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Home My WebLink About2832 s ~ . . . 'F ~ . • UNiFORM COVENANiS Bor~o,ner and Lender covenant and agrze as follows 1. Payment of Principal and Interost; Propayment ~nd Late Chsrges. Borrower shall promptly pay when due the pr~nc~pai of and interest on the debt ev~denced by the Note and any prepayment and late charges due under the Note. 2. Funds tor Taxes and Insurance. Sub~ect to app6cable law or tc a wntten wa~ver by lender, Borrow~er shalt ~ay to Lender on the day monthly payments are due under the Note, unt~l the Note ~s paid in futl, a sum ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments wh~ch may atta~n prority over th~s Secunty Instrument; (b) yearly leasehold payments or g?ound renis on the Property, rf any; (c) yearly hazard msurance prem~ums; and (d) yeai~y mortgage insurance premwms, rt any. These ~tems are called "escra~v ~tems." Lender rriay esUmate the Funds due on the bas~s of current ciata and reasonable est~mates of future escrow ~tems. The Funds shall be held ~n an ~nst~tubon the depos~ts or accounts of wh~ch are msured or guaranteed by a federal or state agency (~nclud~ng Lender rf Lender ~s such an mstdution). l.ender shall apply the Funds to pay the escrow items. Lender may not charge fa holding and appiying the Funds, anafyz~ng the account or verifying the escrow items, unless Lender pays 8orrow~er interest on the Funds and appl~cabie law perm,ts Lender to make such a charge. A charge assesseci by Lender in connect~on with Borrawer's entering ~nto th~s Secunty Instrument to pay the cost of an independent tax report+ng service shall not be a charge tor the purposes ot ihe preced~ng sentence. Borrower and Lender may agree in writ~ng that lnte~esi shall be paid on the Funds. Unless an agreement . ~s made or appl~cable ~aw reqwres ,nterest to be paid, Lender shal! not be required to pay Borrower any interest or earnings on the Funds. lender shall give to Borrower, without charge, an annual accounUng of the Funds showing credits and debds to the Funds and the purpose for wh~ch each deb~t to the Funds was made. The Funds are pledged as additional security fQr the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable p?ior to the due dates ot the escrow items, shall exceed the amount required to pay the escrow iterrs when due, the excess shatl be, at Borrower's option, e~ther promptly repa~d to Borrower or cred~ted to Borrower on monthly payments of funds. li the amount d the Funds held by Lender is not suff~cient to pay the escrow ~tems when due, Borrow~er shal! pay to lender any amouni necessary to make up the deficiency ~n one or more payments as requ~red by Lende~. Upon payment m!u!! of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. N under paragraph t9 the Property is sold or acquired by Lender, Lender shall apply, no later than ~mmed~ately pr~or to the sate of the Property or ~ts acqu~s~bon by Lender, any Funds held by Lender at the time af appl~cat~on as a cred~t aga+nst the sums secured by this Security Instrument. 3. Application ot Payments. Unless appl~cable law provides otherwise, all payments rece+ved by l.ender under paragraphs 1 and 2 shalf be appl~ed: first to amounts payable un~er paragraph 2; second, to interest due; and last, to pr~ncipal due. 4. Charges, Liens. Borrower shall pay all taxes, assessments, charges, fines and ~mpositions attnbutable to the Property which may attain pnority over this Security Ins:rument, and leasehdd payments or ground rents, if arry. Borrow~er shall pay these obl~gaUons ~n the manner provided in paragraph 2, o? ~f not paid in that manner. Borrower shall pay them on t~me directly to the person owed payment. Sorrower shall promptty furnish to Lender aIl notices ot amounts to be paid u~der this paragraph. If 6orrower makes these paymen?s dirPctly, Borrower shall promptly fum+sh to Lender receipts evidencing the payments. Borrower sha11 promptfy d~scharge any I~en wh~ch has priority over this Secunty Instrument unless Borrower. (a) agrees in wnting to the payment of the obl~gat~on secured by the lien in a manner acceptab~e to Lender; (b) contests in good fa~th the t~en, by or defends against entorcement of the iien in, legal proceedings wh~ch in the Lender's opinion operate to preveni the enforcement o( the lien or forfeiture at any part of the Property; or (c) secures from the holder ot the hen an agreement saUsfactory fo Lender subard~nat~ng the lien to this Secunry Instrument. If Lender determines that any part of the P?operty ~s sub~ect to a lien which may attain priority over this Secur~ty Instrument, Lender may give Borrower a notice identrfying the lien. Borrovrer shall saUsfy the lien or take one or more of the actions set forth above within 10 days oi the giving of notlce. 