The URL can be used to link to this page

Home My WebLink About0994 } ~ UNIFORM COVENANTS. Barower ~nd Lendar oovenant ~nd ~~es as toNows: 1. Paymont of P~incipsl snd Inter~~t; P~opaym~nt and Lats Chargas. Borrvwer ahaN promptly pay when due the p~ndpal 01 and Interost on the debt wldenced by the Note ~nd ~nd prepaymont and lats chuges due under the Note. ; Z. Ftlhds for Taxss end Insur~nco. Subjed to ~pplwble hw or tp a written walvar by Lender, 8orrower sha~ psy to Lender on the day mo~?ihy p~yma~ts ~re due under the Note, untM ihe Note Is ptld N N1, a sum ("Funds'~ squal to one-tweltlh of: (s) yesrty taxes and asaessments whlch m~y attdn p~tofiy over thk Seou~lty Irt~humant; (b) yearly loesahold paymenta or gound ronts on the Property. M ~ny, (c) Y~N hezard tnsur~nc± ~~+ns; and ~e~ yeniy matqsgs inaun~nce ~xemlums. M any. These Ite~na are csMed "eaaow Ilems:' Lender msy eat~ mate the Funds due on the b~als o1 curront dpb and resao~abis estYnates of ~turo escrow Rans. The Funds shal be held in an instlhrtlc~n the d~oosita or ~ooou~ts of whlch aro inaured or quuantsed by a tederei or stats e9enncy (Indud- Ing lender N Lender Is such ~n instltution). Lender shaM apply the Funds to pay the ascrow Rems. lender mey not cha~ye ior holdng and ap- pyin~ the Funds, anayzhg the acoount or veii(yM~g the eacrow itema, unlesa Lender paya Borrower intereat on tha Funda and appNarWe law ; pertdts Lender to mske auch e charge. Borrowe~ ~nd Lender may a~ee in w~ithg that hterest ahaM ba pald on the Funds. Unlesa eu~ agree- ~ me~t ia made or appYcable law requirea tnterest to be paid, Lender ahaN not ba required to pay Borrower any interest or eamhgs on the Funds. lender ahar gke to BoROwer, without charye, an an~ual accountlng of the Funda ahorving c~ts and debita to the Funda and the purpose ior whlch esch debtt to the Fuoda waa msde. The Funda are pled9ed ae addkional aecurity tor the auma aecured by thia Security Inatrument. ~ ft the ertaunt ai the Funds held by Lender, together with the hiture monlhy paymenta ot Funda paysble prior to the due datea ol the es- crow Rems, ahaM exc~eed the amount requked to pay the escrow Items when ~e, the exceaa sha~ b~, at BoROwer'a option, either promptly repeid to Barower or creclited to BoROwer on monthy payrr~enta ot Funds. il the emount of the Funda held by Le~der b not suffldcr~t to pay the escrow ~err?s when due, Borrower shal psy to Lender any emount ~eoessary to make up the deHdency h one or more paymenta aa re- quired by Lender. Upon payrr~ent in tuM of eN sums aecured by thb Security Inatrument, Le~der shaN promptly relund to Borrower any Funds held by Le~der. If under paragraph 19 the Property la sotd or acqu~ed by lender, Lender ahal apply. no later than h~medtately prbr to 1he sa{e ot the Property or its aoc~tsitlon by Lender, eny Funds heid by le~der st the tlme of applkatbn aa a cxedt againat the sums secured by this Securiry Instru- ment. 3. Applicatton of Payments. Unlesa appYcable law provides othe~wiae, a1 payments received by Le~der under parngraphs 1 end 2 ahaN be app~ied: ti~st, to late charges due under the Note; second, to preQeyment charges due undet the Note; ihtrd, to. amaunta peyable under paragreph 2; tourth, to hterest due; and laat, to prhdpal due. 4. Charge8; U611s. Borrower ahal pay aN texes, aaaessmenta, chargea, fines and imposttions atMbutable to the Property which may attsln pr{ority over this Security Instrume~t, and leasehold payrnents or grourtd rents, N any. Borrower shep pay these obBgadona h the manner provided in parsgraph 2, or ff not peid in that meriner. 8orrower shaM pay them on time ~recUy to the peraon owed payment. Borrower shal prortiptly lumiah to lender aM notic~ of amo~nta to be pakf under this paragraph. H Borrower mnkes these payme~ts dredfy, Borrower shaN prorripdy tumish to lender receJpts evidendng the payn~ents. 8orrawer ahaA prompty dtscharge arry fen wfilch has prlority over thb Security Instrument unless Borrower: (a) agreea in writing to the pay- ~ ment of the obMgatlon secured by the Nen in a menner acceptable to Lender; (b) contests In good faith the lien by, or defends agalnat enforce- ment of the Nen in, legal proceedinga which in the Lender'a opk~bn operate to preve~t eniorcement ot ihe ien or torfetture of any part ot the Property; or (c) secures irom the