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Home My WebLink About2745 UNIFORM COVENANTS. Burruwer ~nd t.endrr cuven~nc and agree ss fulluws: 1. Paymeot uf Principal and Inceresc; Prepayment and l.ace Charges. Burruw~er sh.~ll prumpel~• pay w•hr~ .iue ehe ~ principal uf and interest un che debc evidenced by ehe Nuce an.f any prepaymene an~l I:~tr rharKes ~ue undrr the Nuer. 2. Funds for Taxes and Insurance. Subjecc cu applicable I.~w ur cu a wriccen w~iver by I.ender, Burruwer sh:~ll pay tu l.rnder un che day me~nchly paymencs are due under the Nore, uncil ~he N~,re is paid in full, a~um 1"Funds"1 eyual cu une-ewelfctf of: (a) yearly caxes and assessmenes which may ae~ain prioriry ~,ver chis Srcuricy Inserumenr, (b) yearl}• Irasehuld pay~men~s ~x gruund rents un the Pruperty, if any; (c) ye:~rly hazard insurance premiums; and ~d1 }~early mi~rtgage insurance premiums, if any. These ieems are called "escrow items." Lender may escimace che Funds due un che basis ~~f currene daea and reasunable estimaces uf future escrow items. The Funds shall be held in an inscicuciun ehe depusics ur aca~uncs uf whirh are insured ~~r gu~rantee.~ bp a(edrral ur scace agen~y ( including Lender if Le~der is such an institutiun). l~nder shall apply ~he Eun~ls cu p.?~• the escruw irems l.ender may nuc charge fur hulding and applying che Funds, an:~lyzing che acawnc ~~r ~~erifying che esrruw icems, un(rss Lender pa}~s ~ Burruwer incereu un the Funds 3nd applicable law permies Lender cu make such a charge. &xruwer ~nJ Lender ma~~ agree in writing that inrerest shall be paid on che Funds. Unless an agreement is ma.~e ur applicable law requires interest to be paid, Lender shall nut be required to pay Borruwer any interest ur earnings un ~he Funds. t_ender shall give cu Burrow~er, wichuuc charge, an annual accounting uf the Funds showing credits and debits tu the Funds and the purpose fur w~hich each debie cu che Funds was made. The Funds are pledged as addiciunal se~tirity for che sums serured by~ chis Se~uricy Inscrumenc. If the amount uf the Funds held by Lender, together wich che Fucure munthly payments of Funds payable priur to che due dates of the escrow icems, shall exceed the amounc required cu pay the escrow icems when due, the excess shall be, ~c Burruwer's up~ion, either promptly repaid to Borcower or credited to Burrower un monthly paymen~s uf Funds. If the amuunc uf ehe Funds held by Lender is not sufficienc co pay che escn~w icrms when due, Hurruwer shall pay cu Lender zn~• amuunt necessary to make up the deficiency in one ur more payments as ~equirc~ b~• Lender. Upon payment in fu11 uf all sums secured by this Security lnstrument, Lender shall promptly refund to Burruwer an~~ Funds heW by l.ender. If under paragraph 19 che Properry is suld ur acguired b~~ Lender, I.ender shall apply, no lacer than immediately prior to the sale of the Propercy or its acquisitiun by l.ender, any Funds held by~ 1_ender at che time uf applica~iun as a credic againsc the sums secured by this Seturity lnstrumenc. , 3. Application of Payments. Unless applicable law pruvides ucherwise, all paymencs recei~~ed by Lender under ' paragraphs 1 and 2 shall be applied: firs~, to late charges due under the No~e; secund, tu prep:~yment chargrs due under che No~e; chird, ~o amounts payable under paragr~ph 2; fourth, to interest due; and last, to principal due. Charges; Liens. Borrower shall pay all caxes, assessments, charges, fines and impusitiuns attribucabie tu the ' Property which may attain priority over this Security lnscrument, and leasehold payments or gruund rents, if ~ny_ Be~rre~wer shall pay rhese obligacions in the manner pruvided in paragraph 2, ur if no~ paid in chac manner, Borrower shall pa}• them un cime direccly cu the person uwed paymenc. Borruwer shall prompcly furnish co Lender all nucices of amewncs co be paid under chis paragraph. If Borruwer makes these payments directly, E~rruwer shall promptly furnish to Lender rereipes evidencing che paymencs. Burruwer shall pr~~mptly discharge any lien which has priority uver this Security Instrument unless Burruwer: la? agrees in wricing to the payment oF the obligacion secured by the lien in a manner acceptable tu Lender, l b> contescs in gu~~ faich the lien by, ur defends against enfurcement of the lien in, legal prixerdinRs which in the I_ender's upinion operate a~ prevenc ~he enforcemenc