The URL can be used to link to this page

Home My WebLink About0994 UNIFORM COVENAN'fS. 8omower nnd Lender covenant and agra as follows: 1. Paymeat of Principa! aad Iaterest; Frepayment aad I.sQe Charges. Borrower shall promptly pay when due ~ thy principal of and intersst on the debt evidenced by the Note and any prepayment and late charg~s due under the Note. ~ 2. F~uad= fo~ Taxes aad Inaunnc~. ' Subjoct to applicable law or to a written waivcr by I.ender~ Borrower shall pay ~ to Lender on ihe day mortthly payments are due under the Note, until the Note is paid in'full, a sum ("~unds") equal to one-twelRh of (a) yearty taxa and assessments which may attain priority over this Security Instrument; (b) yea~ly lessehold payments or g~ound rents on the Property. if ariy; (c) yaarly hazard insurance premiums; and (d) yearty mortgage insuranct premiums, if any. These items an called "escrow items." Lender may estimate the ~unds due on the basis of cur~ent data and reasonable estimates of future escrow items. The Funds shall be held in ar~ institution the deposits or accounts of which are insur..d or guaranteed by a federal or state agency (including I.ender if Lender is such an institution). I.rnder shall apply the Funds to p~y the escrow items. Lender may not charge for holding and applying tht Funds, analyzing the account or vetifying the escrow items~ unless I,ender pays Borrower interest on the Funds and applicable taw permits Lender to make such a charge. Borrowe~ and Lendcr may ag~a in writing that intcrest shall be paid on the Funds. Unless an agramtnt is made or applicabie law require5 interest to be paid~ Lender shall not be c~quired to pay Borrower any inter~st or earnings on the Funds. I.ender shall give to Bonower, without eharge, an annual accounting af the Fur,ds showing crodits and debits to the Funds and the pucpose for which tach debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security lnstrument. . If the amount of th~ Funds held by I.ender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due~ the excess shall be. at Borrower's option~ either promptly repaid to Bonower or credited to Barcower on monthly payments of Funds. If the amount oPthe Funds held by i.ender is not suft5cient to pay the escrow items when due, Bonower shall pay to Lender any amount necessary to make up the deficiency in one or more payments'as required by L.ender. Upon payment in full of all sums secured by this Security Instrument~ Lender shall promptly refund to Borrower any Funds held by L,ender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no tater than immediately prior to the sale of the Property or its acquisition by Lender~ any Funds held by Lender at the time of application as a credit against the sums secured by this Secnrity Instrument. 3. Appl[cation of Payments. 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 eharges 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, assessmer?ts. charges~ firtes and impositions attribntable to the ~ Property which may attain priority over this Security Instrumertt, 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, Borrower 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 Borrower makes these payments directly. Borrower shall promptly furnish to I.ender receipts evidencing the payments. • Borrower shall promptly discharge any tien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (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 holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender detetmines that any part of the Property is subject to a Iien which may attain priority over this Security lnstrumtnt. L.ender may give Borrower a notice identifying the iien. Borrower shall satisfy the lien or take one or more oP the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage ' and any other hazards for which Lender $ requires insurance. This insurance shalt be maintained in the amounts and for the periods that I.endtr requires. The ~ insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasa~ably withheld. ~ All.insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. ~ Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender ~ all receipts of paid premiums and renewal notices. [n the event of loss, Borrower sha11 give prompt notice to the insurance ~ carrier and Lender. Lender may make proof of loss if not made prompdy by Borrower. Unless Lender and Borrower 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 L.ender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ~ a~plied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to 8orrower. If ~ Horrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has oflered to settle a claim, then Lender may collecE 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 Borrower otherwise agree in writing, any application of proceeds to principal shal! not exfend or ~ postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or ehange the amount of the payments. If under paragraph 14 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting ~ from damage to the Properiy prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security ~ Instrument immediately prior to the acquisition. 6. Preservatiun and Maintenance of Property; Leasehotds. Borrower shall not destroy, damage ar 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 of the lease, and if Borrower acquires fce title to the Property, the leasehotd and I fee title shall not merge unless I.ender agrees ro the merger in writing. ~ 7, Protection of I.ender's Rights in the Property; Mortg~ge Insurance. If Borrower fails to perform the ~ covenants and agreements contained in this Security Instrument, or th~re is a legal proceeding that may signi6cantly affect Lender's rights in the Property (such as a proceeding in bankruptcy~ probate, for condemnation or to enforce laws or x regulations), then Lender may do and pay for whatevcr is nxessary to protect the value of the Property and L.tnder's rights in the Property. I,ender's actions may include paying any sums sccured by a lien which has priority over this Security Instrument, appearing in court, paying rrasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security [nstrumeni. Unless 8orrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement ai the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. _ ~ ~ ~ - ~ goox 554 PACE 992 ~ ~ . _ _ -