HomeMy WebLinkAbout0280 ' , 1
UNIFORM COVENANTS Borre~r~er and Lender covenant and agree as to!~o,rvs
t. Payment of Pr6ncipal and Interest; Prepeyment and l.ate Char+ges. Borrower shali prompliy F,ay wr~a;, aue the pr~n~~pa.
and mterest on the debt ev~denced by the Note and any prepayment and la,e charges due under the Note
2. Funds for Taxes and Insurance. Sub~ect to appi~cabte iaw or to a wntten wa~ver by LenCer, Borrowe! shall pay ro Lender ~
on the day monthly payments are due under the Note. unhl the Note ~s pa~d ~n tull, a sum ("Funds") equai to one-twe~tth of ~a)
yeariy [axes and assessments wh~ch may atta~n pnorRy over th~s Secunly Instrument, (b) yearly leasehold payments or ground rents
un !r~e Property. any: (c) yearly hazard ~nsurance prem~ums; and (d) yearly mortyage ~nsurance p~em~ums, ~f any. These ~tems
are cailed escrow ~tems" Lender may est~mate the Funds due on the bas~s of current data and reasonable est~mates of fuiure
escrow ~tems ~
The Funds shall hetd ~n an ~nstrtuUOn the deposrts or accounts of wh,ch are ~nsured or guaranteed by a tederai or state ;
ayency (~nclud~ng Lender ~f L~nder ~s such an ~nst~tut~on). Lender shall apply the Funds to aay the esc:row ~tems. Lender rnay not ~
charge for hold~ng and applymg the Funds, analyz~ng the account or verdy~ng the escraw ems, urless Lender pay5 Barraver ~nterest ~
on ~he Funds and appl~cable taw perm,ts lende~ to make such a charge. A charge asse d by ~ender +n connecUon w~th Borrower's
entenng ~nto th~s Secunty Instrument to pay the cost of an independent tax report~ng serv~ce s a charge for the purpases ~
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o' the preced~ng sentence. Borrower and Lender may agree in wriUng that ~nterest shatl b2 paid on the Funds UNess an agreement `
;s made or appl~cabfe law reqwres mterest to be pa~d. Lender sha4 not be reqwred !o pay Borrower any ~nteresi or earrnngs cn ,
the Fur.ds Lender shall g~ve to Borrower. w~thout charge. an annual account~ng ot the Funds show~ng cred+ts and deb~ts to the
Funds and the purpose for wh~ch each deb~t to the Funds was made. The Funds are pledged as add~t~onal secunty tor the sums
secured by this Secur~ty lnstrument
If the arr+ount of the Funds held by lender. together w~th the future monthly payments of Funds payable pnor to the d~e dates
o` the escrow rtems. shall exceed the amour,t requ~red ro pay the escrow ~tems when due, the excess shall be. at Borrower's opUon.
e;ther promptiy repa~d to Borrower or cred~ted to Borrow~er on monthly payments of tunds. If the amount o! the Funds hetd by Lender
~s not sutfrc~ent to pay the escrow ~tems when due, 8orrowe? shall pay to Lender any amount necessary to make up the detic~ency
~n one or more payments as reqwred by Lender.
Upon payment in full of all surns secured by this Secunty instrument. Lender shali promptly refund to Borrower any Funds ;
heid by Lender If under paragraph 19 the P!oaerty ~s sold or acqwred by Lender. Lender shal± apply, no later than ~mmed~ately ~
pnor ro the sale o` the Property or ~ts acqu~s~Uon by Lender. any Fun~s heid by Lender at the t~me o( appi~caGon as a cred~t aga~nst }
~ rne sums secured by th~s Security instrument. t
3. Application of Payments. Unless appi~cable law prav~des otherwise. al! payments rece~ved by Le~der under paragraphs
? and 2 shall be appi~ed: f~rst to amounts payable under paragraph 2; second. to ~nterest due; and last, to pnncipal due.
