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Home My WebLink About1870 : ~ ~ ~ . • ' . r' UNIFORM COVENANTS_ Borrower and Lender covenant and agree as follows. 1. Payment nf PNnc(pal and Interost; Propayment and Late Charges. Bo?rower shal? promptly pay when due the pr~nc,pai of and mterest on the debt ev~denced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Sub~ect to appl~cable law or to a wntten wa~ver by Lender, Borrower shall pay to Lender on the day monthty payments are due under the Note, until the Note ~s pa~d ~n tu11, a sum ("Funds") equal to one-tweifth of: (a) yearly taxes and asses~ments which may attain pnorsty over this Security tnsirument: (b) yearly leasehold payments or ground rents on the Property, ~f any; (c) yearly hazard insurance prem~ums: and (d) year4y mortgage ~nswance premiums, ~f any. These ~tems are called "escrow items." Lender tnay estimate the Funds due on the basis of current data and reasonabte est~mates of future escrow dems. The Funds shali oe held ~n an instituhon the deposits or accounts o( wh~ch are insured or guaranteed by a federal or state agency (including Lender i( Lender ~s such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for hddmg and apptying the Funds, analyzing the account or verifying the escraw items, unless Lender pays Borr~w~er interest on the Funds and appl~cable law permits Lender to make such a charge A charge assessed by Lender in connection w~th Borrvwer's entenng ~nto this Security Instrument to pay the cost of an independent tax reporting service shall not be a charge far the purposes ot the preced~ng sente~ce. Borrower and Lender may agree in wriUng thal interest sha11 be paid on 1he Funds. Unless an agreement ~s made or applicable law requires mterest to be paid, Lender shall not be r2quired to pay Borrower any interest or earnings on the Funds. Lender shatl give to Borrower, without charge, an annual accounting of the Funds show~ng cred+ts and deb+ts to the Funds and the purpose for which each debit to-the Funds was made The Funds are ple~ged as add~tio~al security for the s~ms secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable pnor to the due dates ot the escrow ~tems, shall exceed the amount required to pay the escrow ~tems when due, the excess shall be, at Borrower's option. e~ther promptly ~epaid to Borrawer or credited to Borrower on monthly payments of funds. If +he amount d the Funds held by Lender is not suff.c+ent to pay the escrow items when due. 8orrower shati pay to Lender any amount necessary to make up the def~c~ency ~n one or more payments as !equ+red by I.~nder. Upon payment in full of all sums secured by this Security fnstrument, lender shall prompt{y refund to Borrawer any Funds heid by Lendec If under paragraph 19 the Property ~s sold or acquired by Lende~ lender shall appty, no later than ~mmediately pnor to the sale of the Property or its acquis~t~on by Lender, any Funds held by Lender at the time d apptication as a credit against the sums secured by thiS SeCtmty fr?strument. 3. Application of Payments. Unless applicable law provides otherw~se, all payments received by Lender under paragraphs 1 and 2 shall be applied~ flrst M amaunts•payable under paragraph 2: second, to interest due; and last, to principal due. 4. Charges, Llens. Borrawe? ab~ll pay all taxes, assessments, charges, fines and impos~tions attributable to the Property v~hich may attain priority o~ver th?sSecurity Instrument, and leasehold payments or ground rents, if any. Borrow~er shali pay these obl~gations ~n the manner provided in paragraph 2, or if not paid in that manner, 8orrower sha11 pay them on time directly to the person awed payment. Borrower sf~all promptly furrnsh to Lender all notices of amounts to be paid under this paragraph. If Borraver makes these payments directly, Borrower shal! promptly furnish to Lender rece~pts evidenc~ng the payments. Borrower shall promptly discharge any I~en wh~ch ha5 prority over th~s Secunty Instrument unless Borrower. {a) agrees in wr+t+ng to the payment of the obligation secured by the lien in a manner acc:eptable to Lender; (b) contests in good faith the I~en, by or defends against enforcement of the I~en in, legal proceedings which in the Lender's op~nion operate to prevent the enforcement ot the I~en or forfe~ture of any paK of the Property: or (c) secures from the holder of the lien an agreement sat~sfactory to ~ender subordinating the fien to th~s Se~unty Instrument. If L~ender determines that arry part d the Property is sub~ect to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the 6en. Barrower shall sat~sfy the hen ~ or take one or more of the actions set torth above w~thin 10 days of the giving oi notice. I 5. Hazand Insurance. