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Home My WebLink About2957 l . . -i UPJIFORM COVENANTS Borrower and Lenner co~enant and agree as fo!!o,vs 1. Payment of Principal and interest; Prepayme~~t and Late Charges. Borro~tier shau prom~t~y pay when due !he ~~r,nc~~ai of and ~nterest on the debt ev~denced by the Note and any prepayment and late charges due unde~ the No!e 2. Funds for Taxes and Insura~ce. Sub;ect to appl~cab!e law or to a wr~tten wa~ver by Lender, Borrower shall pay to Lercfer on the day monthly payments are due under the Note, unt~l the Note ~s pa~d ~n full, a sum ( Funds") equai to one t~~elf,h of (a) peariy taxes and assessments wn~ch may atta~n pnor~ty over th~s Secunty Ir,strument {b) yearly leasehoid payme^ts or ground rents on the Property, ~I any; (c) year~y hazard ~nsurance premwms; and (d) yearly mortgage ~nsurance prem~ums, ~f any. T?~ese rtems are called escrow ~tems" lender may est~mate the Funds due on the bas~s of cu~rent data and reasonable est~mates o( future escrow ~tems. The Funds shall t3e held in an inst~tuUon the depas~ts or accounts ot wh~ch are msured or guaranteed by a federal or state agency (~nciud~ng Lende? ~f Lender ~s such an ~nst~tut~on) Lender shall apply the Funds to pay the escrow ~tems Lender may not charge for hald~ng and apply~ng the Funds, analyz+ng the account or verifying the escr~nr ~tems, untess Lender pays Borrower mterest on the Funds and apphcable law perm~ts Lencfer to make such a charge. A charge a:~essed by ~ender ~n connecGon w~th Borrower's enter~ng ~nto this Ser,unty instrument to pay the cost of an ~ndependent tax report~ng serv~ce shall not be a charge tor the purposes ot the preced~ng sentence Borrower and Lender may agree ~n wriUng tha; ~nterest shail be pa~d on the Funds Unless an agreement ~s made or appl~cabie iaw requ~res mterest to be pa~d, Ler~der shall not be required to pay Borrctiver any ~rterest or earn~ngs on the Funds. ! ender sha!I g~ve to Borrower, w~thout charge, an annual account~ng of the Funds shou~~ng cred~ts a~d deb~ts to the Funds and the purpose for wh~ch aach deb~t to the Funds was made. Tre Funds are {~iedged as add~t~onal secunty f~r the sums secured by th~s Secur~ty Instrument. If the amount of the Funds held by Lender, together w~th the future monthly payrnents ot Funds payable pnor to the d~e dates of the escrow ~tems, shall exceed the amount requ~red to pay the escrow ~tems when due, the excess sha~l be, at Borrow~er's opt~on, e~iner promptly repa~d to Borrower or cred~ted to Borrower on monthly paymen;s of funds. If the amount of the Funds held by lender ~s not s~ff~c~ent to pay the escrow dems when due, Borrower shalt pay to Lender any amount necessary to make up the def~c~ency ~n one or more payments as reqwred by Lender. Upon payment ~n full of alf sums secured by th~s Secunty Instrurnent, Lender shall promptly refund to Borrower any Funds he!d by Lender. if under paragraph 19 the Property ~s sold or 2cqwred by Lender, Lender shall apply, no later than ~mmed~ately p~~or to the sa!e of the Property or ~ts acqu~s~t~on by Lender, any Funds held by Lender at the hme of apphcaUon as a cred~t aga~nst the sums seCUred by this SeCUrity Instrument. 3. Application of Payments. UnEess applicable law prov~des otherw~se, a!I payments rece~ved by Lender under paragraphs 1 and 2 shall be appl~ed: f~rst to amounts payable under paragra~h 2; second, to ~nterest oue; and last, to pr~ncipal due. ~ 4. Charges, Liens. Borrov~~er shall pay ail taxes, assessme~ts, chsrges, fines and ~mpos~t~ons attnbutabte to the Property wh~ch ~ may atta~n pnonty over th~s Secunty Instrument, and leasehdd payments or ground rents, if any. Borrowe~ shail pay these obl~gaUons ~ ~n the manner prav~deC m paragraph 2, or rf not pa~d ~n that manner, Bcrrower shaEl pay them c,n Ume d~rectly to the person owed paymert. Borrower shall promptiy furrnsh to Lender all not~ces of amounts to be pa~d under th~s paragraph If Borrower makes these payments directly. Borrower shatl promptly fum~sh to Lender rece~pts ev~denc~ng the payments. { ( Borrower shall promptly d~scharge any I~en wh~ch has pnority over this Securiiy Instrument unless Borrower. (a) agrees ~r~ writ~ng to the payment of the obi~gat~on secured by the I~en ~n a manner acceptable to Lender; (b) contests ~n go~;d fa!th the I~en, by or ~ defends agaanst enforcement of the I~en ~n, legal proceedings which in the Lender's op~nion operate to prevent the enforcement ! of the I;en or forfe~ture of any part of the Property; or (c) secures from the holder of the lien an agreement saUsfactory to Lender i subord~naUng the hen to ih~s Secur~ty Instrurnent. I( Lender determ~nes that any part of the Property is subject to a lien which may I atta~n pnor~ty over rhis Secunty Ins?rument, Lender may give Borrower a notice iclentifymg the hen. Borrower shali satisfy the Iren f or take one or more of the acUons set forth above wrthin 10 days o! the g~ving of noLCe. ! 