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Home My WebLink About2150 UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: 1. Yayment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay w~hen due thr principal of and interest on the deb! evidenced by th~ Note and any prepayment and late charges due under the Note. 2, Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, unti) the Note is paid in full, a sum ("Funds") equal to one-twelfth of: (a) yearly taxa and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yeariy hazard insurance premiums; and (d) yeariy mongage insurance premiums, if any. Thcse items are called "escrow items." I.ender may estimate the Funds due on the ~ basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an ~nstitntion the deposits or accounts of which are insured or guaranteed by a federai or ~ state agency (including Lender if Lender is such an institution). Lender shali apply the Funds to pay the escrow items. ~ L~nder may not charge for holding and applying the Funds, analyzing the account or verifying the escr~w items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrowcr and ~ Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ~ shall give to Borrower, without charge, an annual accour.ting of the Funds showing credits and debits to the Funds and the ~ purpose tor which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by ? ~ ~:~~s:ri.cu.;~~ ic;s~.uu.~i~i. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to ~ the due dates of the es~:row items, shall exceed the amount required to pay the escrow items when due, the excess shall be. ; at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. lf the ~ amount uf the Funds hetd by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any ~ amount necessary to make up the deficiency in one or more paymenis as required by Lender. ~ Upon payment in full of al! sums secured by this Security Instrument, Lender shall promptly refund to Borrower ; any Funds held by Lender. If under paragraph 19 the Property is soid or acquireci by Lender, Lender shall apply, no later ! than immediately prior to the sale of the Propeny or its acquisition by Lender, any Funds held by Lender at the time of ~ I application as a credit against the sums secured by this Security Instrument. ~ 3. Application of Payments. Unless applicable law provides otherwise, all payments received br Lender under paragraphs 1 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. ~ 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the j Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. J Borrower shall pay these obligations in ti~e manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on timc directly to the person owed payment. Borrower shall promptly furnish to Lender all notices oiamounts tu be paid under this paragraph. If Borrower makes these payments directly, Borrower shall prt~mptly furnish to Lender receipts evidencing the payments. ~ Borrow~er shall promptly discharge any lien which has priority over this Security Instn~ment unless Borrower. (a) agrees in writing to the payment of the obiigation 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, legal proceedings which in the Lender's opinion operate t~ p~event 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 Secnrity Instrument. [f Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a nutice identif}•ing the lien. E3orrow~er shall satisfy the lien or take one or more of the actions set forth above with~n 10 days of the giving of notice. ` 5. Hazard Insarance. Borrower shall keep the improvements now• existing or herea('ter erected on the Property insured against loss by fire, hazards included w~ithin the term "extended coverage" and any other hazards for w~hich Lender f requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The F ~ insurance carrier providing the insurance shall be chosen by Borrow~er subject to Lender's approvai which shall n~t be unreasunably withheld. ; All insurance policies and renewals chall be acceptable to Lender and shali include a standard mortgage clause. ` [_ender shall have the right to hold the ~licies and renewals. If Lender requires, Borrower shall promptly give to Lender ; all receipts of paid premiums and rene~~al notices. In the event of loss, Barrower shall give prompt notice to the insurance carrier and Lender. Lender may make praof of loss if not made promptly by Borrower. Untess l.ender and Burrower othera~ise agree in writing, insurance proceeds shall be applied to restoration or repair ~f the Property~ damaged, if the restoration or repair is economicaliy feasible and Lender's security is not lessened. If the ~ restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shali be ~ appl?ed ro the sums secured by this Security Instrument, whether er not then due, with any excess paid to Borrower. If E Borrow•er abandons the Property, or dces not answer within 30 days a notice from Lender t~~at the insurance carrier has ~ offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Propert}~ or to pay sums secured b}~ this Security Instrument, whether or not then due. The 30-day period will begin ~ w~hen the natice is given. ' Llnless Lender and Borrower oth~rwise agree in writing, any application of proceeds ro principal shall not extend or € ~st~me the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is acquired by Lender, Borrower's right to a;~y insurance policies and proceeds resulting ~ from damage to th~ Property prior to the acquisitior, shall pass !o Lender to the extznt of the sums secured by this Security ` Instrument immediaielp prior to the acquisition. ~ 6. Preservation and liaintenance of Property; Lessehotds. Borrower shall not destroy, damage or substant~ally ~ changc the Property, allow the Property to deteric~rate or commit waste. If this S~curity Instrument is on a leaserold, B~~rrower shal! comply w~ith the provisions of the lease, and if Borrower acquires fee title to the Propert}~, the leasrhold and fee title shall not merge unless Lender agrees ro the merger in writing. 7. Protection of Lender's Rights in the Praperty; :~tortgage Insurance. If Borrower fazfs ro perform the covenants and agreements contained in this Security Instrument, or there ~s a legal proceeding that may significantly affect Ixnder's ri~hts in the Property (such as a proceeding ~n bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender`s actions may include paying any sums secured by a lien which has priority over this Securit~~ Instrument, appearing in court, pa~~ing reasonable attorneys' feec and enter~ng on the Property~ to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional. debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shail bear interest from the date of disbursemeni at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower ~ requesting payment. *"A charge assessed by Lender in connection with the Borrower's entering into tnis Security Instrument to pay the cost cf an independent tax reporting service shall not be a charge for the preceding sentence." • " 60GK PA~E ~~50 ~~•~1 , ~ ` ,a e~~e.._.~ '^`Y,.s.~~:-.i 1~Y,.m+.:r~' .'»^.~'.+~i.o."-Q .._:~~„[f .a~rc;Tac."~as+?~~