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Home My WebLink About0961 UNIFORM COVENAN7'S. Borrower and Lender oovenant and agra as follows: i 1. Pa~n~at o! Priscipa! and Iate,resa Prep~y~t ~ad Late Gbar~es. Borrower ahall promptly pay whcn due the principal of end intereat o~ the debt evidenced by the Note a?d any pnpayment and late chargcs due under the Note. . 2. F~uads (or Tue~ and Iniunntb. Subject to appflcabk law or to ~t written waiver by Lender~ Bonowee shall pay to Lender on the d~y monthly payments aro due under the Note~ until the Nate is paid in full. a sum ("Funds") oqual to onrtaelRh of (A), yearly taaes and aasessmenta w~ich m~y attun priority ovar this Security Inslrument; (b) yearly leasehold payments or ground rents on the Propecty. if eu~y; (c) yearly hazard insu~nce premiums; and (d) yearly moRgage insurana premium~, if any. Theae ite~ns aracallod "escrow items." I.end~r msy estimate the Funds due on the basis of curnnt data and re~sanable estime?tes of tLtun escrow items. The Funds shal! be held in an institution tha deposits or accounts of which aro insuced or guarnntad by a foderal or statr agency (including Lender if Lender ia auch an inadtution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Punda, analyzing the account or verifyiog the escrow items~ untess Lender pnys Borrower interest on the F~nda and applicabk law permits Lender to make such a charge. Borrower and Lendcr may agra in writing that interest shalt be psid on the Funds. Unless an agrament is made or applicable law roquires interest to be paid, Lender shall not tie r+equired to p~y Horrower any interest or airnings o~ the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the ~nds and the pucpc~se for which each dcbit to the Funds was made.'fhe F~nda arc pl~dged as additional security for the sums securcd by this Security Instrument. If th~ amount of the Funds held by I.ender. together with tha futnre moathly payments of Funds payable prior to - the due dates of the escruw items, shall exceod th~ amount roquirod to pay.the escrow items when due, the excess shall be. at Borrower's option, either promptly npaid to Borrower or creditod to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Bonower shall pay to Lender any amount necessary to make up the deftciency in one or more paya~ents as requirod by Lender. ~ Upon payment in futl of all sums socurod by this Security Instrument~ Lender shal! promptly refund to Borrower any Funds held by I.cnder. If under paragraph 19 the Ptoperty is sold or acquirai by Lender, I.ender shall apply. no later than immediately prior to the sale of the Property or its acquisition by L~nder, any Funds held by Lender at the tim~ of ' application as a crodit agsinst the sums secured by this Security Instrument. 3. Appltcadon of Payments. Unle~s applicable law provides otherwisc. alI payments received by L~ndtr under paragraphs 1 and 2 shall be appliad: first, to late charges due under the Not~ socond. to prepaymtrtt charges due under the Note; third~ ta amounts payable nnder psragraph 2; fourth, to interest du~ and ]sst, to principal due. 4. (~arges; I.lena. Borrower shall pay aA tax~s, assessments, charges, Hnes and impositions attributable to the Property which m~y attain priority over this 5ecwity Instrument, and leasehold payments or ground rents, if any. ' ' Borrower shall pay these obUgations in the manner provided in paragraph 2. or if not paid in that manner. Borrower shall pay them on time directly to the person owal payment. Bonower sttall promptly furnish to Lcnder all notices of amounts to be paid under this paragr~tph. If Borrower makes these payments d'uectly, Borrower shall promptly furnish to I.ender rc~eipts evidencing the psyments. Borrower shaU promptly dischargt any lien which has priority over this Socurity Instrument unless Borrower: (a) agras in writing to the payment of the obligstion socurod by the Gtn in a tnanner acceptable to L.ender; (b) contests in goad faith the lien by, or defends against enforcanent of the Gen in. legai procc~edings which in the Lender's opinion operate to prevent the tnforcem~nt of the Uen or forfeiture of any part of the Property; or (e) securss from the holder