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Home My WebLink About2053 UNIFORM COVENANTS. Borrower and Lender covenant and agrec as fulluws: ~'I 1. Paymenc of Principal and Incerese; Prepaymenc and Late Charges. Borruwer shall promp~ly pay when Jue che principal of and incerest on the debt evidenced by the Note and any prepayment and laee charges due under the Ivoce. ' 2. Funds for Taxes and lnsurance. Subjecc co appiicable law or eu a wrieten waiver by Lender, Borcower shail pay co Lender on the day monchly paymencs are due under ~he Nuce, uncil che Note is paid in fuli, a sum ~"Funds") equal cu une-twelfch of: (a) yearly taxes and assessments which may attain priuricy uver this Sectirity lnstrument; {b) yeariy leasehold paymencs ur gruund re~cs on che Propercy, if any; (c) yearly hazard insurance premiums; and (d) yearly murcgage insurance prtmiums, if any. These items are called "escrow items." Lender may estimace che Funds due un che basis uf current daca and reasonable estimates of future escrow items. The Funds shall be held in an inscitution the de~sits or accouncs of which are insured or guaranceed by a fe:ieral or scate agency (including Lender if Lender is such an inscicut~on). I.ender shall apply che Funds co pay theescrua icems. Lender may not charge fur hulding and applying che Funds, analyzing the account ur verifying the escruw icems, unless Lender pays Borrower interesc on che Funds and applicable law permits l.ender tu make such a charge. Borrower and Lender may agree in writing thac interesc shall be paid on che Funds. Unless an agreement is made or applicable law requires interest co be paid, • Lender shall not be required to pay Borrower any incerest or earnings on the Funds. Lender shall give to Borrower, withouc charge, an annual accuuncing of che Funds shuwing credits and debits to the Funds and the purpose for which each debit to che Funds was made. The Fu~ds are pledged as additional sen~riry for the sums secvred by this Secvricy Instrumenc. If the amounc of che Funds held by Lender, cogether wich che future monthly paymencs of Funds payable prior to the due daces of che escrow icems, shall exceed the amounc required co pay che escrow icems when due, che excess shall be, ac ~ Burrower's opcion, eicher promptly repaid co Sorrower or crediced co Borrower on monchly paymencs of Funds. If che :~mount of the Funds held by Lender is noc sufficienc co pay the escrow items ahen due, Borrower shall pay to Lender any i amount necessary co make up che deficiency in o~e or more paymencs as required by Lender. Upon paymenr in full of all sums secureci by chis Securicy lnscrumenc, Lender shall prompcly refund co Borruwer any Funds held by Lender. If under paragraph 19 the Propercy is sold or acquired by Lender, Lender shall apply, no lacer chan immediacely prior tu che sale of the Property or ics acquisition by Lender, any Funds held by Lender at the cime of epplicacion as a credit againsc che sums secured by this Security Instrumenc. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shali be applied: firsc, to late charges due under the Note; second, co prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, co interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessmencs, charges, fines and impc~sitions attributable co che , Prupercy which may actain priority over chis Securicy Instrumenc, and leasehuld payments or ground rencs, if any. Borrower shall pay chese obligations in che manner provided in paragraph 2,or if noc paid in that manner, &xrower shall pay them on time direcdy co the person owed payment. Borrower shall prumpcly furnish co Lender all nocices of amounes co be paid under this paragraph. If Borrower makes these payments direccly, Borroa~er shall promptly furnish to Lender receipcs evid~ncing che payments. Burrower shall prompcly discharge any lien which has prioricy over this Security Jnstrument unless Borrower: (a) agrees in wricing to che payment of the obligacion secured by the lien in a manner accepcable co Lender; (b) concescs in guud faich che lien by, or defends against enforcemenc of the lien in, legal prexeedings which in che Lender's opinion operace co preven~ che enforcemenc of che lien or forfeiture of any parc of the Propercy; or (c) sectires from che holder uf che lien an agreemenc satisfaccory to Lender subordinating che lien co chis Securicy Instrumenc. If Ixnder decermines that any parc of the Property is subjecc to a lien which may attain priority over chis Securicy Inscrumenc, Lender may give Borrower a notice identifying the li~n. Borrower shall sacisfy the lien or take one or more of che actions sec forch above within 10 days of che giving of notice. 