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HomeMy WebLinkAbout0920 ~ ~ : UNIFORM COVEtVANTS Borrower and Lender covenant and agree as loflows~ ~ 1. Paymeni of P?Inclpsl and lnter~t; P~epaym~nt and Lats Chsr~es. Borrower shall promptly pay when due the ~ principal ot and interest on Ihe debt svidenced by the Note and any prepayment and IatQ charges due under the Note. ~ Funds for Taxes end Insu~ance. Subjeci to applicable law a to a written waiver by Lender. 6arowe~ sha11 pay to ~ Lender on the day monthly payments are due under the Note, until the NotQ is paid in full. a sum ("Funds") equal to ane-Iwel(th oi: (a) ~ yearly taxes and assessmenls which may attain priority ove~ this Secuiity Instrumenl; (b) yeariy leasehold paymenES or ground rents on the Prope?ty, ~i any: (c) yeary haza~d insurance piemiums; and (d) yearly mortgage insurance premiums, if any. These ; it~ms are called ' escrow items." lender may estimale Ihe Funds due on the basis ot current data and reasonab~e estimates oi ~ future escrow items. ? The Funds sha~l be hetd in an institul;on the depos+ts or accounts of which are insured or guaranteed by a lEderal or state ; agency (including lender it Len~e~ is such a~ institution~. Lender sha~l appy the Funds to pay thQ escrow items. Lender may nol charge tor holding and appying the Funds, analyzing Ihe accounl or veritying the esc~ow items, unless Lender pays Borrower interest on the Fu~ds and applicab~e law permits lender to make such a charge. Barower and Lender rnay agree in writing that inleres! shaft bc paid o~ the Funds. Unless an agreement is made or appl~cable law requires interest to be Qaid. Lender shal! not be required to pay Borrower any interest ~r eamings on the Funds. Lender sha~! g~ve to Borrower, without charge. an annual accouniing of ths Funds showinq credits and debits tothe Funds andihe purpose for which each debit tothe Funds was madP The Funds are pledged as additiunal security dar the sur~ns secured by this Securiiy lnstrument. ~ It the amount ot ihe Funds held by lender, together with the (uture monthly payments oi Funds payable prior to Ihe due dates ot the escrow items. shatf exceed the amount required to pay the e.sr,row items when due, the excess shal! be, at Borrower's option, ~ either piomptly repaid to Borrower or credited to 8orrower on monlhly paymenls of Funds. It the amount of the Funds held by Lender , ss not sufficient to pay the escrow items when due. Borrowe~ sha~l pay to Lender any amount necessary to make up the defic+ency in one or more paymenis as required by Lender. ~pon payment in iull oi all sums secured by this Security Inslrumr.nt, Lender shatl promptty reiu~d to Borrowe~ any Funds held by Lender. II under paragraph 19 the Prope~iy is sold ar acquired by lender. Lender sha1l appy, no later than immediatey prEor io the sale of the Property or its acquisition by Lender, any Funds he~d by Lender at the time ot application as a credit against the sums secured by this.Security Insirument. 3. AppUcatlon ot Paymenta. Unless applicahle law provides otherwise. aIl payments received by Lender under para9raphs 1 and 2 sha~l be apptied: first, to late charges due under !he Note; seconci. to prepayment cha?ges dueunder the (Vote: third. to amounts payable under paragraph 2: tourth, to interest due; and last, to principal due. ~ 4. Charges; llens. Borrower shall pay a11 taxes, assessments, charges. fines and impositions attributable to the Property'which may attain piiorily over this Security Instrument, and leaseholdpayments or ground renis. if any Sorrower shall pay these obligations in ihe manner provided in paragraph 2. or;i not paid inthat manner, Bo~rower sha!! pay them on time directry tothe person owed payment Borrower shall promptry furnishto lender aIl notices of amounts tobe paid unc'ar this paragraph. lt Borrower I` makes Ihese paym~nts direcUy, Borrower shall promptly furnish to Lender receipts evidencing ths payments. Borrower s~au promplly discharge any tien which has priorily over this Security Inst~ument unless Barrower. (a) agrees in i i wri;ing tothe payment oi the obligation secured by the lien in a manner acceptableto ~ender, (b) contesls;n goodtaithlhe (ien: by or ~ ~ dsfends against enforcement at the lien in, legal proceed+ngs wtiich in ihe Lender's opinion operate to prevent the enforcemeni of t tt~e fien or torteitu~e of any part of 1he flroperty: or (c) secures fram the holder oi the Iien an agreemcnt satisiactory ro lersder suCordinat~ng the lien to this Se~urity Instrument. If Lender determines ;hat any part of the Prope~ty is subject to a lien which may attain priaity over this Secunty Instrument, Lender may gNe Borrower a no6ce identitying the lien. Borrower shall satisfy thetien ar take one or more of the 3ctions set torth above within 10 days of the giving of notice. 