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Home My WebLink About2549 1100Q04{)G-327S UNIFORM COVENANTS. Borrower and l.ender covenant and agree as follows: 1. Payment oi Priacipal and lnterest; Prepayment and l.ate Charges. Borrower shall promptly pay when due the principal ul and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. FU[1dS ~01' TAXtS ADd IDSUI~DCC. Subject to applicablo law or to a written waiver by Lender, Borrower shall pay to Lender ,>n the day monthly paymeats are due uader the Note, unW the Note is paid in full, a sum ("Funds') equal to one-twelfth oi: (a) rearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on t6e Froperty, if any, (c) yearly hazard iasurance premiums; and (d) yearly mortgage insuraace premiums, if any. These items are called "escrow items." Lender 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 institution the deposits or accounts of which are insured or guaranteed by a federai or state :~gency (including Leader if Lender is such an insiitution). Lender shall apply the Funds to pay the escrow items. Lender may not ~harge for 6olding and apQlying the Funds, analyring the account or verifying the escrow items, unless Lender pays Borrower ir~terest on the Funds and applicable law permits Lender to make such a charge. A charge assessed by Lender in connectioa with Burrawer's entering into this Security Instrument to pay the cost of an independent tax reporting service shall not be a charge for ~urposes of the preceding senteace. Borrower and Lender may agree in writing that interes[ shall be paid on [he Funds. Unless n zrtrnpms+nf ie mot~n nr ~nnlir~F~ln I9lL rPA1\~TPC i~fs+rncf M F~ n~ii1 I Pnl~Pr C}fAII nnt ~+n rPA\IIfPl~ n~v Rnrrnwvr ~nv infPrPCt nr .....-'v'__" ................__..._i.~..~...,..~.._.._..._..._.............._.....a..'.M....."__'.~.~""""'~'_~..___.._._ - ~:~rnings on the Funds. L.ender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and ~ebits to the Funds and the purpose for which each debit to th~ Funds was made. The Funds are pledged as additional security iur the sums secured by [his Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due clates of the escrow items, shall exceed the amount requued to pay the escrow items whea due, the excess shall be, at Borrower's uption, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds hcld 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 payments as required by Lender. Upon payment in full of all sums secwed by this Security InsUument, Lender shall promptly refund [o Borrower any Funds he1J by Lender. If under paragraph 19 the Property is sold or acquired by l.ender, L.ender shalt apply, no later than immediately E>rior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit ?kainst the sums secured by this Security Instrument. 3. Appllcation of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 ,tnd 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. C6arges; Iaeas. Bonower shaU pay all taxes, assessmen[s, charges, fines and impositions attributable to the Property - ~ihich ma attain riorit over tk?is Securit Instrument and leasehold a ents or ound rent ~f an . Borrower shall a these ~ Y P Y Y , P Ym 8r ~ Y P Y uhligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the ~,~rson owed payment. Bonower shall promptly furnish to Lender all no[ices of amounts to be paid under this paragraph. If Borrower makes these payments direcdy, Borrower shall promptly furnish to Lender receipts evidencing the payments. ` Borrower shall promptly discharge any lien which has priority over this Security Ins[rument uniess Borrower: (a) agrees in , ~~ricing to [he payment of the obligation secured by the tien in a manner acceptable to Lender; (b) contests in good faith the lien ~ by, or defends against enforcement of the Gen in, legal proceedings wl-ach in the Lender's opinion operate to prevent the enforcement of the lien or [orfei[ure of any part of the Property; or (c) secures from the holder of the lien an agreement s;~tisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is ~ubject to a lien which may attain priority over this Security Instrament, Lender may give Borrower a notice identifying the licn. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured sgainst loss by fve, hazards included within the term 'extended coverage" and any other hazards for which Lender requires ; insurance. This insurance shall be maintained i~ the amounts and for the periods that Lender requires. The insurance carrier ~~rerviding the insurance shall be chosen by Borrower subject to l.ender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall ha~~e the right to hold the policies and renewals. tf Lender requires, Borrower shall promptly ~ve to Lender all receipts of paid ~~emiums and renewal notices. In the event of loss, Bonower shall give prompt notice to the insurance carrier and Lender. i_ender may make proof of loss if not made promptly by Borrower. ; ` Unless Lender and Borrower otherwi.se agree in writing, insurance proceeds shall be applied to res[oration or repair of the i Property damaged, if the restoradon or repair is economically feasible and Lender's security is not lessened. If the restoration or ; repair is not economically [easible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums 3 ~ ;ecured by this Security Instrumeat, whether or not then due, with any excess paid to Borrower. If Borrower abandons the ` ~ ~ Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then ' 5 Lender may co(lect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums ~~~cured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. E linless Lender and Sorrower otherwise agree in writing, any application of proceeds to principal shall no[ ex[end or ,.ustpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amoun[ of the payments. If ~ un~ier paragraph 19 the Property is acquued by L.ender, Borrower's right to any insurance poiicies and proceeds resulting from ` damage to the Property prior to the acquisition s~hall pass to Lender to the extent of the sums secured by this Security Ins[rumznt ~ immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially chan~e thc Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply ~~~th the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protectioo ot [.ender's Rights in the Property, Mortgage Insurance. If Borrower fails to perform the covenants and ' ,+greements contai~ed in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the ~ operty (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then i,ender may do and pay for whatever is necessary to protect the value of the Property and Lender's righis in the Property. Lender's actions may ~ ; include paying any sums secured by a lien which has priority over this Security Instrumen[, appearing in court, payeng reasonable ~ ~ ~,ttorneys' fees and entering on the Property to make repairs. Although l.ender may take action under this paragraph 7, Lender ~ d,>es not have to do so. Any amounts disbursed by L.ender under this paragraph 7 shall become additional debt of Borrower secured by this Security ~ lnstrumenL Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date oC ~lisbursem~nt at the Note rate and shall be payab(e, with intcrest, upon notice from Lender to Borrower requesting payment. , ,'~.a201 Pi~e 2 u( t 600KE7~ rA~F~c~~~ ~ : i ~o ' ~4.;_ ' . ~ . ~ _ -