HomeMy WebLinkAbout2158 UNIFORM COVENAI~TS Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due
the pnncipal of and interest on the debt evidenced by the Note and any prrpaymeat and late chargrs due under the I~ote.
2. Funds for Taxes and lasurance. Sub~ect to applicable law or to a written w aiver by Lxnder, Rorrower shall ~ay~
to Lender on the day monthly payments are due under the Note, until tht Note is paid in full, a sum ("Funds") equal to
ane-twelRh of: (a) yearly taxes and assessments which may attain priority o~•er this Security lnstrument; (b) ~~early
leasehul~ payments or ground rents on the Property, if any; ~4) yearly hazard insurance prrmiun~s; and (d) yrarly
mortgage insurance premiums, if any. These items are called "escrow items." Lender ma~• estimate the Funds due on the
basis of current data and reasonable estimates of future escrow items.
The Funds shall be held in an institution the deposits or accounts of which are ~nsurrd or guaranteed by a federal or
state agency (including Lender if Lender is such an institution). Lxnder shall apply the Funds to pay the escrow items.
Lender may not charge for holding and applying the Funds, analyzing the account or ~~erify~ng the escruw items, unless
Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charg~ Borrower 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 Borrower 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
purpose for which each debit to the Funds w~as made. The Funds are pledged as additional security for the sums secured by~
thic Gruritv InctrnmPnt
- - -
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 escrow 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. If the
amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any
amount ne~;essary to make up the deficiency in one or more p8yments as required by Lender.
Upon pay~ment in full of all sums secured by this Secunty Instrument, Lender sha11 promptly refund to Borrow•er
an}~ Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shail apply, no later
than immediately prior to the sale of the Property or its acquisition by Lender, any Funds heid by Lender at the time of
application as a credit against the sums secured by this Security Instrument.
3. Application of Payments. Unless applicable law pro~~ides otherwise, all payments received by Lender under
paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment rharges due under the
Note: third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal ~ue.
4. Charges; Liens. Borrower shall pa~~ all taxes, assessments, charges, fines and ~mpc~sitiens attributabir to the
Propert}• w•hich may attain priority over this Security Instrument, and leasehold payments or ground rents, if an}~.
Borrow•er 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 pa~~ment. Borrower chall nmmptly furnith tn Ixnder all ne~tices of amounts i
to be paid under this paragraph. If Borrow•er makes these paymenis directly, Borrower shall pmmptly furnish to Lender
reti:eipts evidencing the payments.
Borrow~er shall promptl~~ discharge any !ien which has priority over this Security~ Instri~ment unless Borrower: (a)
agrees in writting to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good
feith the lien by, or defends against enforcement of the lien in, lega) proceedings which in the (_ender's opinior~ operate to
p~event the enforcement of the lien or forfeiture of any pari of the Property; or (c) secures from the holder of the lien an
agreement satisfactory to Lender subordinahng the lien to this Security Instrument. If Lender determines that any part of
the Propert~ is subject to a lien which may attain priority over this Srcurity Instrument, Lender may give Borrower a
nutice identif}~ing the lien. Borrower shatl satisfy the lien or take one or more of the actions set forth abo~~e w~ithin 10 da~~s
of the giving of notice_ _
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
j insured against loss by fire, hazards ~nctuded within the term "extended cor~~erage" and any ather hazards for which Lender
' reyuires insurance. This insurance shall be maintained in the amounts and fur the periods that Lender requires. The
insuranre rarrier providing the insurance shall ~ chosen by Borrower ~ubject to Lender's appro~a! which shalf not be
unreasonably uiihheld.
f All insurance policies and renew•als shall be acceptable to Lender and shall include a;tandard mortgage clause.
; Lender shall have the right to hold the policies and renewals. If Lender requires, B~rrower shall promptly give to Lender
all rc~;eipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance
; carrier and Lender. Lender may~ make proof of loss if not made promptly by Borrower.
Unless [.ender and E3orrow~er otherwise agree in writing, insurance prcxeeds shall be applied to restoration or repair
, uf the Property~ damaged, if the restoration or repair is economically feasible and Lender's security is not iessened. If the
restoranon or re~air is noi economically feasible or Lender's security would be lessened, the insurance proceeds sha11 be
~ applied to the sums secured by this Sec~~rity Instrument, whether or not thPn due, with an~~ excess pa~d to Borrower. If
? Born,wer aband~~ns the Property, or dces not ansK~er within 30 days a notice from Ler.der that the insurance carrier has
~ offered to settle a claim, then Lender may collect the insurance pra:eeds. Lender ma}~ use the proceeds to repair or restore
j the Property or to pay sums secured by~ this Security Instrument, whether or not then due. The 30-day period wifl begin
; w~hen the notice is given.
Unless I_ender and Borrower otherwise agree in writing, an}~ application of pr~eeds to principal shall not extend or
postEx~ne the due date of the monthly payments referred !o in paragraphs 1 and 2 or change the amount of the payments. If
~ under paragraph 19 the Property is acqutred by Lender, Borrower's nght to any insurance pohcies and proceeds result~ng
g frc~m damdge to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Secunt}~
z Ir~,trument immediately prior ro the acquisition. '
k 6. Preservation and Maintenance of Property~; Leaseholds. Borrow~er shalf not destroy, damage er substanhafl}~ '
~ change the Yroperty, allow the Property to detenorate or commit wastP. If this Security~ Instrument is on a leasehold, j
~ Borruwer shall comply with the provis~ons of the lease, and if Borrower acquires fee htle to the Property, the leasrhold and ~
fee title tihali not merge unless Lender agrees to the merger in writing. I~
7. Protection of I,ender's Rip,hts in the Property; 1lortgage Insarance. If Borrower fa~ls ro perform the ~
co~enants and agreements contained in this Security lnstrument, or there is a legal proceeding that may sign~ficantly af~ect i
I,er.der's rights in the Pruperty (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or ~
regulatiuns), then Lender may do and pay for w~hatever is necessary to protect the value c~f the Property and Lender's rights
in the Yroperty. L.ender's actions may include paying any sums secured by a lien which has priority over this Security
Instrument, appearing in court, paying reasonabie attorneys' fees and entering on the Pro~erty to make repairs. Although
Lender may take artion 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 Borrow2r secured by this
~ Security Instr~ment. Unfess Borrnwer and Lender agree to other terms of pay~ment, these amounts ~hail bear interest from ~
_ the date of disbursement at the Note rate and shall be payable, with interest, upon nohce from Lender to Borrower ,
r requesting payment. '
4 *"A charge assessed by Lender in connection with the Borro~aer's entering into
this Security Instrument to pay the cest of an independent tax reporting
service shali not be a charge for the precedir,g sentence."
1 U ~ ~ ~r;
C _ fi?a 215~
- ~u
_ =~~~~~~fia~~