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UNIFURM COVENANTS. Burruwrr and 1_e~der ruvenant snd .~grc~e as fulluws:
1. Payment of Principal and l~ceresr, Prepayment and Late Charges. Burrt~wrr shail pn,mpcly psy w~hrn ~lur ~hr
principal of and inceres~ on ~he debt evidenced by [he Nu~e and any prep~~~mene ~nJ lace ch:~~ges due under che Ne~cr.
2. Funds for Taxes and Insurance. S~bjecc co applicabie law ur to a wrii~en waire~ by t.ender, 8orruwer shali pay ce,
Len~er un ehe day munchly paymencs are due under the Noee, until che Note is piid in (ull, a sum ("runds"1 equal cu
une-cwelfeh of: ( a) ye3rly taxes and assessmenes which may aecain prioriry uver ehis Securicy Instrumenr, (b> yearly leasehuld
payments urguund rents ~~n the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly morcgage insurance
premiums, if any. These i~ems are cailed "escrow icems." l.ender may escimate the Funds due un chr basis uf current daca an~1
reasunable estimates uf Euture esccuw items.
The Funds shall be held in an institucion che deposies ur accuuncs ~~f which are 'snsureci ur guarancred by ~ federal ur
sca~e agency t including Lender if Lender is such an inscieuciun). Lender shall apply che Funds cu pay che escruw items. Lender
may nuc charge fur hulding and applying ehe Funds, ~nalyzing che accounc ~>r verifying che esrruw• items, unless Lender pay~s
Borruwer ineerest on ehe Funds and applicabte law permics Lender co make such a charge. 6urruwer and Lender m~y a~ree in
wricing chat incerest shall be paid on the Funds. Unless an agreemenc is made ~~r applicable law requires in~errsc cu be paid,
Lender shall nuc be required co pay Bcxruwer any interest or earnings ua che Funds. Lender shali give to Borr~~w~er, withuuc
ch:+rge, an annual accuuncing of che Funds shuaing credits and debies to ehe Funds and che purpuse for w~hich each debic cu che
Funds was made. The Funds are pledged as additional secaricy for the sums secured by this Seairity lnstrumene.
tf tfie amount of the Funds held by I.ender, toge~her with the fucure monthly payments of Funds pa~~able pri~>r ~o che
due daces uf the escrow icems, shall exceed che amount required t~ pay che escruw items when due, che excess shall be, :~c
Burrower's opcion, either promptly repaid &~rruwer or credited to Borrower un munthly paymencs uf Eunds. If the
amuunc uf che Funds held by Lender is noc sufficienc ru pay che escruw icems when due, B~~rrow~er shall pay~ tc~ 1_ende~ any
amount necessary tu make up the deficiency in one ur mure paymencs as required by Lender.
Upon payment in full of all sums secured by this Security Instrument, Lender shall prumptl~• refund n~ Burruwer any
Funds held by Lender. lf under paragraph f9 ehe Fruperty is sofd or arquircYi by l.ender, Lender shall :~pply, no lacer chan
immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender ac che time uf appficacion
as a credit againsc the sums secured by chis Se~urity Instrumenc.
3. Application of Payments. Unless applicable law provides ucherwise, all payments received by Lender under
paragraphs 1 and 2 shall be applied: firsc, ro lace charges due under the Nute; second, co prepaymenc charges due under che
Note; third, to amounts payable under paragraph 2; Eourth, to inrerest due; and lasc, tu principal due.
Charges; Liens. Borrower sha11 pay all taxes, assessments, charges, fines and impusitions attributable u~ the
Prupercy which may atcain prioriey over chis Security Inscrument, and teasehold payments or ground rents, if any. $urruw~er
shall p~y these ubligatiuns in the manner provided in paragraph 2, or if not paid in chat manner, Burrower shal( pay~ them on
time directly te~ che person uwed payment. Hurrower shall prompcly furnish co Lender all notices uf amuun[s tu be paid under
chis paragraph. tf Burrower makes chese payments direccly, Burrower shall promptly furnish u~ Lender receipts evidencing
che paymencs.
