HomeMy WebLinkAbout2276 UNINC`RM COVENAtiTS. Burruwer 3nd l.ender coven~nt aad agree as fulluws:
1. Payment of Principal and Interest; Prepayment and Lace Charges. Borruwer shsll pru:nptl~~ pay w~hen Jue ~he
principal uf and irrerest un the debt evidenred by che Nute and a~y prepaymenc and late rharges due under che N~,cr.
2. Funds for Taa and Insurance. Subject tu applicable I~w ur ?o a writcen waiver by Lender, &~r«~wer shall pay to
Lender un che day munthly paymencs are due under che Nuce, un~il che Nuce is paid in full, a sum t"Funds") equal tu
une-cwelf~h uf: (a) ~•early taxes and assessments which may actain priurity over chis Securicy Inscrumenr, (b> yearly le~sehuld
p3ymenes ur gruund rents on the Properry, if any; (c) yearly hazard i~surance premiums; and ~a) yearly muregage insurance
premiums, if any. Thesr items aie called "escruw icems." Lender may es~imace che Funds due un the basis uf current daca and
reasunable escimaces of fucure escniw icems.
The Funds shall be held in an institution the depusits ur accuunts of which are insured ur Kuaranteed by a federal ur
scate agency ( including Lender if Lender is such an insticution). Lender sh~ll apply the Funds co pay the escruw i~ems. Lender
may nut charge for hul~ing and ap} 1y~ng che Funds, analyzing ehe accuunt or verifying che escruw ieems, unless Len~er pays
Burrower interese on che Funds and applicable law permits Lender to make such a charge. Burruwer and Lender may agree in
wricing thac incerest shall be paid un the Funds. Unless an agreemenc is made or applicable law requires interese eu be paid,
Lender shall nuc be required tu pay Borrower any interesc ur earnings on the Funds. Lender shall give Burn~wer, wichuuc
charge, an annual accouncing of the Funds shuwingcredits znd debits cu che Funcis and che purpose fur which each debic tu che
Eunds was made. The Funds are pledged as additional security for the sums secured by this Security lnscrumenc.
IE che amounc of the Funds held by Lender, togecher wich che future munthly payments of Funds payable prior tu che
due daees uf the escrow icems, shall exceed the am~~unc required n~ pay che escrow icems when due, ehe excess shall be, ac
Burruwer's opcion, eicher prumpcly repaid w Borrower or crediced co Borrower on monthly paymenes uf Funds. If che
amount of the Funds held by Le~der is not sufficient tu pay the escrow items when due, Born~wer shall p~y tu Lender any
am~,unc necessary co make up the deficiency in one or m~~re paymencs as requireci by Lender.
Upon payment in full of all sums secured by this Security lnstrumenc, Lender shal! prumptl}~ refund w B~~rrow~er any
Funds held by~ Lender. If under paragraph 19 che Property is sold or acquired by Lender, Lender shall apply~, nu larer chan
immediacely priur to che sale uf the Propercy or ics acquisiciun by Lender, any Funds held by Lender at the cime uf applicati~~n
as a credic against che sums secured by chis Secvricy Instrument. i
3. Application of Payments. Unless applicable law provides ocherwise, all paymencs received b~ Lender under ~
paragraphs 1 and 2 shall be applied: firsc, co late charges due under che Nuce; secund, co prepayment charges due under ehe
Nuce; chird, co amounts payable under paragraph 2; fourch, co interese due; and lasc, co principal due. ;
Charges; Liens. Borrower shall pay all taxes, assessmencs, charges, Fines and impositions accributable co che {
Pruperry which may attain priority over this Security Instrument, and leasehold payments or ground rents, if ~ny. Borrower ~
shall pay these obligatiuns in che manner pruvided in paragraph 2, or if nut paid in that manner, Borrower shall pay them on
cime direccly to che person owed payment. Borrower shall prompcly furnish co Lender all nucices of amounes to be paid under
~his paragraph. If Borruwer makes these payments directly, Burruwer shall promptly furnish to Lender receipcs evidencinR
che pay~mencs.
