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Home My WebLink About0925 ~ UNlFORM COVk.NANTS Borrower and Lender covenant and agrrr as folt<?w~: l, Payment of Princip~l and lnterest; Prepayment and [.atc Charges. Borrow~er shall pramptl~• pay whcn due the Qrincipal of and interest on the debt evidenced by the Nute and any prepay~ment and la~e charges due under the Note. 2, Funds for Tf~xes ~nd Insurance. Subject to applicablc law ar to a written waiver by Lender, Norrower shalt pay : to Lender on the day monthly payments 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 Security Instrument; (b) yearly ? leasehold payments or ground renls on the Property, if any; (c) yearly hazarJ insurance premiums; and (d) yearly morigagt insurance premiums. iEany. These items are called "escrow items." Lende~ may estimate the Funds due on the 3 basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accaunts of which are i~surcd or guaranteed by a federal or t s~ate agency (including lxnder if l.ender is such an institution), l.ender shall apply the Funcis ta pay the escrow items. l.ender ~ I may not charge tor holding and apptying the Funds, analy7ing the account or veritying the escrow items, unless Lender pays ~ Barrow~r interest on the Funds and applicable law permits l~nder ta make such a charge. A charge assessed by Lcnder in ' cc;nnection with Borrow~ers' entering into this Securiry Instrument to pay the cost of an independent tax reporting service : ~ shall not be a charge for purpases of the preceding sentence. BorroH~er and l.ender may agree in writing that interest shall bc ; ~ paid on the Funds. Unless an agreement is made or appficable taw reyuircs interest to be paid, l.ender shall not bc required ta pay Horrower any intcrest or earnings on the Funds. l~ender shall gi~~e to l3orro~~er, without charge, an annual accounting of ~ the Funds showing creciits and debits to ihe Funds and the purpose far which each debit ta 1he Funds was made. ~lhe Funds are pledged as additional securit~~ for the sums serurcd by this Securitp lnstrument. + ~ If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior ta !he due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shal! be, ~ at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments ot Funds. ]f the I amount of the Funds held by Lender is not suflicient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender_ Upon payment in full oPall sums secured by this Security Instrument, Lender shall promptly refund to Borrower ` any Funds held by l.ender. lf under paragraph 19 the Property is sold or acquired by Lender, Lender shalt apply, no later ! than immediatefy prior to the saie oP the Property or its acquisition by Lender, a~y Funds held by Lender at the time ot application as a credit against the sums secured by this Security Instrumer~t. 3. Applieation of Payments. Unless applicable !aw provides otherwise, all payments received by Lender under N~; ya; ~Y~~ ~~n'~ 7 chal~ ~ applied: firs[, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payabte under paragraph 2; fourth, to interest due; and iast, to principai ciue. " 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable ta the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, it any. T Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shaU pay them on time directly to the person owed paymeni. Borrower shall promptly furnish to Lender all notices of amounts ~ to be paid uncler this paragraph. If Borrower makes these payments d~rectly, Borrawer shall promptly furnish to Lender 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 oF the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or det'ends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate ta ~ prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an a agreemem satisfactory to Lender subordinating the lien to this Security [nstrument. lf Lender determines thai any part of ~ the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a ' - ~otice identifying the lien. Borrower shall satisfy ihe lien or take one or more of the actions set forth above within 10 days ~ of the giving of notice. _ S. Hazard Insurance. Borrower shall keep the improvements now existing or hereaRer 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 shall be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrie~ providing the insurance shall be chosen by Bo~r~wer subject to Lender's approval which shall not be i unreasonably 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 shalt promptly give to Lender . all receipts of paid premiums and renewal notices_ In the event ~f loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of losc if not made promplly by Borrower. Uniess 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 eronomically feasible and Lender's security is not lessened. IC 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 any excess paid to Borrower. If Borrower abandons the Property, ar does not answer within 30 days a notice from Lender that the insurance carrier has = offered to settte 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 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 payrr~ents refe~red to in Paragraphs 1 and 2 or change the amount ~f lhe payments. (f under paragraph 19 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 shsll pass to Lender to the extent of the sums secured by this Security Instrument immediately prior ro the acquisition. 6. Preservation and Maintenance of Property; Lease6olds. Borrower shail not ~estsay, damage ~r su~stansially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, 4 Borrower shall comply with the provisions of 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 of Lender'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 ~roceeding that may significantly affect . I.ender's rights in the Property (such as a praceeding 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 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 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. 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 - roquesting payment. ~ . ~ R 55g P~~E 923 BOOK _ ` ~ _