89103609 - Laserfiche WebLink

Browse

UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: V 89-- 103609 1. Payment of Priscipd sail InttrM.- Prtgayment sad Late (atargea. Borrower Shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Portia for Taxes and Isauraace. Subject to applicable law or too written waiver by Lender. Borrower shall pay r to Lender on the day monthly payments are due under the dote, until the Note is paid in 11x11, a sum ("Funds ") equal to 1 one- twelfth of: (a) yearly tatty and assessments which may attain priority over this Security lnstrument; ('b) }early leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis ofcurrent data and reasonable astimstes of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or sate agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. harder may not charge for holding and applying the Funds, analysing the account or verifying the escrow items. unless Lower pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shill be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender a>,sll give to Borrower, without charge. an annual accounting of the Funds showing 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. If the amount of the Funds held by lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items. shall exceed the amount required to pay the escrow items when due. the excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. if the amount of the Funds held by Lender is not suScient 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 secured by this Security Instrument. lender shift promptly refund to Borrower any Funds heM by Lender. If under paragraph 19 the Property is sold or acquired by Lam, lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Fumb held by Lender at the time of application as a credit against the sums secured by this Security instrument. 3. Apocistlea of Paywests. Utrkss applicable law provides otherwise. all payments received by Lender under paragraphs 1 and 2 shall be applied: Am to late charges due under the Note; second. to prepayment charges due under the Now third, to amounts payable under paragraph 2; fourth, to interest due; and last. to principal due. 4 Chisrses; Uetta. Borrower shall pay all taxes, assessments, charges. lines and impositions attributable to the Property which may attitisim (Zeiarity over this Security Instrument. and leasehold payments or ground rents. if any. Borrower shall pay these o Lions In tlhr manner provided in paragraph 2, or if not paid ism that manner. Borrower shall pay them on time directly to rbe'person awed payment. Borrower shall promptly furnish to Lender all notices of amounts t to be paid under this paragjnspb. If Borrower makes these payments directly. Borrower shall protmptly furnish to Lender reodpts evidencing the paytttiea2i. Borrower shall promptly discharge any lien *Wch has priority over this Security Instrument unless Borrower: (a) agrees in wrritmg io ire payareiit oiiitie ottapsiion setaarso by tittaNKt in a manna aonopiaieio to Lxnuc ; ip) wniesii an iwu faith the lien by. or defeads against enforcement of dire lien in, %Safi proceedings which in the Lender's opinion operate to peeveat the enforcement of the lien or forfeiture of any, part of the Property; or (c) secures from the hover of the lien an "`-S w E! , J e� i wwr1M a,��i'`!"i.�ir•��!!!y� �- rvem to this Sencnriti IElst.R --_- L if Lamder !nn" th-at any VW of the Property is sub*1 to a lien which may attain priority over this Security Instrument. Lender may give Borrower a notice identifying the 1rcn. Borrower shall satisfy the lien or take one or more of the actiova set forth above within 10 days of the giving of ma6oe. - L Hazard Is araace. Borrower shall keep the improvements now existing or hecasftgr erected an the Property ionved against loss by fire;, hazards included within theterm "extended covemp"and any other hazards for which Lender requires insurance. This inv raax shall be maintained in the amounts and for the periods that Lender requires. The ?` insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shad hot be unreasonably, withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard-mortsagc scltuse. Lender shall have the right to hold the policies and renewals. If Lender requires„ Borrower shall promptly give to (:ender all receipts of paid premiums and renewal notices. In the event of lose. Borrower shall give prompt notice to the insurance carrier sled UWer. lender may make pm(of loss if not made promptly by Borrower. -_ Unless Lender and Borrower otherwise agree itt writing, insurance proceeds shAff be applied to restoration or re(tair of the Property damaged. if the restoration or. repair ix economically feasible and Lender's security is not lessened. -If the restoration or repair is not economically feasible or Lender's security would be lessened. the insurance proceeds shall be applied to the yarns secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. If Borrower absn6mu the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has ollered to settle a claim, then Lender may collect the insurance proceeds. Leader may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 304ay period will begin •bey the notice is given. Unless Lender and Borrower otherwise agree ire writing, any application of'proceeds to principal shall riot extend or perrpm the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If uadw panrgrao 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting fronx damage to the Property prior to the acquisitkin shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. f. Preeervatim sad MWrtemem of PropefW. I. mwboids. Borrower shall not destroy. damage or substantially change the Property. allow the Property to deteriorate or commit waste. U this Security Instrument is on a leasehold. - -- - -- Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property. the leasehold and fa title shall not merge unless Lender agrees to the merger in writing. 7. Pretsetioa of l aaier's Willa is the Property; Mortpre Is saraace. If Borrower fails to perform the covenants and agreements contained to this becunty instrument. or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding to bankruptcy. probate, for condemnation or to enforce laws or reguliativns). then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include prying any sums secured by a lien which has priority over this Security Instrumem, appearing to court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does not have todo so Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this I Rt Security Instrument Unless Borrower and Lender agree to ether terms of payment. these amounts shall hear interest from i the date tsf disbursement at the Note rate and shall be (sayable. with unereti. upon notice from Lender to iksrrower refit e"Ing payment h