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HomeMy WebLinkAbout1749 r UNIFURM CUVENANTS. B~~rruwe~ and Len~fer cuvenan~ ~n~f agrre as fuUuw•s: ~ l. Payment of Principal and Inceresc; PRepaymenc a~d lace Charges. Burrower shall prumptly pay when dur che princip:~l uf and inceresc on che debt evidenced by che Nure and any prepaymenc and lace chargrs due under the N~,ce. 2. Funds for Taxes and Insurance. Subjecc to applicable law ur to a wriccen waiver by l.ender, B~~rrow~er sh311 p:?y cu l.ender ~~n che d;~y monthly payments are due under the Note, until the Noce is paid in full, a sum ("Funds") equal cu ~~ne-cwelfch of: (a> yearly taxes and assessments which may attain prioricy over chis Security Instrumenr, ib) ye:~rly leasehuld p;~ymencs ur ground rents on che Yroperty, if any; (c) yearly hazard insurance premiums; and (d) yearly murcgage insurance premiums, if any. These items are called "escrow icems." Lender ~nay escimace che ~unds due un che basis uf currenc daca and reasunable estimaces of fu~ure escn~w items. The Funds shail be held in an institution the depusits or accuunts of which are insured ur XuaranceeJ by a fcYieral ur seace agency ( including Lender if l.ender is such an insticution). Lender shall apply the Funds tu pay the escruw items. Lender may nix charge fur holding and applying the Fu~ds, analyzing che account or verifying the escruw items, unless Lender pays Borruwer incerest un the Funds and applicable law permits Lender tu make such a charge. Borruwer and LenJer may agree in writing thac interesc shall be paid on the Funds. Unless ar. agreemenc is made or applicable law requires interese co be paid, ~ Lender shall nut be required cu pay Borruwer any interest or earnings on the Funds. I.ender shall give to Borrower, wichout charge, an annual accouncing uf the Funds showi~g credics and debics co the Funds and the purpose for which each debit to the Nunds was made. The Funds are pledged as addiciunal se~tiricy for che sums secured by this Securicy lnscrumenc. lf the amounc uf the Funds held by Lender, together wich the fucure monthly payments of Funds payable prior co the due dates of the esrruw items, shall exceed the amou~c required co pay the escrow items when due, the excess shall be, ac Borrower's upti~~n, either promptly repaid co Borrower or crediced co Borrower on munthly paymencs of Funds. If the ~mounc uf che Funds held by Lender is r~oc sufficienc to pay che escrow icems when due, Borruwer shull pay tu l.ender any amuunc necessary co make up ehe deficiency in one or mure paymencs as required by Lender. Upon payment in full of alf sums secured by chis Security Instrumenc, Lender shall prompcly refund co Burrower an~~ Funds held by Lender. If under paragraph :9 che Propercy is sold or acquired by Lender, Lender shal! apply, nu later chan immecliately prior co the sale of the Property or iis acquisition by Lender, any Funds held by Lender at the cime of applicaci~~n :~s a credic against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all paymencs received by Lender under p~ragraphs I and 2 shall be apptied: first, to lace charges due under the Note; secund, to prepayment charges due under che Noce; chird, co amouncs payable under paragraph 2; fourch, to interest due; and last, to principal due. Charges; Liens. Surrower shall pay all caxes, assessmencs, charges, fines and impusitions attributable to the Pruperty which may atcain priority over this Security lnstrument, and leasehuld paymencs or ground rents, if any. Borrower shall pay these obligaciuns in che manner provided in paragraph 2, or iE not paid in chac manner, Borrower shall pay them on cime directl~• to the persun owed payment. Borrower shall promptly furnish co Lender all notices uf amounts tu be paid under chis paragraph. If Borrower makes chese payments directly, Borruwer shall promptly furnish to Lender receipts evidencing che paymencs. Borrower shall prompcly discharge any lien which has priuriey over this Securicy Inscrument unless Burrower. ta> agrees in writinK to che payment of che ~~bligaciun secured by the lien in a manner acceptable to Lender; 16) concests in gWd faich che lien by, ur defends againsc enforcemenc of che lien in, legal pruceedings which in the Lender's opiniun operate to preven~ che enfurcement of che lien or forfeiture uf any part of the Property; or (c) secures from the holder of che lien an agreement satisfacwry tu Lender suburdinacing the lien to chis Sectiricy Instrument. lf Lender decermines chac any part of rhe Pruperty is subjecc tu a lien which may accain priority over this Serurity lnscrument, Lender may give Borrower a nutice idencify~ing the lien. Borruwer shall satisfy che lien or cake one ur more of the actions set forth above within !0 days of the giving of notice. 