5. Hazard tnsurance. 8arower shall keep the improvements now existing or hereafter erected on the Property insured againct loss by tire. hazards mctuded within the term exiended coverage' and any other hazards for which Lender requires •~nsurance This insurance aha11 be maintained in the amounls and for the periods lhat Lende~ requires. The insurance carrier + prov,ding the insu~ance shall be Chosen by Ba?ower subject to Le~der's app~ova! wh~ch shall not be unreasonabty withhetd. An insurance polic+es and renewals shalt be acceptable to lender and sh~l! include a standard mo~tga~e clause lender shatl have the r~ghi to hold the policies and renewals. lf Lender requires, Borrower shall promptry give to Lender al! receipls of paid pre~+ums and renewal notices. In the event ot loss. 8orrower shafl give prompt notice to the insurance carrier and Lender. Lender may make proot ot Ioss if not made prorr~ptly by Borrower. Unless Lender and Borrower otherwise agree in wr~ting. insura:ice proceeds sr~aq b~ applied to restoration ar repa+r of the Property damaged. it the resloration os repair is economicatty feasib~e and Lender's security is !!ot lessened. l! the resroration or repair is not econam;cally feasible or Lender's security would be lessened, the insurance procee~s sha!! be applied to ihe sums secured by this Security Instrument, whether or not then due, with any excess paid to Bor!ower. If Sarower abandons ihe Property. or does not answer within 30 days a notice f~om Len~er lhat the insurat~ce carrier has oltered to setUe a claim, then Lender may , coliect the insurance proceeds. Lender may use the proceeds to repair or restore lhe Property or to pay sums secured by this Security Instrumen;. vrhether or not then due. The 30-day period witl begin when the notice is given. Umess Lender and Borrower otherwise agree in writing. any application ot proceeds to prir,cipal sha11 not extend or pastpone the due d~te of the monthly payments referred to in paragraphs 1 and 2 or changethe amount of the payments. If under ' Faiagraph t 9 the Property ~s acqu~~ed by Lender. Borrower's r+ght to any insurance poiicies and proceeds resulting from damageto the Property pnor to tne acqu~suion sha~l Gass to ± ender to the exient of the sums secured by this Security Instrumern immediatety pnor to tha acqu~s~t~on 6. preservation a~d Maintenance of Prc+perty; leasaholds. Borrpwer shall noi destroy. damage or substantia~~y change the Property, a~~ow the i~roperty to dete~~orate or comm~t waste I( this Secur;fy tnstrumeni i; an a ieaselzald. 8orrower shall comply w~th the provisions ot the lease. and ~i Borrower acquires !ee Ut1e to ihe Property. the ieasehold and feetitlesha~! not me-ge unless ~en~er agrees to the merger m writing . 7. Protectton of Lenders r~ghts !n the Property; Morigage tnsurance. Jf Bcr~ower fa~ls io periorm the cqvenants ar,d agreements conta+ned m this Security lnstrumen±. or there is a Iegal proceeti+nglhat may signi(~cantly aifec! Lender's rights in the Property (SUCh as a proce~dmg in bankrupt~y. probate. tor condemnal~on or ta enforce laws ~r regu?atio~sl. then Lender may do and pay for whatever ~s r.ecessary to protect the value ot the Property and Lender~s ~ights m the Prcpe~ty. Lender's actions may ~~clude paymg any sums secured by a t,en which has pr~onty over th~s Secunty instrument. appeanng in courl, paying reasor,abte attorneys' fees and enter~no on the Prope~ty to make repairs A(thcugh lender may take act~on under tnis paragraph 7. lender does not have to do sa • Any amounts d~sbursed by Lender under this paragraph' shall become additional debt oi Bo~rower secured by th~s Security Instrumenl. Un?ess 6orrower and Lender ag~ee io olher terms ot ~ayment, these amounis sha11 bQar inte~est irom the date of disbursement at the Note rate and shali be payable, vnth interest. upon no~~ce from Lsnder to Borrower requesting paymeni. ,(1 ~ , $O(~ ~ l ~ ~ a~ P~~ow aa~o~+ a.x~ e4 may oe ~a Oe42N R~v S[0 bt (tE02) PC - - - - ~ - • - - - "