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Home My WebLink About0222 UNIr"ORM COVENANTS Borro•Ner and Lender crn~enant and agree as foliows t. Payment of Principal and Interest; Prepayment and late Cha~es. Borrow~er shail promutiy pay when due the pr;nc~pai ol and ~nterest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Sub~ect to appl~cabte ~aw oi to a wrrtten wa~ver by Lender Borrower shan pay !o Lender on the day monthly paymants are due under the Note, unt~l the Note ~s pa~d m ~uli, a sum ('Funds") equal t~ one-twelfth of (a) yea~ly taxes and assessments wh~ch may atta~n pnority over th~s Secunty Instrument; (b) yearty leasehdd payments or ground rents on the Property, ~I any; (c) yearly hazard ~nsurance premwms; and (d) yearly mortgage ~nsurance premwms, rt any These ~tems a~e calied "escrow ~tems'~ Lender may est~mate the Funds due on the bas~s of current data and reasonaole est~mates of future escraw ~tems The Funds shall be held ~n an ~nsDtuUOn the deposts o~ accounts ~f wh~ch a?e ~nsured or guaranteed by a federal or state agency (~ncluding Lender ~t Lender ~s such an ~nstrtut~on). Lender shall apply the Funds to pay ihe escrow ~tems. Lender may not charge for holdmg and applymg the Funds, analyzing the account or verrfying the escrow rtems, unless Lender pays Borrower interest on the Funds and app6caWe iaw perm~ts Lender to make such a charge A charge assessed by Lender in connect~on with Borrower's entenng ~nto th~s Security Instrument to pay the cost of an ~ndependent !ax report~ng serv~ce shatl not be a charge tor the purposes of the prece~~ny sentence. Borrower and Lender may agree ~n wnt~ng that ~nterest shall be pa~d on the Funds Unless an agreement ~s made or apphcable law reqwres ~nterest to be pa~d, Lender shall not be required to pay Borrower any ~nterest or earn~ngs on the Funds Lender shali g~ve to Borrower, w~thout charge, an annual acco~nt~ng of the Funds show~ng cred~ts and deb~ts to the Funds and the purpose for wh~ch each deb+t to the Funds ~vas made. The Funds are pledged as add~t~onal secur~ty for the sums secured by th~s Secun;y Instrument. If the amount of the Funds hetd by Lender, together w~th the tuture monthty payments ot Funds payable pnor to the due dates of ihe escrovr ~tems. shall exceed the amount requ~red to pay the escrow ~tems when due, the excess shall be. at Borrower's opt~on, e~ther promptly repa~d to Borrower or credrted to Borrower on mc~thly payments of tunds. If the amourt of the Funds held by Lender .s not sutfic~eni to pay the escraN ~tems when due. Borrower shali pay to Lender any amount necessary to make up the det~c~ency ~n one or more payments as reqwred by Lender. Upon payment ~n fuil ~f all sums secured by ihis Secur~ty Instrument. ~ender shall promptly retund to Borrovver any Funds held by Lendec If under paragraph 19 the Property ~s soid or acqu~red by Lender, Lender shall appiy, no later than ~mmed~acely pnor to the sale of the Property or +ts acqu~s~UOn by Lender. any Funds held by Lender at the Ume of appGcaUOn as a cred~t aga~nst ~ ?he sums secured by this Secunty Instrument. 3. Application of Payments. Unless appi~cabte law prov~des other~v~se, all payments rece~ved by Lender under paragraphs t and 2 shati be appl~ed f~rst to amounts payable under paragraph 2; second, to ~nterest due; and last. to pnncipal due. ; 4. Charges, liens. Borrower shalf pay all taxes, assessments, charges. f~nes and ~mposit~ons attribuiable to the Property which ~ may atta~n pnonty over th~s Secunty Ins?rument, and ~easehold payments or ground rents, rf any. Borrower shall pay these obl~gabons ;r, the manner prov~ded ~n paragraph 2. or rf not pa~d ~n that manner, Borrower shall pay tnem on time directly to the pErso~ owed ' payment Borrower shaA prompily fum~sh to Lender all not~ces o( amounts to be pa:d under th~s paragraph. If Borrower makes these payments d~rectly, Borrower shall p,=omp+,iy fum~sh to Lender rece~pts ev~denc!ng the payments I Borrower shali promp,ly d~scharge any I;en wh~ch has pr~orty over this Security instrument urless Borrower (a) agrees ir! wnGng ~ ro the payment of tne ob!~gat~on secured by the I~er. ~n a manner accepiaole !o Lender. (b) contests ~n good ta~th the {~en, by or defends aga~nst enforcement ot the I~en ~n legai proceed~ngs wh~ch in the Lender~s op~nion operate to prevent the enforcement of the i:en or forf.e~ture of any part of the Property; or ;c) secures from the holder of the I~en an agreement sat~sfactory to Lender ; subord~na?