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Home My WebLink About0565 ~ ~I . ~ • I ` l1 UNIFORM CC)VENANTS. Burcuwtr and Lender L'd~enent a~c1 agc~ as fo4luw~: l. Payment ot Principrl ~nd [ateresl; Prepa~me~t qad Late Chr~~es. Borrowrr shall promptly pay whrn dur thr prinripaf uf and int~rest on the debt evidenced by the Note and any prepayment and late charges due un.ier tf~e Nate. 2. E~unds to~ T~es aad lasuraaca Subject to appii~able law ur to a written waiver by Lender. Borrower shall pay to l_ender un the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to une-twelfth of: (a) yearly taxe~ and assessments which may attain priority over this S~tiurity lnstrument; (b) yearly leas~hold payments or ground renta on the Property, if any; (c) yearly haiard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are ca!!ed "escrow items." t_ender may es[imate th~ Funds due on the basis of current data and reasunable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insuced or guaranteed 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 Funds, analyzing the account or veriCxing the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requira interest to be paid, Lender shall not be required ro pay Borrower any interest or earnings on the Funds. Lender sha[I give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose i'or which each debit to the Funds was made. The Funds are pledged as additional sec~rity for the sums secured by this Security Instrument. If the amount of che Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shali be, at Borrov?•er's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of 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 de~ciency 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. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property os its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security lnstrument_ 3. AppUcAtion of Payments. Unless applicable law provides otherwise, atl payments received by Lender under paragraphs I and Z should be applied: first to amounts payable under paragraph 2; second to interat; and tast to principal. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obliga- tions in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on timr directly to the person owed payment_ Borrower shali promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower sha{{ prompt{y furnish to Lender receipts evidencing the payments. Borrov~er shall promptly discharge any tien which has priosity over this Security instrument unless Sorrower: (a) agrees in w~ri[ing to the payment of the obligation secured by the lien in a manner acceptable to Leader, (b) contests in good faith the fien 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 lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower.a notice identilying the lien. Borrower sha11 satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 'i 5. Hs~zard [nsurance. Borrower shalf keep the improvements now existing or hereafter erected on the Property insured against ~ loss by f re, hazasds inctuded within the term "extended coverage" and any other haxards t'or which Lene~er requires insurance. ~ This insurance shall be maintained in the amounts and for ehe periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which sha11 not be unreasonably withheld. ~ All insurance policies and renewals shall be accegtable to Lender and shall include a standard mortgage clause. Lender shall ha~~e the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid s premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the in~urance carrier and Lender. Lender 6 ~ may make proof of loss if not made promptly by Borrower. -v ` Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damage3, if the restoration or repair is economically feasible and Lender's security is not les~ened. If the restoraiion ~ or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums f secured by this Security Instrument, whether or not then due, with any excess paid to Sorrower. ff Borrower abandons the Proper- ~ ty, or dces not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then l,ender ~ may collect th. insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this ~ Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. ~ Untess Lender and Borrow~er otherwise a ree in writin an a lication of roceeds to rinei al shall not extend or st one ; 8 8, Y Pp P P P Po P ~ [he due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph ~ = 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Pro- ~ perty prior to the acquisition shail pass to Lender to the extent of the sums secured by this Security lnstrument immediately prior ~ to the acquisition. 6. Preservation s?nd Maiptenance of Property; Leaseholds. Barrawer shafi not destroy, damage or substantially change the ~ Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply ~ wich the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shalt not merge unless l.ender agrees to the merger in writing. 7. Protectiou of Lender's Itig6ts in the Property; Mortgage Insur~nee. lf Borrower fails to perform the cavenants and agrc~ments contained in this Security lnstrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then 4encier may do and pay for whatever is necessary to protect the value of the Properry and Lender's rights in ihe Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security fnstrument, appearing in court, paying reasonable attomeys' fees and entering on the ProPerty to make repairs. Atthough Lender may take action under this paragraph 7, Lender does not have to do so. € s ~ i b~a~ 6?4 ~E 5fi5 _ _ y.~'ai'3`2~<b.tl ..'r'~' . ~-.v:Li""~. -~'c3"i."=., ~ ~ ~ ~,_k~r~.NFi~3'~~~ ~~~~~~~~.~-ua..~•`.g5'~~.'.i~r~F~~