The URL can be used to link to this page

Home My WebLink About0824 i l;\IFOR'N COVEhAi~fl~. Borrower and Lender covenant and agrce az foilows: l. Pay~aent ot Prinelpal and Interes~ Prrpayment and l~te Charges Borrowrr shall prompUy pay when due tAe principal o[ and interest on the dcbt evidenccd h~ ~he \ote and any prepayment and late charges due under the Nwe. 2. Fuads tor Tases and Insuranea Subject to applicabk law or to a written waiver by l,ender, Borrower shail pay to Lender on tAe day monthty payments are ~ ~ar under tAe Note, until the Note is paid in full, a sum ('Funds•) equal ro one-twelfth of: (a) yearly taxu and assessments which may attain priority over this Security ~ In,irument; (b) yeariy leasehold payments or ground rents on the Property, if any, (c) yeariy Aazard insurance premiums; and (d) yearfy mongage insuranre prcmiums, ~f any. "Il?ese itemc arc callcd 'escraw items.' l,ender may estimate the Funds due on the basis of current data and reasonabk estimates o[ futurc ucrow itemc. ~ "Ihc hunds shall be hekl in an instiwtion the deposits or accounts ot which are insurcd or guaranteed by s federal or sate agency (including Lender if Lendtr + ~uch an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applyin~ the Funds, analycing the aceount or i .enf ~in the escrow items, unless a liabk law rmits Lender to malce such a cha ~ 5 8 PP p~ rge. fiorrvwer and Lender roay agrce in writieg that intecut shall be paid on ~ ~he Funds. Unless an agreement is made or applinbk Iaw requires intercst to be paid, Lender sAall not be requind to pay Sorrowtr any interest or eamings on ~ ~he Funds. Lender shall give to Borrower, without charge, aa annual accounting of the Funds shawing credits u~d debils to tAe Funds and the purpose for which ra.h debit to the Funds was made. 'Ihe Funds are pledged as additional security [or the sums secured by tAa Security Instrument. ~ (C the amount of the Funds held by Lender, together with the [uture awnthly paymonts of Funds payabk prior to tho due dates o[ tlx escrow items, shall exceed ~ ~he amount required to pay ihe escrow items when due, the excess shall be, at Aorrower's option, ei:her pranptly repaid to Borrower or credited to Born~aer on ~ m~n:hly payments of Funds. If thc amount of the Funds heW by Lcnder is not sufficient to pay the escrow items when due, Bonvwer ahall pay to Lcnder any amount n..essary to make up the deficiency in one or more payments as required by l,ender. Upon payment in full of all surtu ucurcd by this Security lnstrument, Lender shall prompUy nefund to Borrower any Funds held by Lender. If under paragraph 1"v the PropeRy is sold or acquircd by Lender, Lender shall apply, no latet than imMediately prior to the sak of the Property or its acquisition by L.ender, any Funds held by Lcnder at the time of application as a ctedit against the sums secu~sd by this Security lestrument. ~ 3. Applicatae of Payments. Unless applicabk law provida otherwi.u, all payments coceived by LenAer under paragraphc 1 and 2 shall be applicd: 6ist, to late ~ :hargcs due under ~he Note; sccond, to prepayment charges duc under the Note; third, to amounts payable under paragraph 2; [ourth, to interest due; and last, to ~ ~+riniipal due. ~ ~ Charge~ laens. Bor~ower shall pay all taxes, assessments, chargcs, fincs and impositions attributabk to the Property wRich may attain priority aver this Security ~ lnstrument, and leasehold payments or ground rcnts, if any. Borro+~ror shall pay these obligations in the manner pravided in paragraph 2, or if not paid in that mannor, ~ f3;>rrow-er shall pay them on time directly to thc pcrson owed payment. I3orcoorer shall promptty furnish to Lender all notices o[ amounts to be paid under this i ~~ragraph. I[ Borrocver makes these payments directly, Borrow~er shall p~mpUy furnish to Lender receipts evidencing the payments. ~ I3~rrower shall promptly discharge any iito which has pnority over this Security Instrument unless E3orraver. (a) agrcu in writing to the payment of the obligation ± ~ ~~•.ured ny the lien in a manncr acceptable to Lender, (b) contuts in good laith the lien by, or defends against enlorcement of the lien ie, legal proceedings which ~he t.ender's opinion operate to prevent the enforcement o( thc lien or forfeiturc of any part of the property, or (c) secures from the holder of the lien an .,:;r~cment satisfactory to Lender subordinating the lien to this Security Instrument. !f Lender Jetennines that any part of the Property is subjea to a lien wfiich may ~ a~ta~n pnority over this Security Instrumcnt. Lender may give Borrowrr a notice identi[ying the lien. [iorrower shal! satisfy the lien or take one or morc of the actions ; .c: furih above within 10 days of the pving of noticc. ' Hasard Insunnce. Borrower shall kecp the improvtments now existing or hereaftererected on the Property insured against loas by fire, ha~ards included within i tt~: term 'extcndcd coverage' and any othcr ha7ards for which Lender rcquircs insurance. This insuranec shall be nlaintained in the amounts and [or the periods :ha~ Lender requires. "Itu insurance carrier prwiding the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably ~ ..ithheld. ~ ! ~~11 insurance policies and renewals shall be accepWble to Lender and shall include a standard mortgage clause. Lender shall have the right ro hold the policies I ; ~n,7 renewals. If l.cnder requires, E3orrower shall promptly give to L.ender aU rcceipts of paid premiums and rcnewal noticcs. In the event of loss, Borrower shall ! ri~e prompt notice to the insurance carrier and Lender. Lender may make proof of loss i( not made promptly by Borrower. E l: nlcss L,ender and Borrower otherwise agrce in writing, insurance proceeds shall be applied to restoretion or repair of the Propcrty damaged, if thc restoration [ ; ~r repa~r is economicall}• feasible and Lendcr's xcurity is not lessencd. If the restoration or repair is not economically (easibk or Lende~s security would be iessened, ~ ;r,e ~nsurance procceds shall be applied to the sums stcured by this Security In~trvment, whether or not then due, with any excess paid to Borrower. If Borrower , ; r~ardons the Property, or docs not answer w~thin 30 days a no~ice from L,ender that the ir~surance carrier has of[ered to setAo a claim, then Lender may collect the :>urance proceeds. Lender may use the procceds to repair or restore the Proper.y or to pay sums secured by th~s Sacurity Instrument, whether or not then duc. ~ i i~~ 30-day period will begin whcn the notice is given. i L nless L.cndcr and [3orrower otherwise agree in writing, any application of proceeds to principal shalf not extend or postpone the due date of the monthly ; ~t n~ents rcferred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, BorrawePs right to ~n~ insurance policiu and procecds resulting from damage to the Property prior to the acquisition shal: pass to Lender to the extcnt o[ the sums ucured by ?his ~~urity Instrument immediatdy prior to the acquisition. t ~ 6. Preservation and ilaintenance ot Propertr; Les?seholds. Borrower shall not dcstroy, damage or substan[ially change the Property, atlaw the Property to 'ci~r~orate or commit waste. IE this Security Inswment is on a leaschold, Borrovver shall compfy Rith the provisians of the lease, and if Borrower acqwres fee tide @ ~ :~5e property, the leasehold and fee title shall not mtrge untess Lender agrsu to the mcrger in writing. Protection of Lender's Rights in the Propert~; ~tortgage Insurance. 1( Borrower tails to periprm the covenants and agreements contained in this Security i~~.,~; ~ment, or therc is a legal proceeding that may significantly affect Lender's rights in the Property (such as a ptocetding in bankruptcy, prnbate, for condemnation ~ ; io cn(orce laws or rcgulations), thcn L.cnder may do and pay for whatever is ncccscary to protect thc value of ihe Property and L,enders rights in the Property. ' t r:~cr's actions may include paying any sums secured by a lien whirh has priority over this Security Inswment, appearing in court, paying reasonable attorneys' fccs I ~ :~;.i enrenng on the Property to make rcpairs. Although Lender may take action under this paragraph 7. L,ender does not have to do so. :~ny amounts d~sbursed by L,ender under this paragrsph 7 shall become additional debt of Borrower securcd by this Security Instrument. Unless Sorrower and ~ F ~ ~cr agree to other terms of payment, these amounts shall bear intcrest from thc date of disbursemcnt at the N~te rate and shall be payable, R~th iaterest, upon ;,ce from Lender to Borrower requesting payment. if Lender requircd mortgage insurance as a condition of mal:ing tht loan secured by this Security Instrument, Borrower shall pay the premiums required to E --:~miain the insurance in effut until such time as the requircmcnt for the insurance tcrtninatcs in accordance with Borrow~er's and Lender's wnttcn agreement or ~ ;~n,icable law. i ~ £i. Inspectan. Lendcr or its agent may ma?e reasonable entrics upon and inspections of the Property. L,ender shall give Borrower notice at the time of or ptior ~ ~ ~ an inspection specifying reasonabk cause for the inspection. ~ ~ 9. Condemnataa The proceeds of any award or claim for damages, diroct or mnsequential, in connection with any condemnation or othtr taking of any part ~ ~hc Property, or for conv~cyance in licu of condemnation, arc hercby assigncd and shall be paid to Lender. In the event of a total tai~ing of the Property, the proceeds shall be apFiied to the sums sccurcd by this Security Instrument, whether or not then dut, with any ~ ~ce~s paid to Borrower. In the event of a partial taking of the Proper4y, unless Borrawer and Lender otherwise agree in writing, the sums secured by this Secunty ~ I~sirumcnt shall be rcduccd by the amount of the procecds multiplied by the following fraction: (a) the tWal amount of the sums aecured immediately befort the ~ !:~,~ng. divided by (b) the fair marlcet value of the Property immediately bc(ore the taking. Any batance shall be paid to Borrower. ~ ~ If the Property is abandoncd by Borrower, or if, after notice by Lender to Borrower ~ha~ the condemnor ofkrs to make an award or settk a claim for damagu, 1 ' +l ~?RIUA-Singk Familily-F'~I~'tA/FHL:~fC UNiFOR,'+1 ItiSfRli~1ENf 800~ C~~ ~GE Q(~~ ~ V Q ~r ~ . - . ~ - - _ ~ • ~e ~