HomeMy WebLinkAbout0964 UNIrc~1tM Covt;Nat~TS. Aorrower and Lender covenant and agrec ati foll<>ws:
1. Payment ot Principat and Interest; Prepayment and l.ate CharRes. i3orrower shall promptly pay when due
the principat of and interest an the debt evidenced by the Note and any prep~~}•ment and late charges due unde~ the Note.
2. Funds for Taxes and Insurance, Subject to applicable law or to a w~ritten waiver by Lender, Borrawer shal! pay
to Lender on the day monthty payments are due under the Note, until the Note is paid in futl, a sum ("Funds") equal to
one-twetRh of: (a) ycarly taxes And assessments which may attain priority over this Security Instrument; (b) yearly
leasehold payments or g~ourtd rents on the Property, if any; (c) ycarly haxard insurance premiums; and (d) yearly
mortgage insurance premiums, if any. These items are caUed "escroH~ itenu." 1_ender may estimate the Funds due on the
basis of current data and reasonable estimates of future escrow items. ~
The Funds shall be held in an institution the deposits or accounts of ~vhich are insured ar guaranteed by a federal or
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items.
Lender may not eharge for holding and apptying the Funds, analyzing the account or verifying the escrow~ iteR~s, unless
Lender pays Borrower interest on the Funds and applicable law permits LenJer to make such a charge. Borrower and
L.ender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or appl~cabte law
requires inierest to be paid, Lender shalt n~t be required to pay Borro~~er any interest or earnings cin the Fun~1s. Lender
shall give to $orrower, without charge, an annual accounting of the Funds shaH~ing credits and debits to the f
unds and the
pur~se for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by
this Security (nstrument.
If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
the due dates of the escruw items, shall exceecl the amount required to pay the eserow items when due, the excess shall be,
at Barrower's option, either promptly repaid to Borrawer or creclited to 8orrower on monthly payments of Funds. [f the
amount of the Funds held by. Lender is not sufficient ta pay the escrnw items when due, Borrawer shall pay to Lender any
amount necessary to make up the deficiency in one or more payments as required by l.ender. ,
Upon payment in full of all sums secured by this Security Instrument, I_ender sha11 promptly refund to Borrower
any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later ,
- than immediately prior to the sale of the Property or its acquisition by L.ender, any Funds held by Lender at the time of
application as a credit against the sums secured by this Security lnstrumenl.
3. Applieation of Payments. Unless applicable law provides otherwise, all payments received by Lender under
paragraphs i and 2 shall be applied: first, to late charges due under the Note; serond, to prepayment charges due under the
Note; third, to amounts payable under paragraph 2; faurth, to interest due; and last, to principai due.
4. Charges; Liens. Borrower shall pay al! taxes, assessments, charges, fines~and impasilians attri6utable to the ~
Property which may attain priority over this Security Instrument, and leaschold payments or ground rents, iF any.
Borrower shaU pay these obGgatians in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall ;
pay them on time directly to the person owed payment. $orrower shal) promptiy furnish to Lender all notices of amounts I
to be paid unde~ this paragraph. If f3orro~~•er makes these payments directly, Borrower shall promptl}• furnish to Lender
receipts evidencing the payments.
Borrower shall promplly discharge any lien which has pri~rity over this Security Instrument unless i3~rrower: (a)
agrees in writing to the payment of the obiigation secured by the lien in a manner acceptable to Lende~; (b) contests in gaxi
faith the lien by, or defends against enforrement of the lien in, Iegal proceedings which in the Lender's opinion operate to
prevent the enforcement of the lien or f~rfeiture of any part of the Yroperty; or (c) secures from the holder of the lien an
agreement satisfactory to Lender subordinatii~g the lien to this Security [nstrument. If Lender determines that any part of
the Property is subject to a lien which may att.~in priority over this Security [nstrument, Lender may give Dorrower a~
notice identifying the lien. IIorrower shali satisfy tt?e lien or take ane or more oP the actions set fc~rth above within 10 days
of the giving otnotice. •
5. Hazard Insurance. Borrower shalt keep the impro~•ements now cxis~ing or hereaftec erected on the Property
insured against loss by fire, hazards included within the term "extended coverage" and any other hazards f~r which Lender
requires insurance. This insurance shall be maintained in the amaunts and for the periexis that Lender reyuires. The
insurance carrier providing the insurance shall be chosen by 8aerower subjert to Lender's approval which shall not be s
unreasonabl} withheld.
