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Home My WebLink About0520 l'\IFUR.M COVI:NANI'S. I3ortov~rr and L.cnder cavcnant and agrce as tollows: 1. Payment of Principal and intercst; Prcpa7ment and l~te CAargcs [ior~ower shall promptly pay whcn Jue the pnncipai of and intercs~ on the debt e~idenced the Note and any prcpsyment and late cha~ges due under tAe ;~ote. 2. FLnds for Ta~ces awd IRwranca Subjcct to applicabk law or to a writtcn Na~vcr by Lcnder, [3ortowtir shall pay to l.ender on the day monthly paymcnts are duc under the Note, until the Note is paid in full, a sum ('Funds') eqwl to o~e-twelfth of: (a) yeady taxes and asuscments which may attain priority over ~his Sccuriry Ir.s~rument; (b) yeady kasehold payments or ground renu on the Property, if any, (c) yearty hazard insurance prcmiums; and (d) ycarly mortgage insurance prcmiums, ,f any~. "Iluse items arc called 'ucrow items.' Lender may utimate the Funds due on the basis o[ current data and reasonable estimates of future escrow itcros. 1Ae Funds shall be held in an institution the deposits or accounts of which are insuRd or guanntced by a fedcral or state agency (including l.ender if Lender ~ti such an institution). l.ender shall apply the Funds to pay the escrow itemc. Lender may not charge for holding and applying the 1'unds, analyzing the acrount or ~enfying.the cscrow items, unlcss appli.~ble lawr permits Lender to make such a charge. Aorrovrer and Lender may agrce in writing that intercst shall be paid on ~hc 1'unds. l,'Mcss an agrcement i~ made or applicabk law rcquircs interest to be paid, Lender shall not be rcquircd to psy Dorrower any interest or earninga on ~hc Funds. Lendzr shall gnc to Borrower, without charge, an annual aecounting ot the Funds shvwing credits and debits to the Funds and the p~rpose fo~ which each debit ro the Funds was made. Tl~s Funds are pledged as additional ucurity for the sumc secured by this Security Instrument. If the amount of tha Funds held by Lender, together with the fuwre monthly payments of Fundc payable prior to thc due dates of the eacrow itema, shall excced ~hc amount rcquired to pay the escmw itertu when due, the excess shall be, at Bom~wer's option, either pranptly repaid to Bonvwer or crcdited to [3orrower on mun~hly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when du~, Borro?~Yr shall pay to Lcndcr any amount ~ecessary to make up the deficiency in one or more paymen~s as rcquired by Lender. Upon paymcnt in full of all sums securcd by this Securiry Instrument, Lender shall promptly re[und to F3orrower any Puncis hcld by Lcnder. If under paragraph 1~1 thc Property is sold or acquired by Lendcr, L.cnder shall apply, no Iater than immcdiately prior to the sale of thc Property or its acquisition by l.ender, any i'unds h~;d by Lender at the time of application as a crcdit against the sums securcd by this Security Instrument. ;.:~pplication ot Payments. Unless applicable law pmvidu ahetwi.u, all payments rcceivcd by Lender under paragraphs 1 and 2 shall be applied: first, to late : hargcs due under the Note; ucond, to prepayment chargcs due under the Note; thind, to amounts payable under paragraph 2; founh, to intercst due; and last, to ~nncipal due. 4. CAarges; I~ens Qorraver shall pay all taxa, assessments, charges, finu and impcuitions attributab{e to the Pn~perty which may attain priority o~Yr this Security lr.strument, and leasehold payments or ground rents, if any. liorrower shall pay these obligations in the manner pmvided in paragraph 2, or if not paid in that manncr, 13ornxv~cr shall pay them on time directly to the person aaYd payment. Qorrower shall prompdy fumish to Lender all notices of amounts to be paid under this ! naragraph. If Borro~+~cr mal•es these paymcnts dircctly, Borrower shall promptly furnish to Lendcr rcccipts evidcncing the paymcnts. j Rorrow~cr shall promptl~~ dischargo any lien which has priority over this Security Instrument unless Borrower. (a) agreu in writing to the payment of the obligation k ,c~urcd b• the lien in a manner acce table to l.ender, b contuts in ~ y p good [aith the lien by, or deknds against enforcemcnt of the lien in, legal proceedings wfiich ' ~n the Lender's opinion operate to prcvent the enforcement of the lien or fodcitute of any part of the property, or (cj securu from the holder of the lien an i agreement satisfactory to Lendcr subordinating the lien to this Security instrument. If Lender determines that any part of tht P~operiy is subject to a lien which may I~ attain priority o+ror this Security lnstrument, i,ender may give Bortuwtir a notice identityiag the licn. Borrower shall satsfy the lien or take one or more of the actions ~ .et iorth abov~ within 10 days o[ the giving of notice. I ~ C Haiard Insurance. Borrower shall keep t1x imprw~ments now e~dsting or herealter erectcd on the Properry insur~d against loss by fire, hazards included within i ~hc term 'extended coveragc' and any other hazards !or which L.cnder requires insurance. "Il~is insurance shall be maintained in the amounts and for the periods ~ !ha~ I.ertder requires. The insurance carrier providing the insurancc shall be chosen by E3onvwer subject to L.enders appraral which shall not be unreasonabty ~ ~..