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Home My WebLink About0980 UNtFORt?~t CovENAHts. Bor~ower and Lendcr covenan! and agrce a~ follaws: l. Payment o! Prlnclpat and Iaterest; Prepqymeat snd Late Ch~rges. Borrower shall promptly pay when due the principal of and i~terest on the debt evidenced by the Note and any prcpaymcnl and late charges duc under the Notc. 2. Flinds [or Taxes and Inaurance. Subject to applicablc law or to a written waiver by Lender. Borrower shali pay tu l~ender on the day monthly payments are due under the Notc~ until the Note is paid ia full. a sum ("Funds") equal to one-twelRh of: (a) ytarly tazes and assessments which may attain priority over this Security Instrument; (b) yearly le.~sehold payments or ground rents on the Property~ if any; (c) yea~ly hazard insurance premiums; and (d) yearly mortgage insura~ce p~emiums, if any. These items are called "escrow items." Lender may estimate the Funds due an thc basis of current data and reasonable estimates of future escrow itcros. • The ~unds shall be held in an institutic+n the dcposits or accounts of which are insured or guaranteed by a federal or state agency (inclading Lender if Lend~r is such an institution). I.ender shull apply the Funds to pay the escrow items. Lender may not cha~ge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funds and appliaable law permits I.ender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicabtc 1aw requires interest to be paid. Lender shall not be required to pay Bo~rower any intcrest or earnings on the Funds. l.ende~ shall give to Borrowe:, without charge, an annual accounting oPthe Funds showing credits and debit~ to the Funds and the purpos4 for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by 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 escrow items, shali exceed the amount required to pay the escraw items when du~, the excess shal! be, at Borrower's option. either promptly repaid to Bonower or credited to Borrower on monthly payments oP Funds. If the amouni of the Funds held by Lender is not sufficient to pay the escrow iYems when due, 8orrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by I.ender. Upon payment in full of aU sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sotd or acquired by Lender. Lender shall apply, no later than immediately prior to the saie of the Property or its aoquisitien by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. ApplIeation of Paymeats. Unless applicable law provides otherwise. all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second~ to prepayment char~es due under the Note; third~ to amounts payable under paragraph 2; fourth. to interest due; and 1ast, to principal due. 4. C6arges; Liens. Bottower shall pay all taxes. assessments. charges. fines and impositions attributable tQ the Property which may attain priority over ihis Security Instrum~nt, and leasehold payments or ground renls, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Bonower shall promptly fumish to I.ender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly turnish to Lender receipts evidencing the payments. . Bottowec shall promptly disct~arge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in ~~riting to the payme.nt of the obligation secured by the lien in a manner acceptable to I.ender; (b) contests in good ~ faith the lien 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 (c) secures from the hotder of the lien an ~ agreement satisfactory to Lender subordinating the tien to this Security lnstrument. If Lender determines that any pan of ~ the Property is ~ubject to a lien which may attain pnority over this ~:~urity Instrument, L.ender may give Borrower a notiee identifying the lien. Borrower shall satisfy the lien crr take one or r~ore of the a::tions set forth abc?ve within 10 days ~ of the giving of notice. ` ~ S. Hazard Insutance. Borrower shall keep the improvement; aow existing or hereafter erected on the ; roperty ~ insured against loss by fire, hazards included within the term "extend~d coverage" and any other hazards for which L.ender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shali be chosen by Bonower subject ta Lender's approval which shall not be unreasonably withheld. ' All insurance policies and renewals shall be acceptable to I.ender and shall include a standard mortgage ciause. ~ I,ender shall have the right to hold the po(icies and renewa(s. If Lender requires, Borrower shal! promptly give to Lender ' all receipts of paid premiums and renewal notices. In the event of loss, Bottower shall give prompt notice to the insurance ~ carrier and I.cnder. Lender ~nay make pr~f of lc~ss if not made promptly by Borrower. s Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be appliod to restoration or repair ~ of the Property c:amaged, if the restoration or repair is oconom;caily feasible and Lender's security is not.lessened. If the t restoration or repair is not economically feasible or Lende*'s ~ecurity would be lessened. the i~surance proceeds shal! be ~ applied to the sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. If ~ Borrower abandons thc Property, or dces not answer within 30 days a notice from I.ender that the insurance carrier has t - ofFered to settle a claim, then I.ender may collect the insurarice procceds. L,ender may use the proceeds to repair or restore j r the Property or ta pay sums secured by this Security Instrument. whether or not then due. The 30-day period wiil begin { ~ when the notice is given. ~ Unless L.ender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments rtferred to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is acquired by I.ender, Borrower's right to any insurance policies and proceeds resulting ~ from damage to the Property prior to the acquisition shall pass to L.ender to the extent of the sums secured by this Security ` Instrument immediately prior ta the acquisition. 6. Prestivation and Maintenaace of Property; I.ease6otds. Borrower shalt not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, ' Borrower shall comply with the provisions oi the lease. and if Borrower acquires fee title to the Property, the leasehold and ~ fee title shall not merge unless Lender agrees to the merger in writing. . ~ 7. Protection ot Lender's Righta in the Property; Mortgage Insurance. tf Borrower faiis to perform the ~ covenants and agreements contained in this Security Instrument. or there is a legal proceeding that ma~ significantly afl'ect ' Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or ; regulations), then I,ender may do and pay for whatever is necessary to protect the value of the Property an~ i.ender's rights ~ in the Property. I.ender's actions may include paying ar~y sums secured by a lien which has priority ~ver this Security Instrument, appearin~ in court, paying reasonable attorneys' fees ~~~d entering on the Propeny to make repairs. Atthough Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by I.ender under this paragraph 7 shall become additional dtbt of Borrower secured by this Security Instrument. Unless Borrower and Lencier 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. ~ ~ . ~o~K 552 PAGE 9?9 . . _ _ _ _