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Home My WebLink About2201 - ~ : ' . , ~ ~ UNIFORM CUVENANTS. Borrower and Lender co~~enant and agree as follows: 1. Psyme~t of Principal and Intereat; Prepayment and Late Charyes. Borrower shall promptty pay when due the pr~nc~pai af and ~nterest on the debt ev~denced by the Note and arry prepayment and late charges dus under the Note. 2. ~unds for Taxes and Insurarsce. Sub~ect to appl~cable law or to a wntten wa~ver by Lerder, Borrower shall psy to Lender on the day monthiy payments are due under the Note, until the Note is paid in full, a sum ("Funds") equa~ to one-twelfth o~. (a) yea~iy taxes and assessments wh~ch may attain prionty over this Secunty Instrument; (b) yearly ~easehold payments or ground rents on the Property, d any; (c) yearly hazard msurance prem~ums; and (d) yearty mortgage ~nsurance prem~ums, ~t any. These items are called "escrow ~tems" Lender may esUmate the Funds due on the bas~s d current data and reasonabte esUmates d future escrow ~tems The Funds shail be hetd ~n an ~nsbtut~on the deposits or accounts of which are ~nsured or guaranteed by a federal or state agency (includ~ng Lender ii Lender is such an ~nsUtuUon). Lender shait apply the Funds to pay the escrow ~tems. Lender may not charge ta hold~ng and applying the Funds, analyzing the account or venfying the escrow items, untess Lender pays Borrower interest on ;he Funds and appiicable law perm~ts Lender to make such a charge. A charge assessed by Lender m connect~on with Borrawer's entering ~nto this Security Instrument to pay the cost of an independent tax reporting service shall not be a charge for the purposes of the precedmg sentence. Borrower and Lender may agree in wnUng that interesi shall be paid on the Funds. Unless an agreement ~s made or applicable law reqwres interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall g~ve to Borrower, without charge, an annual accountmg of the Funds showing cred~ts and deb~ts to the Funds and the purpose for wh~ch each debit to the Funds was made. The Funds are pledged as additional secunty for the sums secured by thfs Security InstrumenL II 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 req~~red to pay the escrow items when due, the excess shall be, at Borrower's option, ; e~ther promptly repaid to Bo; rower or credited to Borrower on monthly payments of funds. If the amount of the Funds held by Lender ~s not sufiic~ent to pay the escrow ~tems when due, Borrower shall pay to Lender any amount necessary to make up the def~c~ency ; ; ~n one or more payments as reqw;ed by i.arder. Upon paymen2 in full oi all sums secured by this Security Instrumenl, Lender shall promptly refund to Borrower any Funds held by Lender It under paragraph 19 the Property ~s sold or acquired by Lender, Lender shall apply, no later than immediately pnor to the sale of ?he Property or its acquisit~on by Lender, any Funds heid by Lender at the time of application as a cred~t against : the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments rece+ved by l_ender under paragraphs • t and 2 shall be appl~ed: iirst to arnounts payable under paragraph 2: second, to interest due; and last, to pnncipal due. 4. Charges, Liens. Borrower shall pay aH taxes, assessmerts, charges, fines and imposit~ons attnbutable io the Property which may attain pnority over this Security Instrument, and teasehold payments or ground rents, if any. Borrower shal pay these obligations ~n the manner provided m paragraph 2, or if noi paid m that manner, Borrower sha~l pay them on Ume directly to the person owed payment. Borrower shall promptly furnish to Lender all not~ces of amo~nts to be paid under th~s paragraph. If Borrower makes these payments directly, Borrower sha11 promptly iurnish to Lender receipts evidencing the payments. ; Borrower shall promptly discharge arry lien which has priority over this Security Instrument unless Borrower. (a) agrees in wnting 4 to the payment of the obttg~tion secured by the tien in amanner acceptable to Lender; (b) contests in good faith the lien, by or $ defends against enforcement of the tien ~n, legal proceedings which ~n the Lender's opinion operate to prevent the enforcement f of the lien or forfeiiure of any part of the Property; or (c) secures irom the holder of the I~en an agreement satisfactory to Lender - subord~nating the I~en to this Security Instrument. If ~ender determines that any part of if ~e Property ~s subject to a lien which may F atta~n priority over this Security Instrument. Lender may give Borrower a notice identifying the lien. BorroHrer shall sat~sfy the lien or take one or more oi the actions set iorth above within 10 days of the giving of noUce. i 5. Hazard Insurance. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property insured against loss by fire, hazards included w~th;n the term "extended coverage" and ariy other hazards for which Lender requires ~nsurance. i Th~s ~nsurance shall be mamta~ned ~n the amounts and (or the periods that Lender requires. The insurance carrier provid~ng the ~ ~nsurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All ~nsurance polic~es and renewats shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall . have the nght to hold the policies and renewrals. If L,ender requires, Borrawer shall promptly give to Lender alt rece~pts of paid prem~ums ~ ?nd ren~wal notices. In the event of loss, Borrower shall give prompt noiice to the insurance carrier and Lendec Lender may make ` proaf of loss if not made promptly by Bofrower. ~ Unless Lender and Borrower otherwise agree in wnting, msurance proceeds shall be appiied to restoration or repair oi the ~ Property damaged. ~t the restoration or repa~r ~s economically feasible and Lender's security is not lessened. If the restoraUOn or ~ repa~r is not econom~cally feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Secunty Instrument, whether or not then due, with ar.y excess paid to Borrowec If Borrower abandons the Property. or does not answ~r with~n 30 days a notice from Lender that the insurar?ce carrier has offered to settle a claim, then Lender may ~ collect the ~nsurance 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 begin when the not~ce is given. Unless Lender and Borrower otherw~se agree in wnting, any appfication of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph t9 the Property is acqwred by Lender. Borrower's right to arry insurarzce polic~es and prxeeds resuiting from damage to the Property pnor to the acquis~Uon shall pass to Lender to the extent of the sums secured by this Secunty Instrument immed~ately prior to the ~ acqws~t~on. j 6. Preservation and Maintenance of Property; Leaaeholds. Borrower shall not destroy, damage or substantially change ~ ~ the Property, allew the Property to deteriorate or commit waste. If the Secunty Instrument is on a leasehold. Borrov~er shall comply ~ ~y~th the prov~sions of the lease. and rf Borrower acquires fee btle to the Property, the leasehotd and fee titte shall not merge unless ~ Lender agrees to the merger in wnting. 7. Protection of Lender's rights in the Property; Mortgage insurance. If Borrower fa~ls to perform the covenants ard ayreements con,a:ned m this Security Instrument, or there is a legal proceeding that may sign~ficantly affect lender's rights in the ; Property (such as a proceed~ng ~n bankruptcy, probate, for condemnation or to enforce laws ~r regulat~ons), then Lender may do ' ~ and pay for whatever is necessary to protect the value of the Property and Lender's rights ~n the Property. Lender's actions may ; ,nc~ude pay~ng any sums secured t~y a I~en wh~ch has prionty over this Secunty Instrument, appeanng ~n court, paying reasonable ~ attomey's fees and enter~ng on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does not have to do so. ~ , Arry amounts d~sbursed by Lender under this paragraph 7 shall become add~tionat debt of Borrower secured by this Secu~ity Instrumeni. Unless Borrower and Lender agree to other terms of payment, these amounis shall bear interest from the date of d~sbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. aee~es ~ • ee neo~ Pc ~ ~ 8001fU~4 PAGE~~O1,a _ • - ~ - - u• ~-n~F