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HomeMy WebLinkAbout0939 S UNIFORN CnVFNANTS Borrower and L~nder covenant and agree as foilows: ; 1. Payment of PNncipal and Interesl; P~epayment and Late Chsrges. Borrower shall prom~~tly pay ~Vhen d~~e the principal of and interes! on the debt ev~denced by the Note and any p~epaymenl and late charges due under the Note 4 2. Funds for Taxet and M3uranCe. SubjeG to applicable taw or to a written waiver by Lender, 6orrower shall pay to ~ Lender on the day mor.lMy paymenls are due under ihe Nole, unt~l the Note is paid in tull, a sum Funds") equal to one-1welllh ot: ( a~ yearly taxes and assessments which may atlain priority over this Secunty Instrumenl; (b) yearly leasehald paymenis or y?ound rents on the Property, if any; (c) yearly hazard insurance premwms; and (d) yearly mortgage insurance premiums. if any These item~s are calleci escrow items " lend~r may estimale the Funds due on ihe basis o( current data and reasonable estimates of luture escrow items } The Funds shail be held in an institution the deposits or accounts of which aie,~~sured or guaranteed by a lederal or slate i ~ agency (inctuding Lender d Lender ~s such an institu!ion). Lende? shall apply the Funds to pay the escrow 4ems Lender may not ` charge for holding and appty+ng 1he Funds. analyzing the account or verifying the escro~v ~tems, unless lender pays Borrower ~ ~nterest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in wriling that ~ interest shall be paid on the Funds Unless an agreement is made or appt~cable law requires mterest tobe paid. Lender shaH not be ~ required to pay Borrowei any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accountmg of the Funds showing credits and debits tothe Funds and the purpose (or which each debit tothe Funds was made. The Funds are pledged as add~tional security for the sums secured by lh~s Security Instrument If the amount of the Funds held by Lender, tngether with the iuture rrtonthly payments of Fun~is payable prior lothe due dates of the escrow ~tems. shatt exceed the amount ~equired to pay the escrow items when due, the excess shall be, at Borrower's option. ~ e~ther promptty repaid to Borrower or credited to Borrower ~n monthiy payments ot Funds I( the arnount of the Funds held by Lender +s not sufficient to pay the escrow items when due. f3orrower shall pay toLender any amoun! necessary te make up the deticiency in ~ one or more payments as required by Lender Upon payment ~n fult of all sums secured by this Secunty Instrument, Lender shall promptly refund to Borrower any Funds ~ held by Lender. If under paragraph 191he Property is sold or acquired by lender, Lender'shaN apply, no tater than rmmediately pria ~ to the sate of the P~operty or ~ts acquisition by Lender, any Funds held by Lender at the time ot app?ication as a c~edit against Ihe ~ sums secured by this Security Instrument. ~ 3. Appl(cation ot Payments. Unless apptica~le law provides otherwise. all paymenls received by Lender under ~ paragraphs t and 2 sha?I be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note, ~ third, to amcunts payable under paragraph 2: tourth. to interest due; and last. to princ~pal due. t ~ 4. Chsryes; Lilns. Bo~rower shall pay a1l taxes, assessmenls, charges. fines and impositions aitributabte to the } Property which may attai~ pnority over this Security Inslrument, and leasehold payments or ground rents, ii any. Borrower shat! pay Ihese obl~gations m the manner provided in paragraph 2, or i( not paid in that manner, Borrower shall pay lhem on time directly tathe ~ ~ persan ~wed payment f3orrower shall promptly turnish to Lender alt notices o( amounts to be paid under this paragraph. If Borrower k makes these paymenls direcUy. Borrower shall promptiy furnish to Lender rece+pts evidencing the parmenis_ Borrower shall promptly discharge any lien which has priority over lhis Security Ins[rument unless 6orrower (a) agrees in wrifing to Ihe payment of the obligalion secured by !he lien in a manner acceptable toLendsr;'(b) contests in good faith the I~en, 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 Eorleiture of any part of the Properly: ur (c) secures from the holder ot the lien an agreement satistactory to Lender subordinatmg the lien to this Secu~ity Instrumern. If lender determines that any part of the Property is subject to a tien wh~ch may . atta+n priority over this Secunty Instrument. Lender may give Borrower a notice identifying;he lien Borrower sha?t sat~sfy thetien or lake one or more of the actions set forth above within 10 days oi the yiving ot not~ce . 