holder of the Nen an agreement aaWfadory to Lender subordneth~g the ien !o ihis Security lnsirument. If Lender detem~ines that any part ot the Prope~ly is subjed to e Nen whkh may attatn prtority over ihia Se~x~rity instrument, Le~der may gNe Bortower a notice identifying the Iten. Borrower shal saday the ien or take one or more ot the actiona aet torth above withfn 10 days ot the gMng of notke. ~ ~ 5. Hazard Insurance. Borrower aF?aM keep the knprovementa now e~dsting or hereafter ereded an the PropeAy insured against bss by tirre, hazards bck~ded within the tem~ "eutended coverage" and any other hazarda tor wh~Ch Lender requires inaurance. Thts inaurence shaY ~ be maintshed in the anwunta end tor the pe~iods that Lender requires. The insurence cerrier provi~?g the insurence shal be chosen by Bor- rower subject to Le~de~'s epprova! which shel not be unr~sonably withheW. ' AM hsurance poNc~ea and renewala ahal be acceptable to Lender and ahal indude a stendard mortgage dause. Lender shaN have the dght ~ ~ to hold the poCides and renewala. H lender requkes. Borrower shaM prompUy ~ve to Lender al recelpts of paid pr~ma and renewal notices. in the event of bss, 8orcower shal give prompt notic:e to the inaurance canier and Lender. Lender may make proof of bss ff not made promptly by ~oROwer. ,Unlesa Lender and Borrower othervri.se agree in writlng, insurence proceeds shad be appGed to reatoratbn or repak ot the Property damaged, H the restoratbn or repak is econornkaiy teaaibie and Lender"s se~rily is not lessened. If the restoration or repair is nat econondcaRy feas~bte or Lender's security would be lesaened, the insurance proc~,e~eds aha4 be app8ed to the aums securc~d by thls Security tnstrument, whether or - not then due, with any excess peid to BoROwer. H Sorrow~ abando~a the Property, or does not answer withirt 30 days a natke from Lender i that the haurence car~ has ottered to settle a daim, then Lender may cded the insursnce proceeds. Lender may use proceeds to ~epair ~ or reatore the Properry or to pay sums secured by thfs Security instrument, whether or r.ot the~ due. The 30-day pe~iod wi~ begin when the ~ notjce is given. ~ Unfess lender and Borrower otherwfse agree in w?iting, any sppYcatbn of proceeds to prindQal sha~ not e~dend or postpone the due date _ ~ o( the monihty payrnents re(erred to in paregraphs 1 end 2 or change the amount of the payments. N under paragraph 19 the Property is a~ quked by Lender. Borrowera right to any insurance poRdes and proceeds resulthg irom darnage to the Property prior to the acquisition shaN ~ pass to Le~der to the e~de~1 of the sums secured by thia Security Instrument iatety prior to the acquisiNon. ~ 6. Preservation and Malntenance of P~operty; Lsaseholds. Borrower shap not destroy, damage or substantiaqy change ~ 4 the PropeAy, aAow the Propeny to deteriorate or cortxnit waste. H thia Seaufty Instrument is on e leasehoid, Borrower sheA comply? with the ~ provisions ot the lease, and N Borrower acqukes (ee title to the Properly, the leasehoid and tee tide shal not merge uniess Lender egrees to ~ the merger in wrNing. ` ~ 7. Protection of Lender's Rights in the Property; Mortgage insurance. fl Borrower fa~s to perform the covenants end agreementa contahed in thfs Sec;urity Instrument, or ihere is e legal proceeding that may significantly affect LendePs rights the Prope~iy (such aa a proceecifng b bankruptcy, probate. tor condemnation or to eniorce laws or regulations), then Lender may do end pay tor whatever , i is neceasary to protect the value ot the Property and Lendera rights in the Property. Lender's acdons may indude paying any sums secured I by t~ 6en which has piiority onrer this Security InsVument, appeering in court, paying reesonable attomeya' fees and entering on the Properry to make repairs. Aflhough Le~der mey take action under thfs paragraph 7, Lender does not have to do so. Any amounts c~sbursed by Lender under this paragraph 7 sha~ become addNonal debt ot 8orrower secured by this Securiry Uswment. Unless Borrower and Lender a~ee to other terms oi payment, these amounts shaN beer interest irom the date of disbursement at the Note rate and shaA be payabfe, with interest, upon notke from len~er to Borrower requesGng peyment. 01659-t.Cii (09/86) 2N95 ~4~ 2 of 4 ' R FAGE 992 BQOK -~-W----- _