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Home My WebLink About0917 Uti1F(~RM Cc)vE!vANTS f3orrower and l.ender covenant and agrcc as fi~llows: 1_ Payment of Principal and Interest; Prepayment and I.atc Charges. I3orrowcr shall promptlp pay u~hen dur the principal of and interest on the debt evidenced by the Nate and anp prepaymrr~i ai~u iaic ::~a~~~. ~u~ :'~I~~°. 2. Funds for Taxes and Insurance. Subject to applicable !aw ar to a H~ritten waiver by Lender, Barrc~w~e~ shall pay to l.ender on the day monthly payments are due under the Note, until the Notc is paid in Pull, a sum ("Funds") equal to one-twelfth uf: (a) yearly taxes and assessments which may attain pri~rity over this Security Instrument; (b) ycarly % leasehold payments or ground rents on the Prope~ty, if any; (c) yearly hazard insurance premiums; and (d) yearly ` mortgage insurance premiums, if any. These items are calted "escraw items." l.ender may estimate the Funds due on the basis of current data and reasonabte estimates of future escrow itemti. ~ ; The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institutian). Lender shall appiy the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unles5 l.ender pays Borrower interest on the Funds and applicable law permits Lencler to make such a charge. F3orro~ti•er and Lender may agree in writing that interest sha11 be paid on the Funds. Unless an agreement is made or applicable IaH~ requires interest to be paid, Lender shal) not be required to pay Borro~~~er any interest or earnings on the Funds. l.ender j shall give to Borrower, without charge, an annuai accounting of the Funds showing credits and debits to the Funds and the ' pur~se for which ~ach debit to the Funds was made. The Funds are pledged as additional security for the sums securcd b}~ this Security Instrument. ~ [f the amount of the Funds held by Lender, together with the future monthly payments of Funds payablc prior to ~ the due dates of the zscruw items, shall exceed the amount required ro pay the escrow items when due, the excess shall be, at IIorrower's option, either promptly repaid ta BorrQwer or credited to I3orrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufi~icient to pay the escrow items w~hen due, Borrower shail pay ta Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in fuli ot all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lcnder. 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 Lender, any Funds held b}~ Lender at the time af application as a eredit against the sums secured by this Securitp Instrument. ~ ; 3. Apptieation of Payments. Untess applicable Iaw pro~ides otherwise, 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 Note; third, to amounts payable under paragraph 2; tourth, ta inlere~t clue; ar~i last, to princi~al clue. _ 4. Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines and im~wsitions attributable to the Prapert~• which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. BOffOwer shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrow~er shall pay them on time direct(y to the person owed payment. Borrower shall prom~ily furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipis evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless [3orrower. (a) agrees in writin~ to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in gocxi faith the lien by, or defends against enf'orcement of the iien in, lega) proceedings which in the Lcnde~ s opinion op~rate to prevent the enforcement af the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an ~ agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of ~ the Property is subject to a lien which may attain priority over this Security Instrument, Lcn~+er may give [3orro~ver a nutice identifying the lien. E3orrower shall satisf~~ the lien or take one or more of the actiont set fc?rth abo~~r ~t~ithin 10 days ~ of the giving o~notice. 5. Hazard Insurance. Borrower shal! keep the improvements nuH• cxisting or hereafter erected on the Propertp insured against loss by ~re, b328IdS IIICIUUCU N'1[Illtl I(1C 1C1I1~ ~~CAICIIUCII C~~:~.Co~~.,~ ^rl.~.r h~-sarrrc Pnr whi[~M I.lttlCle~ i requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender reyuires. The insurance carner providing the insurance shall be ehosen by Borrower subject to Lender's approval which shatl nat be ~ unreasonably withheld. ~ All insurance polieies and renewals shall be aceeptable to Lender and sha11 include a standard murtgage clause. Lender shal! have the right to hold the policies and renewals. If Lender requires, Borrower shall promptl}~ give to Lender ~ - all receipts of paid premiums and renewal notices. In the ev~nt cif loss, Bcrrower shall give prompt notice to the insurance ~ carrier and Lender. Lender may make proof of loss if not made promptl}• by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shaH be applied to restoratian or repair ~ ~ of the Yraperty damaged, if the restoration or repair is economica!!y fe~tiible and Lender's security is not lessened. If the ; restoration or repair is not economically feasible or Lender's security w~ould be lessened, the insurance prc~ceeds shall be ; applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to 13orrow•cr. If j , Bormwer abandons the Property, or dces not answer within 30 da}~s a notice from Lender that the in~urancc rarrier has ; ~ offered to settle a claim, then Lender may collect the insurance prcxeeds. I.ender may use the prcx:eeds to re~air or re~te>re ! the Property or to pay sums secured by this Seciirity Instrurnent, w•hether or not then due. The 30-da}• reri~~d ~~•ill begin { when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any applirati<m of prckeedc lo princi~al shall nc~t extend e~r post~ne thc d:~e date of the monthly payments referred to in ~,aragraph~ 1 and 2 or change thc am~unt of thr ra~~mrniti. II' ' under paragraph 19 the Property is~acquired by Lender, Borrow~er'l right to a~i~• insurance ~~licieti and prcxerdc re~ulting ! from damage to the Property prior to the acquisitian shall pass to Lender to the extent ~~f the tiun~+ secured h~~ this Serurit~ f [nstrument immediately prior to the acquisition. 6. Preservation and 4laintenanee of 1'roperty~; Ixaseholds. l;orrc~~~~er shall n~t de~trc>>, damage or tiubti~antiall~• change the Property, allow• the Property t~ deteriorate c~r c~~mmit a•astr. If this Serurit~ Inttrument i~ c~n a I~a~rh~~i~i, Borrciwer shall comply «•ith the pro~~isions c,f the Ieau, and if B~~rr~~~~er acyuireti fee title t~~ the Prc~perty~. thr lra~eh<~Id and fee title ~hall n~t merge unless t.ender agrees tii the merger in w~rtting. 7. Protection of I,ender's RiRhts in the Property; ~fortgage Insurance. If i3~~rraw~er fail~ tc~ ~crform the c~n•enantti and ~greement~ contained in thiti Securit~~ Instrumen~, or therr is a legal pnueeding th~t ma~ ~ignifiranth~ atTrct Lrnder's right~ in Ihe Ympert}~ (such as a prexeeding in bankruptcy~, probate. far ecmdemnati~n ~~r te~ enforce I.i«t or regulati~m), then Lender may d~ and pay~ fc~r ~~hatever is necestar~- to pmtert the ~ alue c~f the Nr~~rert4 and I.ericfer'1 rights in thr I'n~pert~•. [.ender's actic~ns ma~~ include paying any tiums securrd by~ a lien u•lurh has ~rii~rit~• ~ner this Scrurit~• In~Iruntent, appcaring in court, paying reasonable attorne}~s' fees and entering an the Pm~ert~• te~ makc rcrairt. Alth~~ugh ~ l.ender ma~• take action under this paragraph 7. Lender do~s not have t~, do so. Any amounts disbursed by l.ender under this paragraph 7 shall herc~me additi~ina) deht o( f~~~rro«~er securrd b~~ this I Securit~~ Instrument Unletis i3orrc~w~er and I.ender agrce to other term~ c~f pa}~ment, theu am~unts shall bear interest from the date ~t ditbur~cment at the ``c~te rate and ~hall be ra}abte. Kith interest, u~c~n n<~tire fmm Lender t~ B~irrrnser rcyue~ting pa}•mcnt. BOOK 5 7~ FACE ~71~ r~.r.,.___•_= . ~ -