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Home My WebLink About1352 UNIFORh! COVENANTS. Borrower and Lender coven~nt and agree a~ follows: , 1. P'ymen~ ot P~inclpal aad laccrest; Prepaymeat and l.ate CUutet. 8orrower shtll promptty pay w•hen due the principal of and intcrest on the debt evidenced by the Note and any prepayment and late chsrgt3 due under the Note. 2. Funds for Taaes and lawrance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in Cull. a sum ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property~ if any; (c) yearly hazard insurance premiums; and (d) y~arly mortgage insurance p,emiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable atir.mates of future acrow 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 (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the acrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items. unlcss Lender pays Borrower interest on tht Funds and applicable law permits Lender to make such a charge. Borrowtr and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is n~ade or applicable law requires interest to be paid, Lender shall not be requireei to pay Borrower any interest or earnings on the Funds. Lender shall give 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 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 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 credited to Borrower on monthly payments of Funds. If the amount of tho Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shal! pay to Lender any amount necasary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrumont, 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 hetd by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Appiicadon of Paymeats. Unless applicabie law provides otherwise, all payments received by Lender under paragraphs 1 and 2 should be applied: first to amounts payable under paragraph 2; second to interest; and last to principal. 4. Chxrges; I.kns. Borrower shall pay all taxes, assessments, chazges, fines and impositions attributable to the Property which may attain prioritv over this Security Instrument, and teasehold payments or ground rents, if any. Bonower shali pay these obliga- tions in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay 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 shaq promptly furnish to Lender receipts evidencing the payments. ~ Borrower shall promptly discharge any lien which has priority over this Security Instrument un?css Sorcower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in gc>od faith the lien by, or defends against enforcement of the tien 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 Gen an agreement satisfactory to Lender subordinating the lien to this 5ecvrity Instrament. 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 identifying the lien. Borrower shall satisfy the tien or take one or more of the accions set forth above within 10 days of the giving of notice. S. Hxzard Iasurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the ternn "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 Bonower 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 have the right to hold the policies and renewals. If Lender requires, Bonower shall promptly give to Lender all receipts of paid premiums and renewal 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. i 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 lessened. If the restoration ~ or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be appGed to the sums 4 secured by th:s 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 xttle a claim~ then L.ender € may cotlect the insurance proceeds. Lender may use the praxeds to repair or restore the Property or to pay sums secured by this ~ Security Instrument, whether or not then due. The 30-day period wiil begin when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not txteAd or postpone ~ the due date of the monthl y payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph ~ 14 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from dsemage to the Pro- ~ perty 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. Preserv,tioo and Mainteaxoce of Property; Lease6oids. Borrower shall 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 ~ with the provisions of the lease, and if Borrower acquires fee title to the Property, the leaseho(d and fee titie shall not merge unless Lender agrees to the merger in writing. : 7. Protect~on of Lender's Rig6ts in tl~e Property; Mortgage Iosar9nce. If Borrower fails to perforn~ the oovenants and agreements contained in this Security Instrument, 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 taws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and I.ender'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 Propeny to make repairs. Although Lender may take action under this paragraph 7, Lender does not i s have to do so. e ~ c ~ Y E ~ . t ~ 1 . ~ . ~ E i 6ooK674 ~E1352 _ . ~ k ~ - _ _ • -.,yy '.ti' .,.u.' . _ " ' - 1S"s~ ~ ~,~"_~cr"'_ -~,~s?r~,.=~.: