The URL can be used to link to this page

Home My WebLink About2432 . ~ , yi ~ ' , • ~ . f UNIFORM COVENANTS. Borrower and Lender covenant and agree as foilows. 1. Payment of Principal and Interest; Prepayment a~d Late Charges. Borrower shail promptly pay when due the pru~c~pal o' and ~nterest on the debt ev~denced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Subject to appl~cable law or to a wntten wa~ver by l.endec Borrower shall pay !o Lender on the day monthly payments are due under the Note, until the Note ~s pa~d in tull, a sum ("Funds") equal to one-twelfth of (a) yea~ly taxes and assessments wh~ch may attain prionty over th~s Secunty I~st~ument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearl~ hazard insurance premwms: a~d (d) yearly mortgage ~nsuranc;e prem~ums, if any. fhese ~tems are called "escrow ~tems." Lender may est~mate the Funds due on the basis of curren, data and reasonable estimates of future escrow ~tems. The Funds shall be held ~n an institut~on the depos~ts or accounts of which are insured or guaranteed by a federal or state agency (~ncluding Lender if Lender ~s such an inst~tution). Lender shali apply the Funds to pay the escrow ~tems. Lender may not cha!ge for holding and applying the Funds, analy2ing the aCCOUnt or verifying the escrow ~tems, untess Lender pays Borrower interest on tre Funds and appi~cable ~aw permits Lender to make such a charge. A charge assessed by Lender ~n connection with Borrow~er's entenng ~nto this Secunty fnstrument to pay the cost of an independent tax reporting service shall not be a charge tor the purposes oi the preced~ng sentence. Borrower and Lender may agree in wnting that interest shall be p3id on !he Funds. Unless an agreement ~s made or appl~cable law reqwres ~nterest ro be paid. Lender shall rot be required to pay Borrower any interest or eamings on the Funds. Lender sha11 give to Borrower, without charge, an annuai accounting ot the Funds show~ng credits and debits to the Funds and the purpose tor which each deb~t to the Funds was made. The Funds are pledged as addit~onal secunty for the sums secured by this Secunty instrumer.t. If the amount of the Funds held by Lender, together w~th the future monthly payments of Funds payable prior to the due dates of the escrow ~tems, shall exceed the amount req~ired to pay the escrow items when due, the excess shail be, at Borrower's option. e~ther promptly repaid to Borrower or cred~ted to Borrower on monthly payments ot (unds. If the amount of the Funds held by Lender ~s not suff~cient to pay the escrow items when due. Borrower shalt pay to Lender any amount necessary to make up the defic~encq ~n one or more payments as required by Lender. Upon payment in tull of all sums secured by this Security Instrument, l.ender shall promptly retund to Borrower any Funds held by Lendec if under paragraph t9 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately pr~or to the sale oi the Property or its acquis~t~on by Lender, any Funds he!d by Lender at the time of appl~caUon as a cred~t against ihe sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides othen~vise, all payments received by Lender under paragraphs 1 and 2 shall be appi~ed: f~rst to amounts payable under paragraph 2; second, to interest due; and last, tc principal due. a 4. Charges, Liens. Borrawer shali pay all taxes, assessments, charges, fines and impositions attnbutable to the Property which rnay attain priority over this Security Instrument, and leasehold payments or ground rents, if arry. Borrawer shall pay these obiigations ~ ~n the manner pravided in paragraph 2, or if not pa~d in tha; manner, Borrower shall pay them on time directly to the person owed payment. Borrower shail promptly furnish to Lender all notices o! amounts to be paid under this paragraph. If Borrower makes these payments d+rectly, Borrower shaii promptly furnish to lender receipts evidencing the payments. j Borra~~er shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in wnting ' to the payment of the obligation secured by the lien in a manner acceptab~e to Lender; (b) contests in good faith the i~en, by or ~ ~ defends against enforcement of the I~en ~n, legal proceedings which in the Lender's opinion