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Home My WebLink About1488 UNIFORM COVENANTS. Borrc,w~er and Lender covenant and agree as follor~s: 1. Payment of Principal and Interost; Prepayment and Lete Chargea. Borrower shall promptly pay when due the pr~napal oi and ~nteres! on the debt ev~denced by the Note and any prepayment and late charges due under the N~te. 2. Funds tor Texes and Insurance. Sub~ect to appl~cabte law or to a wntten waiver by Lender, 8orrower shall pay to Lender on the day monthty payments are due under the Note, unt~l the Nois ~s paid ~n fuli, a sum ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments wh~ch may ana+n prionty over this Security Instrument; (b) yearly leasehold payments or ground rents on ihe P?operty, rf any; (c) y~early hazard insurance premiums: and (d) yearly mortgage ~nsurance premiums, it any. These ~tems are called "escrow ~tems" Lender may estimate the Funds due on the bas~s of current data and reasonable est~mates ot tuture escrow items. The Funds shall be held ~n an ~nstitution the depos~ts or accounts d which are insured or guaranteed by a federai or state agency (including Lender it Lender is such an ~nstitution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless t~ender pays 8orrower interest on the Funds and appl~cabfe law permits Lender to make such a charge A charge assessed by Lender ~n connection with 8orrower's entenng into this Secur~ty Instrument to pay the cost of an independent tax reporting service shall not be a charge for the purposes ot the preceding sentence. Borrower and l.ender may agree in wnUng that interest shall be paid on the Funds. Unless an agreement +s ma~e or applicable law requires ~nterest to be paid, lender shall not be required to pay Borrawer any +nterest or e2rnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing cred~ts and debiis to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledgeci as additional security tor the sums secured by this Security Instrument. If the amouni of the Funds held by Lender, together with the futu?e monthly payments ot Funds payable prior to the due dates of the escrow ~tems, shall exceed the amount reqwred to pay the escrow items when due, the excess shall be, at Borrow~er's option, e~ther promptfy repaid to Borrower or cred~ted to Borrower on manthly payments ot funds. If ihe amount of the Funds held by Lender ~s not suflicient to pay the escrow items when due, Borror~rer shall pay to Lender any amount necessary to make up the deficiency ;n one or more paymenis as required by Lender. Upon paymenT in full of atl sums secured by this Secunty Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. Ii under paragraph 19 the Property is sold or acquired by Lender, Lender shali apply, no later than immeciiately pr~or to the sale of the Property or its acquisition by ~ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Appllcatlon oi Payments. Unless applicable law provides otherw~se, all payments received by Lender under paragraphs t and 2 shall be, appl~ed: f~rst to amounts payable under paragraph 2; second, to interest due; and last, to principal due. 4. Charges, Uens. Borrow~er shall pay ati taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Securiry tnstrument, and ~easehold payments or ground rents, it any. Borrower shall pay these obligations ~n the mannEr provided in paragraph 2, or if not paid in that manner, Sorrovyer shall pay them on time directly to ihe Gerson owed payment. 8orro?Mer shal! prompUy fumish t0 ~en~i~ all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shait promptly furnish to Lender rece~pts evidencmg the payments. Borrower shall promptly discharge any lien which has prioriry over this Security Instrument unless Borrower: (a) agrees in wnt~ng to the payment of the obligation secured by the lien ~n a manner accept2ble to Lender; (b) contests in good faith the I~en, by or defends against enforcemeni of the iien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement o! the I~en 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 Secunty Instrument. ff Lender determines that any part of the Property is subject to a lien which may atta~n prionty over this Security Instrument, Lender may give Borrow~er a notice identifying the lien. 8orrower shall satisfy the Ifen or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Nazard Insurance. Borrower sha?I keep the improvements now existing or hereafter erected on the Property insured against :oss by f~re, hazards mcluded withm the term "exiended coverage' and any other hazards for which Lender requires insurance This ~nsurance shall be maintained ~n the amounts and for the periods that Lender requires. The insurance carrier providing the ~nsurance shall be choser, by Borrower subject to Lender's approval w•hich shalt not be unreasonably w~thheld. All insurance pol~c~es and renewals shall be acceptable to lender and shall include a sfandard mortgage clause. Lender shall ~ave the nght to hold the pof~c~es and rene~nrals. if Lender requires, Borrawer shall promptly give to Lender all receipis d pa,d premiums and renewai notices. In the event of loss, Borrower shali g~ve 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 ~n wriUng, insurance proceeds sha!! be applied to resioration or repair of the Property damaged, it the restoration or repafr is economicapy feasible and lender's security is not lessened. If the restoratio~ or repair is not economica!!y feasible or l.ender's secunty wou~d be hessened, ihe insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, ~nnth any excess paid to Borrower. If Borrower abantions the Property. or does not answer with~n 30 days a notice from Lender that the insurance carrier has offered to settte a cla~m, tnen Lender may coilect 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 period will begin when the notice is given. Unless Lender ard Borrower othen~vise agree in writing, any application oi proceeds to principal shall not extend c,r postpone ~he due date of the monthly payments referred to in paragraphs i and 2 or change the amount of the payments. If under paragraph 19 the Property ~s acquired by Lender, Borra~ver's right to ar~y insurance policies and proceeds resultmg irom damage to the Properiy pnor ro the acqws~tion shaH pass to Lender to the exient of the sums secured by ihis Security Inst~ument immediately prior to the acquis~t+on. 6. Preservation and Malntenance of Property; Leaseholds. Bor~ower shall not destroy. damage or substant~ally change the Property, allow the Property to deteriorate or comm~t waste. If the Security Instrument ~s on a leasehold. Borrower shalt comply with the prrnisions oi the lease, and if Borrower acquires fee title to the Property, the leasehold and tee t~tle shall not merge unless Lender agrees to the merger ~n wrting. • 7. Protection of Lender's rights in the Property; Mortgage Insurance. If Borrower fa~ls to perform the covenants and agreements contained ~n this Secur~ty Instrument, or ihere is a legal proceed~ng that may sign~f~cantfy aflect Lender's nghts ~n the Property (such as a proceeding ~n bankruptcy, probate, for condemnation or to entorce laws or regulations), then t~nder may do and pay for whatever ~s necessary !o protect the value of the P,~eperty and Lender's rights ~n ihe Property Lender's actions may ~nc~ude paying any sums secured by a ~ien which has prronty over this Security Instrument, appeanng in court, paying reasonable attorney's fees and entering on the Property to make repairs. Although Lende4 may take action under th~s paragraph 7. Lender does not have to do so. • . ~ - Any amounts d~sbursed by Lender under this paragraph 7 shall become additianal debt of Borrower secured by this SeCurity Instrument. Unless Borro~rver and Lender agree to other terms of payment, these amounis Shali bear interest from the date of a;sbursement at the Note rate and shalt be payable, with ~nterest, upon notice from Lender to Borrwver requesting payment. F~ ~z3<se~ea+~ ' BOOK~~Y PAGE1488 ~ ~ • ~ ~ f~~. ~.~~~~'--~~~;~~~~`k"~~::~;~ ~'~ti