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HomeMy WebLinkAbout1828 ~ UNIFOR~1 COYENANTS. Borrower and Lender rovonant and agree ~(ollows: • 1. Pn}meot ot Principal aad Iotercsl; Prcpaymeot ~ad I.ste Ct~arges. Borrower shall promptly pay when due the principal of and interesc on the debt evidenced by the Note and any prepayfirnt and late ch~rges dut under the Note. 2. Funds for Taxes aad lasunnce. 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 full, a sum ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security lnstrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. Th~se icems are called "escroa~ items." Lender may estimate the Funds due on thr bazis of current data and reasonable estimates of future escrow items. • The Funds shaU 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 escrow items. Lender may not charge Cor 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 such a chazge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an ag~eement is made or applicable law requires interat to be paid, Lender shalt not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borruwe~, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposo for which each debit to the Funds was made. The Funds are pledgc;d as additional security 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 excess shall be, at Borrower's , option, either promptly repaid to Borrower or crrdited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the acrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more pay~ments as required by Lender. Upon payment in full of all sums secured by t:~is Srcurity Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by l,ender, Lendei`slia7t.8pply, no latrr than immediately prior to the sale of the Property or its acquisition by Lender, any Funds'6i~id by' L'Cnder at the time of application as a credit against the sums secured by this Security Inst~ument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 should be applied: Crst to amounts payable under paragraph 2; second to interest; and last to principal. 4. Chprges; Lkns. Borrower shall pay all taxes, assessments, charges, Fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrcwer shall 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 paragaph. If BorroN~er makes these payments directly, Bonower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptiy dischazge any lien which has priority over this Security lnstrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) cuntests 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 enforce- ment of the lien 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 Security Instrument. 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 lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Haznrd fnsurance. Borrow•er shall keep the improvemenu now eatisting 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 requires. 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 ro Lender and shall include a standard mortgage clause. Lender shall I ha~e the right to hold the po(icies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid i prrmiums and renewai notices. In the event of loss, Borrower shall give prompt notice to the insurana carrier and Lender. Lender ~ may make proof of loss if not made promptly by Borrower. i Unless Lender and Borrower otherw~ise agree in writing, insurance proceeds shalt be applied to restbtation or repair of the j Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the ratoration ; or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums ? secured by this Security Instrument, whether or not then due, with any excess paid to Borower. If Borrower abandons the Proper- ~ ty, 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. The 30-day period will begin when the notice is given. Unlas 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 resulting from damage to the Pro- ~ perty prior to the acquisition shall past to Lender to the extent of the sums secured by this Security Instrument immediately prior to the aa~uisition. 6. Preservation aad Maintenance of Property; Leaseholds. Borrow•er shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security [nstrument is on a leasehold, Borro~s~er shali comply - with the provisions of the lease, and ii Borrou~er acquires fee title to the Property, the leasehold and fee title shall not merge unless ~ Lender agrees to the merger in writing. ~ 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants 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, prohate, 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 Lender's rights in the Propeny. Lender's actians 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 Property to make repairs. Although Lender may tak~ action under this paragraph 7, Lender dces not ~ have to do so. ~ ~ ~ ~ ` ~ ~ - ~ ~ ~ ~oox fi74 ~acE1828 . ~ . " _ - _ - ~w..h ,.>~J*r.",e-, .,y. ^'S~a's3?`~`w~,,. ~ . . . . .