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Home My WebLink About2510 . . , ~ ~ . UNIFOR111 CO~'ENANTS. Borro~~er and LenJer ~o~enant and agrre as follo~~~: 1. Ps~~ment of Principal ynd Interest; Prepnyment ~nd Laie Ch~rges. BorroNer shall pramptly pa~~ when due thr ~rinripal oi and interest on the debt e~~idenced b>~ the Note and any prepayment and late charges due under the I~ote. 2. F'unds for Taxes and lnsurance. Subject to appiicabie laH vr to a writtrn waiver by Lender, Borrower shall pa~• to I_endrr on ttie day monthty pa~~ments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-tµelfth o!: (a) }early taxes and assessments which may attain priority o~er this Securiry lnstrument; (b) y~arly leasefiofd paymenis or ground rents on the Property, i( any; (c) ~earl~• haaard insurance premiums; and (d) yearly mortgage insurac:ce premiums, if any. These items are called "esrroa items." Lender ma~• estimate the Funds due on the basis of current data and reasonable estimates c~! iuture 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 agency (including Lender if Lender is such an institu[ion). Lender shall apply the Funds to pay the escrow• items. Lender ma~~ not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pa>•s Borrower interest on the Funds and applicable law• permits Lender to make such a cfiarge. Borrower and Lender may agree in ariting that interest shall be paid on the Funds. Unless an agreement is made or applicable law cequires interest to be paid, Lender shal! not be required to pay BorroN•er any interest or earnings on the fiunds. Lender shaU give to Borrower, ~~ithout charge, an annual accounting of the Funds show~ing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. 11 the amount of the Funds held bp Lender, together w•ith the future monthly payments of Funds payable prior to the due dates of the escro~• items, shall exceed the amount required to pap the escrow items w•hen due, the excess shall be, at Burrow~er's option, either promptly repaid to BorroNer or credited to Borrower on monthly payments of ~unds. tf the amount of the Funds hetd bv t.ender is not sufficient to pay the escrow items when due, Borrow~er shall pay to Lender any~ amount necessary to make up the deficiency +n one or more payments as reyuited by Lender. Up~n payment in full of all sums secured by this Security lnstrument, Lender shatl promptly refund to Borrower any Funds held b~• Lender. If under paragraph 19 the Propert}• is sold or acquired by 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 application as a credit against the sums secured b~• this Security Ins[rument. 3. Application of Paymenis. Unless applicable law pro~ides other~ti•ise, all payments recei~•ed by Lender under paragraphs 1 and 2 should be applied: first to amounts pa~•able under paragraph 2; second to interest; and last to principal. d. Charges; Liens. Borrower sfialt pay a!1 taxes, assessments, charges, fines and impositions attributable to the Propert}• which ma~• atta+n priorit}• over this Securiry Instrument, and feasehold paymenu or ground rents, if any. Borrower shall pay these obliga- tions in the manner provided in paragraph 2, or if not paid in that manner, Borrower sfiall pay them on time directi}~ to the person o~~ed pa>~nent. Borrower shali promptly furnish to Lender al( notices of amounts to be paid under this paragraph. If Borrow~er makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Sorro~~er shall promRtly discharge any lien which has priority over this Security Instrument unless BorroK~er: (a) agrees in «riting to the payrnent of the obligation secured t~y 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 ~~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 fien to this Security instrument. If Lender determines that any part of the Property is subject to a lien w•hich may attain priority orer this Security Instrument, Lender may give 8orroHer a notice identifying the lien. Borrow~er shall satisfy the lien or take one or more of the actions set forth abo~~e within t0 days of the giving of notice. 5. Nazard insurance. Borrower shal! keep the improcements noµ~ existing or hereafter erected on the Property insured against lo,s by~ fire, hazards included w•ithin the term "exrended co~~erage" and any other hazards for which Lender requires insurance. i This insurance shall be maintained ~n the amounts and for the periods that Lender requires. The insurance carrier pro~•iding the j in~urance shall be chosen by Borrow~er subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shali include a standard mortgage clause. Lender shall E h.~~e the right to hoid the poiicies and renewals. lf Lender requires, Borrower shall promptly give to Lender all receipts of oaid E p;~miums and renew~al notices. (n the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender s cnay make praof of toss if noc made promptly by Borrower. i Unless Lender and BorroK•er otherwise agree in writing, insurance proceeds shall be app6ed to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. !f the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be apptied to the sums secured by this Security lnstrument, w~hether or not then due, with any excess paid to Borrower. If Borrower abandons the Proper- ~ ty, or does not answer e+•ithin 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender ; ma}• collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this ; Security Instrumznt, whether or not then due. T1he 30-day Rerio~ will begin ~~•hen the notice is given. ; Unless Lender and Borrower otherwise agree in writing, any application of proceeds ro principal shall not extend or postpone ~ the due dace of the monthly payments referred to in pasagraphs I and 2 or change tfie amount of'the payments. 1f under paragraph s 19 the Proper[y is acquired by~ Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Pro- ~ perty prior to the acquisition shall pas: to Lender to the ertent of the sums secured b}~ this Security lnstrument immediatety prior ~ to the acquisition. ~ 6. Presen~ation s+nd Maintenance of Property; Leasehotds. Borrow~er shali not destroy, damagr or substantially change the ~ Propert}, allow~ the Property~ to deteriorate or commit waste. (f this Security Instrument i~ on a leasehold, Borrow•er shaU comply z ~ith the pro~~isions of the lease, and if Borroµ~er acquires fee title to the Property, the leasehold and fee title shall not merge unless l.er.der agrees to the merger in writing. 7. Protection of I.ender's Rights in the Property; Mortgage Insurance. lF Borrower fails to per~orm the co~ena~ts and agreements contained in this Security Instrument, or there is a tegal proceeding tfiat may significantly affect Lender's rights in the Property (wch as a proceeding in bankruptcy, probate, for condemnation or to enforce laws ar regulations), then Lender ma}• do and pa}~ for ~shatever is necessar}• to prorect the value oi the Property and Lender's rights in the Propert}•. Lender's actions may i~iclud~ paying any sums secured b~ a lien w•hich has priority o~•er this Security Instrument, appearing in cour:, paping reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not - ha~e to do so. ~ ~ ~ :t aoo~ 675 ~a~~510 . ~ ~ - - ~ ~ , _ ~