~rg the i~en to th~s Secunty Ins?r~ment. If Lender determ~es that any part ot the Property ~s sub~ect to a lien wh~ch may ~ atta,n pnc~r~ty over th~s Secunty Instrument. Lender rnay give Borrower a not~ce ~dentrfy~ng the hen Borrower shall sahsfy the I~en ~ er take one or more of the act~ons set fcrth above wrthin t0 days o! the g~v~ng of not.ce. ~ ~ 5. Hazard Insurance. Borrower shai! keep the ~mprovemenis now ex~shng or hereafter erec?ed ~n the Property ~nsured aga~nst [ Eoss by f~re, hazards ~nc!uded :v~th;n the term extended ccverage" and a~y oiher hazards for wh~ch Lender requ~res ~nsurance ; Th~s ~nsurance shali be main?a~ned ~n ihe amounts and for the penods that Lender reqwres The ~nsurance carr~er prov~d~ng the ~ ~nsurance shaif be chosen by Borrov;er sub~ect to Lender's approval wh~ch shall not be unreasonabiy w~thheld. ; Aif ;nsurance pol~c~es and renewais shali be acceptab!e to Lender and shal! ~nciude a stan~ard mortgage clause, Lender shali E r7ave tne n co r,ad cne ohc~es and renewals If Lender r 9 P eqwres. Borrcwe~ sha!I prompt~y g~~~e to Lerder ali rece~pts oi pa~d prem~urr~s and rene~r~at no;~ces. !n the event of loss. Borro•r1e! shall g~ve prompt not~ce to the insurance carrer ard Lender Lender may make ~ proof o~ loss rf not made promptly by Borrower. t i U^less LendEr and Borro~,rrer o;her:~~se ag~ee ~n wnt~ng. msurance proceeds shail be aaphec~ to restoraUon or repa~r of the ~ Property oamaged. the restoration or repa~r ~s ~cconom~~aily feas~ble and Lender's secunty ~s not lessened. If the restorat~on or E ~ repa!r ~s not econom~cally feas:ble or Lender's secunty weu~d be lessened. the ~nsurance proceeds shall be app6ed to the sums ~ secured by th~s Secur~ty Instrument, wh~ther or not then due, wrth any excess pa~d to Borrower. if Borrow2r abandor,s the Property. ~ or does no? anssver w~th~n 30 days a not,ce from Lender that the ~nsurance carner has offered to sett.e a c!a!m then Lender m,ay P col~ect the ~nsurance proceeds lender may use the proceeds to repair or restore the Property or to pay sums secured by th~s Secunty ! instrument. whether or no? then due. The 30-day penod w~ll beg~n when ~he noUCe ~s gwen. ~ Un(ess Lender and Borrower other~v~se agree ~n wnt~ng. any appl~cat~on of proceeds to pnnc~pai shall no; extend or postpone . !ne due date of the rnon,hty paymen,s reterred to ~n paragraphs 1 and 2 or change the amount of the payments. If under paragraph ~ '9 the Property ~s acqwred hy Lender Borrov.er's nght to any ~nsurance pol;caes and proceeds resuit~ng fr~m damage to the ProFerty ~ pr~or ro~ne acqu~suon shaii pass ta ~ender ro t~e extent of the sums secureci by th~s Secur~ty Instrumen? ~mmed~ately pnor to the ~ acqu:s~?~on 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy. damage o! substar~Uaily change ;he Property. ailo•rr the Property to de?enorate o! comm~t waste If the Secur~ty Instn~men; ~s on a leasehoid Be~ro;~er sha~l compry r.~?h ?he prov s~cns of the lease ar,d rf Borrar;er acqu~res tee t~;le to the Property. tre ieaseho!ci and fee !rtie shall not merge un!ess Lende; agrees to the me~ger ~n wnt~ng. 7. Protection of Lender's rights in the Property; Mortgage Insurance. if Borro•.ve~ ta~~s to pFriorm the covenants ard agreerr.ents con?a ned ~n !h~s Sec:ur:cy lnstrument. or there ~s a lega! proceEd!ng that may s+grnf~carUy affect Lender's nghtc ;n the ~roperty (s~~ch as a proceed ng ~n bankruptcy probate. tor condemnaUon o! ro enforce laws nr regulahonsj. then Lend2r may do and pay for .~:ha?eve~ +s necessary ?o protect tne value of the Property and Lender s r~gt~ts ~n the PropeRy Lender's act~ons may _ ,~c,uCe pay,~g ar~ sumS sec;u~ud by a I~en wh~ch has pncr~?y o~~er tn~; Secunty Ins~r~ment. appearing in court. paying reasonabie 4 ar~rrney s fees ard en,e~nq on rhe Property ro make repa~rs. Altnough Lender may lake act~on under tn~s paragraph 7. Lender does not have to do so. Any amounts d:sbursed bv Lender under th~s paragraph 7 shall become add~t~onal debt oi Borrower secured by th~s Secun;y Instrument Unless Borro~rrer and Lender agree to other terms of payment these amounts shail bear mterest from the date of d+sbursement at the Note rate and shall be payable, w~?h ~ntsrest, upon noUCe from Lender to Borrower requesU~g payment. Boox 6?~. 222 ~r ~ ~ ~ : _ _ ~ , ~ . - ~ I - '~as.~d~ ~ T;u~'~ `~-0' '~Y ' . ~ r