The URL can be used to link to this page

Home My WebLink About0572 : . , . .Z ~ , UNIFORM COVENANTS. [~orroHer and Lender oovenant and agtee 3s follows: L Paymeot ot Principal and Interest; Prcpayment and Late CY~r~es, Borrower shall promp~ly pay when due the prin~ipal ui and interest un the debt evidenced by the Note and any prepayment apQ late charges dus'under the Note. 2. Funds for Taxes and tosur~nct. Subject to applicable law or to a written aaiver by Lender, Borrower shall pay [o Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-tH~eifth of: (a) yearly taxes and assessments which may attain priority over this Security InStrum~nt; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, ii any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escroa items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a[ederal or s[ate agency (inc!uding Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow item~. Lender may not charge for holding and applying the Funds, analyzing the account or verifying ~he 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 requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, w•ithout charge, an annual accuunting of the Funds showing 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 the sums secured by this Security lnstrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds pa~•able prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrow~er's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. [f 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 deficiency in one or more payments as required by Lender. Upon payment in full of al! sums secured by this Security lnstrument, Lender shall promptly reCund 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 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. Applieation of Payments. Unless applicable law provides otherwise, all payments rtceived by Lender under paragraphs 1 and 2 should be applied: first to amouncs payable under paragraph 2; second to interest; and last to principal. 4. Charges; Liens. Borrower shall pa~~ all taxes, assessments, charges, fines and impositions attributabte to the Property which may attain priority over this Security lnstrument, and leasehold payments or ground rents, if any. Borrower shall pay these obliga- tions in the manner pro~•ided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person ow~ed pa~ment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower ~ makes thesz payments direcdy, Borrower shall promptly furnish to Lender receipts evidencFng the payments. Borro~~•er shall promptly discharge any lien which haz priority over this Security Instrument unless Borrower: (a) agrees in ~ wnnng to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien i by, or defends against enforcement of the lien in, legal proeeedings 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 lnstrument, Lender may give BorroW~er a notice identifying the lien. Borrower ~ shall satisfy the (ien or take one or more of the actions set forth above within l0 days of the giving of notice. ~ 5. H~rd Insuraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against E lo,s by ~re, 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 Borrower subject to Lender's approval which shall not be unreasonably withheld. ~ All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall ~ t~a~r the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid ~ prrmiums and renewal notices. ln the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender ~ may make proof of loss if not made promptly by 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 C,ender's security is not lessened. If the restoration E or repair is not economically feasible or Lender's securit}• would be lessened, the insurance proceeds shall be applied to the sums ~ secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Proper- ty, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the 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 periad will begin when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone ~ the due date of the monthl a ments referred to in ara ra hs 1 and 2 or chan e the amount of the ayments. If under ara ra h i YP Y p 8 P B P P S P 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Pro- s ~ perty priar to the acquisition shall pas~ to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. ~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the ~ Propert}, allow the Property to deteriorate or commit wasre. If this Security Instrument is on a leasehold, Borrow•er shall comply w•ith the provisions of' the lease, and if Borrow~er acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insarance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Propertp (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for «hate~•er is necessarq to protect the value of the Property and Lender's rights in the Property. Lender's actions ma}~ include paying any sums secured b~~ a lien which has priority over this Securitp lnstrument, appearing in court, paying reasonable atrorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. ~ a~ 674 ~ 572 ~ R ~ ~ ~ss~?~.~.~-_ t ~ . , . ~ ~ . • . . ~ . i ~ , 1:~'- t.`'`~ ~ il:~:I VG IJ1i iJrl ~ ~ - ~ - - ~~f ~ rs~~~'~~~~~ ~ K~ Yf