5. Hazard Insurance. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property insured aga~nst ioss by tire, hazards ~ncluded w,thin the term "extended coverage" and any other hazards for which Lender reqwres insurance. This ~nsurance shall be maintained in the amounts and for the periods that l_ender requires. The insurance carrier providmg the ~nsurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withhetd. All ~nsurance polic~es and renewals shali be acceptable to ~ender and shall ~nclude a standard mortgage ctause, Lender sha!I have the nght to hdd the pol~c~es and renewals. tf Lender requires, Borrow~r shall prompUy giue to Lender al! rece~pis d pad prem+ums and renewal not~ces tn the e~ent ot loss, Borrower shall g~ve ~rompi not~ce to the ,nsurance carrier and Lender. Lend2r may make proot ot loss if not made promptly by Borrovvec Unless Lender and Borrower otherwise agree ~n wnting, insurance proceeds shall be applied to restoration or repair of the Property damaged, rf the restoraUOn or repair is econom~cally feas~ble and Lender's security is not lessened. It the restoration or repair ~s not econom~cally feas+bte or Lender's secunty would be lessened, the insurar~ce proceeds shail be appiied to the sums secured by this Secunty Instrument, wh~ther or not then due, with any excess paid to Borro~ver. If Borrower abandons the Property, or does not answ~er w~thin 30 days a notice from Lender that the ~nsurance carrier has of(ered to settie a cta~m, then ~ender may collect the msurance proceeds. Lerder may use the proceeds io repair or resrore the Property or to pay sums secured by th~s Secuniy Instrument, whether or not then due. The 30-day periad wilt begm when the notrce is given. Unless Lender and 8orrewer otherw~se agree in wr~i~ng, ary application of proceeds to pnncipal shail not exiend or postpone the due date ot the monihiy payments referred to ~n paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property ;s acquired by Lender, BorroK~er's right to any insurance pol~c~es and proceeds resufting from damage to the PropQrty pnor ro the acqws~Gon shal? pass to Lender to the exient of the sums secured by this Security Instrument immed~ately pnor to the acquis~Uon. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not desiroy, damage or substant~alfy change the Property, a11ow the Property to deteriorate or com~n,t waste. If the Secur~ty tnstrument ~s on a leasehold. Borrower shall ccmply w~?h the prov~s~ons o! the lease, and if Borror,ver aCqu~res fee t~tle to the ~roperty. the feasehald and iee i~ile shal! not merge unless ~ender agrees to the merger ~n wntmg. 7. Protection of Lender's ~ights in the Property; Mortgaga lnsurance. If Borrower fa~ls to perform the cavenants and agreemenis conta~ned ~n th~s Secunty Instrument, or !here ~s a legal proceeding that may s~gnrf~cantly aflect Lender's nghts in the Property (such as a proceed~ng in bankruptcy, probate, for condemnat~on or to entorce laws or regulatians), then Lender may do and pay for whatever ~s necessary to protect the value of the Property and Lender's nghts ~n the Property. t~ender's actions may ~nclude paying any sums secured by a I~en which has pnonty over this Securdy Instrument, appearing ~n court, paying reasonable attorney's tees and entenng on the Property to make repairs A!though i..end2r may take action under th~s paragraph 7. Lender dces not have to do so. Arry amounts disbursed by Lender under th~s paragraph 7 sha!f became add+tiona! debt of 8or~ower secured by ih~s Secu~~ty Instrument. Unless Borrawer and Lender agree to other terms of payrr~eni, these arnounts shall bear interesi from the date o' disbursement at the Note rate and shall be payable, wrth +nterest. upon notice lrom Lender to Borrower requasting payment. F l 3 a 5 5' a 9'0 P+e~~a,s ~iocr~s are ctrraek 0~2~9 Rey ,kn ' 88 ('9Q71 PC ~ aoo~679~ PAGf283~ _ _ - 4~ ~ ~m ~ -~a