5. Hazard Insurance. Burrower shall keep che improvemencs now exiscing or hereafter erected on che Property insured againsc loss by Eire, hazards included wichin the cerm "excended coverage" and any ocher hazards for which Lender requires insurance. This insurance shall be maincained in the amounts and for the pericxls chac Lender requires. The insurance carrier pruviding ~he insurance shafl be chosen by Borrower subjecc co Lender's appruval which shall n~>t be ' unreawnably wichheld. ~ Al! insurance poGcies and renewals shal! be accepcable co Lender and shall inclnde a standard murcgage clause. Lender i shall have the right cu hold the pulicies and renewals. If Lender requires, Burruwer shall prompcly give te~ Lender all receipes ~ ~~f paid premiums and renewal nocices. In che evenc uf loss, Borrower shall give prompt nutice w the insurance carrier and t Ixnder. Lender may make prcx~f of loss if not made promptly by Burrower. i ` Unless Lender and Borrower ocherwise agree in writing, insurance prcxeeds shall be applied co restoration or repair ~ uf che Property damaged, if the rescuration or repair is economically feasible and Lender's secvricy is noc lessened. If che resturaciun or repair is noc ecunomically feasible or Lender's security wuuld be lessened, che insurance pruceeds shall be ~ applied w the sums secured by this Security Inscrumenc, whether or noc chen due, with any excess paid co Borrow~er. If Borr~>wer aband~>ns che Property, or dues not answer within i0 days a notice from Lender chac che insurance carrier has ~ uffered to settle a claim, then Lender may collecc the insurance prexeeds. I.ender may use che prcxeeds co repair or rescore the Pre~percy ur co pay sums sece:red by this Security Instrument, whecheror not chen due. The i0-day period will begin w~hen che n~~tice is given. ~ Unless Ixnder and Borrower otherwise agree in writing, any applicacie>n uf pruceeds co principal shall not excend ur ; posc~me che due dace of che munchly pay~mencs referred to in paragr:~phs 1 ~nd 2 or chanRe the amc~unc of che payments. If ~ under paragraph t9 che Property is acquired by I_ender, Horruwer's righc co any insurance Ewlicies and prcxeeds resulcing ~ frum damage co the Propercy pri~~r tu the acquisiciun shall pass n~ Lender w the extenc of the sums secured by chis Security ~ Inscrumenc immediarely prior co che acquisiciun. 6. Preservation and Maintenance of Property; Leaseholds. Horruwer shall not destroy, damage or subscancially ~ change che Property, allow the Pruperty to deteriorace ur cc~mmic wasce. If chis Security Instrumenc is un a leasehold, ~ Burruw•er shall comply with the prc~visions of the lease, and if Borrower acquires fee cicle ro che Property, che leasehuld and fee ticle shall n~~t merge unless Ixnder agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower faiis co perform che cuvenants and agreements concained in chis Security Instrumen~, or there is a legal pn~ceeding chac may significancly affecc Lender's righcs in the Property ( such as a prexeeding in bankrupccy, prubare, for condemnarion or co enforce laws or regulacions), then Ixnder may do and pay for whatever is necessary co procerc che value ~~f che Property and Lender's righcs in che Property. Lender's accions may include paying any sums secured by a lien which has priority over this Security lnstrument, appearing in ; court, paying reasonable attorneys' fees and entering on the Propercy co make repairs. Although l.ender may cake accion ; under this paragraph 7, Lender does nut have to do so. Any amuunts disbursed by Lender under this paragraph 7 shall bea~me additional debt of Borrower secured by this ~ Security Instrument. Unless Borrower and Lender agree co other rerms of payment, chese amoun~s shall bear incerest frum ~ che dare of disbursemenc ac che Noce raie and shall be payable, wich interest, upon notice from Lender to Borrower requesting ~ ~ payment. ~ ' ' . ~ E B~JOK 1~7~ P~CE~ i~~ ~ ~ ~ ~ - - ; ~ "