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HomeMy WebLinkAbout0988 UNIE'ORM COVENAIVTS. ~ 8orrower aod I,znde~ covenant and agrec ss foltows: l. Payme~t ot Princtpt! u~d Inte~t; Prep~ymeat sad Late Chsr~es. Borrowe~ shall p~omptly pay when duc the princip~l of and iatercst on the dtbt evidenced by the Note and any prcpayment and latt charges due under the Note. E~ab [or T~xa ~d Iawnace. Subject to spplicsble law o~ to a wriiten waive~ by Lende~. Borrowe~ shall pay • to Lender on the d~y monthly psyments sre due under the Note. until the Note is paid in fuii~ a sum ("Funds") equal to ono-trrelRh of: (a) yearly tAxa and assessmrnts which may attain prinrity ovor this Security tnstrument; (b) yearly ~ ltasehold payments or ground rents on the Propeny~ if any; (c) yearly hazard i~surance prcmiums; and (d) y~a~ly mo~tgsge inaur~oce premiums~ if any. Thes~ itcros are called "excrow items." l.ender may estimate the Funds due on the bssis of curcent data and rcasonable estimates oPfiiture escrow items. 'Il~e Funds shaU be heW in an institulion the depcuits or aocaunts af which aoe iasured or guarantad by a fcdtral or . statz agcncy (inctuding Lender if i.cnde~ is such an institution). Lcnder shall apply thc Funds to pay thc escrow items. l.ender may ~toi chaige for holding and applying tt~ Funds. anatyzing the account or verifying the tacrow items, unless ixnder pays Bocrow~er interest on the Funds and applicable taw permita Lender to make such a char~e. A charge assessed by Lendcr in connoctio~ wilh Borrow~eers' enteriqg into this Socurity Instrument to pay the cost of an in6ependent tax rcporting service shaU not be a~harge for purposac otthe preoeding sentence. 8orrow~er and l~ender may agree in writing that interest shall be paid on the Funds. Unkss an agreement is made or applicabk law r~uircs i~tcrest to bc paid. l.endershall not be required to pay Borrowtr any intercst or eamings on the Funds. Lender shall give to Borcower. without chargc. an annual accaunting of the Funds showing etodits and debits to the Funds and the purpose for which cach debit to the Funds was made. The Funds are pledgod as additional securiry for tlm sums securod by this Security Insttument. If the ~amount of tho Funds held by I.ender, together with the futurc monthly payments of Funds payablc prior to the due dates of the escrow items~ sh~ll eacad the amount required to pay the ~scrow items when due~ tht excess shal! be, at 8orrower's optian. eithtr promptly repaid to Bvrrower or credited to Borrower on monthly payments of Funds. If the amouni of tbe Funds held by Lender is not sufficient to pay the escrow items when due, Bonower shall pay to I.ender any amount noces.4ary to make up the deflciency in ane or mon payments as requirod by Lender. Upon payment in full of ull sums secured by this Security Instrument. Lender shafl promptly refund to Borrower any Funds held by I.ender. If under paragraph 19 the Property is sotd or acquired by Lender. Lender shal! apply. oo lator than immediately prior ta the s~tt of the Propeny or its acquisition by I,endtr~ any Funds held by I:ender at the timc nf application as a crodit ag,ainst the sams secured by this Security Instrument. 3. Appljcsdon o! Pay~aenta. Unless applicable !aw provides otherwise~ aU payments receivod by Lender under pamgraphs i and 2 shall be applied: first~ to latt charges due under the Note; secand. to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. C1~rges; Ltena. Borrower shall pay all taxts~ assessments, charges, fines and impositions attributable to the f Property which may attain priority over this Security lnstrument~ and leaxhold payments or gcound rtnts~ if any. ~ Borrower shall pay these obligations in the manner provided in paragrap6 2, or if not paid in that manntr, Bonower shall j pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender sIl notic~s of amounts { to be paid under this paragraph. If Borrower maka these payments directly. Borrower shalt promptly furnish to Lendtr ' roceipts evidencing the payments. Borcower shall promptly discharge any lien which has priority over this Security Instrum~nt unless Borcower: (a) agras in writing ta the payment of the 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 ~ ' prevent the enforcement of the lien or forfeiture of any part ~f the Property; or (e) secures from the hofder of the lien an ` agrament satisfactory to Lender subordinating the lien to this Socurity In~trument. IP Lender determines tbat any part of I, the Property is subject to a lien which may attain priority over this Security lnstrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or tak~ one or more of the actions set forth above within 10 days of the giving of notive. . S. Hazard Insurance. Borrower shall kcep the improvements now existing or hereaRer erected on the Property insurcd against loss by fi~e. hazards included within the term "extended coverage" and any other hazards for which Lender - requiros insurance. This insurance shail be maintained in the amounts and for the periods that Lender roquires. 'The insurance esrrier providing the insurance shall be chosen by Borrower subject to Lender's approvai which shall not be unreasonably withh~ld. Alt insurance policies and renewais shall be acceptable to Lender and shatt inciude a standard mortgage ciause. Lender shall have the right to hotd the poiicies and renewats. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss. Barrower shall give prompt notice Co the insurance ~ carrier and Lender. Lender may make proof of los.~ if not made promptly by Borrower. . Unless I.er?der and Bonower otherwise agree in writing, insurance proceeds shall be appiied to restoration or repair of the Property damag~d~ if the restoration or repair is economically teasible and [..ender's security is not lessened. If the ratoratiorr or repair is not oconomicaity feasible or Lender's security would be leesenod. the insurance procecds shall be applied to the sums secured by this Security Instrumtni, whether or not then dut, with any excess paid to Borrower. If 8orrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance csrrier has ofFered to settle a claim. then Lender may collect the insurance proceeds. Lender rriay use the proceeds to repair or restore the Propeny or to pay sums securcd by this Security Instrument~ whether or not then due. The 3U-day period will-begin when the notice is given. ~ Unkss Lendee and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due dat~ of tbe monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. lf - under paragraph l9 the Property is acquircd by Lender, Borrower's right to any insurance policies and proceods resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent uf the sums secured by this Security Instrument immediately prior to the acquisition. 6. Presenstion and Ma,iatenance of Property;l,eaaedolds. Borrower shal! not destroy. damage or substantially change the Proptrty. allow the Properiy to deterior~te or commit waste. if this Security Instrument is on a leasehold~ 8orrower shall comply with the provisions of the lease~ and if Borrow~r acquires fa title to the Property. the leasehold and fee title shall not merge uniess L,ender agrees to the merger in writing. 7. Protertfon ot i.eadtr's Rights [n the Propetty; Mortgstge Insurnnce. If Borrower fails to perf'orm the covenants and agraments contained in this Security Instrumertt, or there is a legai procetding that may significantly affect Le~der's righis ite the Ptoperty (such as a procseding in bankruptcy, probate, for condemnation or to enforce laws or regolations), then Lender may do and pay for whatever is necessary to protect tht valut of the Property and L.ender's rights in the Property. Lender's actions may include paying any sums securcd by a lien which has priarity over this Security lnstrumrnt. appearing in court, paying reasonable attorneys' fea and entering on the Property to make repairs. Although Lender may take actioa under this paragraph 7. Lender does not have to do so. Any smounta diaburaed by Lender under this patagraph 7 ahall become additional drbt of Barrower secured by this Security Inatrument. Unless 8orrower and Lender agree to other terms of payment, these amounts shall bear inttrest from the date of diabursement at the Note ratt and shall be payablt, with interest, upon notice from I.ender to Borrower requating payment. ~ I' . ' . 840K PACE 9$~ ~ . : . . _ z.~.....~...~~__..___ _ _..w_.~_. _ .