Loading...
HomeMy WebLinkAbout0919 UNIFORM CovtNANTS. Horrower and Lender cavenant and agree as fallows: 1, Payment of Principal and lnterest; Prepayment and Late Charges. Barrower shall promptly pay whcn due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2, Funds far Taxes and Iasurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly paymeats are due under the Note, until the Note is paid in full, a sum ("Funds") equal to , one-twelRh of: (a) yearly taxes and assessments which may attain priority over this ~ecurity lnstrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are calted "escrow items." Lender may estimate the Funds due on the , _ basis ofcurrent data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts oT which are insured or guaranteed by a federal or ~ state agency (including Lender if I.ender is such an institution): Lender shalf apply the Funds to pay the escrow items. : Lender :'~ay not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless , Lender pays Borrower interest on the Funds and applicabie law permils Lender to make such a charge. Borrower and ~ Lender may ag~ee 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 interes! or earnings on the Funds. Lender shall give to Borrower, withoul charge, an annual accounting of the Funds showing credits and debits to the Funds and t?~e purpose 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 Puture monthly payments of Funds payable prio* to j the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, - at Borrov?er's option, either promptly repaid to Borrower or credited to Borrower on monthty payments of Funds. Ii the amount of the Funds held by Lender is not sufticient to pay the escrow items when due, Borrower shall pay ta Lender any amount necessary to make up the deficiency 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 any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than :snm~~iately pri~r ~n the sale of the Property or its acquisition by Lender, any Funds hetd by Lender at the time of application as a credit against the sums secured by this Security [nstrument. 3. Application of Payments. Unless appticabte faw provides otherwise. al! payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amoants 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 Properiy which may attain priority over this Security Instrument, 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 directty to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this parag~aph. If Borrower makes these payments directly, Borrower shall promptly furnish to L,ender receipts evidencing the payments. : Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) ' agrees in writing to the payment ofthe 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 preveni the enforcement oP 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 determines that any part of the Propeny is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a ° notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions sei 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 "eatended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The i insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. Alt insurance policies and renewals shall be acceptable to Lender and shal{ include a standard mortgage clause. Lender shall have ihe right to hold the policies and renewals. If I.ender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurancL 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 sha11 be applied to restoration or repair ` of' the Propeny damaged, if the restoration or repair is economically feasible and Lender'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 - applied to the sums secured by this Security Instrument, whether or not then due, with ~ny excess paid to Borrower. If $orrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect 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 otherwis~: agree in writing, any application of proceeds to principat shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If . under paragraph 19 the Property is acquired by L.ender. Barrower's right to any insurance policies and proceeds resulting - from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums sernred by this Security _ Instrument immediately prior to the acquisition. " . 6. Preservation and Aiaintenance of Property; Leaseholds. Borrower shall not destroy, damage or s~bstantially - 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 fee title to the Property, the leasehold and fee title shaii not merge uniess i,c~iue~ ag~e~ :':e ^:eeoer ~*~r~*!g- , s 7. Protection of Lender's Rights in the Property; Mortgege Insorance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a I~gal 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 ~ regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may inetude paying any sums serured 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 does not have to do so. ~ Any amounts disbursed by L.ender under this paragraph 7 shall become additional debt ot Borrower secured by this ~ Security Instrument. Unless Borrower and Lender 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 Lender to Borrower requesting payment. • ~ ~ R ~58 ~~E 917 ~ ~ BOOK - - -.~_.-_._.a..._.