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HomeMy WebLinkAbout0919 ~i UN1FORM CovENANTS. Borrower and Lender covenant and agroe as foliows: 1. Poymeat of Priactp~t aad Iateresh, Propayme~t itnd I.ate Chuges. Borrower shall promptly pay when due i thc principal of and interest on thc debt evidcnced by the Note and any prepayment and late chargcs due under the No e. 2. ~nd~ for Tiucee aad Iaaurance. Subject to applicable law or to a written waiver by I.ender~ Borrowcr sha~l pay to Lende~ on the day monthty payments are due under the Note, until the Notc is paid in fuil~ a sum ("Funds") equal to one-twelflh of: (a) yearly taxcs and assessments which may attain priority over this Security Instrumcnt; (b~ yearly ~ teast:hold payments or ground rents on thc Property~ if any; (c) yearly hazard insurancc premiums; and (d) yearly mortgage insurance premiums, if any. These items an called "escrow items." Lcnder may estimatc the Funds due on the basis of current data and reasonable estimates of future escrow items. Y The Funds shall be held in an institution the d~posits or accounts of which are insured or guaranteed by a federal or s4ate agency (including L.ender if Lender is such an institution). I.ender shati apply the Funds to pay the escrow items. I:ender may not chargc for holding and applyiag the Funds, analyzing ihc ac:count or verifying the escrow items, unless nder pays Borrower interest on the Funds and applicable law permits I.ender to make such a charge. Borrower and ~nder may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires intcrest to be paid~ Lender shall not be requireci to pay Bonower any interest or earnings on the Funds. I.ender shall give to Borrower~ 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. The Funds are plodged as additional security for the sums secured by this Socurity Instrument. lf the amount of the Funds held by Lender. together with the future monthly payments of Funds payabte prior to the due dates of the escrow items~ shalt exceed the amount required to pay the escrow items when due, the excess s6ai1 be. at Borrower's option~ either promptly repaid to Bonower or credited to Bonower on monthly payments of Funds. If ihe amount of the Funds held by I.ender is not sufficient to pay the escrow items when due~ Borrower shall pay to I.ender any amount necessary to make up the de~iciency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower ~ an~r Funds hetd by I.endtr. If under paragraph 19 the 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 Funds hetd by I.ender at the time of : application as a credit against the sums secured by this Security Instrument. 3, applFcation of PQyments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first, to late charges due nnder the IVote; 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. Cf~~rges; Liens. Bonower shall pay all taues, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security instrument~ and leaset~old payments or ground rents, if any. Borrower shali pay these obligations in the manner provided in paragraph 2, or if nat paid in that mac~ner. $orrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts ' to be paid under this paragraph. If Borrawer makes these payments directly. Borrower shall promptly furnish to Lender ' receipts evidencing the payments. i: Borcower shall promptly discharge any lien which has priority over this Security Instrume~t unless Horrower: (a) _ agrees in writing to tt~e payment 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 Fart of the Property; or (c) secures from the holder of the lien an agreement satisfactory to I.ender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, I.ender may give Borrower a notice identifying the lien. Borrower shal) satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. . 5. HazArd Insurance. Borrawer shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "eatended coverage" and any other hazards for which Lender ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that I,ender requires. The insurance camer providing the insurance sha!! be chosen by Borrower subject to Ixnder's approval which shall not be ; unreasonably withheld. Ali insurance policies and renewals shall be acceptabte to Lender and shall include a standard mortgage clause. I,ender shall havc the right to hold the policies and renewals. If I.ender requires. Borrower shall promptty give to I,ender ' all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ~ carrier and Lender. I.ender may make proof of loss if not made promptly by Borrower. Unless Lender and Bonower otherwise agree in writing, insurance proceeds 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. If the restoration or repair is not economically feasible or Lender's security would be tessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has offered to seitle a claim, ihen I.ender may collect the insurance proceeds. I.ender 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 Borrower otherwise agree in writing, any application of proceeds to principal shall not eatend or postpone the due date of the monthty payments referred to in paragraphs ! and 2 or change the amount of the payments. If ; under paragraph l9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting 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 immediately prior to the acquisition. 6. Preservation and Maintens~nce of Property; I,easeholds. Borrower shall not destroy, damage or substantially i change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrvwer shall comply with the provisions otthe 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 of I.ender's Rights in the Property; Mortgage Insurance. If Borrower Fails to perform the covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may signi6cantly affect I.ender's rights in the Property (such az 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 and Lender's rights in the Property. I.ender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender dces not have to do so. Any amounis disbursed by Lender under this paragraph 7 shatl become additional debt of Borrower secured by this Security Instrument. Unless Borrawer and Lender agree ta other terms of payment, these amounts shall bear interest 1'rom the datt of disbursement at the Note rate and shall be payable, with interest, upon notice from I.ender to Borrower roquesting payment. go~K554 ~A~E 917 ._r_~...r... . , x~ -