5. Hazard Insurance. Borrower shall keep the ~mprovements now ex~sbng or hereafter erected on the Property ;nsured aga~nst M loss b f~re, hazards ~ncluded w~th~n the term "extended covera e" and an other hazards for which Lender r ~ Y g y equires insurance. ` Th;s ~nsurance shall be ma~nta~ned ~n the amounts and for the penods that Lender reqwres. The ~~surance carner prov~ding the ~nsurance shali be chosen by Borrower subject to Le~der's approvai which shall not be unreasonably w~thheld. ~ All ~nsurance pol~c~es and renewals shall be acceptable to Lender and shall ~nclude a standard mortgage clause, Lender shali i ~ave the nght io hold tne pol;aes and renevvals. If Len~er reqwres, Borraw~er shali promptly g~ve to Lender ail rece~pts d pad prem~ums and rerewal not~ces In the event of lass, Bo; rower shall g~ve prompt notice to the insurance carrier and Lendec Lender may make proof of loss ~f not made promptly by Borrower. Uniess Lender and Bo!rower otherwise agree in writ~ng. ~nsurance proceeds shali be appl~ed to res!oraUOn or ~epair of the : Property ~amaged. ~f the restorat~on or repa~r ~s econom~caily feasib~e and Lender's security is not tessened. If the restorat~on or i ~ repa~r ~s not econom~caily (easible or Lender's secunty would be lessened, the ~nsurance proceeds shal~ be applied to ihe sums secured by th~s Security Instrument, whether or not then due, w~th a~y excess pa~d to Borra~•er. If Borrower abandons the Property. i or does not arswer w~thin 30 days a noUce from Lender that the insurance carner has offered to settle a claim, then lender may co!lect the ~nsurance proceeds. Lender may use the proceeds ta repair or restore the Property or to pay sums secured by th~s Secur~ty i;~strument, whether or not then due. The 30•day period will begin when the notiCe is given. E Unless Lerder and Borrower otherwise agree in wntmg, any appl~cat~on of proceeds to princ~pal shall not extend or postpone ~ the due date of the monthly payments referred to ~n paragraphs 1 and 2 or change the amount of the paymenis if under parag;aph ~ 19 the Property ~s acqwred by Lender, Borrower's ngh? !o any ~nsurance pol,c~es and proceeds resulUng from damage to the Property pnor to the acqu,s~Uon shall pass to Lender to the extent of the sums secuied by th~s Securty Instrument ~mmed~ately prior to the acqu~s~t~on. 6. Presen+ation and Mainten~nce of Property; Leaseholds. Borrc~~er shal! not destroy, damage ar substant~a!ly change the Prcperty, ailow the Property t~ detenorate or comm~t waste. If the Secuniy lnstrument is on a leasehold. Borrower shafl comply w,th the prov~s~ons o! the lease. and rf Borrow~er acqwres fee t:tle to the Property, the le~sehoid and fee i~tle shali not merge unless Lender agrees to the merger ~n writing. 7. Protection of Lende~'s rights in the Property; Mortgage Insurance. If Bo~rower !a~ls to perform the covenanrs and agreements conta~ned m th~s Secunty Instrument, or there ~s a Iegai proceed;ng that may signrficantly aNect Lender's nghts in the Proper?y (such as a proceed~ng ~n bankruptcy, proba?e. fer condemnat~on o~ to en!orce laws nr regulations), then Lender may do and pay for whatever ~s necessary to protect the vatue o! the Property and Lender's rights ~n the Property. :_ender's act~ons may ~nclude pay~ng any sums secured by a I~en which has pnor~iy over th~s Secur~ty Instrument, appsaring ~n court. pay~ng reasonable attomey's !ees and en?enng on the Property t~ make repa~rs Although Lender may take act~on und~r tnis paragraph 7. Lender dces not have to do sa. Arry amounts c~sbursed by Ler;der under th~s paragraph 7 shaii become add~tiona~ debt of Borrower secured by th~s Secunty fnstr~ment. Unless Borr~wer and Lerder agree to other terms of payment, these amounts shal~ bear intere~t trom tne date of d~sbursemer,t at ?he Note rate and shal; be payable, w~th ~nterest, upon not~ce from L,Bnder to Borrower requesting payment. so~K fi75 P~~E2957 ~ ~ , : _ , ~ i~~~~~.u~e~ ~:14,~-.~.~~_ .~-,:~X~~