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Home My WebLink About0708 . t ~ s , , • ' , UNIFORI~1 COVENANTS. Borrower and L~nder covenant and agrez as folloH~s: 1. Payment of Principa! aad Interest; Prepayment s?nd I,ate ChArges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and IasurAace. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lend:r on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-t~vzlfth of: (a) yearly taxes and assessments which may attain priority over this Se~:urity Instrument; (b) ~ ~ yearly leasehold payments or ground rents on thz Property, if any; (c) yearly ha~srd 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 r~asonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (iacluding Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrov?~ items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items. unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make surh a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or ap- plicable law requires interest to be paid, Lender shalt not be required to pay Borrower any interest or earnings on the Funds. Lender shall gi~~e to Borrower, without charge, an annual accounting 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 se- curity for the sums secured by this Security Instrument. ' If 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, shall exceed the amount required to pay the escrow items when due, the exces~ shall be, at Borrower's option, either promptly repaid to Bortower or credited ta 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 tlie deficiency in one or more payments as reyuired 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 Propert~+ 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. Applics~tion 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 che Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Chprges; Liens. Borrower shall pay all taxes, assessments, charges, fines and ii~positions attributable to the Property which may attain priority over this Security Instrument, and teasehold payments or ground rents, if any. ; Sorrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower ~ shall pa~~ them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shail promptly fur- nish to Lender receipts evidencing the payments. ~ Borrower shalt promptly discharge any tien which has priority over this Security Instrument unless Borrower: (a) ~ agrees in wri!ing to the payment of 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 enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the hoider ' of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. !f Lender deter- j mines 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 identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set ' ~ forth above within 10 days of the giving of notice. ' S. Hazard Insuraoce. 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 re- ' quires. 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 shafl include a standard mortgage clause. ~ Lender shall have the right to hold the policies and renewals. lf Lender requires, Borrower shall promptly give to ! Lender all receipts of paid premiums and renewa! notices. In 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 Lender's security is not less- 6 ened. If the restoration or repair is not economicalty feasible or Lender's securiry would be lessened, the insurance I 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 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 may use the ~ proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. 5 s The 30-day period will begin when the notice is given. ~ q Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall 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 policies and proceeds resuiting 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 acquisi iot~~_ r_~_.__.... 6. Preservation and Maintenance of Property; Leasehoids. BO~ower shall not destrq~:damage;pt substantially change the Property, allow the Property to deteriorate or commit waste ~y 1ACEr~+r~ent es~erra~kasehold, ~ Borrower shall comply with the provisions of the lease, and if Borro~ n~ir ~~~~e,,ti~g,,EQ tt~P~operty, the F leasehold and fee title shall not merge unless Lender agrees to the merger in writin~. _ . ~ 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Bc~rrower' fails to perform the ~ covenants and agreements contained in this Security Instrument, or there is a Tegal proeeeding tliat 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 ~ Le~der's rights in the Property. Lender's actions may inc(ude paying any sums secured by a lien which has priority ` over this Security Instrument, appearing in coun, paying reaso~abie 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. ~ s~~K 6?4 F~~~ 708 ~ - - s--~ _ ~ - -