The URL can be used to link to this page

Home My WebLink About2579 UNINORM (:OVENANTS. B~xruwer and l.ender a~~•enrnt .?nJ 3gree as fulluws: l. Payment of Principal and Interesr, Prepayment and Late Charges. &~rruwer shall prumpcl~~ p~y whrn dur ~he principal uf and incerest on ehe debe evidenced by the Noce and any prepaymen~ and lace char~;es due under ehe Nu~r. 2. Funds for Taxes and lnsurance. Subject w applirablr law ur w a wricten waiver by Ixnder, &xn~wer sh~ll p:?y cu Lrnder un the day munchly paymencs are due under che Noce, uncil che Note is paid in full, a sum ("Funds") eyual tu une-~weli~h~of: la) ye.~rly taxes and assessmencs which may attain priuriry uver ehis Security lnstrumenr, tb) yearly Irasehuid paymrncs or gruund rencs on che Pruperey, if any; (c) yearly hazard insurance premiums; and (d) yearly murcgage insurance premiums, if any. These items are ralled "escrow ieems." Lender may estimace the Funds due un the basis uf currenc data and reasunable es~imates uf future esctuw icems. The Funds shall be held in an institutiun che depusics or accuuncs uf which are insured or guaranteed by a federal ur scace agency ( including Lender if Lender is such an institucion). Lender shall apply the Fu~ds cu pay che escruw items. ~ender snay nut charge for holding and applying che Funds, analyzing the accuunt ur verifying the esrrow items, unless l.ender pays Burruwer incerest ~n the Funds and applic:~ble law permits l.ender tu make surh a charge. Borruwcr ~nd Lender may agree in wricing that inceresc shall be paid ~,n che Funds. Unless an agreemenc is made or applicable law requires inceresc to be paid, Lender shall not be required ru pay Borruwer any in~eresc or earnings un ~he Funds. Lender shall gi~~e «~&~rrower, wichuuc charge, an annual accountingof che Funds shuwing creclits and debics to ~he Funds and che purpose fur which each ~iebic cu che Funds was made. The Funds are pledgctif as additiunal securiey far ~he sums secured by chis Se~tiri~y Instrume~~. If the amount of the Funds held by Lender, togecher with the fucure mon~hly paymencs uf Funds payable prior w che due daces uf che escruw items, shall exceed the amuunc requirctii co pay che escrow icems when due, che exress shall be, ac Burruwer's optiun, eieher promptly repaid to Borrower ur credited to &~rruwer on monchly payments uf Funds. lf the amuunc uf che Funds held by Lender is nc~t sufficienc co pay ehe escrow irems when due, Borrower shall p.~y to Lender any amuunt necessary to make up che deficiency in une ur more payments as requireci by Lender. Upon p:~ymene in full of aU sums secured by chis Security Inscrument, Lender shall prumpcl}~ refund co Burr~,wer any~ Funds held by Lender. If under paragraph 19 the Pruperty is suld or acquired by txnder, Lender shall apply, n~, lacer than immediately prior co the sale of the Propercy ur ies acquisieion by Lender, any Funds held by l.ender ac che cime ~~f applic~cion as a credi* against the sums secured by this Security Instrument. 3. Application of Paymencs. Unless applicable law provides ucherwise, all payments received by Lender undrr paragraphs 1 and 2 shall be applied: first, ro lace charges due under the Note; secund, te> prepayment charges due undrr the Nure; third, w amouncs payable under paragraph 2; fourth, to inceresc due; and lase, co principal due. Charges; Liens. [3orrower shall pay all eaxes, :~ssessmencs, charges, fines and imposiciuns accributable co che Pruperty which may actain prioriry uver chis Security Instrumenc, and leasehold payments ur ground rents, if any. Borrower shall pay chese obligatiuns in the manner pruvided in paragraph 2, or if not paid in that manner, Sorrower shall pay them on cime direccly cu the person uwed payment. Burrower shall prompcly furnish to Lender all notices of amouncs to be paid under chis paragr:~ph. If Borrower makes chese paymenes direcely, Borruwer shall prompcly furnish to Lender receipcs evidencing the payments. ' Borruwer shall prompcly discharge any lien which has priurity over this Seturity lnstrument unless Borrower. Ia) agrees in wrieing co che paymenc of che obligaciun secured by che lien in a manner accepcable w Lender; (b) concescs in gexx~ faich che lien by, ur defends against enforcemen~ of che iien in, legal pruceedings which in the Lender's opini~m uper3te cu pre~•ent the enfurcement uf the lien or Eorfeiture of any part of the Property; or ic) secures frum che holder uf che lien an agreement satisfaaury to Lender subordinating the lien to this Security Instrument. If Lender determines that any p.