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Home My WebLink About0953 UNIFO~i!~1 COVEN•.hTS E3orrov;er and ler~der co~~enant and aqree as tolio~.vs 1. Payment ol P~(nctpai and IMerest; Prepayrria~i a~~td l.ata Chargea, f3c>rit,wni sha!I prurnp~ty ~~ay wt~en c:ue the E:nnc~pal of and ~nterest on the debi c:v~denceci by tlie Noie and any prepayment antl Ia1e charges due undor Iho Note 2. Funds br ~exe= end Ihturence. Sub~cct !o ap~3licable law or to a wr~lten waiver by 1_ender, E3orrowt~c shall pay ta Ler~der on lht>day n~onlhly payn~e~ls are due under Ih~ Note, unt~l the Note ~s paid m full, a sum ( Funds") eqi,ailo one-Iwelllh cN ( a) ycariy taxes and assessmenis which may alla~n p~ionty over Ih~s SeCUnty Insir~~meni; (b) yearly leasehold paymc~n!s ur ~ro:ind rerns on tl;e Prope~ty. ~t airy; (c) yearly ha~ard insurance premiums: ai~d (d) yearty mortgage ins~~~a~c~ p~emiums, ~f any. fhese ~lems are called escrow items " Lender may esti,r:ate the Funds due on the bas~s oi current dala and reasonable estimates of ~ tuture eSCrow ~1Cms. The Funds shall be held ~n an inslitut:on Ihe deposits or accounts ot ~hhich are insured or guaranleed t~y a federat o~ state agency (inctuding Lentler rf Le~~der is such ~n insiitution). lender shail appty tha ~unds tu pay Ihe escrow ~tems. Lender may not charge br hold+ng and applyirg the Funds, analyzing the account or veritying the escrow ;tems. unless Lender pays Borrower imerest on the Funds and applicabie Iaw perm~ts Lender to make s~ch a charge. 8orro~+~er and Lender may agree in tivriting thal ; , interest shall be naid on the Funds Unless an agreemenl is made or ap~licable Ia~v ~equires inleresl to be paid, Lender shall not be required to pay Bo;roeti•er any mterest or earnings on ihe Funds Lencier shall give to 3orrower, without charge, an annual ? acc~unting of ttre F~nds showing credits and ~eb;t~ tothe Funds ar,d tne ~urpose lor which each deb+t lothe Funds ~ti~as made The Funcis are pledged as additional security for the sums secured by this Sc:curity Instrurnent. j It ;he amounl ol !he Funds held by Lender, toye!her withthe future moitith!y payments ot Funds payable prior t~ the due dates o! 1 he escro~v items, shall exceed the amount required to pay the escrow items when due, lhe excess sha!! be, at Borro~ver's apGor.. either promptly repaid to E3orro~ver or crediled to 8orrotitier on monlhfy payments o( Funds. If lhe amount ot the Funds held by Lender ~s not suf(icient to pay ihe escrow items when due, Borrower shall pay toLender any amount necessary to make upthedehciency in one or more paysnents as required by lender. Upon payment in fult ol all sums secured by this Secunty Instrument, Lender shaN promQtty refund to 8orrotie~er any Funds held by Lender. I! under paragra~,h 19 the Prope?ty is sotd or acquired by Lender, Lender shall apply, nolate~ than im~ediately prior to the sale of rhe Property or its acquisition by lender, any Funds held by Lender at the time ot appl~calion as a credit against Ihe sums secured by this Security instrument. 3. Appllettion ot Piy~nentt. Unless applicable ?a~v provides otherwise. all paymenls received by Lender under paragraphs t and 2 shall be applied: first, to lale charges due under the Note; second. to prepayment charges due under the Note; third. lo amounts payable under paragraph 2: (ourth, to inleresl due; and last, to princ+pal due. 4. Chargas; Lltns. Boirower shall pay all laxes, assessments. charges, fines and impositions attributable to ihe _ Properry which may atlain priority over this Security Instrument, and leasehold payments or ground rents. if any. Borrower sha11 pay . these obligations in the manner provided in paragraph 2, or if not paid in that rranner. Borrov~er shall pay them on time direcUy tothe person owed payment Borrower shall promptly fumish to Lender all notices of amounis tot~e pa~d under t~is paragraph If Borrorver makes these paymenls d~rectly. Bo~ro~ver shall promptty fumish to Lender receipts evidencing tt~e payments : Borrower shall promp!ly d+scharge any lien ~vhich has priority over this Security Instrument unless 8orrower: (a; agrees in • writing to tne pay ment of the obligation secureci by the I~en in a manner acceptab~e to Lender; (b) contests in good taith ihe lien, by or defends against enforcemenl o( the lien in. ~egal proceedings which in the Lender's op~nion operate !o prevent the en(orcement ot the lien or (or(eifure o( any part of the Property: or (c~ secures (rom the holder of the lien an agreement satisfactory to Lender subordinating the lien to ihis Security Instrument. !f Lender determines that any part of the Property is sub;ecl to a lien r~hich may _ aftain priority over this Secunty Instrument. Lender may give Borrower a notice idenlifyingthe lien. Borrower shal; satisfy thelien or take one or more of the actions sel forth above within 10 days of the giving of notice. 