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HomeMy WebLinkAbout2023 UhIFORM COVENANTS Barro. _r and L.~nder covtnant and agrct as follows: 1. Yayment of Priacipal and Interest; Pcepayment and I.ate Charges. Borrow~er shall promptly pay whcn due ;he principal of and interest on the debt evidenctd by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes snd :nsuronce. Subject to applicable law or to a written waivcr by Lender, Borrower shall pay to Lender on the day monthly payments are due undcr the Note. untit the Note is paid in full, a sum ("Funds") equal to one-twelflh of: (a) year{y taxa and assessments whicfi may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yesrly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. Thae items are called "escrow items." Lender may estimate the Funds due on thc 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 guarantecd by a frderal or state agency (including I.ender if L.ender is such an institution). Lende~ shall apply the Funds to pay the escrow items. Lender may not charge foc holding and applyis~g the Funds~ anafyzing the account or verifying the escrow items, unless Ltnder pays Borrower interest on the Funds and aQplicable law permits Lender to make such a charge. IIorrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, L.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender sfialf give to Borrower, witfiout charge, an annual accounting oFthe Funds showing credits and debits to the Funds and the pucpose for which each debit to the Funds was made. Ths Funds are pledged as additionai security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender. togeth~r with the futurt monthly payments of Funds payable pnor to the due dates of the escrow items, shall exceed the amount requircd 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. [f the amount of the Funds hcld by Lendcr is not sufficient to pay the escrow items when due, Borrower shall pay to Lendtr any amount necessary to make up th~ deficiency in one or more pdyments as r~quired by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borsowcr any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sate of the Property or its acquisition by Lender, any Funds hcid by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Psyments. Uniess appficable law provides otherwise, ali payments received by I,ender undcr paragraphs l and 2 shall 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 Qrincipal due. 4. Charges; Liens. Borrower shall pay all taxes. assessments, charges, fina and impositions attributablc to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shal{ pay these obligations in the manner provided in paragraph 2, or iF not paid in ihat manncr, Borrower shall pay them on time directty to the person owed payment. Borrower sfiafl promptly furnish to Lender a11 notices of amounts to be paid under this paragraph. If Borrower makes these payments directty, Borrower shalt promptly furnish to Lendcr receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unlcss Borrower: (a) agrees in writing to the payment of the obiigation secured by the lien in a manner acceptable to Lender; (b) contests in good Caith the lien by, or defends against enforcement of the lien in. legal proceedings which in the Lendet s opinion operate to prevent the enforcement of the lien or forfeiture of any paR of the Property; or (c) secures from the holder of the licn an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If I,ender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument. L.ender may give Borrower a notice identifying the iien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. ~ S. Ha7ard 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 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 shail be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shail be acceptable to Lender and sha{I include a standard mortgage ciause. 4 Lender shali have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Bonower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of ioss if not made promptly by Borrower. ; Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lasened. If the ~ restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds sha11 be t applied to the sums secured by this Security Instrument, whether or not then due. with any ex^..ess paid to Borrowtr. If ~ Borrower abandons the Property, or does noi 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 Propeny 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 I.ender and Borrower otherwise agree in wciting, any application of proceeds to principal shail not ~xtcnd or ~ postpone the due date of the monthiy payments refened to in paragraphs I and 2 or change the amount of the payments. If i under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds raulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. F 6. Preservation and Maintenance of Property; Ixaseholds. Borrower sha{{ not dairoy, damage or substantially ~ change the Property, allow the Property to deteriorate or commit waste. If this Security Instcument is on a leauhold, ; Borrower shall comply with the provisions of the lease, and if Borrower acquira fee title to the Prop~rty, the leasehold and Pee title shall aot merge unless I,ender agras to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgr+ge Insurance. If Borrower fails to perform the covenants and agceements conta+ned in this Sxurily Instrument, or there is a 1ega1 proceeding that may significantly aRect ' Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforct laws or regulations), than I.ender may do and pay for whatever is n~casary to protect tht value of the Property and C.ender's rights in the Propzrty. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' foa and entering on the Property to make repairs. Although : Lender may take action under tfiis paragraph 7, Lender does not have to do so. Any amaunts disbursod by Lender under this psragraph 7 shalS become additional debt ot Borrower secured by this Security Instrument. Unless Borrower and Lender agra to other terms of Qayment, thtse amounts shall bear interat ~rom 9 the date of disbursement at the Note rate and shafl be payable, with intcrat, upon notice from Lender to Borrower ~ requesting payment. ~ ~ x. ~ gQR~ 664 ~,~~E 391 ~~~x 674 PAGE 2~23 ~ ,.~wsm~~~ ~ ~