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Home My WebLink About0597 U!~IFORM COYk\.4\iS Borroarr and Lrnder corenant ~nd agr~r a~ Ic~llu~~ 1. Payment of Principa) And Interest; Prepayment a~d l.ate Charges. H~:rrowrr tihall pn~mptl~ ~a~ ~hrn dur the principal of and interest on the debt evidenred by the Note and an~~ prrpa~ mrnt and l;~tr rhargrti due under t hr N~~tr. 2. Funds to~ Taxes and Insurance. SubJect to appl~cable law~ ur ro a N•ntten wai~er by Lender, Horr~~wer ~hall pay to Lender on the day monthly paymenis are due under the Note, until the Note i~ paid in full, a,um ("f~und~") ryu:~l tu one-twelfth of: (a) yearly taxes and assessments which may atta~n prionty over this Serunly lnttrument; (b) }~e:~rly leasehoid pa~•ments or ground rents on the Property. ~f any; 1c) yearly ha2ard insuranre prrmiums; and (d) ~earl~~ mortgage insurance prem~ums, ~f any. These ~tems are ralled "c~crow items." Lender ma~ etiumate thc Funds due on the basis of current data and reasonable est~mates of future escrow items. The Funds shall be held in an institution the de~?osits or account~ ot ~~hich are insured or guarantred b~~ a lederal or ,tate agenc~• (including Lender if l.ender is ~uch an instiwtiun?. I.ender ~hall appl~~ the f=unds tu pa~• thre,cruw~ items. Lender m~~• not charge for holding and appl~•inK the Fi~nds, anal}~ling the account or verif~•ing the e.cro~~• items, unles~ lxnder t3orruwer interest on the Funds and applicable lau• permits Lender to make such a charge. A charge a»essed by l.ender in runnection with &~rmHen' entering into this ScYUrit~• Instrument to pa~• the cost o( an independent tax reporting sen•icr .hall not be a charge ior purpo~es of the prcYeding,entenre. t3orruwer and l.endec ma~~ agree in w riting that interest ,hall tx paid on thr F~unds. Unles~ an agreement is made or applicahle law reyuire. interest to be paid, I.ender ~h.ill nut he reyuircd tu pa~• E3orrower am• interest or carnings on the F~unds. lxnder shall gi~e to &xru~er, Hithuut rharge, an annual sccuunting of the Funds showing rredits and debit. to the Funds anJ the rurpu,e f~r which earh debit to the Funds ~~a~ made. "Ihe 1=und~ are pledged as additional u~urit~ for the sums secured b~ thiti kcunt~• Instrument. If the amount of the Funds held by Lender, together with the future monthly papments 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 shall be, at Borrower's option, either promptly repaid to Borrower or cred~ted to Borrow•er on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items ~hen due, Borrow~er shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in ful! 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 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 Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 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 obl~gations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall ! pay them an time directly to the ~rson ow~ed payment. Borrower shall promptly furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrow~er makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge an~• lien which has priority o~•er this Security Instrument unless Borrower. (a) agrees in writing to the payment of the obligat~on 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 w~hich in the Lender's opinion operate to ~ prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an ' agreement satis(actory 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 o~•er thic Secunty Instrument. Lender ma~~ give Borrower a ! notice identifying the (ien. Borrower shall satisfy the lien or take one or more of'the actions set forth aEwve within 10 days ~ of the giving of notice. E 5. Hazard Insurance. Borrower shall keep the improvements now~ existing or hereafter erected on the Property ~ insured against loss by fire, hazards included w•ithin the term "extended coverage" and any other hazards for whic:h 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 Bo~row~er subject •ro Lender's approval which shall not be unreasonably withheld. ~ All insurance policies and renew~als shall be acceptable to Lender and shall include a standard mortgage clause. ! Lender shall have the right to hold the policies and renewals. I~ Lender requires, Borrower shall promptly give to Lender f ! all receipts of paid premiums and renewal notices. In the event of loss, Borrow~er shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss i( not made promptly by Borrow•er. ; Unless Lender and Borrower otherw~ise agree in w~riting, 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 ~ restoration or repair is not economically feasible or Lender's securit~~ would be lessened, the insurance proceeds shall be g applied to the sums secured by this Security Instrument, w~hether or not then due, with any excess paid to Borrower. If ~ Borrower abandons the Property, 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 ma~ 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 E when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to princiPal shal! 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 19 the Property is acquired by Lender, Borrower's right to any insurance poficies and proceeds resulting ~ from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security ~ Instrument immediately prior to the acquisition. ~ 6. Preservation aad Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantiaily change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shaH comply with the provisions of the lease, and if Borrower 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 Insurance. If Borrower fails to perform the covenants and agreements contained in this Security [nstrument, 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 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 include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' 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. x Any amounts disbursed by Lender under this paragraph 7 shall become additionaf debt of Borrower secured by this ; Security Instrument. tJnless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from ~ the date of disbursement at the Note rate and sfiall be payable, with interest, upon notiee from Lender to Borrower E requesting payment. • 9001( PAGE J97 ~ . ~ ~ .~w~ ~ ~ ~s~ _ x~,~_