intercst due; and Iast, to principa! due. 4. GUarges; Lieas. Borrower s6a11 pay all taxes, asscssments, charges~ fin~s and impositions attributable to the Property which may attain priority over this Socurity Instrument, and leasehold payments or ground rents~ if any. Bonower shall pay these obligations in the manner providod in paragraph 2~ or if not paid in that m~nner~ Bo,rrower shall - pay them on time directly to the person owed payment. Borrower shall promptly iurnish to Lender aU notices of amounts to be paid under this paragraph. If Bonower makes these payments directly~ Bonowtr shall promptiy turnish to Lcnder receipts evidencing the payments. Borrower shalt promptty discharge any lien which has priority over this Sacurity Instrument ~nless Borrower: (a) agrees in writing to the payment of the obligation secursd by th~ lien in a manner acceptable to I.ender, (b) contests in good faith the lien by. or defends against enfQrcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the tnforcement of the lien or forfeiture of any part of the Property; or (c) secures fmm th~ hotder uf the tien an agreement satisfactory to Lender subordinating the lien to this Security instrument. If I.ender determinss that any part of the Property is sub,ject to a tien which may attain priority over this Socurity Instrument, Lender may give Bonower a nvtice ideatifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above withiri 10 days of the giving of notice. S. Hazard Insurance. Borrower shall kcep the improvements now existing or hereafter erect~d on the Property insured against loss by fire, hazards includod within the term "extended coverage" and any other hazards for which I.ender requires insurance. This insurance shatl be maintained in the amounts and for the ~eriods that I.ender 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 Ltnder and shall i~clude a standard mortgage ctause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shali promptly give to I.ender ~ all receipts of paid premiums and renewai notic~s. In the event of loss, Borrower shall give prompt notice to the insurance ! carrier and I.ender.l.cnder may make proot'of loss if not made promptly by Borrawer. Unless Lender and Bonower otherwise agrce in writing, in~urance proceeds shail be applied to restoration or repair E of the Property damagcd. if the restoration or repair is economically feasible and Lender's security is not lessened. If the € restoration or repair is not economically feasible or Lender's socurity would be lessened~ the insurance pracceds shall be ! applied to the sums socured by this Socurity Instrument, whether or not then due, with any excess paid to Borrower. If ~ 8orrower abandons the Property. or does not answer within 30 days a aotice from Lender that the insurance carrier has offerod to settle a claim, iher~ Ixnder may colloct the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument~ whether or not then due. The 30-day period will begin when the notice is given. , Unless Lender and Bonower otherwise agrce in writing~ any apptication of procceds to principal sha!! not extend or postpone the due date of the monthly payments referrod to in paragrsphs I and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Bonower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shali pass to I.ender to the extent of the sums secured by this Socurity Instrument immediately prior to the acquisition. 6. Presemattoa aad Maintenance of Property; I.ea~ehotds. Horrower shall not destroy, damage or substantialiy change the Property, aliow the Property ta deteriorate or commit waste. If this Secvrity Instrument is on a leasehold, Borrower shall comply with the proviseons af the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agras to the merger in writing. , 7. ProtectIon of Lender's Rlghta In the Property; Mortgage Insurance. If Borrower fai[s to perform the covenants and agreements contained in this Security. Instrument, or there is a iegal procetding that may significantly affect Ixnder's rights in the Property (such as a proceeding in bankruptcy~ probate, for condemnation or to enforce laws or reguiations}, then I.cnder may da and pay for whatever is necessary to protect the vatue of the Property and I.ender's rights i in the Property. I.ender's astions may include paying any sums secured by a lien which has priority over this Security Instrument~ appearing in court, paying reasonable attorneys' fees and e~tering on the Property to make repairs. Although Lender may take action under this paragraph 7, I.ender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shal! become additional debt of Borrower securcd by this Security Instrument. Untess Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable. with interest, upon notice from I,ender to Borrower requesting payment. , . s~x ~J~1 PAGf w..~...~.,,~...,~.~.....~._~.~..._ , . _ . : . _ : y