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Home My WebLink About0982 UNIFORM COVENANTS. Horrowtr and Lender covenant and egrce as follows: l. Payment ot P~incipal aAd lpterest; Prepayment ~ud Late Chx~et. Bor~owe~ shall promptly pay when due the principal of and interest on the debt ovidencM by the Note and aoy prepayment and late charges due unde~ the Note. 2. I~pda to~ T~xes ~ad Inaurance. Subject to ~pplicabie !aw or to a written waiver by Lendcr~ Horrower shall pay to Lende~ on the day monthly payments are due under the Note, until thc Note is paid in full~ a sum ("Funds") equal to onatwelRh of: (a) y~arly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold psymsnts or ground rents on thc Propeny. iP any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance p~emiums. if Any. These items are called "escrow items." L.ende~ may estimate the Funds due on the basis of current data and reasonablc estimates of future escrow it~ms. 'tl~e Funds shall be hetd in an institution the deposits or aocc~unts of which are insured or guarantced by a federal or , state agency (including Lender if Lendtr is such an iristitution). Lender shall apply the Funds to pay theescrow items. l.ender ~nay not charge for holding and applying Ihe Funds. analy~zing the account or veritying the escrow itcros. unlcss l~ender pays Borrower interest on the Funds and aQplicable law permits l.ender to make such a charge. A charge assessed by I..c~de~ in connxtion with Borrowers' entering into this Security Instrument to pay thc cost of an independcnt tax reporting service = shall not be a charge for purposes of the preaeding sentence. Borrow~er and [.ender may agree in writing that interest shaU be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid. L.ender shall not be required to pay Borrower any interat o. eamings on the Funds, l~ender shall give to Borrower, without charge. an annual aceounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds Hras made. Tl~e Funds are pledged as additional security tor the sums secured by this Security [nstrument, - If the amount oP the Funds held by Lender, together with the future monthly payments of Funds payable prior to - the due dates of the escrow items, sf~all exceed the amount required to pay the escrow items wh~n dae~ the eacess shal! be. at Borrower's option, either promptly repaid to Barrower or credited to Borrower on monthly payments of Funds. If the amoant of the Funds held by Lender is not suPficient to pay the escrow items when due, Borrowe~ shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by I.cnder. Upon payment in full of all sums socured by this Security Inst~ument, L.ender shatl promptly refund to Borrower any Funds held by Lender. If under paragraph t9 the Property is sotd or acquired by I.ender, Lendtr shall apply, no later than immediately pcior to the sale of th~ Propcrty or its acquisition by Lender, any Funds held by Lender at thc time of application as a credii against the sums secured by this Security Inslrument. . 3. Applicadoa ot Paymeata. Unless applicabte law provides otherwise~ all payments received by I.ender under paragraphs 1 and 2 shall be applied: first, to Iate charges due under the Note; second, to prepayment ch~rges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principa! dut. 4. Charges; Liena. Bvrrowcr shall pay all taxes. assessments~ charges~ fines and impositions attributable to ihe 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 providecl in paragraph 2. or if not paid in that manner, Boreower shall pay them on time directly to the person owcd payment. 8orrowe~ shall promptly furnish to Lender atl notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shsll prompify furnish to Lertder r~ceipts evidencing the payments. _ Borrower shall promptly discharge any lien which has priority over this S~curity Instrument unless Bonower: (a) agras in writing to the payment of the obligation securod by the lien in a manner acceptable to L~nder, (b) contests in good faith th~ lien by. or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the PropeRy; or (c) secures from ihe holder oi the licn an agrament satisfactory to Lender subordinating the lien to this Security lnstrument. If Lender determines that any part of ~ ihe Property is subject to a lien which may attain priority over this Security Instrument. I.ender may give 8orrower a _ notice identifying the lien. Borrower shall satisfy the litn or take one or more of the actions set forth above within 10 days of the giving of notice. , . 5. Haz~rd Inaurance. Borrower shall keep the improvements now existing or hereaRer erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender roquires +nsurance. This insurance sha11 be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shaU be choscn by 8orrower sub}ect to Lender's approval which shall not be unreasonably withheld. - All insurance policies and renewals shalt be acceptabte to Lender and shall include a standard mortgage claust. ~ Lender shall have the right to hotd the policies and renewals. If I.ender requires, Borrower shall promptly give to I.ender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender: Lender may make proof of los.s if not made promptly by Borrower. Unless L.ender and Borrower otherwiu agree in writing. insurance procecds shaU be applied to restoration or repair ~ of the Property damaged~ if the restoration or repair is economically feasibJe and Lender's security is not lessenod. It'the restoration or repair is not economically feasible or Lertder's security would be lessened, the insurance procoeds shall be ' appliod to the sums sccurod by this Security Instrument. whether or not Ihen due, with any excess paid to 8orrower. If i Borro~er abandons the Property, or does not answer within 30 days a notice from l.ender that the insurance carcier has i offered to settle a cl~im~ then Lender may collect the insurance proceeds. Lender may use the procetds to repair or restore E the Property or to pay sums securcd by this Security instrument. whether or not then due. The 30-day period will begin , wheq the notice is given. ~ Untess Lender and Borrowrr otherwise agra in writing, any application of proceeds to principal shall not extend or postpone the 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~ Borrower's right to any insurance poficies and proceeds resulting k from damage to the Property prior to the acquisition shall pass to Lender to the extent otthe sums secured by this Security ~ Instrument immodiately prior to the acquisition. ~ 6. Preserrstloa and Ma[at~~ance ot Property; I.easeholds. Borrower shall not destroy, damage flr substantially ~ change the Property, allow the Property to deteriorate or commit waste. If this Socurity Instrument is on a leasehold. Borrower shal[ comply with the provisions of the lease. and if 8orrower acquires fee title to the Property. the leasehold and . ~ fa title shall not merge unless I.ender agrees to the meeger in writing. g 7. Protectlon ot Lendu's Rigfib in the Property; Mortgage Insurance. If Horrower fail~ to perform the ~ ~ covensnts and agreements oontainod in this Security Insirument, or there is a legal proce~ing that may significantly affect ~ LLer~der's rights in tha Property (suc6 as a proceeding in bankruptcy~ probate, for condemnation or to enforce laws or regutations), thrn Lender may do and pay for whatever is nccessary to protect the value of the Property and I.ender's rights ~ in the Property. I.ender's actions may inctude paying any sums secured by a lien which has priority over this Security instrument~ appearing in court. paying ra~sonabls sttorneys' fees and entcring on the Property to make repairs. Although Lender may take action under this parsgra~h 7. Lender does aot have to do so. Any amounts disbursad by Lender under this paragraph 7 shal! berome additional debt of Borrower socured by this - ~ Security Instrument. Unless Borcower and L,ender agra to othcr terms of payment. thae amounts shall bear i~terat from the date of disbursement at the Nate rate and ahall be payable~ with int~rest~ upon notice from Lxnder to Borrower requesting payment. ~ , BOOK 56 ( PACf ~$Z . , _ - - ~ - _ - - - ;