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Home My WebLink About0302 UNIFOR?N COVENANTS Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepay~ment and L.ate Charges. Borrower shall promptly pay~ ~hen due thr principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note 2. Funds for Taxes and lnsurance. Subject to applicable law or to a wntten waiver by Lender, Borrow~er shall ~ay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") eyual to one-twelflh of: (a) yeariy taxes and assessments which may attain priority over this Security {nstrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearl~ mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates ot future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federai or state agency (including Lender if Lender is such an institution). L~nder shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays E3orrower interest on the Funds and applicable law permits Lender to make such a charge ~orrower and Lender may agree in writing that interest shall be paid on the Funds_ Unless an agreement is made or applicable law rcquires interest to be paid, Lender shall not be required to pay BorroK•er any interest or earn~ngs on the Funds. Lender shall give to Borrower, without charge, an annual accuunting of the Funds showing credits and debits to the Funds and the pur~se for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured b}~ this Security Instrument. If the amount of the Funds held by Lender, together with the future monthiy payments of Funds payab!e prior to the due dates of the escrow items, shall exceeti the amount required ta pay the escrow items when due, the excess shaii be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly paymen~s of Funds. If the amount of the Funds held by Len~er is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount neY:essary to make up the deficiency in one or more pay~nents as required by Lender. Upon pay~ment in full of all sums secured by ihis Security Instrument, Lender sha11 promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired b}~ Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of appliration as a credit against the sums secured by this Securit~ Instrument. 3. Applieation of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs ( and 2 shall be applied: 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. v. ~narges; Liens. 13orrower shall pay ali taxes, assessments, charges, fines and impos~t~ons attnbutable to the Property which may attain priority over this Security [nstrument, and leasehold payments or ground rents, if any. Bc~rrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Barrower shall promptly furnish to Lender all nutires of amounts to he paid undrr this paragraph. [f Borrower makes these payments d~rectly, Borrower shali pmmpth• furnish to l.ender receipts evidencing the payments. ~ E3orrow•er shall prompth discharge any~ lien which has priority over th~s Secur~ty Instn~ment unless Borrower. (a) ! agrees in writing to the payment of the obligat~on secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, ur defrnds against enforcement af the lien in, legal proceedings which in the Lender's opinion operate to ; prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an ~ agreement satisfactory to Lender subordinating the lien to this Security Instrument. [f Lender determines that any part of ; the Property is subject to a lien w~hich may attain priority over this Security Instrument, Lender may~ give Borrower a ; ~~~tice identifying the lien. Borrower shall satisfy the I~en or take one or more of the actions set forth abo~~e within 10 days ; of the gi~ ing of notice. ! 5. Hazard Insurance. Borrawer shall keep the imprc~vement~ now~ existing c~r hercafter ererted on thr Property ~nsured against I~~ss by fire, hazards ~ncluded with~n the term "extended roverage" and any other hazards for which Lender reyu~re~ insurance. This insuranre shall be maintained in the amounts and for the periods that Lender requires. The intiurance rarrier pro~iding the insurance shall tae chosen bp Borrower subjrct t~~ Lender's approval which shall not be ~ unreasunably~ withheld. ~ All; nsurance poliries and renewals ~hall be acceptable ro I.ender and shall include a standard mortgage clause. ~ Lender shall ha~~e the right t~ hc~ld the polici~~s and renewals. if l.ender reyuire~, Bnrrower ~hall prom~tly g~ve to I.ender k ~11 receirts c~f ~;aid premiums and renew~al not~ces. In the event of loss, Borrower shal! give prompt notice to the insurance ( rarner and Lender. I.ender ma}~ make ~roof of loss if not made promptly by Borrower. Unless I.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ~~f the Vmperty~ damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the ; retitoration ~r re~a~r is not economically feasihle or Lender's security would br lessened, the insurance pror.e~ds shall be ~ ap~lied to the sums secured by this Security lnstrument, whether or not then due, with anp excess paid to Borrower. If ~ Bc~rrower ahandt~ns the Property, or does not answer within 30 days a notire from Lender Ihat the insurance carrier has ~ offrred to settle a claim, then Lender ma}~ collert the insurance proceeds. Lender may use the prcx:eeds to repair or restore ~ the Prorert~~ c~r to pa}~ tiums secured b}~ this Security Instrument, a•hether or not then due. The 30-day period will begin E w hen the n~tire is given. ~ Unless I.ender and Horrower ~~therw•ise agree ~n writing, anp application of prckeedt to principal shall not extend or & p<ntr~~ne the due date of the monthfy payment~ referred t~ in paragraphs I and 2 or change the amuunt of the pay~ments. If ~ under paragraph 19 the Property is acquired by~ (.ender, Borrower's right to an~~ insurance ~licies and proceeds resulting x from damage to the Yroperty prior to the acquisition shall pass to Lender to the extent of the tiums secured by this Secur~ty ~ In~,trument immediately prior to the acquisition. ~ ~ 6. Preservation and :~laintenance of Property; [,easeholds. Borrower shall not de;troy, damage or substantially ~ change the Propert}~, allow the Property to deteriorate or comm~t waste. If this Seru:~t}~ Instrument is on a leasehold, B<~rrower shall cc~mply a~ith the pro~~~sions of the lease, and if B~rmw~er acquires fee htle to the Property, the leasrhold and fee title ~hall nc~t merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Fights in the Property; 17ortRage Insurance. If Borrow•er fails to perform the covcnants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's r~ghts in the Pruperty (such as a proceeding in bankruptcy, probate, for condemnation or to enforce law~s or regulations), then Lender may do and pay for w~hatever is necessary to protect the value of the Property and Lender's rights in the Ympert~~ Lender's actions may~ include paying any sums secured by a lien which has priority over this Securit} Instrumerit, appearing in court, pa}~ing reasonable attorneys' fees and er~tering on the Property to make repairs. Although Lender map take action under this paragraph 7, Lender does not ha~~e to do sa Any~ amounts disbursed by Lender under this paragraph 7 shall become additiona) debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbarsement at the 'Vote rate and shall be payable, with intecc~t, upon notice from Lender to Burrower reyuesting payment. - **A charge assessed by Lender in connection with Bori~aer's enterinq into this Security Instn~r~.nt tA pay the cost of an independent tax reporti:~g service shall not be a charge for pur~ses of *.he preceding sentence. , . g~o~67~ ~~E 3oz _ . _ _ ~ a.. . . . a.:Ju."'ri.~y,eY3°~~~ r' ~.a~±>~°~s.n. ..x.a.~l. ~s.^-a t•._~~ia",z.. x~'+Fw~