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HomeMy WebLinkAbout0993 # , - UNIFORM COVENAN'rS. 8orrowcr snd Lender covenant und sgrce a's follows: ~ 1. Payment ol Priselp~l sad Inter~ PneFayaeept and Late CbuQa. Sorrowet shali p~omptly pay when due ~ the principa! of and intere~t on the tkbt evldrncod by thc Note and any prepayment and Inte charges due under the Note. i 2. I~nds for Taxa and Iro~unace. Subjcct to applicablt law or to a written waivar by i.ender. 8orrower shalt pay to I.end~r an the duy mcx~thly paymcots ~re due under the Note, until the Note is paid in tnll~ a sunt ("Funds") equal to ~ onrtwelRh of: (a) ye~rly ta~cea und a~sessmenta •which may ~ttuin priority over this Security Instrument; (b) yearly ~ leasehold payment~ or gtound rents on the Property, if siny; (c) yearly hazard ir.surance premiums; and {d) yearly mortgsgo insuce~na prcmiums, if ~ny. Tt~ese items ue c.nllod "escmw items." I.endcr may estimate thc Funds due on the basis of cun~ent daita and reasonable estim~?tea of fLture eacrow items. - The ~nds shall be held in an instittrtion the deposits or aocaunts of which are insarad oc guaranteod by a federal or state agency (including Lqtdrr it' Lender ~S such an inst~tution). Lender shall apply the Funds to pay the escrow items. Lrnder may not cl~arge for holding end ~pplying the~Funds, snalyz~ng the acc~ouat or verifying the escrow items, unless I.cnder pays 8orrower intcrest on the Funds and applic~bk luw permits L,cnder to make such a charge. Borrower and I.ender may agrec in wr~ting that interest sball be pmdd en the Funds. Unless an agrament is mdde or applIcable !sw requires interess to be paid, Lender shall not be requtred to pay Barrower any ~nterest or earnings on the Funds. I.ender shalt givc to Bornower. without charge, an anawd aaaounting af the Funds showing credits and dcbits to thc Funds and the purpc~se for which each debit to the Funds was made, The Funds are pledged as additiannl socurity fot the sums securod by this Socurity Instrumcat. If the ainount of the Funds held by Lender, tog~thcr with thc future monthly payments of Funds payable prior to ~ the due dstes of tha escrow items. shall e~ccood the amount roquired to pay the escrow items when due,, the excass shal! be, ; at Bonower's opti~, either promptly repaid to Horrower or crodlted to Borrower on montbly payments of Funcis. If the amount of the Funds held by Lensler is not sufljcient to pay the cscrow items when due, Borr~wer sha11 pay fo Lendcr any amount nooessary to make up the deRciency in orn or more payments as required by I.ender. ' ; Upon payment in fuq of all sums aecurod by thjs Security Instrument, Lender shall promptly refund to Borrower ~ any Funds held by I.ender. If under psragtaph I9 the P[operty ia sotd or acquired by Lender, G~ndcr shal! apply. no later ; than immediately prior to the sate of the Propertjr or its acquisition by Lender, any Funds held by Lenckr at the time of _ application as a credit agair?.st the sums seeured by this Secwity Instrument. 3. AppWddon oi Paymeab. Unless applicable law provides otherwise, all payinents roceived by Lender under paragrsphs 1 and 2 shall be applird: 6rst, to tate chargcs due under the Note; seoond~ to prepaymcnt chargas due under the Notr, third, to amounta payabk under paragraph 2; fourth~ to interest du~ and last, to principat dae. 4. C'~arg~ I.iesa. Borrower shal! pay att taxes, ~ssesamenta, charges. 8nes ar~d impositions attributable to the Property which may attain priority over this Secnrity lasttument, and leasehold payments or ground rents, if any. ~ Borrower shall pay these obligations in the manntr providod in parsgraph 2~ or if not paid inthat manner, Bonowa shall pay the~n on time directly to tha person owed payment. Borrower shaU promptly furnish to Lender alt notice.s of amounts to be paid under this paragraph. If Barrower malces these payments directty* Borrower shalt promptly furnish to Lender receipts ~videncing the paymmts. - Borrower shall pmmptly discharge any lien which has priority over this Security Instrument unless Bonower: (a) - sgras in writing to the payment of the obligation aocured by the lien in a manaer ac~xptable.to I.ender, {b) contests in good faith the lirn by, or defends_against enforament of the li~~n in. legal p;ocoodings which in the L,ender's opinion