5. Hazard Insurance. Borrower shall keep che improvemencs now exiscing or hereafter erecced on che Properc}• insured againsc loss by fire, hazards included aithin che cerm "extended coverage" and any other hazards for which Ixnder requires insurance. This insurance shall be maincained in che amounts and for che periods chat Lender requires. The ins~rance carrier providing che insurance shall be chusen by Borrower subjecc to Lender's appruval which shall not be unreasonably withheld. I All insuran~ce policies and renewals shall be acceptable co Lender and shall include a standard morcgage clause. Lender f shall have che righc co hold the policies and renewals. If Lender requires, Borrower shall prompdy give to Lender all receipts ~ uf paid premiums and renewal notices. In che event of loss, Borrower shall give prompt nocice co che insurance carrier and i Lender. Lender may make proc~f of loss if not made promptly by Borrower. , Unless Lender and Borrower ocherwise ~gree in ariting, insurance pnxeeds shall be applied co rescoracion or repair of che Propercy damaged, if che rescoracion or repair is economically feasible and l.ender's securicy is noc lessened. If che ~ rescoration or repair is not economicaUy feasible or Lender's securicy would be lessened, che insurance prcxeeds shall be € applied to the sums secured by chis Security Inscrumenc, whether or noc then due, with any excess paid co Borrower. If ~ Borrower abandons the Property, or does noe answer wichin 30 days a nocice from Lender chac the insurance carrier has s offered co settle a daim, chen Lender may collece the insurance prcxeeds. Lender may use the proceeds to repair or resrore che ~ Property or co pay sums secured by this Security Instrumenc, whecher or nut then due. The i0-day period will begin when the nocice is given. € Unless Lender and Borrower otherwise agree in writing, any application of prcxeeds co principal shal) not extend or ~ poscpone che due dace of the monchly paymencs referred co in paragraphs 1 and 2 or change che amount of che paymencs. If ~ under paragraph 19 the Property is acquired by Ixnder, Borrower's right to any insurance policies and prcxeeds resulting ~ from damage co the Property prior to che acquisicion shall pass co Lender to the excent of the sums secured by chis Security ~ Inscrumene immediately prior to the acquisicion. ; 6. Preservation and Maintenance of Property; I.easeholds. Bc~rrower shall noc destroy, damage or subscantially ~ change che Propercy, allow the Properry co deteriorace or commic waste. If this Security Inscrument is on a leasehold, ~ Borrower shall comply wich che provisions of che lease, and if l3orrower acquires fee ciele to che Propercy, che leasehuld and fee cicle shall not merge unless Lender agrees co che merger in writing. 7. Procection of Lender's Rights in the Property; Mongage Insurance. If Barrower fails to perform che covenants and agreements con~ained in chis Security Instrumenc, or there is a legal proceeding that may significancly affecc Lender's righrs in the Property ( such as a proceeding in bankruptcy, probate, for condemnacion or co enEorce laws or regulations), chen Lender may do and pay for whatever is necessary to procect the value of che Properry and Lender's righcs in che Propercy. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in courc, paying reasonabie attorneys' fees and encering on rhe Propercy co make repairs. Although Lender may take accion under this paragraph 7, l.ender dces not have co da so. ~ Any amounts disbursed by Lender under this paragraph 7 shall become addicionat debc of Borrower secured by this Security Inscrumenc. Unless Borrower and Lender agree to other terms of paymenc, chese amounts shall bear inreresc from ' the date of disbursement at the Noce rate and shal) be payable, with interest, upon nocice from Lender to Borrower requesting ~ payment. eoo« 674 ~acE20~3 3 ~ _ _ _ _ _ ~ - _ _ _ _ _ _ - ~ _ : r ~