uf che lien or forfeicure of any part uf ehe Prupercy~; or tc) secures from the hulder uf che lien an agreement satisfaccury to I.ender subordinating the lien tu chis Securicy Instrumenc. !f I_ender determines that any~ parc i~f the Property is subjece ro a lien which may atcain priurity uver this Security lnstrument, Lender may give Burn>wer a nutice identifping the lien. Burruwer shall satisFy the lien or cake one or mure uf the ac~ions set furth abuve within 10 da}~s ~~f the giving ~~f n~~tice. 5. Hazard Insurance. Borrower shall keep the improvemencs rn>w existing ur hereafrer erecred em che Pn~perty ins~red against luss by fire, hazards included within the term "ex~ended coverage" and any ocher haz:~rds for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shall be chosen by Borruwer subjecc co Lender's appruval which shall nut be unreas~~nably withheld. All insurance puficies and renewals shall be acceptable to I.ender and shall include a standard murtgzge ~lause. Lender shall have the righc co hold the policies and renew•als. If Lender requires, Borrow~er shall promptly gi~ e u~ Lender alt receipcs ~ of paid premiums and renewal nutices. In the event of loss, Borruwer shall give pn~mp~ n~~cice tu ~he ins~rance carrier and ~endero Ixnder may~ make prcwf of loss if not made promptly by Borrower. ' Unless Lender and Borrower otherwise agree in wricing, insurance prcxeeds shall be applied tu restc~rati~~n ur repair uf the Property damaged, if the restoration or repair is econumically feasible and [.ender's securit}' is nut lessened. If the reswratiun or repair is not economically feasible ur Lender's securiry wuuld be lessened, the insurance pnxeeds shall be ~ applied to the sums secured by chis Securicy Inscrumenc, whecher ur noc ehen due, with any excess paid to Bc~rrower. If e 8urruwer abandons the Property, or does not answer wichin i0 days a notice frum Lender that the insurance c~rrier has t uffered co settle a claim, chen Lender may a~llect the insurance proceeds. I_ender may use the pr~xeeds co repair or reswre the ~ Propercy or to p~y sums secured by this Security Instrument, whether ur nut then due. The i0-day peri~x~ will begin when the n~~tice is given. k Un!ess Lender and Be~rrower ocherwise agree in writing, any applicatiun uf pnxeeds co principal shall nc~t exeend ur ~ pc?scp~me the due date uf the munthly payments referred to in paragraphs 1 and ? ur rhan~;e the amuunt uf the pay~mencs. If ; under par:~graph 19 che Property is acquired by Lender, Borrower's right to any insurance p~~iicies and pr~xeeds resul~ing ~ fnim damage tu the Property priur co che acquisiti~>n shall pass w Lender tu the extent uf the sums secured by rhis Security ~ Inscrument immediarely prior co the acquisicion. ~ 6. Preservation and Maincenance of Propeny; Leaseholds. Burruw•er shall not descro}', damage ~~c subscancially~ chan~e che Property, allow the Properry u~ deteriorare or commic wasce. If this Securicy Instrument is un a leasehold, E Burruwer shall comply wich che provisions of che lease, and if Borrower acquires fee title cv the Yroperty, the leasehuld and fee title shall n~~c merge unless Lender agrees a~ the merger in wri;ing. 7. Protection of Lxnder's Rights in the Property; Mortgage Insurance. If B~irn>wer fails to perfurm the cuvenants ;~nd agreements contained in this Security Instrument, ur chere is a legal prexeeding tha[ may significant(y affecc Lender's rights in the Pruperty ( such as a pnxeeding in bankruptcy, pn~bate, fur condemnatic~n e~r a~ enfurce laws or regulatiuns then I.ender may do and pay fur whacever is necessary to prorect th~ v:~lue t~f the Property and Lender's righcs in the Property. Lender's acti~~ns may include paying any sums secured by a lien which has pri~>ricy over this Security Instrument, appearing in ; courc, paying reasonable accorneys' fees and entering on che Pruperty n> m;~ke repairs. Althuugh l.ender m:~y take action ` under chis paragraph 7, Lender dces not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall becume additiunal debt of Borrower setured by this ~ Security Inscrument. Unless Borrower and Lender agree tu other terms of payment, these amounts shall bear interest frum ~ che date of disbursement at the Nc~te rate and shall be payable, with interest, upon notKe from Lender to Borrower requesting payment. ~ g f aooN6?4 PacE2745 ~ ~ ~ _ _ x ~ ~ : ~ _