of the lien an agreement satisfactory !o Lender subordinating the lien to this Security Instrument. If Lrnder determines that any part of the Property is subjoct to a lirn which may attain priority over this Security Instrument, I.ender may give Borrower a notice identifying tho lien. Borcower shall satisfy the lien or tak~ one or more of the actions set forth above within 10 days of the giving of notice. ~ S. • H~rd InsurAnce. Borrower shalt keep the improvemrnts now existing or heresRer ertcted on the Property ~ insured against loss by fire, hazards included within the term "extendod coverage" and any other hazards for which I.ender ^ i requires insurance. This insurance shall be maintainod in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shall be chosen by Borroaer sub}~ct to Lender's approval which shall not be ` unreasonably withheld. ~ Atl insutance poticies and renewals shatl be soceptable to Let:der and shal! include a standard mortgage clause. I.~ader shal! have the right ta hold the policies and renewals. If Lender roquires, Bonower shal! promptiy, give to Lender ~ all receipts of paid premiums and renewal notices. Ia the event of loss, Borrower shall give prompt notice to the insurance i~ carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ; Unless Lender and Borrawer otherwise agroe in wri~ing, insurance procotds shall be applied to restoration or repair ~ of the I'roperty damaged, if the restoratian ar repair is eronamically feasibk and Le~tder's security is not less~ened. If the restoration or repair is not aonomicaUy frasible or L~ender's security would be lessened, the insurance proceeds shali be ; applied to the sums s~cured by this Socurity Instrument~ whether or not then dut, with any eacess paid to Bonower. If Bonower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has offerod to settle s claim, then Lender may colloct the insuranoe procoods: Lendcr may use the proceeds to repair or restort _ thc Property or to pay sums stcurod by this Security Instrument~ whether or not then due. The 30-day period will begin whcn the noticx is givcn. . ? Un)ess Lender and. Bonowa otherwise agra in writing~ any application of procoods to principal shall not eatend or ~ postpone the due date of the monthly payments reftrrod to in paragaphs 1 and 2 or change the amount oi the payments. If ~ under paragraph l9 the Property is acquired by Lender. Borrower's right to any insurance poticits and proceeds resulting from damage to the Propetty prior to the acquisition shall pass to Ltnder to the extent of the sums secured by this Security Instrument immodiately prior to the acquisition. . 6. Presenatlon u~d Milntenwtce ot Frop~rty; I.eueholds. Borrower shall not destroy~ damage or substantialiy ~ change the Property~ allow the Propcrty to deteriorate or commit waste. If this Security Instrument is on a leas~hold, Harrower shall comply qnth the provisions of tbe lease, and if Borrower acquires fa title to the Property, the teasthold and I ~ fa title shall not merge unless Lender agras to tbe merger in writing. ~ 7. Pratectton ot Lende.r"s Rtg6b in tb~ Prcperty; Mortgage Inanrance. If Bonower fails to perform the ' covenants and agraments contained in this Security Instrument, or there is a legal proceeding that may significantly atfect ~ Ler~der's rights ia the Proptrty (such as a procee~ing in bankruptcy, probate, for condemnation or to enforce laws or ~ regulations). then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may iaclude paying any aums secured by a lien which has priority over this Security ~ Instrumrnt, appeariag in court, paying reaaonable attorneys' fas and tnttring on the Proporty to make repairs. Although ~ Lender may take ariion under this paragrapb 7, I.ender does not have to do so. ~ Any amounts disbucsed by La~der under this paragraph 7 shali becume additional debt of Bonower securcd by this ~ Socurity Instrument. Unless Horrower and I.enda agroe to other terms of payment, these amounts shall bear interest fram ~ the date of disbursement at the Notc rate and sfiall be psyabte, with interest~ upcm notice from Lrndcr to Borrower ~ requesting paymeat. . _ BOOK 5~~ PACE s761 ~ . ~ ~ ' ~ ~ . - : - - - ~ _ _ _ . ,