operate to prevent the enforament of the lien or forfaturc of any part of the Property; or (c) socures from the hvlder of the lien an . agrament satisfactory to Lender subordinating the tien to th~a Security Instrument. If Lender dctermines that any part of . the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the tien. Horrower shall satiafy the tien or take one or more of the actions set forth above within 10 days of th~ giving of notice. ~ S. Hazsrd Insnranoe. Bonower shsll keep the improvcments now existing on c~reaRer erect~d on the Property insured againsi toss by 8re, hazards included within thc term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shal~ be maintained in tho amounts and for the periods that Letider reguires. The insurance carri=r providing the insurance shall be e6osen by Borrower subject to Lrnder's approval which shall aot be unreasonably withheld. . . - All insuranoe policies arid renewals shaU be acceptable to Lender and shall inciude a standard mortgage ctause. Lender shall have the right to hotd the policies and renewats. If Lender roquirea, Horrower shal! promptly give to I.ender al! receipts af paid premiums $nd ren~val notices. In the event of loss, Horrower shall give pmmpt notice to the insurance ~ carrier and I.ender.l,er~der may mslce proof of toss if not made promptly by Horrower. Unless Lender and Honower otherwiae agroe in writing, insurance procads shall be appi~eci to restoration or repair of the Propcrty damaged, if the reatacation or repair is ooonomically feasible and I.ender's security is not tessened. If the restoration or rcpair ia not ~c,Qnomically feasible or Lender's socurity wautd be lesscned, the insvrance procoeds shall be appliod to the sums secaral by thia Sccurity Instrument, whether or not Ehen due, witb any ~xcess paid to Bonower. lf . Barrawer abandons the Property, or doe~ not anawer within 30 d~ys a notice from Lendcr that thc insurance carrier has offer~d to stttte a claim, then Lender may colloct the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums socured by this Security Instrument, whether or not then due. 'The 30-day pcriod witl begin when the notict is giyen. Untess Lender and Born~wer otheravise agra in ariting, any application of praxeds to principal shal! noteatend or postponc the due date of the monihly payments referscd to in paragraphs 1 and 2 or change the amount of the payments, If under parag,raph 19 the Property u`acquired by I.ender, Bonower's right to any inaurance policies and praxods resulting I! from dacnage to the Property prior to the acquisition shall pass to Lender to the extrnt of the sums securod by this Socurity - Instrument immediately prior to the acquisition. 6. @reaenattoa ~d M.ajntea~aee of Property; I.esre~olds. Borrower sha!! not desiroy, damage or substantially change the Property~ allow the Property to detrriorale or eommit waate. If this Security Instrument is on a leasehold, Borrower shal! comply with the provisions of the lease, and if Borrower acquires tee ~titk to the Property. the leasehold and fa title shall not merge unless I ender agrces to the merga in writing. , 7. Protatlon of I,~ndec'a Rlghts io t6e Property; Mort~e Insnrance. If Horrower faits to perforni the covenants and agroements contained in this Security Instrument, or there is s legal proceoding that may significantly a6oct Lender's rights in the Property (such as a proceeding in bankroptcy, probate, for condemnation or to enforce laws or E regulations), then I.ender may do and pay for whatcver is neces.4ary to protoct the value of the Property and Lender's rights . in the Property. Lender'a actions may include paying any sums secured by a lien which has priority over this Security , Instrument, appearing in court~ paying reasonable attorneys' fas and entering on the Pmperty to make repairs. Aithough ' Lend=r may take activn urider this paragraph 7,-Le~der docs not have to do so. Any amounts disbursea by Lendtr under th~s paragraph 7 shall bccome additional debt of Borrower secured by this Socurity Insirumeni. Unless Borrower and Lender agra to other terms of payment, these amounts shall bear interest from the date ot disbursement at the Note rate and shall 1x payable, with interest~ upon notice from Lender to Bonower ~ roquestin8 paYment. ~ , ~ ~oGK 5~6 PACE g87 i ~ . , . : _ ~ _ ; - .