~rt uf the { Property is subjec~ to a lien which may attain priurity over this Security Instrumenc, Lender may give Aorruwer a nutice i iden~ifying the lien. [3orrower shall sacisfy che lien or cake une ur more uf che aaivns set forth above within lU days uf che ; givinK uf notice. 5. Hazard Insurance. Burrower shall keep the impruvements now exiscing or hereafter erected un the Property~ insured againsc loss by fire, hazards included within the term "extended coverage" and any ~>ther hazards for which I_ender requires insurance. This insurance shall be maincained in the amounts and fur the peri~~s that Lender requires. The insurance carrier providing the insuranre shall be chosen by Borrower subject u> Lender's appruval which shail nut be ' unreasunably withheld. All insurance policies and renewals shall be acceptable to [xnder and shall indude a standard murtg:~ge clause. Lender shall ha~~e che right tu hold the policies and renewals. lf Lender requires, Borruwer shall promptly gi~~e to Lender all receipts ~ uf paid premiums and renewal nocices. In the event of loss, Borrower shall give prompt notice w che insurance carrier and ~ lxnder. Lender may make prcx~f of loss if not made promptly by Borruwer. Unless Lender and Sorrower otherwise agree in writing, insurance prcxeeds shall be applied u> restoratiun or repair ~~f the Property damaged, if che resruration or repair is econumically feasible and Lender's securi~~~ is n~~t lessened. If the rescuration ur repair is no~ economicaily feasible or Lender's security would be lessened, che insuranie prcKeeds shall be ~ applied to the sums secured by this Security Instrument, whether or not chen due, wich any excess paid to Be>rrower. !f ~ B~~rn~wer abandons che Property, or does not answer within 30 days a notice frum I.ender that the insurance carrier has ~ e~ffered ro sectle a claim, chen Lender may collect the insurance pnxeeds. Lender may use che pr~xeeds tu repair ~~r reste~re the ~ Yn~perry ur co pay sums secured by this Security lnscrument, whether or not then due. The i0-day peri~~ will begin w•hen che F n~~[ice is given. ~ Unless Lender and Borrower o~herwise agree in writing, any applicacion ~>f pnxeeds ce~ principal shall nut excend or puscpune the due date uf che monchly paymencs referred co in paragraphs 1 and 2~~r change che amuunc of ~he pay~mencs. If under paragraph l9 che Property is acquired by Lender, Be~rrower s right te~ an~~ insurance policies and pnxeeds resulcing frum damage tu che Property priur to the acquisitiun shall pass n~ Lender ce~ the excent of the sums secured by this Security (nscrument immediarely prior to the acquisition. 6. Preservacion and Maincenance of Property; L.easeholds. &~rruwer shal! not destroy, damage or subscantiaUy F change che Property, allow the Property to dereriorare or commit waste. lF this Securi~y Instrument is e~n a leasehold, ~ B~>rruwer shaU comply with che provisions of che lease, and if Borrower acquires fee ticle to the Property, the leasehold and fee title shall nc~t merge unless Lender agrees to che merger in writing. 7. Protection of Lender's Rights in the Propeny; Morcgage Insurance. If &~rnfwer fails co perfurm che cc>venants and agreements concained in chis Security Instrument, ur chere is a legal pruceeding thac may significantfy affect Lender's rights in the Property ( such as a prcxeeding in bankruptcy, prubare, fur c~ndemnati~~n or co enforce laws or regulations), then Lender may do and pay for wharever is necessary to protect che value of ~he Property and Lender's rights in che Property. Ixnder's actiuns may include paying any sums secured by a lien which has priority over this Security Inscrument, appearing in ~ cuurt, paying reas~~nable attorneys' fees and encering un che Property co make repairs. Alchuugh Lender may take acciun r under this paragraph 7, Lender does nut have co do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall becume addicional debt uf Born~wer secured by chis ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from ~ che dace of disbursemenc at che Noce race and shall be payable, with incerest, upun nutice from Lender co Borrower requesting ~ payment. J ~ ~ 4 ~ , ~ ~ ~ Bo~K 674 PAGE~579 ~ ~ . _ F_. ~w a_ _ . ~ ~ ~ _ _