Borrower shall prompcly discharge any lien which has priority over chis Securicy Instrument unless Borruwer. ta)
agrees in writing to the payment of the ubligation secured by the lien in a manner accepcable tu Lender, (b) cuntests in gcwd
faith the lien by, or defends against enforcement of the lien in, legal pruceedings which in the Lender's opinion operate cu
prevent che enforcemenc of the lien ur forfeitare of any parc of the Property; or (c) secures from che holder of che lien an
agreement satisfactory tu Lender subordinating the lien to this Sectirity Instrument. lf Lender determines that any part uf the
Properry is subject to a lien which may attain priurity over this Security Instrument, Lender may give Borruwer a notice
identifying the lien. BurruR•er shall satisfy the lien or ~ake ~~ne or more uf che aaiuns sec forth above within 10 days of the
giving uf nutice.
5. Hazard Insurance. Burruwer shall keep che improvemenes n~w exiscing ~~r hereafcer erecced on che Property
insured against loss by fire, hazards included wichin the term "exeended coverage" and any ocher hazards for R•hich Lender
requires ins~rance. This insurance shall be maintained in the amuunts and for the periods chac Lender requires. The
insurance carrier Fruviding the insurance shall be chusen by Borrower subject to Lender's appru~~.~l which shalt noc be
unreasonably withheld.
All insurance pulicies and renewals shall be acceptable to Lender and shall indude a standard murtgage clause. Lender
i shall have che righc eo huld the policies and renewals. If Lender requires, Borrower shall promptly give co Lender sll receipcs
~ uf paid premiums and renewal nocices. ln che evenc of luss, Borruwer shall give prompt nucice to the insurance carrier and
I Lender. Lender may make pruof of luss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoratiun or rep~ir
f uf the Property~ damaged, if che restoratiun or repair is economically feasible and I.ender's security is not (essened. lf che
G resturation or repair is not economically feasible or Lender's securit~• would be lessened, che insurance pruceeds shall be
~ applied w the sums secured by this Security Instrumenc, whether or not rhen due, with any excess paid to Borrower. If
~ Borrower abandons the Property, ur does not answer wichin i0 days a notice from Lender thac the insurance carrier has
~ffered ~o setcle a claim, then l.ender may collect the insurance prexeeds. Lender may use the proceeds to repair or restore the
€ Propercy or co pay sums secured by this Security Inscrument, whether ur not chen due. The i0-day periu~ will begin when the
no[ice is given.
~ Unless Lender and Borrower otherwise agree in writing, any application uf pruceeds n~ principal shall not excend or
postpune the due date of the munthly payments referred to in paragraphs 1 and 2 or change the amuunt of the payments. If
~ under paragraph 19 che Property is acquired by Lender, Borrower's right u~ any insurance policies and pnxeee~s resulcing
fn>m damage co che Property prior co che acquisiciun shall pass w Lender cu che exrenc of che sums secured b}~ chis Securic}~
Inscrumenc immediacely prior co che acquisition.
6. Preservation and Maincenance of Propeny; Leaseholds. Barruwer shall noc descroy, damage or substancially
~ change che Property, allow che Property co dererie~race or commit wasce. If chis Securiey Inscrumenc is un a leasehold,
Borrower shall compl~ with che provisions of the (ease, and if Borruwer acquires fee title w che Propercy, the leasehuld and
' fee cicle shall noc merge unless Lender agrees co che merger in wrieing.
7. Procection of I.ender's Righcs in the Propeny; Morcgage Insurance. If Borruwer fails co perf~xm che covenancs
and agreements contained in this Security Instrument, or there is a legal proceeding that may significancly affect I_ender's
~ rights in the Property t such as a proceeding in bankruptey, prubate, for condemnation ur to enforce laws or regulations>, then
~ Lender may do and pay for wharever is necessary ca protect the value of the Property and Lender's righes in the Property.
` Lender's accions may include paying any sums secured by a lien which has prioricy over chis Securicy Inscrument, appearing in
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r. court, paying reasonable atcoroeys' fees and entering on the Property to make repairs. Alchough Lender m:~y take action
~ under this paragaph 7, Lender does not have to do so.
~ Any amounts disbursed by Lender under this paragraph 7 shall become additiun~l debt of Barruwer secured by this
~ Securicy Instrumenc. Unless Borrower and 1_ender agree co ocher cerms uf paymenc, chese amuunts shall bear inrerest from
~ che dace of disbursemenc ac the Noce rate and shall be payable, wich interesc, upon nocice from Lender to Borrower reguescing
paymenc.
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