5. Nazard Inaurance. Borrower sha(1 keep the improvements now existing or hereafter erected on the Property insured againsl Ioss by tire, hazards incfuded w~thin the term extended coverage" and any other hazards for which Lender requ~res insurance. This i~surance shal! be rrraintained in the amounts and tor the parioc~ that Lender requires The insura~ce carrier prov~ding the insurance shall be chosen by Borrawer subject to Lender's approval which sha11 not be unreasonabty w~thheld. A11 fnsurance polic~es and renewals shall be acceptable to Lender and shall include a standard mortgage clause ~ender shall have the right to hold the policies and renewals. I( Lender requ~res. Borrower shall promptly give to Lender all receipts of paid ~remiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carner andLender Lender may make proo( oi toss if not made pr~mptly by Borrower Unless Lender and Borrower otherwise agree ~n writing. insurance praceeds shall be appt~ed to resteration or repair of the ~ Properiy damaged, rf the resteration or repa~r i; economically feas~~le and lender's security is not lessened t'the restoration o~ i I ~ repair ~s not economicalty feasible ar ~ender's security wouid be lessened. the insurance prxeeds shatl be applied to the sums E secured by th~s Security Instrument. whether or nol lh4n due. with any excess paid to Borrower. If BcKrower abandons the P•opeRy. t or does noi answer within 30 days a nofice frorr~ Lender that the insurance carrier has oftered to settle a claim, then Lender may ~ ' c.;llect !he insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secure-d by this ~ Security Instrument. whether or not then due The 30-day period will begin when the ~otice is given. Unless Lender and Borrower oth2rw~se agree in writing, any appl+cation of proceeds to principal shatl not extend or postpone the due date ot the monthly payments reterred to in paragraphs 1 and 2 or change the amount of the payments !f under paragraph 19 the Property is acgu~red by lender. Borrower's nght to any insurar,ce pokc+es and proceeds resulting (rom damage to the Property prior to the acqwsition shalt pass to Lender to the exient ot the sums secureci by this Security Instrument ~mmediately pnor to the acquisd~on ' ~ 6. Preservation and Malntenance of Property; Leasoholds. Borr~wer shali not destroy. damage or substant~ally charge the Property. allow the Pro{~erty to deterior2te er comm~t waste It this Security Instrument ~s on a leasehold Borrower shall comply w~?h the prov~s~ons of the lease. and if Borro~.ler acqu~res fee title to fhe Property. lhe leasehcld and feehtleshall not merge untess ~ender ag~ees to the rrerger ~n wnt~ny 7. Protection oi Lender's rights in the Prope~ty. Mortgage Insurance. if f3orrovrer fails to perform !he covenanfs and agrec;ments contained m th~s Secunty Instrumeni, or there is a tegal proceeding that may s+gnii~cantly atfiec! lender's nghts m thc Property Isuch as a proceed~ng ~n bankruptcy. probate. tor condemnat+o~ o~ to enforce laws or rc~yula!ions). lhen Lender may do and pay tor whatever ~s necessary to proteci the va~ue of the Properly and Lende~ s nghts m the Property. Lender'sad~ons may ~nc(ude paymg any sums sec,ured by a l~en wh~ch has priority over th~s Secunty Instrumenl. appearmg in court, pay~ng reasonable ~ att~.rneys fees and entenng on the Properly to make repa:rs Alihough Lender may take action under th~s paragraph' Lender doe~ ~ n~~t h~ve to do so Any amouMs d~sbursed by Lender under th~s paragraph 7 shall becomeadditional debt of Borrower secured by this Secu, ity I~strumen! Unless Borrower and Lender agree to other terms of payment. these amot,nts shall bear inie.est (rom the date of disbursemern at the N~te rate and shal! be payable, w~th interest. upon notice from Lender to Borrower requesUn ~ayment. Eo~~ 57~ ~ ~r~E 94Q Prevqus ~Aan U Jul Bf may De used 0992~9 Rev Sep 8! (1602) PC ~ . . .