operate to prevent ths enforcement { of the lien or forfeiture of any part o! the ProFerty; or (c) secures from the holder of the lien an agreement satisfactory to Lender ' subordinaUng the lien to th~s Secunty Instrument. If Lender determines that any part o? the Property is subject to a lien which may ! attain priority over this Secunty Instrument, lender may give Borrower a notice identifying the lien. Borrower shall sat~sfy the lien ' or take one or more of the act~ons set torth above within 10 days of the giving of notice. , 5. Hazani Insurance. Borrower shall keep the fmprovements now exisUng or hereafter erected on the Property insured aga~nst loss by f~re, hazar~s included withm the term "extended coverage" and any other hazards for which Lender requires insurance. j Th~s insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the ~ ~nsurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. ~ All insurance pol~cies and renewals shalf be acceptable to ~ender and shalt ~nclude a standard mortgage clause, Lender shall have the right to hold the pol~c~es and rene~n~a?s. If Lender reqwres, Borro•,nner shall promptly g~ve to Lender all receipts of paid premiums and renewat not~ces. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make A E proof of loss if not made promptly by Borrower ' Unless Lender and Borrower otherwise agree in w~it~ng, insurance proceeds shall be applied to restorat~an or repa~r of the ~ Property damaged. ~f the restoration or repair is economicalty feasible and Lender's sec~rity is not lessened. If the restoration or ~ repair ~s not economically feasible or Lender's security would be lessened, the insurance proceeds shaA be applied to the sums f secured by this Security Instrument, whether or not then due, ~vith any excess paid to Borrow2r. If Borrower abandons the Property, ~ or daes not answer w~thm 30 days a notice from Lender that the ~nsurance carrier has offered to settle a claim, then Lender may ~ colteci the insurance proceeds. Lender may use the proceeds ro repair or restore the Property or to pay sums secured by th~s Security ~ Instrument, whether or not then due. The 30-day per~od will beg~n when the noUce is given. ~ Unless Lender and Borrower otherwise agree in writing, any application 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 o# the payments. If under paragraph ~ t9 the Property is acquired by Lender, Borrower's righi to arry ~nsurance pol~cies and proceeds resulting from damage to the Property pnor to the acqu~s~tion shall pass to Lend2r to the extent of the sums secured by this Security Instrument immed~ately prior to the ~ acqws~t~on. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall nat destroy, damage or substant~a{ly change tl~e Property, allow the Property to detenorate or commit waste. If the Security Instrumeni is on a leasehold. Borrawer shall comply vr~th the provis~ons of the lease, and if Barrower acquires fee tiUe to tr~e Property, the leaseha!d and iee title sha!I not merge unless Lender agrees to the merger in wriLng. 7. Protection of Lender's rights in the Prope~ty; Mortgage Insurance. If Barrower fails to perform the covenants and agreements conta+ned ~n th~s Secunty Instrument, or there is a legal proceeding that may sign~ficantfy affect Lender's rights in the ~ Property (such as a proceed~ng in bankruptcy, probate, for condemnation or to enforce laws nr regulations), then Lender may do and Fay for whatever ~s necessary to protect the value d the Property and Lender's rights in the Preperty. Lender's actions may ~ ~nclude payng any sums secured by a I~en which has priority over this Security Instrument, appeanng ~n court, paying reasonable ~ an~rney's fees and enienng on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender ~ dces not have to do so. ~ ~ Any amounts disbursed by l~ender under this paragraph 7 shall become additional debt of Borrower secured by this Secu;ity ~ Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from tne date of k ' ~ d~sbur~ement at the Note rate and shali be paya~le, w~th interest, upon notice from Lender to Borrower requesting payment. ` - • • • . . _ oes¢a9 r~ .~n • es t~ vc E . ~ , ~ p 243~ ; BOG~ PAr,F ~ _ - - - - - - - - - ~ ~ ~ ~~_~w ~ S ~