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property insured agamst ~ ioss by fire, hazards included w~thin the term "extended coverage" and arry other hazards (or which Lender iequires insurance. This ~nsuranCe shall be mainiained in the amounts and for the periods that Lender requires. The insurar?ce carrier prov~dting the ` ~nsurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All ~nsurance pol~c~es and renewals shall be acceptable to Lender and shall include a standard mortgage cfause, Lender shall nave the r~ght to hdd the pol~cies and renewals. if Lender reqwres, Borrawer shall prornptly give to Lender all rece~pts of paid premiums and renewal not~ces. tn the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make ~ proof of foss if not made promptly by Borrower. Urdess Lender and Sorrow~er otherw~se agree m wnUng. ~nsurance proceeds shall be applied to restoration or repair of the Property damaged, if the restorat~on or repair ~s econom~cally feasib~e and Lender's security is not lessened. If ihe restoration or repair ~s not econam~cally feas~ble or lender's secunty would be 4essened, the insurance proceeds shall be applied to the sums secured by th~s Secunty Instrument, whether or not then due, with arry excess paid to Barrower. !f Borrower abandons the Property, t or dces not answer with~n 30 days a notice irom Lender that the insurance carrier has offered to settle a claim, then Lender may ; co!!ect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security ~ tnstrument, whether or not then due. The 30-day period will begin when the notice is given. ` Unless Lender and Borrower otherwise agree in wnting, any application of proceeds to pnncipal shall not extend or postpone ~ the due date of the monthly payments referred io in paragraphs 1 and 2 or change the amount of ihe payments. If under paragraph ~ i9 the Property ~s acgu~red bry Lsnder. Borrower's nght to any insura~ce pol~cies and proceeds resulting from damage to the Property ~ pnor to the acqu~s~t~on sha?! pass to Lender to ihe extent of the sums secured by this Security Instrument immed~ately prior to the ~ acqu~s~tion. 6. Preservation and Maintenance ot Property; Leaseholds. Borrower sha?I not destra~. damage or substantiatly change , ine Property, allow the Property to detenorate or commit w~aste. !f ihe Security Instrumen; is on a leaseho!d. BorroNVer shall comp~y i w~th the prov~sions oi the lease, a~d it Borrov4~er acqu~res fee title to the Property, the leasehold and fee t~tle shaA not merge unless Lender agrees to the merger in wrd~ng. , 7. Protection ot t..ender's rights in the Property; MoRgage Insurance. If Borrower fails to perform the covenants and agreements conta~ned ~n th~s Secunty Instrurnent, or there is a legal proCeedmg that may significanUy affect L,ender's rights in the ; Property (such as a proceed~ng ~n bankrup;cy. probate, for condemnation or to enforce laws nr regulations), then Lender may do ~ and pay tor whatever ~s necessary to protect the vaiue oi the Property and Lender's rights ~n the Property. Lender's actions may ~ ~nclude pay~ng any sums secured by a I~en wh~ch has pnority over this Security Instrument, appearing ~n court, pay~ng reasonable ' attorney's fees ana entenng cn the Property to make repa~rs. A{though i..ender may take action under this paragraph 7. Lender ~ ~ dces not have to do so. Any amounts d~sbursed by Lender under this paragraph 7 shall become add;tional debt of Borrawer secured by this Security ~ Instrument. Unless Borrower and Lender agree to olher terms ot oayment, these amou~ts shall bear interest from the date oi d~sbursement at the Note ?ate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. • es t~ ac . ~ ~ ; ~ ~ ~ ~ ~ooK 674 PACE1~ ~ . ~ . _ ~~r~ ~ ~ ~ . - ~ ~ _ -