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Home My WebLink About2554 ~.fG;FORM COVENANTS. BoROwer an~ ~~der covenant and agree as foNows: ~ t. Payment of Principal and Interest; Prepayment and Late Charges. eorrower shab promptty pay when due lhe principal oi and Interest o~ the debt evidenced by the Note and prepayment and lale charges due under the Note. 2. Funds for Taxes and Insurance. Subjecl to ePWicable Irw or to a w~itter~ waHer by Le~der, Bwrower shaN pay to Le~der on the day monthiy payments are due under tha Note, until ihe Note Is patd in tup. a sum ("Funds') equal to on~twelflh oh. (a) yearty taxes and assessments whicb may ariain priority over this Securiy Instrument; (b) yearly leesehold payments or ground rents cn the Prope~ty. H eny; (c) yearly hazard insurance p~emiums: and yeary mortgage insurance premk~~ms. H any. These itema are caNed "escrow ilems•'~ Lendet m~y estimate the Funds due on the basls of current data and reasonable estirnates of futuro escrow ftems- The Funds shaN be held in an Mstitution the deposits or acx~unts of which are insurcd or guaranteed by a tederal or state agency (~ncluding Lender it Lender ls such an fnstitution). Lender shaA app~l the Funds te pay the escxow items. Lender m~y not cha~ge for hold'ng and apptying the Funds, anatyzing the account or verifying the escrow items, unless Le~der pays Bon'ower interest on the funds end applicable law permits Lender to make such a charge. Borrower and Lender msy agree h writhg that hterest sheY be paid on the Funds. UMess an agreement Is made or applicabls tew requires interost to be pald, Lender shaM not be ~equired to pay 8orrower any interest or eamings on the Funds. Lender shaN give to Borrower, without charge, an annual accounting ot the Funds showmg credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additio~al securiry tor the sums sewred by by this Securiry Instrument. It the amount of the Funds held by lender, together with the future monthy payments ot Funds payable prior to the due dates oi the escrow items, shall exceed the amount requ'ued to pay the esaow items when due, the excess shaM be, at Borrower's option, eilher prompUy repaid to Borrower or uedited to Borrower on monthly payments of Funds. H the artwunt of the Funds held by Lender is not sufRcicnt t~ pay the escrow iter:is when due, 8orrower sha11 pay to Lender any amou~t necessary to make up the defic~ency h one or more payments es ; required by Lender. Upon payment in iuq oi aM sums secured by this Security Instsument, Lender shaN promptly retund to Barower any Funds held by Le~der. If under paragraph 19 the Property is sold or acquired by Lender, Lender shaN apply, no ~atw than Immediately prior to the sele of the PropeAy or its acquisition by Lender, any Funds held by Lender at the time of appNcation as a cxedit aga~st the sums secured by this Securiry Instrument. 3. Application of Payments. Unless applicable law provides otherwise, aA payments received by Lender under paragraphs 1 end 2 shall be app!ied: 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 principal due. 4. Charges; LienS. Borrower shaH pay aq taxes, assessments, charges, fines and impositlons attributable to the Property wliich may attain priority over this Secxuity Inswment, and leasehold payments or ground rents, H any. Borrower sha6 pay these obGgations h the manner provided in paragraph 2, or H not paid in that manner, Borrower shal pay them on time d~rectty to the person owed payment. Borrower shaY prompty fumish to Lender al! notices of amounts to be paid under this paragraph. fl Borrower makes these payments directy, Barrower sha9 promptly fumish to Lender receipts evidencing the payments. BoROwer shaA promptly dscharge any Gen which has priority over thls Security InsUument unless Borrower: (a) agrees ln writing to the pay- ent of the obligalion secured by the Gen in e manner acceptable to Lender; (b) contests in good feith the 6en by, or defends against enforce ment of the lien in, legal proceedings which in the Lender's opinion operate to prevent eniorcement ot the ien or forfeiture of any part of the Property; or (c) secures from the holder oi the Gen an agreeme~t satisfactory to Lender subordinating the ken to this Security lnstrument. Ff Lender determines that any part ot the PropeAy is subject to a ien which may attain priority over this Security InsWment, Lender may give Borrower a notice identifying the tien. Borrower shall sa6sfy the ien ar take one or more of the acUons set torth above within 10 days of the giving oi notice. 5. Hazard InsuranCe. Eorrower shall keep tha impro~ements novi e~dsting or hereaRer er~~.,-ted on the Propeny a~sured against Foss by fire, hazards induded within the tem~ "extended coverage" and any other hazards !ar which Lender requires i~surance. This insurance shaN ; be maintained in the amounts and for the periods that lender requires. The insurance carrier providing the insurance shaY be chosen by ~ Barrower subject to Lender's approval which shall not be unr~sonably withheld. ; All insurance policies and renewals shall be acceptable to Lender and shap hclude a standard mortgage dause. Lender shaN have the right ~ ta hold the policies and renewals. If Lender requires, Borrower shaY promptly give to lender aM receipts of paid premiums and renewal notices. i ! In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof oi loss N not made ~ i promptly by Borrower. c Unless Lender and Borrower otherwise agree in writing, insurance proceeds shaA be appGed to restoration or repai~ ot the Property damaged, ~ ~ rf the restoration or repair is economically feasible and Lender's security is not {essened. If the restoration or repair is not economic~lly teasible ~ er Lender's security would be lessened, the insurance proceeds shal be appGed to the sums secured by this Security Instrument, whether or : ~ not ihen due, with any excess paid to BoROwer. If Borrower ebandons the Property, or does not answer within 30 days a notice han Lender ~ ~ that the insurance carrier has offered to settle a daim, then Lender may collect the insurance proceeds. Lender may use proceeds to repaw ~ ~ or restore the Property or to pay sums secured by this Security Inslrument, whether or not then due. The 30-day period wd! begin when the ~ ~ notice is given. ~ Unless Lender and Borrower otherwise agree in wriUng, any applicatlon of proceeds to prinapal sha~ not extend or postpone the due date 3 ~ of the monthy payments referred to i~ paragraphs 1 and 2 or change the amount ot the payments. If under paragraph 19 .he Properry is ~ i ~ acquired by Lender, Borrower's right to any insurance policies end proceeds resutting from damage to the Property prior to the acquisition ~ shall pass to Lender to the extent oi the sums secured by this Security Inswment immediately prior to the aoquisiUon. ~ ~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shan not desvoy, damage or substantiaqy change ! ihe Property, allow the Property to deteriorate or commit waste. B this Security Instrument is on e I~sefiold, BoROwer shaN comply with the ~ provisions ot the lease, and 'rf BoROwer acquires iee title tc the Property, the leasehold and fee tiUe shaN not merge unless Lender agrees io ~ ~ the merger in writing. 7. Protection of Lender's Rights in tho Property; Mortgage Insurance. Ii Borrower tails to pertorm the covenants ~ and agreements contained in this Se:.urity Insirument, or thsre ~ a t~al pra~~ ~3 th~t m~y signifi~c~Uy aftect Lender's rights in ihe Property (such as a proceeding in bankruptcy, probate, for condemnatlon or to entoroe laws or reguletions), then Lender may do and pay tor whatever ~ is necessary to proteci the value of the Property and Lender's rights in the Property. Lender's actlons mey include paying any sums secured ' ~ by a I+en which has priority over this Security Instrument, appearing in couR, paying reasonable attomeys' fees and entering on the P~roperty to j make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. ~I Any amounts disbursed by Lender under this paragraph 7 shafl become additional debt of BoROVier secured by this Security Instrument. ~ Unless Borro~ver and Lender agree to ather terms of payment, these amounts shap bear interest trom the date oi disbursement at the Note rate e a~d shall be payable, with interest, upon notice irom Lender to BoROwer requesting payment. ~ ~ ~ ~ ~ 1 ~ ~ ~f ~ ~ Page 2 of 4 ~ ~ ~T.~ (05,E9) 733 ~ ~ ~ t ~opK 674 ~;~E2554 b~~~ b55 ~;Gf1964 ~ ~ _ ~~~~~,x"~ ~ -~~f . _