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Home My WebLink About0956 ~ UN IFORM COVBN~NTS. 8orrowe~ and L.cnder covenant end agra as follows: l. P~y~t of PAadp+tt aad Iat~ Prep~ymaat ~nd I.~te Ch~. 8orrowcr shsll promptly pay when dye the principal of and interest on the debt eridenoed by the Note and any prepayment and late charges due under the Note. 2. Fh~h tor T~a aad Iawnnce. Subjxt to ~pplicable taw or to a written wa~ver by I.ender~ Honower sh~ll pay i. to Lend~r on tha dny monthly paymenta ~re due under the Note, untit t~e Note is paid in full~ a sum ("Funds") oqua! to onc-twelRh of: (a) yearly taaes and aasesaments whlcb may attein priority over this Security Instrument; {b) yearly ~ ieasehotd payments or ground renta on the Property~ if any; {c) yearly hazard insun~ncc premtums; and (d) yearly mortgage insurance premlums, if any. These items are callai "eacrow items." Lender may estimate the Funds due on the basis of current duta and Kasonable estimate~ oPfuture escrow itema. The Funda slull be held in an jnatitution the deposits or aocounta of which are insurod or gwrantad by n foderal or atate agency (including I.ender if Lender ia auch an institution). I.ender ahall apply the Funds to psy the eacrow items. Lcnder msy not chuge for holdIng and spplying ~c Funda, analyzing the acoaunt or veritying the eacrow items, untess I.endu pmiys Borrower interest on the Funds and spplicsble taw permits Iknder to make such ~ charge. Borroaor snd Lcnder may agroc in writtng that interest ahsll be paid oa the F~nds. Unless an agreement is msde or applicable law roquirea intereat to be paid~ I.ender shall not be requirod to pay Borrower sny intertst or eamings on the Funds. Leader shall give to 8a:rower~ without churgc, an annual aooounting of the Funds showing credits and dtbits to the Funds and the purpose for which each debit to the F~ands was made. The Funds are pledged as additior?al security for the sums secured by ihis Security In:.trument. If the an~ount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to the due dates d'the agcrow iten~a, shall exoeod the amount required to pay the tscrow items whrn due, the exass shal! be, at Borrower's c?ption, either pmmptly regaici to Bomower ar crodited to Borrower on monthly payments of Funds. IE the amount af the l~unds ~eld by Lencler is not a~afl9cient to pay the eacrow itema when due, Bonower shall pay to Lender any amount neces.sary to make up the de8ciency in one or more paymenta as requirod by Lender. Upon pa~~ment in fuU of idl sums socurod by this Socurity Instrument, Lender shaU promptly refund to Bonower any Funds h~ld by I.ender. If under pnragraph 19 the Property ia sold or acquired by L.ender, Lendcr shall apply. no later than immodiately prior to td~ as~le of the Property or its soquisition by Lender, any Fonds held by Lender at the time of' application as a cn~dit against the sums socured by this Sccurity Instrument. ~ _ 3. AppUptloa o! Payroeab. Unlcas applicable law provides othervvise, a!1 payments raxived by Lender under . paragraphs t and 2 ahall be applied: ftrst~ to late charges due under the Not~; sa,ond, to prepayment charges due under the ~ Note; third. to amounw payable under psragaph 2; fourth, to interest due; and tast, to principal due. 4. C6a~a; Leae. 8nrrowcr shall pay atl taxes~ assessments. chsrges, fines artd impositions attributable to the Property which may attain priority over this Security Inatrument,.snd leasehold payments or ground rents, if any. Borrower shal! p~y these obligatians in the manner pmvidsd in paragraph 2, or if not pned in that manner~ Borrower shall pay them on time directly to the person owod paymtnt. Bornower shaU promptly furnish to.Lender all notices oPamounts to be paid.under thia paragraph. If Borrower malces these paymrnts diroctty, 8orrowcr shatl promptly furnish to Lender _ receipts evidencing the payments. ; . Borrower shaU promptly dlscharge any lien which has priority over this Socurity Instrument unless Borrower. (a) agrxs in writing to the psyraent of tbe obligation sccured by the lien in a manner aoceptable to Lender; (b) contests in good f~ith the lien by, or defends against enforcement of the lien in. legal proceodings which in the t.ender's opinion operat~ to ~ prcvmt the enfarcement of the lien or forfeitun of any part of the Propcrty; or (c) socures trom the hoider of ths lien an agroement satisfactory