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Home My WebLink About0923 UNIFC~RM Cov[:~ANTS t3orrower and Lender covenant and agree as A~Ilows: 1. Payment of Principal and Interest; Prepayment and I.ate Charges, i3orrower shall prc~mptly pay ~~•hcr~ dur the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under 1he Note. ~ ••.•:~.a.. t rn~it~r, R~rro~~er shall ~aY 2. Funds ior 1 axes anti insurunce• JUU,C(.~ (C/ At~~/1bNV~b U: - to Lender on the day monthly payments are due under the Note, until the Notc ix paid in full, a sum ("Funds") eyual to one-twelflh of: (a) yearly taxes and assessments w6ich may attain priority over this Security Instrument; (b) yearty leasehold payments or graund rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." l.ender may estimate the Funds due on the basis ofcurrent data and reasonable estimates of future escrow items. 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 insNtution). Lender shall apply 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, unless Lender pays Borrower interest on the Funds and applicable taw permits I.ender to make such a charge. I3orrower and Lender may agree in writing that interest shal) be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annuai accounting oi'iite Funds shaw•ing:,:~dits anc! dP~:!~ r~ ~?~nds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by thisSecurity Instrument. 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 exceed the amount required to pay the escrow items when due, the excess shall be, at IIorrower's option. either promptly repaid to I3orrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sutT'icient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in fuli of att sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds hetd 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 Lender, any Funds held by I.erider at the time of ~ application as a credit against the sums secured by this Security Instrument. 3. Application of Payments, Unless applicable law provides otherwise, al1 payments received by Lender under • paragraphs 1 and 2 shall be applied: first, to tate charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principai due. 4. Charges; Liens. Borrowcr sha!! pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasefiold payments or ground rents, if any. Borrower shall pay these obligations 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. Bonower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptiy furnish to Lender receipts evidencing the payments. Borrower 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 (ien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, lega) proceedings which in the Lender's opinion operate to prevent the enforcement of 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 Prnperty is subject to a lien which may attain priority over this Sec;urity Instrument, Lender may give Borrower a notice identifying the lien. Barrower shall satisfy the lien or take one or more of the actions set forth above wiihin 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender ~ reyuires insurance. This insurancc sl~al! ~:::~intained in thP amnunts and for the periods that Lender requires. The ' insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approva! which shal! not be unreasonably withheld. - All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ; . carrier ar.d Lender. Lender may make prool oi ioss ii noi maci~ pi~r?~Nf~y ~y ~:;~.r. - Uniess Lender and Borrower otherwise agree in writing, ins~rance proceeds shall be applied to restoration or repair of the Property damaged, if the resroration or repair is economically feasible and Lender's security is not lessened. If the ~ restoration or re~air is not economically Feasible or Lender's security would be lessened, the insurance proceeds shall be r ~ applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If ~ Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin I~ when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph l9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Pro~rty prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preserration and l~isintenance of Property; I.easehoids. $orrower shall not destroy, damage or substantially change the Propeny, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and it Borrower acquires fee titte to the Property, the leasehold and fee title shall not merge unless Lender agrees to the mergcr in writing. 7. Protection of Lender's Rights in the Property; hiortgage Insurance. If Borrower ('ails to perform the c~venants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly aflect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws ar regulations), then Lender may do and pay for whatever is necessary to protect the vatue of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender rnay take action under this paragraph 7, Lender does nut have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additionai debt of Borrower secured by this ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shal! bear interest from ~ the date of disbursement at the Note rate and shatl be payable, with interest, upor~ notice from Lender to Borrower requcsting payment. ~Q~t 57~ f°Ar,{ -._.~=..,~.-.~....,,,~,~,,,,r o~. , ~