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Home My WebLink About2452 UNIFORM COVEN4NTS Borro.tier and Lencier coven~nt and agree as iolio.vs 1. Payment of Principal and interest; Prepayment and Late Charges. Borro•her st~au pron~pt~y pay when due the pr.nc~~-al ot <;nd ~nteres! or the de~t ev~denced by the Note and any prepayment and ta~e charges due unde~ ?he Note 2. Funds ior Taxes and Insurance. S~b;ect to app!~cable iaw or ro a wr~tten waver by Lenaer Borrowe~ shan pay to Lender on the day monthly payments are due under the Note, unt~l the Note ~s pa~d ~n full, a sum (~Funds' ) equal to one t+nelfth of (a) yearly taxes and assessments wh~ch may atta~n pronty over th~s Secunty Instrumenk (b) yearly leasehold payments or ground ren,s en the Property. ~f any. (c) yearly hazard ~nsurance prem~ums, and (d) yearly mortgage ~nsurance prem,~ms, ~f any These ~tems are cal!ed ' esc.rew ~tems" ~ender may esbmate the Fu~~ds due on the bas~s of current data and reasonable esbmates of future es~row ~tems. The Funds sha~i be held ~n an ~nsUtut~on the depos~ts cr accounts of wh~ch are ~nsured or guaranteed by a federat or state agency (,nclud~ng Lender rt Lender ~s such an ~nst~tut~on) Lender shall apply the Fu~ds to pay the escraN ~tems Lender may not charge !or hoid~ng and apply~ng the Funds. anaiyzing the account or venfy~ng the escro~v rtems, unless Lender pays Borrower ~nteresi on the Funds and appi,cable law perm,ts Lender to make such a charge. A charge assessed by Lender ~n connection w,th Borrower's enter~ng mto th~s Secunty Irstrument to pay ihe cost of a~ ~ndependent tax report~ng serv~ce shatl not be a charge for the purposes Oi tFl@ DfECeC~lfld Sf?f1tPf1CP.. BOffOWP.f Afl('~ I f?fll1P~ fT1AV ACI~Pe ~~t wnhnn fhat IR1PfPCt Cfl:7II f1P f1A~l~ !1!1 ihP Fi ~nrlc I Inlacc an anrnnmant ~s made or appi~cable law rec~wres ~nterest to be pa~d. Lerder sha!I not be required to pay Borrower any ~nterest or earrnngs on ~ the Funds Lender shall g~ve to Borrower. w~tnout charge, an a~nua! account~ng of ihe Funds show~ng cred~ts and deb~ts to tt~e Funds and the purpose for ~vh~ch each deb+t to the Funds was made The Funds are pledged as add~honal secunty for tha sums ~ secured by this Sei,unty instrument !i the amount of the Funds held by Len~er, together wRh the future monthly payments of Funds payable pnor to the due dates of the escrow ~tems, shall exceed the amount reqwred to pay the escrow ~tems when due, the excess shatl be, a? Borrower's opbon, e~ther prompSly repa~d to Borrower or cred~ted to Borrower on monthiy payments of funds. It the amount of the Funds held by ~e~cier ~s not suffic~ent to pay the escrow ~tems when due. Borrower shail pay t~ Le~de. any amount necessary to make up the det~c~ency ~n one or more payments as reqwred by Lendec Upon payment ~n full of atl sums secured by th~s Secuniy Instrumer.t, Lender shall promptly refund to Borraver any Funds held by Lender. I' under paragraph 19 the Property ~s sald or acqwred by Lender, Lender shall apply. no later than ~mmed~ately pnor to !he sate of the Prop2rty or ~ts acquis+t~on by Lender, any Funds heid by Ler~der at the time of apphcabon as a credit agamst the sums secured by th~s Szcunty Instrument. 3. Application of P~yments. Unless appi;cable law prov~des otherw~se, all payments rece~ved by Lender under paragraphs ? a.^.d 2 shal! be app!,ed f~rst to amounts payable under paracraph 2: second, to ~nterest uua, a~~d iast, to pnncipsi due. 4. Charges, Liens. Borrower shali pay all taxes, assessments, charges, f~nes and ~mpos~t~ons attnbutabie ta ir~e Property wh~ch ~ may attain pnority over this Securrty Instrument. and leasenold payments or ground rents. rf any. Borrcwer shail pay these obligaUOns I :n the manner prov~ded in paragraph 2, or if not paid ~n that manner. Borrower shali pay them on time directly to the person owed , payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under th~s paragraph. If Borrower makes these payments directly. Borrower shal! promptly fum~sh to Lender rece~pts ev~dencing the payments. Borrower shail promptiy d~scharge any I~en wn~ch has pnority over th~s Secunty Instrument unless Borrower (a) agrees ~n wr~t~ng to the payment of the obl~gaUon secured by the I~en ~n a manrer acceptable to Lender, (b) con!ests in gcod fa~th the I~en, by or defends aga~nst enforcement of the ~~en in. legal proceed~ngs wh~ch ~n ;he Lender's op~rnon operate to prevent the enforcement of the I~en or forfe~ture of any part of the Property; or (c) secures frorn the holder of the I;en an agreement sat~s(actory to Lender i subord~naUng the i~en to th~s Secunty Instrument. If Le~der determ~nes that any part of the Property ~s sub~ect to a hen wh~ch may ~ atta~n pnonty over th~s Secunty Instrument, Lender may g~ve Borrower a n~tice ident~fy~ng the hen. Borro+tier sha!I satisfy the hen ~ or take one or more of the act+ons set forth above w~th~n 10 days of the giv~ng of notice ~ 5. Hazard Insurance. Borrovrer shall keep the ~mprovements now ex~st~ng or hereafter erected on the Property ~nsu~ed aga~nst ~ loss by hre, hazards ~ncluded w~thm the term ' extended coverage" and any oiher hazards for wh~ch Lender requ~res ~nsurance a Th~s ;nsurance shall be ma~nta~ned ~n tne amounts and `or the penods that Lender reawres. The ~nsurance carr~er prov~d~ng the [ ~ ~nsurance shaU be chosen by Borrower sub~ect to Lender's approval wh~ch shall not be unreasonabiy w~thheld. ~ Ail ~nsurance pol~c~es and renev~;a!s sha!I be acceptabfe to Lender and shall ~nclude a standard mortgage c!ause. Lender shail ~ have the nght to hold the po~~c~es and rene~,vals. If Lender reqwres, Borrov~,~er shall promptly g~ve to Lender ali rece~pts of pa~d prem~ums and renewal not~ces In the event of loss, Borrovver shall g~ve prompt not~ce to the ~nsurance carr~er 2nd Lender. Lender may make f ~ proof of loss rf not made promptly by Borrower. k 3 Unless Lender and Borrower otherw~se agree ~n wn,~ng. ~nsurance proceeds shall be app!~ed to resroration or repai~ of the ~ PropeRy damaged. ~f the restoration or repair ~s economically feas,ble and Lender's securify ~s not lessened. If the restorat~on or ~ repa~r ~s not econom,caily feas~ble or Lender's secunty would be lessened, the insurance proceeds shall be apphed to the s~ms i E secured by tn~s Secunty Instrument, whether or not then due, w~th any excess paid to Borrow2r. If Borrower abandons the Property. ~ or does not answer w~th~n 30 days a not~ce from Lender that the ~nsurance carrier has offered io settie a cla~m, then Lender may ~ collect the ~nsurance prxeeds. Lender may use the proceeds to repa~r or restore the Property or to pay sums secured by th~s Secur~ry Instrument. whether or no~ then due The 30-day penod w~ll begin when the not~ce ~s given. ~ Unless Lender a~d BorraNer otherwise agree ~n wnUng, any appl~cat~on of procEeds to prmc~pal shail not extend or postpone ~ the due date of the monthly payrnents referred to ~n paragraphs 1 and 2 or change the amount oi th2 payments. If under ~aragraph ~ 19 the Property ~s acquired by Lender Barrower's r~ght to any insurance polic~es and procee~s result:ng trom damage ro the Property ~ pncr to the acqws~t~on shail pass to Lender to the extent of the sums secured by th~s Secunty instrument ~mmed~ate~y pnor to the ~ acqu~s+t~on. j 6. Preservation and Maintenance of Property; Leaseholds. Borro~r~er shall not destroy. damage or subsianha~ty charge 1 ;he Property. alicw the Property to detenorate or commit waste If the Secunty Instrument ~s on a!easehold Borrower sha!I compty ~ ~v~th the pro~~~~s~ons of the iease. and rf Borrower acau~res fee t:tle to the Property. the ~easehold and fee t~tle shall not merge unless Lender agrees to the merger ~n wr~t~ng. 7. Protection of Lender's rights in the Property; Mortgage lnsurance. if 5orrov:er fa,is to perform the covenants and ~ ag~eements conta~ned in th~s Secunty Instrument, or there ~s a legal proceed~ng that may s~gnrf;cantiy affect Leraer's nghts ~n the Property (such as a proceed~ng m bankruptcy, probate. for condemnation or to enforca laws nr regu!at~ons). then Lerder may do ~ and pay fcr whatever ~s necessary ro protect the value of the Property and Lender'; nghts ~n the Property. ! e~der's act~ons may ; ~nc~ude pay~ng any sums secur~d by a I~en wh~ch has pr~onty ove~ th~s Secunty instrument, appearng ~n court. Fay~n~ reaso~ab!e ~ y attorney's tees and enter~ng on the Prop~rty to make repa~rs. Although Len~er may take act~~n under ih~s paragraph 7. Lender ~ = does not have to do so. e Any amounts d~sbursed by Lender u~der ih~s paragraph 7 shali t3ecome add~tienal debt of Borra,~~er secured by this Secur~ty 3 Instrument Unless Borrc~.ler and Lender agree to other terms cf payment, these amounts shall bear ~nte,est from ihe date of ~ ~ d~sbursement at the Note +ate and shall bs payable, w~th mterest. upon notice frorn Lender to Borrov~r requesting p2yment. ; oesza~ r~ • ae ~~oe~ Pc BOUK U ! ~ PACF~~~:~ _ - - - - - - _ . _ ~ ~ _ ~."+a~~ - _.~4.:.