to Ixnder subordinating the Gen to thia Security Iastniment. If Lender deterinines ihat any part of . the Property is subject to s lien wtuch may attain priority over this Stcurity Instrument. I.ender may give Borrower a ' notice identifying the lien. Borrower ahall satisfy the lirn or talce one or more of the actions set forth above within 10 days ~ of the giving of notice. ~ . { S. Harard In=uranoe. Honower shall kap the impmvements now existing or hereafter erected an the Property , insur6d against loss by 6re, hazards inctudod within the term "extended ooverage" and any other hazards for which Lender requirea insuranoe. Ttus insurana aha!! be raaintained ta the sa~ounts and for the periaia that Lender roquires. The insurana carrier providing the insurance sbail be chosen by Bonower sub,ject to Lender's approval which shail not be unreasoaably withheld. . . All inaurana policies and renewals shatl be ~cceptable to Lendar and ahall inctude a standard rraorigage ctause. I.ender shall have the right to hotd the po[icies and renewals. If Lender roquires, Borrower shall promplly give to Lender all recxipts of paid premiums and renewal notires. In tbe event of los.s, 8orrower shall give prompt notice to the insurance ~ carrier and Lender. I.ender may make prbof af loss if nM msde promptiy by Borrower. ' ~ ~ Unlsss Lender ~nd Horrower otherwise agra in arriting, insurance proceods ghall be applial to restomtion or repair of the Property damaged, if the restoration or repair is oconomically feasible and Lender's security is not tesscned. If the ratoration or repair is not ecanomirally feasible or Lendet'a s~ecurity would be lessened~ the-insurance proceeds shall be appliod to the sums securai by this Security Inatrument~ whethcr or not thtn due, with any eatce.ss p~id to Bonower. If Borrower abandons the Property. or does not answer within 30 days s notice from Lender that the inaurance carrier has offered to settle s claim, then Lender anay collect the insurana pmcecds. i.ec~.der may use the procoods to repair or ratore the Property or W pay suma socured by thia Security Instrument. whether or not then dua The 30-day period wilt begin when the notice is given. • Unless Lender and Bonowa otherwise agrce in writing~ any applicatior~ of proc.ads to principal shall not extend or postpane the due date of the moathly paymenta referred to in psrsgraphs 1 and 2 or change the amount af the paymmts. If under p~rrsgaph I9 the Property is acquirod by Lender. Bonower's right to any insurance palicies and proceods resulting from damage to the Property prior W the acquisition ~hall pass to Lender to the extent of the sums secured by this Security Instrumrnt immedistely prior to the acquiaition. 6. Preaer~aHoa snd Matnteaanee ot PropErty; Lase6olds. 8orrowec ahall not destroy, damage or substantially ~ change the Property, allow the Property ta deteriorate nr commit wsste. If this Security Instrument is on a leasehold~ Borrower shall comply with the provisions of the leas~e, and if 8orrower scquires fa title to the Propcrty~ the leasehold and fa title shali noi merge unkss Lendcr ~gras to tha merger in writing. - _ . 7. Protecdan af I.eader'~ Itights in the Property; Mort~ Ia:nnnce. If Banower fails to perform the covmanta and agreements contain~ in this Security Instrumrnt. or there is a legal procealing that may signiBcantly aRcct Lender's rights in the Property (auch aa a proceeding in bankropicy, probate, for condemnation or to enforce laws or regulations), then Lender msy do and pay fof whatever is nocesaary to protoct the value of the Property and Lender's rights in the Property. I.ender's actions may include paying any auma secured by s lien which has priority over this Security Instrument, appearing in court, Qaying reasonable attomeya' faa and entering on the Property to make rcpairs. Although Lender may take action under this paragraph 7, Lender does not have to do w. Any amounta disbursed by Lender under thia patagraph 7 ahall become sdditional debt of Borrower secured by this SocuRty Instrumrnt. Unlas Horrower and Lender agra to other tarras of payment~ these amounts ahall bear interest from the date of disbursement at the Note rate and shall b~ payabk, with interest~ upon notise from I.ender to 8orrower roquesting paymcnt. ~ BoaK 5~ PA~~ 951 - - : . : : . . ~ ' Y' -~.w.-'.. ' . . , . - . ~ ~ . . . _ . ~ _ _ . . .t"- - . . " _ ' _ ~