HomeMy WebLinkAbout0955 UNIFORM CovENAN'ts. Horrower and Lender covenant and agree as foltow•s:
l. P~ymeat oi Principal ~nd Interest; Prepaymeat and Late ChArges. Borrower shall promptly pay when due
the principaf of and inter~:t on the debt evidenced by the Nole and any prtpaymcnt and late charges due unde~ the AJotc. :
2. Funds for Taxes ~nd lnsurance. Subject ta applicable law or to a written waiver by Lendcr, Bor~ower shall pay
to I.ender on the day monthly payments are due under thc Note, until the Note is paid in full, a sum ("Funds") equal to -
one-twelflh oic (a) yearly taxes and assessments whi:h may attain priority over this Security lnstrument; (bj yearly '
leasehold payments or ground rents on the Propeny~ if any; (c) yearly hazard insurance premiums; and (d) yearly *
mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the '
basis of current data and reasonable estimates of future escrow items. ~
The Funds shall be hcld in an institution the deposits or accounts of which are insured or guaranteed by a federat or
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. ,
~Lender may not charge for holding and applying the Funds. analyzing the account or verifying the escrow items. unless
I.ende~ pnys Borrower interest vn the Funds and applicable law permits Lender to make such a eharge. Bor~ower and
Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law
requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ;
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Hunds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by .
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this Security Instrument. .
If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to i
the due dates of the escrow items, shall exceed the amount required to pay the escraw items when due, the excess shall be, ?
at Borrower's option, either promptly repaici to Borrower or credited to Borrower on monthly payments of Funds. If the i
amount of'thP Funds held by I.ender is not sufficient to pay the escrow items when due, Borrawer shall pay to I.ender any ,
amount necessary to make up the deficiency in one or more payments as requireci by I.ender. s
Upon payment in full of all sums secured by this Security Instrument~ I.ender shall promptly refund to Borrower ~
any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by I.ender~ Lender shall apply, no Jater ~
than immediately prior to the sale oP the Property or its acquisition by Lender. any Funds hetd by Lender at the time of
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application as a credit against the sums secured by this Security Instrument. ;
3. Application of Payments. Unless applicable law provides otherwise, ap payments received by Lender under ; I,
paragraphs i and 2 shal! be applied: first. to late charges due under the Note; second, to prepayment charges due under the ; i
Note; third, to amounts payable under paragraph 2; faurth. to interest due; and last. to principal due. ,
4. Chatges; Liens. Borrower shall pay all taxes. assessments, charges, fines and impositions attributable to the
Property which may attain priority over this Security Instrument. and teasehold payments or ground rents, if any.
Borrower shall pay these obtigations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
pay them on time directly to ihe person owed payment. Barrower shall promptly furnish to I.ender all notices of amounts =
to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to L.ender ~
receipts evidencing the payments. ~ ;
Borrower shall promptly discharge'any Iien which has priority over this Security Insirument unless Borrower: (a) ~
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to L.ender; (b) contests in good
faith the lien by, or defends against enforcement of the fien 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 tien an , ~
; agreement satisfactory to Lender 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, Lender may give Borrower a Y
notice identifying the lien. Borrower shalt satisfy the lien or take one or more of ihe actions set forth above within 10 days ~
of the giving of notice. ~
5, Haz,srd Insuranee. Borrower shall keep the improvements now existing or hereafter erected on the Property ;
~ insured against loss by fire, hazards in;,luded within the term "extended coverage" and any other hazards for which Lender f
; requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ~
~ insurance carrier providing the insurance shali b~~chosen by Borrower subject to Lender's approval which shall not be ~
~ unreasonably withheld.
All insurance policies and renewals shall be acceptable to L.ender and shall include a standard mortgage clause_ ;
~ Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shalt promptty give to Lender ~
~ aU receipts of paid premiums and renewal notices. In the event of loss. Borrower shali give prompt notice to the insurance i
carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. a
~ Untess Lender and Borrower otherwise agree in writing, insurance proceeds shal~be applied to restoration or repair '
3 ef the Property damaged, if the restoration or repair is econQm:catly feasible and Lender's security is not lessened. If the '
~ restoration or repair is not economically feasibte or Lender's security would be lessened, the insurance proceeds shalt 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 dces not answer within 30 days a notice fram Lender ihat the insurance carrier has
3 offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
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; 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 prineipal shall not extend or
postpone the due date oP the monthly payments referred to in p~ragraphs 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 pc~licies and proceeds resulting
F from damage to the Property prior to the acquisition shali pass to Lender to the eztent of the sums secured by this Security
~ Instrument immediately prior to the acquisition.
~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substaniially
~ change the Property. allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold,
~ Borrower shall comply with the provisians of the lease, and if Borrower acquires fee title to the Property, the leasehold and
fee title shall not merge un:ess I,ender agrees ta the merger in writing. .
7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
~ covenants and agreements contaiaed in this Security Instrument, 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 ta enforce laws or
~ regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender`s rights
~ in the Pro rt Lender's actions ma include a in an sums secured b a lien which has norit over this Securit
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Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although
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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 Instrument. U~less Borrower and Lender agree to other terms of payment, these amounts shall bear interest from
the date of disbursement at the Note rate and sha11 be payable, w~ith interest, upon notice from Lender to Borrower
~ requesting payment.
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