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Home My WebLink About0992 ~ . ~ • ~ , UNIFORM COVENAN7'S. Horrower ~nd I.ender covenant and agra as follows: . l. Ps~naeat ot Prtacipai aRd Iat~ PYepy?sat aad Lte Cbarges. Horrower shall promptty pay when due the p~ncipal otand lnterest on the debt evidenad by the Note a~d any prcpayment and late charges due under the Note. 2. l~~ tor Taxa and I~. Subject to ~pptia~bte Iew or to a written waiver by Ixnder. 8on~awer shaU pay to Lende~ oa the day man~hiy payments ~re due under the Note, until the Note is paid in full, a sum ("~r_ds") equal to one•twelfth ofc (a) ye~riy t~ea pnd assessmenta which may ntt~in priority ovcr this Socurity Instrument; (b) yeurly leasehold payments or ground rents on the Properiy, if any; (c) yea~ly hazard insun~na premiuma; qnd (d) ye~riy ' rrtortgage insurance premiums, if any. Tbex isems are called "GUrow items." Lendcr may estimate thc Funds due on the bsais of currh?t d~ta and reasonable estimates of tuturc escrow items. The Funda ahall be hald in an instltutian the dtposits or accounts of which sre insurcd or guarantad by a federal or state agency (including Lender if Lende~ is auch an inatitution). l.ender shall apply the Funds to pay the escrow items. Lender may not chuge for haWing and spplying the Fumu. analyzing the account or verifying the escrow items~ unkss I.ender pa}~s. Bomower intere~t on the Funds end applicabie law pcrmits I.ender to make such n charge. Bonower and Lender may agrce in writing that' interaf shall be paid on the Funds.. Unless an agreemcnt is made or applicablr law requires lnterat to be paid, Lender s~?all not be r~quirod to pliy ~orrower any interest or earnings on thc Funds. I.ender shall give to Bomower, without chsrge, an annuai accounting of the Funds showing crcdits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additionai security for the sums secured by this Security InstrumGnt. ~ ~ ' If the amoant of the Funds held by Lender. together with the future monthiy payments of Funds payable prior to the due dates of the escruw itema, shall excoed the amount roquircd to pay the escrow items when due, the excess shall be, at Horrower's option. either promptly repaid to Borrower or credited to Horrower on monthly payments of Funds. If the amount af the Funds held by I.ender is not su~icirnt 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 requirod by L.endcr. _ Upon payment in full of uii sums socura! by this Socurity Instrument~ ixnder shall promptly refund ta Botrower. any Funds held by Lendec. If under paragr~ph ~9 the Property is sold or acquirod by Lender. Lender shail apply, no Iater than immediately prior to the ssle of the Property or its aoquisition by Lender~ any Funds held by Lcnder at the time of application as a credit sgainst the sums socurcd by this Security Instrument. 3. AppUc~don u! Payaaents. Unless applicable law provides otherwisef ai1 payments received by I.~nder under paragraphs 1 and 2 sha1D be applicd: 6rst~ to late charges due under the Note; second~ to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth~ to interest due; and last, to principal due. 4. Charges; I.lena. Bonower shall pay all ta~ces~ assessments~ charges, fines and impasitions attributable to the Property which may attain priority over this Socurity ~Instrument~ and leasehold paymtnts or ground rents. if any. 8orrower shal) pay these obligations in the manner providod in paragraph 2~ or if not ~id in that manner~ Borrower shall • pay them on time directly to the person owed payment. Bonower shall promptly furnish to L~ender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directiy. Borrower shall~promptly turnish to Lender roceipts evidencing the payments. . . Borrower shail promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agtces in writing to the payment of the obligation secured by the lien in a manner acceptable to I.ender, (b) contests in good faith the lien by. or defends against rnforcement of'the lien in, legal proceedings which in the Lender s opinion operate to prevent the enforcement of tht lirn or torfeitur~ of any part of the Property; or (c) secures from the hold~r of the lien an agrcement satisfaciory to Lender subordinating the lien to this Security Instrument. If Lender determines t6at any part of the Property is subjxt to a lien which may attain priority over this Security Instrument, Lcnder may give Dorrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. ~ • ~ ~ S. -Huud Insurance. Borrower shall keep the improvements now eaisting or hereaRer eroctod on the Property insurod against~aoss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. Th~s insurance shall be maintained in the amounts and for the periods that L.ender requires. The ! insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insuranct policies and renewals shail be acceptable to Lender and shall include a standard mortgage clause. L.ender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender a!t receipts of paid premiums and renewal notices. In the event of toss, Borrower shall give prompt notice to the insurance carrier and Lender. Ltnder may make proof of loss if not made prompdy by Borrower. Uniess Lender and Bonower othenvise agrce in writing, insurance proceeds shali be applied to restoration or repair of thc Propeny damaged. if the restoration or repair is economically feasible and Lender's security is not lessened. If the ratoration or rcpair is not oconomically fe~sible or I.ender's security wouid be lessened, the insurance proceecis shall be ~ applied to the sums secur~d by this Security lnstrument, whether ot not then due, with any excess paid to Borrower. If Borrower abandons the Property, or dces not answer within 30 days a notice from I.ender 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 ar to pay sums secured by this Security Instrument, whether or not then due. The 30-day period w~ill begin when the notice is given. . Unless l.ender and 8orrower otherwise agree in writing, any.application of proceeds to principal shall not extend or postpone tho due date of the monthly payments referrcd to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is~acquired by Lender, Borrowet's right to any insurance ~licies and praceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the eatent of the sums secured by this Securi~y Instrument immediately prior to the acquisition. - 6. ~Praenatton and Mnintenance of Property; I.eaaehoids. Borrower shal) not destroy, damage or substantially change the Propehy~ allow the Property to detcriorate or rommi~ waste. If tFis Security Instrument is on a lea~ehoid, Borrower shall comply with the provisions of the lease, and if Borrower acyuires fee title to the Property, thr Iraseh~ld and fee title shail not merge unless Lender agre~ to the merger in writing. ~ 7. Protection ot Lender's Rig6ts in the Property; Mortgsge Insurance. Tf Borrower fails to perform the covenant~ and agrtements contained in this Security lns~tument, or there is a legal prcxeeding that may significanlly affect, Lendrr's rights in the Property (such as a pruceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lende~ may d~ 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 rcasonable attorneys' tees and entering on the Property to make repairs. Alth~~ugh Lender may take action under this paragraph 7. Lender does not have to da so. Any amounts disbursed by I.ender under this paragraph 7 shall become additional dcbt of BorroNer secured by Ihis Securily instrument. Unless florrower 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, upcm notire trom Lender to BorroK•er requesting payment. - . gooK 563 P~~E 99i . - _ -