5. Nazard Inturince. Borrower shall keep the improvem~nts now exist~ng or hereafter erected on the Property insured against loss by tire, hazards included within the term extended coverage" and any o1he~ hazards for which Lend~r requires . ~nsurance. Th;s insurance sha~~ be mainta~red in the amounts and tor the perioc~ that lender requires. The insurance carner providing the insurance shall be chosen by Borrower subject to Lender's approval wh~cti shall not be unreasanab'y ~arithhetd. All insurance pol~cies and renewals shall be acceptabte to lender and shal~ include a standard mortgage clause. Lender ~ sha?I have the right to hotd the policies and rerie~.vals. If Lender requ+res, Borrowe; shali promFtty give to Lender all rece+pts of ~~aid premiums and r~newal notices. In the event ot Ioss. Borro~ver shal( give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if noi made promptly by Borro•.ver. ~ Unless Lender and Borrower otherw~se agree in wr+ting: insurance proceeds shal! be applied to restoration or repair oi the Property ciamaged. ~f the :estoration or repair +s economica!!y feasib!e and lend~r's security is not lesser~ed. If the rest4ration or repa~r is not ecor~omically feasible or Lender's secuiity would be lessened, the insurance proceeds shall be applied to the sums secured hy this Sea:rity lnstrun~enl, whelher or not then d~e, with any excess paid to Borrower. lf Borro~ver abancions the Property. or does not answer v~ithfn 30 days a notice from Lender that the insurance carrier has ofiered to settle a claim, then Londer may . collect the msurance proceeds. Lender may use the praceeds ro repair or resfore the Property or to pay sums secured by this Security Instrument. v:heiher or not then due The 30-day per,od vritl bpgin v:hen the notice is given. , Unless Lender and Borro~r~er othervrise agree in writing. any application ot proceeds to principal sha11 no! exfend or postpone the due date af the monthly payments reterred to in paragraphs 1 and 2 or change the amount of the payments. tf under parag~aph 191he Pro~erty is acquired by Lender. Borro~:er's righ.t to any insurance policies andproceeds resulting from da~age to _ the Property prior to the acqws~tion shall oass to Lender to the extent of the sums secured by this Security Instrument immed~ateiy ~ prior ta the acquisition. Preservatic~n en~ Maintenance of Property; Leasehdds. Ba~or~er shall not destroy, damage or substantiall~~ chanye tne Properry, attotiv the Property to d~terrcrale or comrr2ft waste. if this Secur;?y Instrument is on a leasehold Borrower sha~l " comply 4v,th the provis~ans of itse lease. and if Borrowe~ acq~ires tee tifle to the Property. the ieasehold and feel~tleshaff no; r~;erge un~~ss Lender agrees !o the merger in Y,nling 7. Protec!!on at Lender's rights in the Property; M~rtgage Insurance. It Borro~.ver faits ta perform the covenants and agreemenis contained ~n th~s Secunty In~trumenl, or there !s a legal p~oceed:ng tha= may significantly aftect Lender's nyhts in the Property (such as a proceeding in bankrup!cy. probate. far condemnahan or to enforce la4vs er regulations}. ihen Lender may do and ~~ay tor what~v2r is necessary to protect th~ value of the Property and Lender"s rights in the Property. l.ender's actions may include pay!ng any sums secured by a lien wh~ch has prsonty over th+s Secunty Instrument. appeanng in courl. E~aying reasonable attorneys' fees ard entermy an the Propc-rty to make repa~rs Although Lender may ta'Re action under th~s paragraph 7. ~ender does . r,ot have to do So - Any amounts disbursed by Lender under ihis paragraph 7 shafl become additiona~ debt ~f Borrower secured by lhis Secu.ity t~strurnent. Unless Eorrovrer and Lender agree io other terms of payment. ih~se a~~nounts sha~l bear inleres! iro,~n the date of ~ disbursement at the N~te rate a:~d shal! be ~;ayabte, wrth interest. upon notrce Irom lender to Borro•rv°r requesting payment. = ~ eoo~569 eac~ 9~3 P~+~a.s td:t,on d Ju~ 84 may be e.-sc4 , 03~2t4 Rev Sep 81 (1Bf~) PC . . . . . . ~ :-7.. _ . ~ - _ : :y - _ - = _ f_.-:.-'?---..- _ - t , - - _