All insurance policies and renewais ~hall be acceptabte to Lender and shal! include a standard mortgage clause. ~
Lender shall have the right to hald the ~licics ar~d renew~als. If ~ender requires, Borrower shall promptly give to Lender
all receip~s otpaid premiums and renewal notices. In the event of loss, Bcrrow•er shal! give prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if not made prom~tly by F3arrower.
Unless Lender and Borrower otherwise agree ~n writing, insurance prixeeds shalt be applied ro re~toration ~r rrpair
. of the Yroperty damaged, if the restoration or repair is economicalty feasible and Lender's security is not iessened. If the ~
restoration or repair is not economicaU~ feasihle or Lender's serurity would be lessened, the insurance proceedc sha!) be ~
applieci to the sums secured by this Security Instrument, whether or not then due, with any ezcess paid to I3ormwer. (f
Borrower abandons !he Property, or does not an~wer within 30 days a notice from Lender that the intiurance carrier has
offered ro settle a claim, then Lender may coHert ~he insurance pr+xeeds. Lender may use the prcxeedt to rerair or rrtilore
the Prope:rty ar to pay sums secured by this Serurity instrument, ~•hether ~r not then due. The 30-da~• peri~~d aill begin
when the notice is given. 3
Un(ess Lender and B~rrower othera~ise agree in +~•riting. an}• appliration of ~rciccrd~ to rrinc~ral ~hal) n~~t ex~end e~r ~
~st~ne the due date of the monthly paymenn referred to in paragraphs 1 and 2~~r ch<~nge thr amc~unt ~~f the Pa~~ment~. If
under paragraph 19 the Proper.y is aeq~ired bt~ i.ender, Borrow~er's right to an~• insuranre ~c~liries and ~rckred~ retiulting
from damage ro the Property ~rior to the aeyuisition shall pass tci Lender tn the extent af Ihe cumti srcurcd bv this Sec~rit~~
Instrument immediately prior to the acquisiti~~n. ~
6. Preservation and Maintenanee oi 1'roperi~; I.gaseholds. Bc~rrc,~crr shalt nc~t destrc~~, damagc e?r ~t+h`tant~all~•
change the Vropert~~, allou~ the Propert}~ t~~ ~etrnurate ~~r r~~mmit a~aste. If thi~ Securitc liatitrument i~ c~n a le:i~eh~~td.
l3nrmwer shall com~ly~ ~~•ith Ihe rrovisti,nti ~,fthr Ir,i~e, artd if (3itirrinser acyuireti fre litle ti~ thr i're~pertc. thr lr.iuh~~ld and
fee title ~hail n~~t merge unlec~ Lender agrecs t~~ the merger in w~ntinF.
7. Protccfion ot I.ender's Ri~hts in thc ('roperty~: ~i~~rtQaRe Insurance. If I;~~rmw•er lail. tc. ~crform the
c~n~enantti anc! agrermenis c<,ntained in t~i~ Serunt~ !i?,tn~ment. ~~r there i~ a Icgal ~mreeding that ma~ ~ignift~anllS~ affrct
l.endrr'~ right~ in tt~e 1'ro~ert~• (tiuch at a rnxeeding in hankruptcy~, probate, for rondemnatu~n ~~r tii enforre Iaas or
regulalii~ns). thcn Lcnder ma~~ d~~ and pa}• for ~~hatever is nece~~ar~ t~~ pmtect the ~•alue ~~f the Prc~he rt~ and f_ender'~ rightt
in thr Pm~ert~. Lender's articm~ niati~ include paying an}~ wms serured b~ a lien uhich h~s pri«ril~~ i»er this Security
lristrument, a~~pean~~g in court. ra~ing rra~onable attorne}~s' freti and entcring <~n the Pm~ertp 1~ make re~airs. Althnugh
l.ender ma~ take acue,n under thiti paragraph 7, Lenderdoec not hatie t~~ d<~ sc~.
Any amc+unt~ eii~hursed by~ l.ender under thi~ paragraph 7 shall ber~~mr adJitte~nat deM ~~f B~~rrow~er srcure~ bv thi5
Securh~ Intitrumrnt Unlets Rormwrr :~nd I.ender agree to othcr tern~s c~f pa~~mrnt, thctie amount~ shall brar intcrest fram
the date ~~f ditihuncntent at thc tic~tr rate and ~hall he payable, with intcre~t. u~cm n~~tirr frcim Lcrider ta Borrc~w~er
rcyuccting pa~~mcnt.
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