4. Charges, Liena. Borrower shalf pay all taxes, ass~ssments, charges, f~nes and impositions attnbutable to the Property wh~ch
~ may atta~n pnonty over th~s Secur+ty Instrument. and ieasehold payments or ground rents, if any. Borrower shall pay these obi~gaUons
~ n the manner prov~ded in paragraph 2, or ~f not pa~d in that manner. Borrower shall pay them on t~me directly to the person owed
j payment. Borrower shall promptly furn~sh to Len~er all nobces of amounts to be pa~d under th~s paragraph. If Borrower makes these
~ payrnents d~rectly. Borrower shail promptly furn~sh to Lender rece~pts ev~dencing the payments
I Borrower shall promptiy discharge any i~en wh~ch has priority o~~er th~s Secunty instrument unless Sorrowec (a) agrees !n wntmg
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~ to the payment of the obhgaUon secured by~ the he~ m a manner acceptable to Lender. (b) cen,ests i~ good farth the hen, ~y or
~ defends aga~nst enfo!cement of the hen m: Iegai proceedings wh~ch in the Lender's op~nion operate to pre~,-ent the enforcement
~ of the hen or tor~eiture of any part the Property: or (c) secures from the hoider oi the lien an agreement sat~sfactory to Lender
subord~nat~ng tne I~en to th~s Secunty insirument. If Lenc~er determ;nes that any part of the Property ~s sub~ect to a i~en wh~ch may
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~ atta~n pr~or+ty over th~s Secunty Instrument. Lender may g~ve Borr~r a not~ce ~~entrfying the hen. Borrower shall saUsfy the hen
6 0~ take one or more of the acUons set forth above w~th~n t0 days of the g!ving of not~ce
C 5. Hazard Insurance. Borrovrer shalt keep the ,mprovements now ewstmg or hereafter erecteci on the Property in;ured aga~nst
~ oss by fire. hazards ~ncluded vr~th~n ?he term ' extended coverage" and any other hazaros fc,r wh~ch Lender requ~res ~nsurance
` ?h~s ~~surance shal~ be ma~nta~ned ~n the amounts and for the penods that Lender reqwres. The ~nsu~ance carrier prowd~ng the
i ~surance shali be chosen by Borrarver subject to Lender's approval wh~ch shaL+ not be unreasonabiy w~thheid ~
~ AI! ;nsurance polic~es and renewals shall ~ acceptable to Lender and sna~l mclude a standard mortgage clause, Le~der sha!i '
~ ave tne nght to hold ine pol~c~es and renevtals. If i_ender reqwres, Borrower shail promptty g~ve to Lender aN rece~pts of pa~d ~:rem~ums '
.,nd renewal not~ces !n the even! of loss. Borrower shall g~ve prompt not~ce to the ~nsurance carner and Lender. Lender may make ~
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~ r.r~of of loss ;t not made promptiy by Borrower.
Unless Lender and Borrower otherw~se agree in wnUr,g, ~nsurance proceeds shall be apphed to restoraUon or repa~r of the
Property damaged. ~f the restoraUOn or repair ~s econom~caity feas~ble and L2nder's secunty ~s not lessened if the resroraUon or
-epar ~s not econcm~caily feas~bte or Lender~s secunty wouid be lesse~ed. the insurance proceeds shall be app6ed to the sums ~
secured by !h~s Secunty Instrument, whether or noi then due, w~ih any excess paid to Borrower. If Borrower abandons the Property.
~ dces not answer w~th~n 30 days a notice from Lender that the ~nsurance carner has offered to settle a daim, then Le~der may
~ ~oliect the insurance proceeds Lender may use the proceeds to repa,r or restore the Property or to oay s~ms secured by th~s Secun:y
" Instrument. whether or not then due The 30-day period wili beg~n when the notice ~s given. ~
` Un~ess Lender and Borrower otherw~se agree in wnt~ng. any appfication of proceeds to p~~nc~pal sha~l net extend or postpone
~ ?r~e due date of the monthiy payments referred to ~n paragraphs 1 and 2 or change the amount of the payments. If under paragraph
~ 19 the Property ~s acqwred by Lender. Borrar:er~s nght to any ~nsurance polic~es and proceeds resulUng from damage to the Property
~ pr~or to the acqu~sR!on shall pass to l_enoer to the extent of the sums secured by this Secur~ty Irstrument ;mmed~ately pr~or to the
acqu.s~t;on.
6. Preservation and Maintenance of Property; Leaseholds. Borrov+rer shall no! destroy. damage or substa^t~aily char,ge
'!~e Property. allow the Property to detenorate or comrrut waste. i! the Secunty Instrument ~s on a!easehold. BorroNer shaL' comply
r,~?h the prov~s~ons o` the lease and if Borrrn•ler acqwres fee t~tle to the Property. the leasehold and fee Utle shali not merge un~ess
~ender agrees to !he merger ~n wr~t;ng.
7. Protection ot Lender's rights in the Property; Mortgage Insutance. if Borro~~er fa~~s ro pertarm ?he covenants and
ayreements conta~ned ,n th~s Secur~ty Instrument. or there ~s a;egal proceed~ng that may s,gn~f~canily affect Lender's nghts ~n the
Property (su~h as a proceed:ng ~r bankrup!cy, probate, for condernnat~on or to enforce laws.or regulat~ons}, then Lender may do
and pay for whate~er ~s necessary to protect the value of the ProFerty and Lender's nghts in the P~operty. Lender's achons may
nc!ude pay:ng any sums secured by a Len which has pnority over this Secunty Instrument. appeanng ~r. court, paymy reasonable
€ a?~orney s fees and entenng or the Property t~ make repairs Aithough Lender may take act;on under th~s paragraph 7 Lender
~ aoes no, have to cio s~. ,
Any amounts d~sbursed by Lender under th~s paragraph 7 shail become add~Uonal debt ot Borrower secured by th~s Secur~;~
!n;trument Un!ess BcrraNer and Lender agree to other terms of payment, these amounts shalt bear interest trom the daie of
d sbursement at ~the Nc?e rate a~d shali oe payable, w~th ~nterest. upon nobce from Lsnder to Borrower requesUng payment.
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