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HomeMy WebLinkAbout0916 ~;i 1 . ? • a UIVIFORM CovENANTS. 8orrowe~ and L.ender covenant and ag~ee as follows: 1. Pay~neat oi Principal u~d Intuesh, P[epsy~neat ~ad I.wte Gtiarges. Borrowe~ shall promptly pay whe~ due the principal oPand interest o~ the debt evidenoed by the Note and any prepayment end late chsrges due under the Note. . 2. Fbnds tor Tasa aad Inwnnca Subject to applicable law or to a written waiver by Lender~ Borrower shall pay to Lender on the day monthly payments sre duc under the Note, untii the Note is paid in full. s sum ("Funds") cquai to onrtwelRh oP: (a) yearly texes and assessments which mAy attain priority over this Security lnstrument; (b) yeariy ~ leasehoid payments or ground nnts on the Pcoperty. if a~y; (c) yearly hazard insurence premiums; and (d) yearly mongage insurance premiums, if any. Thase items are called "escrow items." Lender may estimate the Funds due on the baais of current dats and reasonable ~stimates of tiiturc escrow items. . ~ The Funds shail be held in an institution the deposits or accounls of which a~e insured or guarantad by a tederat or state agency (including Lender if I.ender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for hatding a~d appiying the Funds. analyzing the account or verifying the escrow items~ uniess Gender pays 8orrower interest on the Funds and applicable law permits l..endcr to makc such a charge. Borrower and Lender may a$roe in writing that interest shaU be paid on the Funds. U~less an agrament is made or applicable Iaw requires interest to be paid. Lender shaU not be required to pay Borrower any interest or earnings on the Funds. Lender . shall give to Bonow~r~ without charge, an annual accounting of the Funds showing crodits snd debit~ to the Funds and the putpase for which eaeh dcbit to the Funds was made. The Funds are pledged as additional security for the sums securcd by ~ this Socurity Instrument. ~ If the amount of the Funds held by I.ender~ together with ttie future monthly payments of Funds payable prior to the due dates of the escruw items; shall exceed the amount roquired to pay the escrow items when due, the eacess shall be, at Borrower's option~ either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. !f ttie amount af the Funds held by I.ender is not sutficient 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 required by I.ender. ` Upon payment in full of all sums securod by this Security Instrument~ I.ender shalt promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquir~ by I.ender~ I.ender shall apply. no Iater . than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Stcurity Instrument. , 3. Appliestlon of Psyenenta. Unlass applicable law provides otherwise, all payments received by I.ender under paragraphs 1 and 2 shall b~ applied: first. to late charges due under the Note; s~cond~ to prepayment charges due undcr the Note; third~ to amounts payable under paragraph 2; fourth~ to interest due; and last; to principal due. . 4. C1~arges; Liena. Borrower shall pay ali taxes~ sssessments, charges~ fines and impositions attributable to the Property which may attain priority over this Security Instrument~ and leasehold payments or ground rents. if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or iP not paid in that manner~ Bonower shali pay them on time.directly to the person owed payment. Borrower shall promptly furnish to i.ender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Bonower shal! promptly furnish to I.cnder ~ receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) . agrees in writing to the payment of the obligation securcd 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 apinion operate to prevent the enforcement of the li~n or forfeiture of any pan of the Property; or (e) secures from the holder of the lien an agrament satisfactory to Lender subordinating the lien td this Security Instrument. [f Lender detecmines that any part of the Property is subject to a lien which may attain priority over this Securiry Instrumtnt, L.ender may give Dorrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set fnrth above within 10 days , of the giving of notice. ~ ' ' ; • 5. Ifazard Iasurance. Borrower shall keep the improvements now ezisting or hereaRer erected on the Proparty ~ insured against loss by fire~ hazards included within the term "extended coverage" and any other hazards for which Lender ; requires insurance. This insurance shall be maintninod in the amaunts and for the period~ that I.ender reyuires. The ~ insurance carrier providing the insurance shall be chosen by Borrower subject to LendePs approval which shall not be unreasonably withheld. ~ All insurance policies and renewals shall be acceptable to Lender and shall include a standard mungage clause. Lender shall have the right to hold the policies and renewals. If l.ender roquires, Horiower shall promptly give to Lender ~ all rcceipts of paid premiums and renewal notices. ln the event of loss, Borrower shail give prompt notice to the insurance t carrier and I.ender. Lrnder may make proof otloss if not made promptly by Borrower. Unfess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged. if the restoration or repair is economically feasible and I.ender's security is not less~ned. If the restoration or repair is not economicaUy feasible or Lender's security woufd be lessened. the insurance proceeds shall be applied to the sums secured by this Security Instrument~ whether or not then due, with any°excess paid to Borrower: If Borrower abandons the Propeny. or does not answer within ~30 days a notice f1~om Lenckr~ that t?te insurance rarrier fias offered to settle a claim. then Lender may collect the insurance proceeds. l.ender may ux the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. " • Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principa! shall not eatend or postpone the due date of the monthly payments reterred to in paragraphs 1 and 2 ar change the amount of the payments. !f under paragraph 19 ths Property is acquired by Lender. Borrower's tight to any insurance ~licies and proceeds resulting from damagr to the Property prior to the acquisition shall pass to Lender to the catent of the sums sec;ured by thic Security Instrument immodiately prior to the acquisition. _ 6. Preaerrattor~ and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or subslantially change the Praperty, allow the Propeny to deteriorate or commit waste. If this Security Instrument is on a leasrhold, Borrower shall comply with the provisians of Ihe lease. and if 13orrower acyuires fee title ro the Prapeny, the leasehotd and fee title shall not me~ge unless Lender agrees to the merger in a•riling. 7. Protection of Lender's Rights in the Property; Mortgsge InsurAnce. tf Borrower fails to perform the covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly afi'ect Lendrr i rights in the Propeny (such as a praceeding in bankruptcy, probate, tor condemnation or to enforce laws or regulations), then Lender may d~ and pay for whatever is necessary to protect ihe 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 iri court, paying reasonable attorneys' tees and entering on the Property to make repairs. Although Lender may take ac!iort under this paragraph 7, Lender dces not have to do sc~. Any amounls disbursed by Lender under this paragraph 7 shall become additiona) debt of Borrower secured by this Security lnstrum~nt. Unless Borrower and Lender agree to other ttnns of payment, these amounts shall bear interest from the date af disbursemem at the Note rate and shall be payable~ vvitt~, interest, u~n nMice from Lender to Rorrower . requesting payment. ~ ~ . • - . ' ~ eoox 56? eacE 9~,~ ~ j . _ _ . ~ , . _ . _ . i. ~ •