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Home My WebLink About0961 U\IF(~RM COYC!~ANTS I30~rOwCP a(id I.ender covenant and agree as follows: 1. Payment of Princip~! and Intetest; Prepayment s~nd I.ate Charges. BOf~ON~er shali promptly pay whcn duc the principal oPand interest on th~ debt evidenced by the Note and any ptepayment and late charges due under the Note. ; 2. Funds !or Tax~s and InsurAnce. Subject to applicable law or to a writter~ waiver by Lender. Bor~ow~er shall pay ~ to Lender on the day monthly payments are due under the Nate, until the Note is paid in full. a sum ("Funds") equal to ~ one•twelRh oP: (a) yearly taxes and assessments which may attain priorily over this Security Instrument; (t~) yea~ly ~ teasehold paymer.ts or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly ~ mortgage insurance pramiums, if any. These items are called "escrow items." Lender may c~stimate the Funds due on the x basis oFcurrent data and reasonable estimates of future escrow it~m~. ~ The Funds shall be held in an institulion the deposits or accounts of u~hich ate insured or guaranteed by a federal or ~ state agency (including Lender it Lender is such an institution). Lender shall apply the Funds to pay the escrow items. s Lender may not charge for holding and applying the Funds, anaiyzing the account ar verifying the escrow items, unless # Lender pays Borrower interest on the Funds and applicable law permits I.ender to make such a charge. Borrowe~ and ~ Lender may ag~'re in writing that interest shall be paid on thc Funds. Unless an agreement is made or applicable law , rcquires interest to be paid. Lender shall not be required to pay Borrow~er any interest or earnings on the Funds. Lender = shall give to Borrower. without charge. an annuat accounting oP the Funds showing credits and debits to the Funds and ihe z purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by ; this Security Ins~rument. ~ If the amount af the Funds held by Lender. together with the future monthly payments of Funds payable prior t~ + the due dates of the escrow items. shall exceed the amount requi~ed to pay the ~scrow items when due, the excess shall be, ~ at Borrower's option, either promptty repaid to Borrower or credited to Borrower on monthly payments of Funds. If the ~ amount otthe Funds held by I,ender is not suffecient to pay the escrow items when due. Borrower shall pay to I.ender any ~ amount necessary to make up the deficizncy in one or more payments as required by Lender. ~ Upon payme~t in full of all sums secured by this Security Instrument, Lender shaU promptly refund to Borrower ~ any Funds held by I.ender. lf under paragraph 14 t!iY Property is sold or acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any runds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. :4pplieation of Payments. Unles~ applicable law provides otherwise, all payments received by Lender under paragraphs l and 2 shall be applied: ficst, to tate charges due under the Note; second~ to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth. to interest due; and last, to principal due. 4, Charges; LIens. Borrower shall pay all taxes. assessments, charges, fines and impositions attributable to the Property which may attain priority over tt~is Security lnstrument, and leasehold payments or ground rents, if any. ; Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrowe- shal! ? pay them on time directly to the person owed payment. E3orrower shali promptly Purnish to Lender all notices of amouats ' • 3 to be paid under this paragraph. lf Borrower makes these payments directly. Borrower shall promptly Purnish to Lender ~ 2 receipts evidencing the payments. } Borrower shaJJ prompdy discharge any lien which has priority over this Security Instrument unless Bonower: (a) a agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to I.ender; (b) contests in good ~ ~aith the lien by, or defends against enforcement of the lien in, legal proceedings which en t6e Lender's opinion operate to ~ prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from ihe holder of the lien an t agreement satisfactory to Lender subordinating the lien to this Security lnstrumeni. If Lender determines that any part of ? the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a S # notice identifying the lien. i3orrower shall satisfy the lien or take one or ~nore of the actions set forth above within 10 days ~ ? oPthe giving of notice. ' ' ! 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property i ' insured against loss by fire, hazards included within the term "extended covecage" and any other hazards i'or which 1_ender ~ requires insurance. This insurance shali be maintained in the amounts and for the periods that Ixnder requ:res. The ~ insurance carrier providing the insura»ce shall be chosen by Borrower subject to L.ender s approval which shall not t~e unreasonably withheld. 1 All insurance policies and renewals shall be accepta'vle ta Lender and shall inctude a standard mortgage clause. Lendcr shall have the right to hold the policies and renewals. If L,ender requires, Borrower sha!! prompt!y give to Lender a:i receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance < carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to resroration or repair ' ; of the Property damaged, if the restoration or repair is economically feasible and L.ender's security is not le!:Sened. If the restoration or repair is not economically feasible or Ixnder's security would be tessened, the insnrance proceeds shall be ~ app'ied ro the sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. If Borrower abandons the Propeny. or does not answer within 30 days a notice Prom Lender that the insurance earrier has offered to settte a claim, then I.ender may collee;t the insurance proceeds. L.ender may use the proceeds to rep~.ir or restore ~ the Property or to pay.sums secured by this Security Instrument, whether or not then due. The 30-day pericxl will begin - when the notice is given. Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not eatend or . F~stpone thc due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. Ii' under ra ra h 19 the Pro rt is ac uired b Lender, 8orrower's ri ht to an insurance licies and ro:.eeds resultin ~ Pa S P Fe Y 9 Y 8 Y Po P g = from damage to the Property prior to the acquisition shall pass to I.ender to the extent of the sums secured by this Security ~ # Instrument imEn~diately prior to the acquisition. ~ 6. PrEServation and Maintenance of Property; Lesseholds. Borrower st~aii not destroy, damage or substantially ~ f change the Property, aik~w the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, ~ Borrower shall comply w~.h the provisians of the lease, and if Borrow~°r acquires fee title to the Property, the leasehold and fee title sha11 not me: ge uniess I.ender agrees to the merger in writing. . z 7. Proiection of Lender's Rights in the Property; Mortg»ge Insarance. If Borrower fails to perform the ~ covenants and agreements coniained in this Security [nstrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or 5 regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights ~ in ihe Property. Lender's actions may include paying any sums secured by a lien which hss priority over this Security Instn~ment, appearing in court. paying reasonable attorneys fees and entering on the Property to make repairs. Although I.ender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shal! become additional debt of Borrower secured by this Security Instrument. Unless Borrower an~ Lender agree to other terms of payment, these amounts shall bear interest f~om ~ the date of disbursement at the Note rate and shall be payab!e, with interest, upon notice from Lender to Borrower Y requesting payment. o R 5~2 P~~E 960 ~ BQuK . • - - - _ . ,.--.+~•~Y~~----_