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Home My WebLink About0929 UNIFORM COVENANT3. Borrower and Lender covenani and egrae aa foUowa: i~; ~1 1. Paymeat of Priaoipal aud Interestt Prepqyment and Lata Charges. Bon~o~er~all promp~~?y when due the principal of and intereat on the debt evidenced by the Note and aqy prepayment and late charges due under the Note. 2. Ftu?ds tor Taxes and In~arance. Subject to epplicable law or to a writtsn waiver by Lender, Bormwer ahaU pay to Lender on the day monthly paymente are due under the Note~ until the Note ie paid in full, a sum ~ ("~uds") equal to one•twelfth of: (a) yearly taxes and asae~smeata which may+ attaiw priorlty over tbis Security Instcvment; (b) year~y ieasehold paycnenta ar graund rents on the Praperty~ if an;y; (c) yearly haaard insurance premiums; and (d) yearly mortg~ge insurance pseaaiuma, if any. Theae items are called "eacrow iteme: ' Lender mey eatimate the Funde due on the basis of curre»t dsta and roaeouable estimates of future eacrow itema. ~ The Funda shell be held in an inatitution the depoaita or, accounts of which are inaured or gueranteed by a federal z or atate agency ('including Lender i# I.ebder Ia suc~ an inatibation). Lender eball apply the Fuads to pay the $scrow ,-`j-~ - items. Lender may nat charge for holding and app~ying the Funde~ enalysing the~acoount or verifying the eacrow itema~ ~ uniesa Lender pays Borrower interest on the ~unds end applicable law pernaita Lender to make suc~ a cherge. p ~ Bormwer and Lebder may agree in writing that intereet ahall be paid on the Funde, Uulees an agreement ia made or ~ applicable law requirea intereat to be paid, Len~ier ehall not be required to p$y ~orrower ar~y intereat or earninga on w ~ the Funda. Lender shall give to Bomower, without charge. an annual accou»ting of the Funda ahowing cr~dits and = debits to the F~nds aud the purpoae for which each debit to the Funda was made.The ~nde are pledged as additional z security for the aums secured by t}us Security Instrument. z ~ If the amount of the F~nda held by Lender, together with the future monthly paymenta of Funds payable prior to g the due detea of the escrow items~ shall exceed the amount requiredto pay the escrow itema when due,the ezceas ehaU Q be, at Borrower's option, either promptly repaid to &trroRter or credited to Bormw@s~on monthly paymenta of Funds. ¢ o If the amount of the Funds held by ~.eriaer is not sufticient ta pay the eect~ow items when due, Horrower ahall pay to 0 4 I.ender any amount necessary to make up the deCciency in one or m~ore payments as reQuired by Lender. Upon payinent in futl of all suma secured by this Sece~rity Inatruraent, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Properiy ia sald or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or ita acquisition by Lender~ any Funds held by Lender at the tune of application as a credit against the sums secured by this Security Instrument. 3. Apptkadon oi Pqymeats. Unless applicable law prrnides otherwis~ all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Not~ third, to amounts payable under paragraph 2; fourth, to iaterest du~ and last, to principal due 4. Chargea; Liens. Borrower shall pay all tazes, asaessments, charge8, finee and impoaitiona attributable to 'i the Property which may attain priori .ty over this Security Inatrument, and leesehold payments or ground rents, if eny. Borrower $hall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner~ Borrower ~ shell pay them on time directly to the peraon owed payment. Borrower ahall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower malcea these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. _ Bonower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in e manner acceptable to Lender; (b) contests in ~ good faith the lien by, or defends against enforcement of the lien ia~ legal proceedings which in the Lender's opinion operate to prevent the enforcement of the tien or forfeiture of any part of Lhe Property; or (c) secures hom the holder of - the lien an agreement satisfactory to Lender subordinating the lien to thia Security Instrument.If Lender deternaines that any part of the Properiy is subject to a lien which may attain priority over this Security Instrument, Lender may give Bonower a notice indentifying the lien. Borrower ahalt satiafy the lien or take one or more of the actions set forth above within 10 days of the giving of no~ce. s 6. Hazard Inauranee. Borrower ahall keep the improvements now eaisting or hereafter erected~ on tfie Property insured againat loss by fire, hazards included within the term "e:tended coverage"and any other hazards for which Lender requires insurance. This inaurance ahall be maintained in Lhe amounts and for the periods that Lender requires. The insurance carrier proyjding the insurance shall be chosen by Horrower subject to Lender's approval wluch ahall not be unreasonably withheld. . , , " ~ All in`surance policiee and renewal.s shall be acce~table to I.endei a.nd aha~l ingtude ~ standard mortga$e clauae. Lender shall have the right tcs hold the `policies a~nd ienewals. If Lender requires, Boirower shall promptly give to Lender all receipts of peid premiums and renewal noticea. In t,he event of loas, Borrower ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of loa`s if riot made promptly by Borrower. Unless Lender and Borrower otherarise agree in writing, inaurance proceeds shalt be applied to restorstion or ' repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security ia not leasened. If the restoration or repair is not economically feasible and Lender's security would be lessened, the inaurance proceeds shall be applied to the sums secured by this Security Instivment, whether or n~t then due, with ~ any e:cess paid to Borrower. If Borrower abandons. the Property, or does not anawer within 30~ days e no~ice from - Lender that the insurance cerrier has offered to settle a claiin, then I.ender may collect the insurance proceeds. ~ Lender may use the proceeds to repair or restore the Property or to pay any sums aecured by thie Securi'ty Inatrument, ~ whether or not then due. The 30-day period arill begin when the notice is giver~. ~ Unleas Lender and Barrower otherwise agree in writirig, any application of proceeds to principal shall not extend ~ or at ne the due date of the monthl a ents referred to in ara a hs 1 s~?d 2 or chan e the amount of the P~ Po Y P Ym P 6r P 8 ~ paymente. ff under paragrap6 19 the Property ia acquired by Lender, Borrower's right ta any ineurance policiea and ~ • proceeds resulting from damege to the Pmperty prior to the acquisitiot~ ahall paes to Lender to the eztent of the sums t. secured by this Security Ins4vment immediately prior to the acquiaition. 8. Preeervatioa aad Maintenance ot Property; Leasebalde. Borrower shall not deatroy. damage or ~ aubatantially ehange the Property; allo~v the ~roperty to deteriorate or commi~ waste. If this 3ecurity Instrument is bn "b~ a leasehold, Borrower shall comply with the pmvieiona of the lease, and ii Bortobver acquires fee title to the Property, ' the leasehold and fee title ahall not merge unlesa Lender agrees bo the merger in writing. 7. Proteetion oiLender's Righte in the Property; Mortgage Insuranee. If Borrower faila to perform the covenanta and agreementa contained in this 3ecurity Insfrument, or there is a tegal pmceeding thet mey~ eignificantly affect Lender's rights in the Property (such aa e proceeding in bankruptcy, pr~bete,for conde2nnation or to enforce . laws or regulations), then Lender may do and pay for whtttever ia necessaty t'r~ protect the value Cf the Property a~d " Lender's rights in the Property. Lender's actions may include paying any stime secured bjr A lien v~rhich has priority over tbie Security InatrumenL, appearing in court, paying reasonable attorcfeya' fesa snd entering on the Properiy to make regairs. Although Lender may take action under thia paragraph 7, Lender does not have to do so. ~ , ~ • : . - ao~ 5~ ~ 9i~.9 . § ~ ~ ~ _ . . . - - - _