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Home My WebLink About1853 . 1',~F , , UNIFORM COVENANTS. Bo?rower and Lender covenant and agree as follows: 1. Payment of P~incipal and tnterest; Prepayment and Late Charges. Bor?ower shall promptly pay when due the pri~c~pal of and ~nterest on the debt ev~denced by the Note and any prepayment and late charges due under the No!e. 2. Funds for Taxes and Insurence. Subject to aFplicable law or to a wr~tten w~aiver by Lender, Borrower slialt pay to Lender on the day monthly pzyments are due under the Note, until the Note is pa~d in full, a sum ("Funds") equal to one-twelfth oi: (a) yearly taxes and assessments which may atta~n priority over thls Secunty Instrument; (b) yearly leasehold payments or ground rents on the Property, ~f any; ~c) yearly hazard insurance premiums: and (d) yearly mortgage insurance ~remiums, ~f arry_ These items are called "escrow ~tems." Lender may es6mate the Funds due on the basis d current data and reasonable esUmates of iuture escrow ~tems. The Funds shall be held in an ins:itut~on the depos~ts or accounts d which are insured or guaranteed by a tederal or state agency (~ncluding Lender if Lender ~s such an inst~tuUon). Le~der 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 ~tems, unless Lender pays Borrower interest on the Funds and appl~cable law permits Lender to make such a charg~ A charge assessed by Lender in connection with Borrawer's entenng into this Security Instrument to pay the cost of an independent tax reporting service shall not be a charge for the purposes of the preced~ng sentence. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement ~s made or applicable law requires interest to be pa~d, Lender sh~ll not be required to pay Borrower any ~nterest or eammgs on the Funds. Lender shall give to Borrower, without charge, an annuai aCCOUnting of the Funds showing cred~ts and debits to the Funds and the purpase for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Secunty 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 ~tems, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repald to Borrower or cred~ted to Borrower on monthly payments of funds. If the amount of the Funds held by Lender ~s not suN~cient to pay ihe escrow ~tems when due, Borrower shall pay to Lender any amo~nt necessary to make up the def~coency ~n one or more payments as required by Lender. Upon payment in full of all sums secured by this Secunty Instrument, Lender shall promptly re`und to Borrower arry Funds held by Lendec If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale o! the PropeTty or its acqu~s~tion by Lend2r, arry Funds held by Lender at the time of applicatfon as a cred~t against the sums secured by this Security Instrument. - 3. Application of PrymeAts. Untess applicable law provides otherw~se, all payments received by Lender under paragraphs 1 and 2 shall be applied: first to amoants payable under paragraph 2; second, to interest due; and tast, to principal due. 4. Charges, Lien~. Botlower eHaIF pay all taxes, asse~nents, charges, tines and impos,tions attnbutable to the Property which may attain pnority over this ~ecurity Jnstrument, and leasehdd payments or ground rents, ii any. Borrawer shall pay these obligations ~n the manner prov'ided 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 (urnish to Lender all notices o# amounts to be paid under this paragraph. If Borrower makes these payments directly, Bcrrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Secun.ty Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contesis in good faith the ~ien, by or defends aga~nst e~forcement af th2 lien in, legal proceedings which in the Lender's op+nion operate to prevent the eniorcement of the I~en or forfeiture of any part of the Property: or (c) secures irom the holder of the tien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that arr,~ part of the Property is subject to a lien which may attain priority over th~s Security Instrument. Lender may give Borrower a notice identifying the I~en. Borrower shali satisfy the lien ~ or take one or more of the actions set forth above within 10 days d the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now exis6ng or hereafter erected on the Property insured against ~ loss fire, hazards ~nc~uded withm the term "extended covera e' and an other hazards for which lender r ~ bY g y equires ~nsurance. r This insurance shall be mamtained ~n the amounts and for the periods that Lender requ~res. The insurance carrier providing the j insurance shatl be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. i Atl ~nsurance pol~c~es and renewals shall be acceptab~e to Lender and shaEl mclude a standard mortgage clause, Lender shall ~ have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly g~ve to Lender all rece+pts d paid prem~ums and rene~,~al notices. In the event of loss. Borrower shall give prompt notice to the ~nsurance carrier and Lende.?. Lender may make ` proof ot loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in wnting, insurance proceeds shall be ap~lied to restoration or repair of the f ~ Property damaged, rf the restoration or repair is economically feasible and Lender's secunry is not lessened. If the restoration or ~ repair is not economicaily feasible ar Lender's security would be lessened, the insurance proceeds shall be applied to the sums ~ secured tr,~ th~s Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property. E or dces not answer within 30 days a not~ce from Lender that the insurance carner has offered to settle a claim, then Lender may ~ coliect 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 beg;n when the notice is given. ~ Unless 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 reterred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph e 19 the Pro~eRy ~s acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property ~ prior to tne acquisition shall pass to l.ender to the extent of the sums secured by th~s Security Instrument immediately prior to the acquis~tion. ~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantialiy change tne Property, ailow the Property to deteriorate or commit waste. if the Security Instrument is on a leasehold. Borrower shal! comply with the prov,sions of !he lease, and if Borrower acquires fee title to the Property, the Ieasehold and fee title shall not merge unless Lender agrees to the merger in wnt~ng. 7. Protection ot Lender's rights In the Prope~ty; Mortgage Insurance. If Borrower fa~ls to perform the covenants and agreements contained in this Security Instrumen!, or there is a legal p~oceeding that may sigrnficantly afiect Lender's rights in the i Property (such as a proceed~ng in bankruptcy. probate, ior condemnation or to enforce laws ~r regulations), then Lender may do ; and pay for whate~~er ~s necessary to protect the value d the Property and Lender's rights ~n the Property. Lender's actions may r ~nclude paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasanable ~ attomey's fees and entering on the Property to make repa~rs. Although Lender may take act~on under this paragraph 7. Lender ~ does not have to do so. ~ Arry amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security g Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date oi d~sbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. aese~e ae.~ • ea t~ pc ~ ' ~ ~ 600K ~74 PACf ~Qc~ • ~ ~.:,x ~ r .e_ . _ _ . ~ __...w____.__ _