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<br />r <br /> <br />L <br /> <br />88- <br /> <br />100220 <br /> <br />UNIFORM COVENANTS. Borrower and Lender covenanl and agree as follows: <br />1. Payment of Principal and Interest; Prepayment and Late Charges, Borrower shall promptly pay when due <br />the principal of and interesl on the debt evid~nced by the Note and any prepayment and late charges due under the Note. <br />2. Funds for Taxes and Insurance, Subject 10 applicable law or to a written waiver by Lender, Borrower shall pay <br />to Lender on the day monthly paymenls are due under Ihe Note, until the Note is paid in full. a sum ("Funds") equal to <br />one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (h) yearly <br />leasehold payments or ground rents on Ihe Properly, if any; (c) yearly hazard insurance premiums; and (d) yearly <br />morlgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due onlhe <br />basis of current data and reasonable estimates offuture escrow items. <br />The Funds shall be held in an institution Ihe deposits or accounts of which are insured or guaranleed by a federal or <br />state agency (including Lender if Lender is such an institulion). Lender shall apply the Funds to pay Ihe escrow ilems. <br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless <br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and <br />Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law <br />requires interest to be paid, Lender shall not be required 10 pay Borrower any inleresl or earnings on Ihe Funds. Lender <br />shall give to Borrower, without charge, an annual accounling of the Funds showing credils and debits 10 the Funds and the <br />purpose for which each debit to the Funds was made. The Funds are pledged as addiTional security for the sums secured by <br />this Security Instrument. <br />If the amount of the Funds held by Lender, together with the future monthly paymenls of Funds payable prior 10 <br />the due dates of the escrow items, shall exceed the amount required 10 pay the escrow items when due, Ihe excess shall be, <br />at Borrower's option, either promptly repaid to Borrower or crediled 10 Borrower on monthly pay men IS of Funds. If the <br />amount of the Funds held by Lender is not sufficient 10 pay Ihe escrow items when due, Borrower shall pay to Lender any <br />amount necessary to make up the deficiency in one or more payments as required by Lender. <br />Upon payment in full of all sums secured by this Securily Instrument, Lender shall promplly refund to Borrower <br />any Funds held by Lender. If under paragraph 19 the Property is sold or acC!uired by Lender, Lender shall apply, no laler <br />than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at Ihe time of <br />application as a credit against the sums secured by Ihis Securily Instrument. <br />3. Application of Payments, Unless applicable law provides olherwise, all payments received by Lender under <br />paragraphs I and 2 shall be applied: first, to late charges due under the Note; second. to prepayment charges due under the <br />Note; third, to amounts payable under paragraph 2; fourth, to inlerest due; and last, 10 principal due. <br />4. Charges; Liens. Borrower shall pay all taxes, assessments. charges, fines and imposilions attributable 10 the <br />Property which may attain priority over this Security Inslrument, and leasehold payments or ground renls. if any. <br />Borrower shall pay these obligations in the manner provided in paragraph 2. or if not paid inlhat manner, Borrower shall <br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts <br />to be paid under this paragraph. If Borrower makes these payments direclly, Borrower shall promplly furnish to Lender <br />receipts evidencing the payments. <br />Borrower shall promptly discharge any lien which has priority over this Security Instrumenl unless Borrower: (a) <br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contesls in good <br />faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to <br />prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an <br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines thaI any part of <br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a <br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the aClions set forth above within 10 days <br />of the giving of notice, <br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erecled on Ihe Property <br />insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender <br />requires insurance, This insurance shall be maintained in the amounts and for the periods thaI Lender requires. The <br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be <br />unreasonably withheld. <br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mOrlgage clause. <br />Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give 10 Lender <br />all receipts of paid premiums and renewal notices, In the event of loss, Borrower shall give prompt notice 10 Ihe insurance <br />carrier and Lender, Lender may make proof ofloss if not made promptly by Borrower. <br />Unless Lender and Borrower otherwise agree in wriling, insurance proceeds shall be applied to restoration or repair <br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the <br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be <br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If <br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the in~urance carrier has <br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore <br />the ProperlY or to pay sums secured by this Security Instrument. whether or not then due. The 3D-day period will begin <br />when the notice is given. <br />Unless Lender and Borrower otherwise agree in wriling, any application of proceeds to principal shall nol extend or <br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change Ihe amounl of the payments. If <br />under paragraph 19 the Property is acquired by Lender, Borrower's righl to any insurance policies and proceeds resulting <br />from damage to the Property prior to the acquisitionLshall pass to'Lender to the exlellt of the sums secured by Ihis Securily <br />Instrument immediately prior to the acquisition. <br />6. Preservation and Maintenance of Property; Leaseholds. Borrower shallnol destroy, damage or subslanlially <br />change the Property, allow the Property to deteriorate or commit waste. If lhis Securily Inslrumenl is on a leasehold, <br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee tille 10 the Properly, Ihe leasehold and <br />fee title shall not merge unless Lender agrees to the merger in writing. <br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails 10 perform Ihe <br />covenants and agreemenls contained in Ihis Security Instrument, or there is a legal proceeding that may significanlly affecl <br />Lender's rights in the Property (such as a proceeding in bankruptcy, probale. for condemnalion or 10 enforce laws or <br />regulations), then Lender may do and pay for whatever is necessary 10 prolect Ihe value oflhe Property and Lender's rights <br />in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security <br />Instrument, appearing in court, paying reasonable attorneys' fees and enlering on the Properly to make repairs. Although <br />Lender may take action under this paragraph 7, Lender docs nol have 10 do so. <br />Any amounts disbursed by Lender under Ihis paragraph 7 shall become additional debt of Borrower secured by this <br />. Security Instrument, Unless Borrower and Lender agree to other terms of payment, Ihesc :11110unts shall bear inlerest from <br />the date of disbursement at Ihe NOle rate and shall be payable, wilh interesl. upon nolice from Lender to Borrower <br />requesting payment. <br /> <br />l-:,"' <br /> <br />"J;.),~ <br />~;_:_~~ <br />t~~;; <br /> <br /> <br /> <br /> <br />.....1..~~..': <br />'ij <br />..~~ <br /> <br />r---- <br /> <br />. fit <br />I <br /> <br />-"",; <br />~ <br />i'- <br />~ <br /> <br />/ <br />h. <br />