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Home My WebLink About1625 UNIFOR~1 CO~'LNANTS. Hurrower and Lender tu~enant and agrc~e,s_~dilo~s: 1. P~~men1 oi Principal ~nd loterest; Prepa~ment and Late Charges. BurroHer shail promptlp pa> ~~hen due [hr prin~ipal ~~i and interes~ on the debt evidenced by the Nore and an~• prepayment and late charges d~e under the Nute. 2. Funds for Trxes and lnsurs~nce. Subject to aaplicable law or to a wntten waiver by Lender, Borrovrer shall pa~ to L~iidcr un the dap monthly payments are due under the Note, untii the Note is paid in Pull, a sum ("Funds") equal to one-twelfth of: (a) pearl~• taxes and assessments which may attain priority o~er this Security Instrument; (b) }•early leasehold payments ur ground rents on the Property, if any; (c) y~early hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escroH• itcros." Lender may estimate ~he Funds due on the basis of current data and reasonable estimares of ~ ~uture escrow items. ~ The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state , 3gency (including Lender if Lender is such an ins[itutionl. Lender shall apply the Funds to pay the escrow items. Lender ma~ not charge for holding and applying the Funds, anal>~zing the account or verifying the escrow items, uniess Lender pays Borro~~er interest on the Funds and applicable la~~ permits Lender to make such a charge. Borrower and Lender may agree in writing that in~erest shall be paid on the Funds. Unless an agreement is made or applicable law• reyuires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings c~n the Funds. Lender shall give to BorroH~er, N~ithaut charge, an annual accounting of the Funds shoH•ing credits and debits to the Funds and the purpose for w~hech each debit to the Funds was made. ~I'he Funds are pledged as additional security for the sums securecl by this Security Instrument. If the amount of [he Punds held b~~ Lender, together aith the future monthly payments of Funds payabie prior to the due daces of the escrow~ items, shaU exceed the amount required to pay the escrow~ items when due, the excess shall be, at Borro~•er's aptiun, either promptly repaid to BorroWer or credited to Borroaer on monthly payments of Funds. If the amount of the Funds held b~• Lender is not suf!icier+t to pay the escrow items H•hen due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon pa~•ment in full of aU sums secured by this Security Instrument, Lender shall promptly refund to BorroHer an~• Funds held by Lender. If under paragraph 19 tfie Property is sald or acquired by Lender, Lender shall apply, no later than immediarel~~ prior to the sale of the Property or its acquisition by Lender, any Funds held b}• Lender at the time of application as a credit against the sums secured b~• this Security Instrument. # 3. Application of PAyments. Unless applicable law~ pro~•ides otherwise, all payments recei~~ed by Lender under paragraphs ? 1 and 2 should be apptied: first to amounts payable under paragraph 2; second to interest; and last to principal. ~ 4. Charges; Liens. Borrow•er shail pay all tares, assessments, charges, fines and impositions attributabl~ to the Propert~• w•hich ~ map attain priority o~~er this Security instrument, and teasehold payTnents or ground rents, if ar,y. Borrow•er shall pay these obliga- ~ :ions in the manner pror•ided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time dire~tly to the person o«ed pa~ment. Borrower shall promptl}• furnish to Lender al! notices of amounts to be paid under this paragraph. If Borro~er makes these pa}~ments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority o~•er this Security Instrument unless Borrow~er. (a) agrees in ~~riiing to the par•ment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by~, or defends against enforcement of the lien in, legat proceedings w•hich in the Lender's opinion operate to prevent the enforce- ment of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactor~• to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien w~hich may attain priority over this Security Instrunient, Lender may give Borrow•er a notice identifying the lien. Borrow•er shall satisfy the lien or take one or more of the actions set forth abo~•e within 10 days of the giving of notice. ~ 5. H~zard Insurance. Borro~~er shall keep the improvemems now exissing or hereafter erected on the Property insured against ~ I~~., b}~ fire, hazards included Hithin ihe term "extended coverage" and any other hazards for which Lender requires insurance. ~ ~ This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier pro~•iding the i in;urance shall be chosen by Borrower s~bject to Lender's approval which shall not be unreasonably w•ichheld. ; All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall ° ha~e the right to hold the policies and rene~~•ais. If Ler.der requires, Borrower shall promptly give to Lender all receipts of paid ` ~~~r~niums and renewal notices. In the event of loss, Borrow~er shall give prompt notice to the insurance carrier and Lender. Lender ~ ma~• make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrow~er otherwise agree in w•riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration ; or repair is not economically~ feasible or Lender's security w•ould be lessened, the insurance proceeds shall be applied to the sums R secured by this Security Instrument, whether or not then due, w~ith any excess paid to Borrower. If Borrower abandons the Froper- ~ ty, or dces nut answer within 30 days a nodce from Lender that the insurance carrier has offered to settle a claim, then Lender ~ may collect the insurance proceeds. Lender may use the proceeds to ~epair or restore the Property or to pay sums secured by this ; Security Instrument, whether or not then due. The 30-day period ~~ill begin when the notice is given. ~ Unless Lender and Borrower otherw~ise agree in writing, any application of proceeds to principal shal! not extend or postpone E the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph t 19 the Property is acquired by Lender, Borrower's right to an}~ insurance policies and proceeds resulting from damage to the Pro- ~ perty~ prior to the acquisition shall pas~ to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. ~ 6. Presen•atian and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the ~ Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shail compl~~ with the provisi~ns of the lease, and if Borrower acauires fee title to the Property, the leasehold and fee title shall not merge unless Ler.der agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Inwnince. If 8orrower fails to perform the co~enants and agreements contained ir~ this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property~ (such as a proceeding in bankruptcy, probate, for condemnation or to enforce law~s or regu:ations), then Lender may do and pay for «hatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include pa~~ing any sums secured b~ a lien w~hich has priority over tfiis Security Instrument, appearing in court, paying reasor~abte attorneys' fees and entering on the Propert~~ to make repairs. Although Lender may take action under this paragraph 7, Lend.r does not ha~e to do so. Y " ~ r ~ BOOK V t ~ PACE1625 ~w ~ - _ - - _ _ - - ~ 5 ~ ~ b ~ ~ . - ~z,~s~~t~~~,« ~