Burruwer shall prumpcly discharge any lien which has pri~>ricy uver this Security Instrument unless Borruw•er. ~a)
aKrees in writing tu che payment of the ubligatiun secured by che lien in a manner acceptuble co l.ender, tb) cuncescs in Kexx~
faith the lien by, ~~r defenJs against enforcement of the lien in, {egal pruceedings which in che I.ender's upiniun uperace cu
prrvenc che enEorcemenc uf the lien ur forfeiture uf any parc of the Propercy; or (c) secures frum che hulder uf che lien an
agreemrnc sacisfactory co Lender subordinacing che lien co chis Securicy lnstrumenc. If Lender decermines chat any parc e~f che
Propercy is subjecc w a lien which may atcain priority over chis Security Instrument, Lender ma~~ give Horr~~u~er s rn~tice
idencifying the lien. Burrower shall satisfy the lien or take vne or more of the actiuns set forth abe~ve within 10 days uf the
giving uf notice.
i 5. Hazard Insurance. Borrower shaU keep the impr~~vemencs now existing or hereafter erected un the Pruper~y
insured against luss by fire, hazards included within the term "extended coverage" and any ucher hazards for which I.ender
requires insurance. This insurance shall be maincained in the amuunts and for the peri~s chat Lender requires. The
insurance carrier pn~viding the insurance shall be chosen by Borrower subject cv Lender's appn>vat w~hich shaN nut be
unrease~nably withheld.
~ All insurance pe~licies and renewals shall be acceptable to Lender and shall include a scandard murtgage clause. Lender
shal{ have the right tu hold che pulicies and renewals. lf l.ender requires, Borrower shall promptly give to 1_ender ~II receipts
~ uf paid premiums and renewal notices. {n che event of loss, Sonower shalt give pn~mpt nocice a> the insurance carrier and
~ l.ender. I~nder may make pruof of loss if noc made prumpcl~~ by Borrower.
Unless Lender and Burruwer otherwise agree in writing, insurance prexeeds shall be applieci tu resturati~n ur repair
~ uf the Propercy damaged, if the restoration or repair is economically feasible and Lender's seruricy is nut lessened. If the
~ resn~raciun or repair is noc ecunomically feasible or I.ender's security would be lessened, che insurance pecxeeds shall be
~ applied to the sums secured by this Security Instrumen~, whether or not then due, wich any excess pai~ te~ Borrower. If
~ Hurruwer abanduns the Property, ur dues n~u answer wichin i0 days a notice frum 1_ender that the insurance carrier has
~ e~ffereJ w seccle a claim, chen Lender may collecc che insurance prexeeds. Lender may use che pruceeds co repair or restore che
E Properry c~r w pa~~ sums secured by this Securicy Instrument, whecher or nut chen due. The 30-day period wil) begin when the
~ n~~tice is given.
g Unless Lender and Bc~rre~wer orherwise agree in w•ncing, any applicatic~n of pnxeeds te~ princ~pal shall nut cxtend ur
~ poscp~ine che due date of che monchly paymencs referred cu in paragraphs l and 2 or change the amuunc uf the pa~~menes. If
under paragraph 19 the Pruperty is :~cquired by Lender, B~xruwer's right ce~ an~' insurance ~x>licies and pruceeds resufting
~ fn~m damage co the Property prior co the acquisiti~~n shall pass to Lender n~ the extent ~~f ~he sums secured b}~ chis Se~uricy
Inscrumen~ immediacely priur co che acquisieion.
6. Preservation and Maintenance of Property; Leaseholds. Bc~rn~wer shall not destruy, damage ~>r substancially
t change the Pruperry, alluw che Property ~o dereriorate ur cummic wasce. lf this Security Instrumenc is un a leasehold,
' Aurn~w~er shall compty with the provisiuns ~~f the lease, and if Borrov~~er acqnires fee title tu the Fruperty, the feasehc~id and
fee citle shall not merfie unless Lender agrees w the merger in writing.
7. Protection of Lender's Rights in the Properry; Morcgage Insurance. If Burruw•er fails cu perfurm the cu~•enants
and agreements cuncained in this Security Instrument, ur there is a legal pnxeeding ch~t may signific.~ncty affect Lender's
rights in the Properry ( such as a prexeeding in bankruptcy, prc>bate, for cundemnatiun ur cu enfurce laws c~r regulaciuns 1, then
1_ender may du and pay fur wha~ever is necessary tc7 procecc che value uf che Properry and 1_ender's rights in the Property~.
Ixnder's acrians ma}~ include payiag any sums secured by a tien which has priurity over ehis Securiry tnsirumenc, appearing in
c~~urc, paying reasun~ble atwrneys' fees and ~ncering on the Pnrperty cu m:~ke repairs. Alchc?ugh Lender may cake accion
under this paragraph 7, Lender dues noc have ro do so.
Any amuunts disbursed by Lender under this paragraph 7 shall beci~me addi~ional debc of Borrower se~ured by~ this
Security Instrument. Un{ess 8orruwer and Lender agree ro other terms uf paymenc, these amouncs shall bear interest from
~ che dace of disbursemenc ac che Noce sace and shalt be payable, with incerest, upun notice from Lender to Borrower req~escing
( payment.
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