The URL can be used to link to this page

Home My WebLink About0544 • ~ t •i ~ • f UNIFORM COVEI~.ANTS. Borrower and Lende; cQven:mi and agraier~~lloNS: l. Paymeat of P~iacipd ~nd Intrrest; Prepa~mrnt aad Late Chprgts. Borrower sball promptl~• pay Hhen due !he principal ot and interest on the d:bt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds fvr Taxes and las~raaa. Subject co applicable (aw or to a wr'stten waivet by Lender, Borrower shaff pa~~ io Lender un the day monthly payments are due under the Note, until the Note is paid in full, a~um ("Funds") equat to one-tNelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrume~, (b) yeazly kasrhold paym~nts or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of f~ture escrow items. The Funds sfiall be heid in an institution the deposits or accounts of which are insured or guaran[eed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Eunds, analyvng the account or verifying the escrow items, unfess Lender pays Borrower interest on the Funds and applicable law permits Lender to make su;h a chacge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interat to be paid. lender shall not be required to pay Barrower any interest or earnings on the Funds. Lender shall give to BorroK~er, without charge, an annual accounting of the Funds shoN~ing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for thr sums secured by this Security Instrument. 1f the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shafl exceed the amount required to pay the escrow items when due, the excess shail be, at Borrow•er's option, either promptl~• repaid to Borrower or credited to Borrower on monthly payments of Funds. 1f the amount o~ the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. !f under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediatel}~ prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Paymeats. Untess applicable law provides otherwise, all payments received by Lender under paragraphs l and 2 should be applied: Crst to amounts payable under paragraph 2; second to interest; and last to principal. 4. Charges; Liens. Borrower shall pay all tanes, assessments, charges, fines and impositions attributable to the Property which may attain prioriry over this Security Instrument. and leasehold payments or ground rents, if any. Borrower shal{ pay these ob{iga- tions in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall pay them on time directly to the person ow~ed payment. Borrow~er shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these paymen'ts directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in H~riting to the payment oi the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforce- ment of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the tien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. !f Lender determines that any part of the Propeny is subject to a lien which may attain priority over this Security Instrument. Lender may give Borrower a notice iden~ifying the lien. Borrower shall satisfy the lien or take one or more of the actions set fonh above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. ~ This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the ~ insurance shall be chosen by Sorrower subject to Lender's approval which shall not be unreasonably withheld. ~ All insurance policies and renewa{s shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall E ha~•e the right to hold the po1'scies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid ~ premiums and renewal notices. ln the event of loss, Borrower shall give prompt notice to the ~nsurance carrier and Lender. Lender may make proof of loss if not made promptly b}~ Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the ~ Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. if the resroration or repair is not economically feasible or Lender's secarity would be lessenzd, the insurance proceeds shall be applied to the sums t serured by this Security Instrument, w~hether or not then due, with any excess paid to Borrower. If Borrower abandons the Proper- k ty, or dces not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Ler.der q may collect the insarance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this f Security Instrument, whether or not then due. The 34-day period will begin when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any applicatios? of proceeds to principal sha{{ not extend or postpone ~ the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph p 19 the Property is acquired by Lender, Borrow•er's right to any insurance policies and proceeds resulting from damage to the Pro- ' rt rior to the ac uisition shall ass to Lender to the extent of the sums secured b this Securit Instrument immediatel rior Pe YP 9 P Y Y YP ~ to the acquisition. ~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall nat destroy, damage or substantially change the ~ Property, atlow the Property to dereriorate or commit waste. lf this Security Instrument is on a leasehold, Borrower shall compl~~ with the provis'sons of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to ttie merger in writ+ng. ' 7. Protection of Lender's Righis in the Property; Mortgage Insur~uce. lf Borrower fails to perform the covenants and agreements contained in this Securitp Instrument, or there is a legal proceeding that may signiCcantly affect Lender's r'sghts in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may incfude paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and ente~ing on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not ha~e to do so. i 4 ~ SY~ Y g ~ s a~,67~ 544 ~ - ~ y,~~~:~~ ~x~.`-= ~ ~ - ~ ~