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Home My WebLink About1846 UNIFORM COVEVAtiTS Borrower and Lender covenant and agr~e as `olluw~ ~ 1. Payment of Principal and Interest; Prepayment s~nd L.ate Charges. Hurro~rr tihall promptl} p:~~ ahen due the principal of ar,d interest on the debt evidenced by the Note and any prepaymrnt and fate rharge~ due under the No~e. 2. ~unds for Taxes ~nd Insurpnce. Sublect to nppticable law to a w~uten H~a~rer b~~ Lender, Burruw•er tihall pa~ to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal t~~ one-twelRh of: (a) yearly taxes and assessments which may attain priority over this Secunty Instrument; (b) }~early leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance prem~ums, if any. Thes+e titems are cafled "escrow items." Lender may est~mate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaraRteed by a federal o~ state agency (including l.ender if Lender is such an institution). l.rnder shall apply the Funds to pap the escrow items. l.ender may not charge far holding and applying the Funds, analyl~ng the account or ~~erif~~ing the esr.ro~v items, unless Lender pays f3orrower interest on the Funds and applicable law permits lxnder to make such a charge. A charge assessed by l.ender in connection with BorroH•ers' entering into this Security lnstrument to paY the cost of an independent tax reporting service shall not be a charge for purposes af the preceding sentence. Borrow~er and Lender may agree +n writing that interest shatl be paid on the Funds. LJnless an agreement is made or applicable law reyuire~ i~terest to be paid, Lender shall not be reyuired to pay Borrow~er am~ interest or earnings on the Funds. l.ender shall give to t3orrower, without charge, an annual accounting of the Funds sho~•ing credits and debits to the Funds and the purpose far w~hich each debit to the Funds was made. l~e Funds are pledged as additional securit~~ for the sums u;cumd b}~ this Securit~~ Instrument. lf the amount of the Funds hefd 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 the Funds held by Lender is not sutf'icient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary 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 Instrument, Lender sha11 promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Pro~?erty is sotd 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 held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2,sha11 be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. 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, iC any. Borrower shall pay these obligations 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 shall promptly furnish to Lender receipts evideacing the payments. Borrower shall promptly discharge any lien w~hich has priority over this Security lnstrument unless Borrowes: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good t'aith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the tien or forfeiture of any part of the Property; or (c) secures from the hotder of the lien an agreeme~t satisfactory to Lender subatdinating the lien to tfiis Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority o~•er this Security Instrument, Lender may g+ve Borrower a notice identifying the lien. Borrower shall satisfy the lien or take ~ne or more of the actions set farth above within 10 days of the giving of notice. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended co~~erage" and any other hazards for which I,ender 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 Borrov?~er subject to Lender's approval which shall not be unreasonably withheld. ~ All insurance policies and renewals shal( be acceptable to Lender and shall include a standard mortgage clause. ; Lender sha11 have the right to hold the policies and renewals. lf Lender requires, Borrower shall promptly give to Lender ~ all receipts of paid premiums and renewa{ notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. L,ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or ~epair F 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 ~ applied t4 the sums sec~red by this Security Instrument, whether or not then due, with any excess paid to Borrower. If ~ Borrower abandons the Property, 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 ma~ use the proceeds to repair oc 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 and Borrower other~+~ise agree in writing, any application of proceeds to principal shall not extend or i postpone the due date of the manthly payments referreci t~ in paragraphs 1 and 2 or change the amount of the payments. If ~ under ara ra h 19 the Pro rt is ac uired b L.ender, Borrower's ri ht to an insurance licies and roceeds resultin P 6 P Pe Y 9 Y B Y Po P 8 from damage to the Property prior to the atquisition shall pass to Lender to the extent of the sums secured by this Security ~ Instrument immediately priar to the acquisition. 6, Preservation stnd Maintenance of Property; Leasehalds. Borrower shall not destroy, damage or substantially ~ change the Property, allow the Property to deteriorate or commit waste. If this Security lnstrument is on a leasehold, Borrower shall comQly with the provisions of the tease, and if Bosrower acquires fee title to the Property, the leasehoid and fce title shall not merge unless L,ender 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 si,gnificantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or ; regulations), then lxnder may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a tien 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 take action under this paragraph 7, Lender does not have to do so. ~ Any amounts disbursed by L.ender under this paragraph 7 shall become additional debt of Borrower secured by this Stcurity Instrument. Unlcss Borrowtr and Lender agree to other terms of payment, these amounts shall bear interest from ~ the date of disbursement at the Note rate and shatl be payable, with interest, upon notice from Lender to Borrower ~ requesting payment. ~ ~ ~ . . ~ - . B~K 674 ~~E1846 ~ _ ~ _ _ . . _ _ _ . _ . . . _ _ . . _ -r?~.~`~~ . ~<~SS~aK.~;~.~.sa~.~~-~ ~c~`