~thhcld. i All insurance policiu and rcnewals shall be acceptabk to Lender and shall include a standard mortgage clause. l,ender shall ha~~e the right to hold the policies ~ +n~ renewals. If l,ender rcquircs. Borrower shall prompUy give to Lendcr all receipts of paid premiums and renewal notices. In the event of loss, E3orrov~tir shall ~ ~~~:c pmmpt notice to thc insurance carrier and Lender. I.ender may mal-e proof o( loss i( na maAe prv~nptly by Bor~oaver. p l;nlesc Lender and Bo:rower othcrwisc agcee in writing, insurance proceeds shall be applicd to restoration or repair of the Property damaged, if the rcstoration ~ , r repair is cconomically kasibk and Lender's security is not kssened. If the restoration or rcpair is not economirally feasible or Lender's security would be lessened, ~ !hc insurance proceeds shall be applicd to the sums secured by thic Security Instrument, whether or not then due, with any excess paid to Borrowtr. If Bortowu ~ ~nandons the Propertp, or does not answer aithin 30 days a notice from Lender that the insuranco carrier has o(fcrcd to settle a claim, then Lender may cotlect the :~,urancc proceeds. Lender may use the proceeds to repair or rcstore the Property or to pay sums secured by this Security Instrumtnt, w~helher or not then due. ~ I nc :0-day period will begin wfien the notice is given. Cnlcss Lender and Bormv~tr othenvise agrce in w~riting, any application of proceeds to principal shall not cntend or postpone the due date of the monthly ~ ~~~~ents referrcd to in paragraphs 1 and 2 or change the amount of the paymcnts. If under paragraph 19 the Propcrty is acquired by Lender, Borrou~eis right to ~ ~m insurance policies and procccds raulting from damage ro the Propeny prior to the acquisition shall pasc to Lender to the extent of thc sums xcured by this 4.unty Inswment immediatNy prior ro the acquisition. ~ 6. Preservatan And ~iaintenance of Property; LeasehoWs. Borruwer shall not dutroy, damage or substantially changc the Property, allvw the Property to k ~cteriorate or commit watte. If this Security Instrument is on a leaxhold, Borrower shall comply with the prrn~isions of the Icase, and if f3orrow-er acquires fec title ! ~o [hc property, the leasehold and fce titk shall not merge unless Lender agrces to thc merger in writing. ~ 7. Protectan of Lender's Rights ie the Propert~; Mortgage Insuraace. If Borto+~~er fails to perform the co~~enants and agreeirients contained in this Sccurity ~ {r.scrument, or there is a kgal proceeding that may signiFicantly affect Lender's righu in tM Property (such as a proceeding in banrruptcy, probatc, for condcmnation ~ ~~r io cnforre laws or regulations), then l.cnder may do and pay for whatcver is neccssary to protect the value of the Property and Lender's rights in the Propcrty. ~ ? cndePs actions may include paying any sums securcd by a lien which has priority ov~r th~t Security Instrument, appearing in court, paying rcasonable attorneys' fces g crtering on the Property to mare repairs. Although l,ender may talce action under this paragraph 7, Lender dou not have to do so. Any amounts disbursed by l.cnder under this paragraph 7 shall become additional debt of Borrower securcd by this Security Instrument. Unless Borrower and ! cnder agrce to other terms of payment, these amounts shall bear intercst from the date of disburument at the ?~ote rate and shall be payable, with ir.terest, upon , r: a~cc from I~nder to Borrovver rcquuting payment. If Lender required mortgage insurance as a condition o! makiog the loan ucurcd by this Security Instrument, Borrower shall pay the premiums requircd to :na~ntain the insurance in effect until such time as the requirtment for the insurance terminates in accordanct with Borrower's and Lender's writtcn agrecment or :f~j licable law. R. InspeNion. Lender or its agent may make reasonable cntries upon and inspediana of the Property. [.endcr shall gir~e f3orrower notice at the time of or prior ~ an ~nspection specifying reasonable cause for the inspection. ~ 9. Condemnat'an. "Ilie procecds of any awarcl or claim for damagu, dircct or conseyuential, in connection with any condcmnation or other ta~ing of any part -f thc Property, or for conveyantt in lieu of condemnation, are hercby assigned and ahall be paid to Lcnder. c In the evcnt of a total taking of the Ptvperty, the proceeds shall be applied ro the sums ucurcd by this Security Instrument, whethcr or not thcn due, with any ~ e.:ess paiA to $orrowet. In the event of a partial taking of the Property, unlesa Borro+ver and Lender othecwise agree in writing, the sums secured by this Security L:strument shall be reduced by the amount of the prcxeeds multiplied by the following fraction: (a) the total amount of the sums securcd immed~ately before thc ~aking, dividcd by (b) the fair market value ot the Property immediately before the taking. Any balance shall be paid to I3orrow~cr. 1( the Proptny is abandoned by Borrower, or if, after naice by I,ender to Borrow~r that the condemnor of(ers to make an award or uttie a claim (or damagu, F1.(1R1DA•Singk Familily-t1~U/FHLMC UNIFOR:~t ItiSIRUME\f eooK 6?4 5~ F ~ - ~ ~ "~r ~ r y' z x.^-~~~~