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Home My WebLink About2532 ~ . . 1 ~ UNIFORM COVENANTS Borrawer and Lender covenant and agree as foi;o~vs 1. Payment of P~incipal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the pr;nc~pai of and ~nteresi on the debt ewdenced by the IVote and any prepayment and late charges due under ihe Note 2. Funds for Taxes and InsuMnce. Sub~ect to apphcable law or ro a wrrtten wawer by Lender. Burrower shall pay to Lende; on the day mon,hly payments are due under the Note, unUt the Note ~s pa~d m full, a sum ("Funds") equal to one-twelfth ot (a) yearly taxes and assessments wh~ch may atta~n Fnonty over th~s Secunty Instrument; (b) yearly leasehold payments or ground rents on the P~o~erty, ~f any, (c) yearly hazard ~nsurance premiums, and (d) yearly mortgage ~nsurance premwms. ~f any. These rtems are calied "escrow ~tems" Lender may est~mate the Funds due on !he bas~s oi current data and reasonable est~mates of future escrow ~tems . The Funds snaii i~e heid ~n an ~nsutut~on the depos~ts cr accounts oi wrncn are ~nsured or guaranteeci by a feaerai or state - agency (~nclud~ng lender ~i Lender ~s such an ~nst~tut~on). Lender shall apply the Funds to pay the escrow ~tems Lendsr may not charge for hold~ng and apply~ng the Funds, analyz~~g the account o~ verrtying the escrow ~tems, unless Lender pays Borrower ~nterest on the Funds and appl~cabte law perm~ts Lender to make such a charge. A charge assessed by Lender ~n connect~on w~th Borrower's : entenng mto th~s Security Instrument t~ pay the cost of an independent tax report~ng service shall not be a charge for the purposes of the preced~ng sentence. Borrower and Lender may agree in wnt~ng that ~nterest shali be paid on the Funds. Unless an agreemert ~s made or appl~cabte law reqwres ~nterest ro be pa~d. Lender shall not be required to pay Borrower any ~nterest or eam~ngs on ' the Funds. Lender shall give to Borrower, w~thout ct~arge, an annual account~ng ot the Funds show~ng cred~ts and deb~ts to the , Funds and the purpose for wh~ch each deb~t ro the Funds was made The Funds are pledged as add~t~onal secunty for the sums : secured by th~s Secunty Instrument. If the amount of the Funds held by Lender, together ~v~th the future monthly p~yments ot Funds payable pnor to the due dates of the escrQw ~tems, shall exceed the am~unt reqwred to pay the escrow ~tems when due, the excess shali be, at Bor;ower's opt~on, e~ther promptly repa~d to Borrower or cred~ted to Borrower on monthiy payments of funds. Ii the amount of the Funds held by ~ender ~s not suff~c~ent to pay the escrow ~tems when due, Borrower shall pay to Lender any amount necessary to make uR the def~c~ency ~n one or more payments as reqw~ed by Lender. Upon payment ~n fuH of ali sums secured by th~s Sec~r~;y ins!rument, ~ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property ~s soid or acqwred by Lender, Lender shall apply, no later than ~mmed~ately pr~or to the saie of the Property or ~ts acqws~t~on by Lender, any Funds heid by Lender at the t~me of appbcat~on as a cred~t aga~nst the sums secured by this Secunty lnstrument. 3. Applicatiort of~~ayrnents. Un!ess applicable law prov~des otherw~se, all payments rece~ved by Lender under paragraphs i and 2 shall be appl~ed~ tust to amoun~p'~yable under paragraph 2; second, to ~nterest due; a~d last, to pr~r~cipal d~e. 4. Charges, Lfens. Borro~wer~;it?aiFp~y ali taxes, assessments. charges, fines and ~mpos~tions attributable to the Property wh~ch may attam pnonty over th~s Sec~.n?ty Instrument, and leasehold payments or ground rents, if any Borrower shall pay these obl~gaUOns ~n the manner prov~ded in pacagc~ ~„or rf not pa~d ~n that manner, Borrower shail pay them on bme d~rectly to the person owed paymenL Borrower Sk3al1.ALD[L1AIty.t?ur~~t3jo{_ender ai! not~ces of amounts to be pa~d under th~s paragraph. If ~orraNe: makes these payments d~r2ctly, Borrower shall ~rbmpfiy ~urnish to lender receipts ev~denc~ng the payrr~ents Borrower snall promptly discharge any iien which has pnonty over this Securdy Instrument unless Borrower (a) agrees in wnUng to the payment of the obl~gation secured by the ben ~n a manner acceptabie to Lender. (b) contests in good farth the hen, by or ' defends aga~nst enforcemer.t of the ~~en ~n, legal proceed~ngs wh~ch in the Lender's op~nion operate to prevent the enforcement of the t~en or forte~ture of any part of the Property; or (c) secures from the holder of the I~en an agreement sat~sfactory to Lender subord~nat~ng the hen to th~s Security Instrument. It Lender determ~nes that any part of the Property is subject to a hen wh~ch may ~ attain pnonty over this Securdy Instrument, Lender may give Borrower a nobce identify~ng the I~en. Borrower shall sat~sfy the hen f or take one or m~re of the act~ons set forth abeve w~th~n 10 days of the g~ving of not~ce. f ; 5. Hazard Insurance. Borrower shall keep the ~mprovements now ex~st~ng or hereafter erec;ed on the Property ~nsured aga~nst ; ;oss by f~re, hazards ~nciuded w~th~n the te,m "extended coverage" and any other hazards (or wh~ch Lender regwres msurance. ~ Th~s ~nsurance shall be ma~nta~ned ~n the am~~nts and for the per;ods that Lender requ~res. The ~nsurance carner prov~ding the f ~nsurance shall be chcsen by Borrower sub~ect to Lender's a~proval wh~ch shali not be unreasonably withhe~d. i ; All ~nsurance pol~aes and renewals shall be acceptable .o ~ender and shaA ~nclude a standard mortgage clause, Lender shali ~ have the nght to hold the poi~c~es and renewals. If Lender reqwres, Borrov,rer shall pramptfy g~ve to Lender atl rece~pts of pa~d prem~ums E and renewat nobces. In the event of loss. Sorrower shall g~ve prompt noUce to !he ~nsurance carner and Lerder. Lender may make ~ proot of ioss ~t ~ot made promptly by Borrawer. ~ Uriess Lender and Borrower ot~erw~se agree ~n wntmg, ~nsur~nce proceeds shall Ce applied !o restoration or repair of the ~ Property damaged, rf the restorauon or repa~r ~s econom~caily feas;ble and Lender's security is not lessened. If the restoraUon or ~ repar ~s not econom~cally feas~b~z or Lender's secunty woutd be lessened. the insurance proceeds shali ~e appiied to the s~ms secured 'oy th~s S~;unty Insirument, whether or net then due, wRh any excess paid to Borrower. If Borrcwer abandons the Property. ~ or does not answer w~th~n 30 days a noi~ce from Lender that the ~nsurance carner has offered to settle a cla~m, ,her Lender may ~ : collect the ~nsurance proceeds. Lender may use the proceeds to repa~r or restore the Property or to pay sums secured by ih~s Secunty ~ Instrument, whether o~ no', then due. The 30-day period wdl beg~n when the notice ~s given. ¢ Unless lender and Borrower o?herw~se agree ~n wnUng, any appi~catson of proceeds to p~ir~apal shali not extend or postpone E tne due date of the monthly payments reterred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph k 19 the Property ~s acqu~red by Lender, Borrower's nght to any insura~ce pol:c~es and proceeds result~r,g from damage to the Property ~ pnor to the acqws~t~on shat! pass to Lender to the extent of the sums secu~ed by th~s Secunty instrument ~mmed,ately pnor to the ~ acqu~s:~~on S. Preservation and Maintenance of Property; Leasehoids. Borrower shali not desiroy, damage or substant,ally change the Property, aiiow the Property to detenorate or comm~t waste. If the Secur~ty Instrument ~s on a 12asehold Berro~h~er shall comply ~ra~th the prov~s~ons of the lease, and ~f Borrarrer acqu~res fee t~tle to the Property, the leasehoid and fee t~tle shall not merge unles~. Lender agrees to the mPrger in writ~ng. 7. Protection of Lender's rig~ts in the Property; Mortgage Insurance. If B~rrower fa~is to perfo~m the cover,ants and agreements conta~ned m th~s Secunty Instrument. or there is a legal proceed~ng that may s!gnrf~cantly affect Lender's nghts m the ~ Property (such as a preceed~ng ~n bankruptcy, probate. for condemnat~on or to enforce laws ~r reg~lahons), then Lender may do z and pay fQr whatever ~s necesary to protect the value of the Property and Lender's rights ~n tne Property Lender', act~ons may r ;nciude pay~ng any sums secured by a hen which has pnor~ty over ih~s Secur~ty Instrumer~t, appear~ng ~n court, paymg reasonabie ~ attorney's fees and entenng on the Preperty to make repa:rs. Although Lender may take acUOn under tn~s paragraph 7 L2nder ~ dces not have ro do so. Any amounts d~sbursed by Lender under th~s paragraph 7 ~hall become add~t~onal debt of 3orrower secured by th~s Secur~ty r Instrume~t Un;ess Borrarver and Lender ayree ro other terms d payment, these amounts sha!I bear ~nterest from the date of d~sbursement at tne Note rate and shaii be payable. w.th :nterest, upen not~ce from Lender ;o Borrower request~ng payment oes¢~ c~ • ae Fr, ~ ~ . ~ - aoox 6?5 ~~ct ~532 ~ . - y _ _ ~ _ ~ : Y ~ ~r~~ -~4~ : ~~.w ~ ~ ~