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HomeMy WebLinkAbout0935 UNIF'ORM COVENAM'S~ Hornower and l.a~der covmant snd atra ~s fo~rs: L P~aieat ot MactM! aad Iaterat; ~'~yaent ~ud l.~te Aiat~q: '..Bonower sissiltp~omptly pay Mhen due the principsl of and interat on the debt evidenc~d by iht Note and any prepayment and late charga due under the Note. 2. E~a~ tor Ta~ca ~d I~wrana. Subject to ~pplicable Isw or to ~ written waivet by Lender, Honowet sh~ll pay ~ to i,ender on the day monthly Pa~ents ue due under the Nate, untii the Note is psid in tull. a sum ("Funds") equel to one-twelfth of: (s) yearly t~es ~nd sssessm+ents which may attain priority over thia Socurity Instrumeot; (b) ycariy - lessehold psyments or ground rents on the Property. if any; (c) yariy haurd insunnce premiums; and (d) ya~ly - mongage tnsurance premiums, if any. 'I'htse items ue cslied "escrow items." Lender may atimate the Funds duc on thc baais of current deta and reasonabk atimata of futurc escrow items. . . The Funds shall be held ia ~n iestitution the dep~sits or accoul~ts of which arc insuced or guarsntad by a feders! ar state agency (inciuding Le~der it I.ender is auch an institution). L~ender ahall spply t1u Funds to pay the a~raw items. Lender m~y not chuge tot holding ~nd opplying the Funds, uu?lyzing the acoount or verifying the escrov~ items; unless ~ Lender pays Horrower interat on the fi~nds and applicable law permits 1.ender to make such ~ chsrge. 8orrower and l.ender may sgree in writing tt~at iaterat aliall be p~id on the Funds. Unleas an agreement is made or applicable uw _ " ' teyuirea intereat to be paid, l.ender ah~A not be required to pay Borrower any interest or arnings on the Funds. Lender shali give to 8orrower. without eharge, an annual acxounting of the Funds showing crodits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are piedged ss additional security for the sums ucured by this Security Instrusnent. lf the amount of the Funds held by Lender. togather with the futun monthly pa~yments of Funds payable prior to the due dates of the escrow iteras~ shall excad the amount requirod to p~y the escrow items when due, the excess sh~ll be, - at Horrowtr's option, either pranptly rep~id to Honower or croditod to Horrower on monthly payments of Funds. If the ~ ambunt of the Funds htld by Lrnder is not suflicient to psy the escrow items when due, 8orrower shall pay to I.ender any _ _ amount necass~ry to make up the de6ciency in one or more payments as r~quired by I.ender. l)pon payment in full of all sums socured by tliis Security Inserument~ Lender shal! promptiy refund to Borcower any Funds held by Lender. If under paragrsph 19 tht Property is sold or uquired by Lender, Lender ahall apply. no later than immediately prior to the sale of the Property or its aoquisition by Lender~ any Funds held by Lender at the time of ~ application as a credit against the sums securod by this Socurity lnstrumrnt. otherwi all ments receivod b Lender under 3. AppiiaNoa o! Pay~wa. Unle~s applicable law prov~des se, pay Y paragrnphs 1 and 2 shall be appliod: first. to late charges due under the Note; s~cond~ to prepayment charges due under the Note; third, to amaunts payabk under parsgraph 2; fourth. to interest dur, and lsst. to principal due. = 4. A~ar~a; Uens. Borrower shall pay al! taues. sssessments~ charges, fines and impcisitions attributable to the Property whicb may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrowet shall pay these abligations in the manner•providod in paragrsph 2, or if not paid in that manner. Borcower shall ~ pay them on time directly to the person owcd payment. Borrower shall promptly furnish to Lender all notices of amounts to b~ paid under this paragraph. It Borrower maka these payments diroctiy~ Borrower 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) agras in writing to the payment of the obligation securod by the lien in a manner aviceptable ta Lender; (b) contests in good faith the lien by~ or dtfends against enforcement of the lien in. legal proceedings which in the Lender's opinion operate to prevent the rnforcement ot the lien or forfeiture of any part of the Properiy; or (c) secures from the holder of the lien an sgrament satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determina that uny part of th~ Property is subject to a lien which may attain priority over tbis Security lnstrument, Leader may geve Borrower a notice identifying the lien. Borrower shaQ satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. _ S. Hwrd Insunnce. Borrower shall keep the improvements now cxisting or hereaRer erected on the Propehy insured against loss by firc, hazards includod within the term "extended coverage" and any other hazards for which Lrndcr ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that L.ender requira. The insurance carrier providing the insurance shall be chosen by Borrower subject to L.rnder's approval which shall not br unreasonably withhold._ , All insurance poiicies and rrnewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have tbe right to hold the policies and renewals. If L.ender roquires. Borrower shall promptly give to Lender all receipts of paid premiums and renewsl notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of iass if not madt Promptly by Horrower. . L Unless Lender and Borrower otherwise agra in writing, insuranct procerds shall be applied to ratoration or repair . of the Property damagod, if the re3toration or repair is oconomically feasible ar~d Lender's security is not lessened. If the ' restoration or repair is not a:onomically feasible or Lender's socurity would be te~uned~ the insurance proceods shall be , applied to the sums securod by this Security Instrument. whzther ar not then due, with any excess paid to Borrower. If Berrower abandons the Property, or does not answer aithin 30 days a notice from Lender that the insurance camer has offered to settle a claim~ thrn Lender m~y collect the insurance procaeis. Lender may use th~ procoeds to repair or ratore the Property or to pay sums socurod by this Security Instrument, whether or not then duc: 'The 30-day period will begin when the nutice is given. Unless Lender and Borrower otherwiu agree in writing, any application of proceeds to principal shaU not extend or postpone the due date of thc monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Bonower's right to any insurance policies and proceeds resulting from damage to the Property prior to the scguisition shatl pass to Lender to the extent of the sums secured by this Security Instrument immediatdy prior to the acquisition. 6. Praenadon and Maiste~ance otProperty; Leaseboids. Horrower shall not datroy, damage or substantially change the.Property. allow the Property to deteriorate or commit waste. If this S~curity Instrumtnt is on a leasehold, Bonower shall comply with the provisions otthe la?.a, and if Borrower acquira fee title to the Property, the leasehold ansi fee title shall not merge unlas Ixnder agrees to the merger in writing. 7. Protectioa ot I~ender': Rights in the Property; Mortgage Iiuuranse. If Borrower faiis to perform the eovments and agreements contained in this Security Inatrument. or th~re is s legal procading that msy significantly atfect ` Lrnder's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enfotce laws or regutations), then Lender may do and pay for whatever is necessary to protoct the value of the Property snd Lender's rights in the Property. Lender's actions may include paying any sums socured by a lien which has priority ovtr this Security j Instrument, appearing in court, paying reasonable attorneys' fas and entering on the Property to make repairs. Although Lender may take action under this paragraph 7~ Lender doa not have to do sfl. Any amounts disbursed by Lender under this paragraph 7 shall become additional dtbt of Borrower securod by this Security Instrument. Unless Borrower and Lender agree to other terms oPpsymrnt~ these amounts shall bear interest trom the date ot disbursement at the Note rate and shall be payable, with interest. upon notice trom Lender to Borrower requeating payment. BOOK 5V~ PACE 195 l . . `f ~ ~ BOOK ~63 PAGE 934 _ - _ - _ - - - . _ _ ~X .