88105965 - Laserfiche WebLink

Browse

UNIFORM COVENANTS Borrower and Lender covemull11nd ugrec as follo\V!-l: 8A- 105965 I. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shiill promptly pay when due the principal orand interest on the debt evidenced by the Note and an)' prepayment and latc charges due under Ihe Nola:. 2. Funds forTaxes and Insurance. Subject to applicable law or 10 a written waiver by lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Notc is paid in full. a sum ("Funds") equal to one-twelnh of: (n) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, irany. These items are called "cscrow items," Lender may estimnLe the Funds due on the basis of current data and reasonable estimates offuturc escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the accounl or verifying the escrow items, unless Lender 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 shall 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 shall 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 arc pledged as additional securily for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly pnyments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pay th~ 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 sufficient 10 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 aU sums secured by this Security Instrument. Lender shall promptly refund to Borrower any Funds held by Lender. Ifunder paragraph 19the Property is sold or acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the l)roperty or its acquisition by Lender. an}' Funds held by Lender at the lime of application as 11 credit against the sums secured by Ihis Security Instrument. 3. Application of Payments. Unless applicable law provides otherv.:ise. all payments received by Lender under paragraphs 1 and 2 shan be applied: first. to late charges due under the Note; second. to prepayment charges due under the Notej third. to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. . 4. Chargesj Liens. Borrower shall pay all taxes, assessments. charges. fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents. if any. Borrower shall pay these obligations in the manner provided in paragraph 2. or if not paid in that manner. Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender a1l notices of amounts to be paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shaU promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in u manner acceptable to Lender; (b) contests in good faith the lien by. or defends against enforcement of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcemenl of Ihe lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may auain priority over this Seeurit)' Instrumen4 Lender may give Borrower a notice identifying Ihe lien. Borrower shall satisfy the lien or takc one or more of the actions set forlh above within 10 days of the giving of nolice. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coveragc" and any olher hazards for which lender requires insurance. This insurance shall be maintained in the amounts and for the periods that lender requires. The insurance carrier providing 1he insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable lO lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give 10 lender a1l receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof ofloss ifnol made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if Ihe restoration or repair is economically fcasible 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 shaU be applied to the sums secured by this Security Instrument, whether or nol then duc, with any excess paid to Borrower. If Borrower abandons the Property, or does nol answer within 3D days a notice from Lender that the insurance carrier has offered to senle a claim. then Lender may collect the insurance proceeds. Lender 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 3D-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change Ihe amoulll of the paymenls. If under paragraph 19 the Property is acquired by Lender. Borrower's right to any insunmce policies and proceeds resulting from damage 10 the Propeny prior to the acquisition shall pass 10 Lender III the exlenl or Ihe sums secured by this Security Instrument immediotely prior to the acquisition. 6. Presenation Bnd Maintenance of PropertYi Leaseholds. Borrower shall not destroy, damage or substantially change the Property. allow the Property to deteriorate or commit waste. If thiS Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. and if Borrower acquires fee title to Ihe Property. the leasehold and fee title sholl not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Propertyj MortltDRC Insurance. If Borrower fails to perform Ihe covenants :md agreements contained in this Security Instrument. or there is a legal proceeding Ilmt may significanlly affect Lender's rights in the Property (such 115 a proceeding in bankruptcy, probate. for condemnation or 10 enforce laws or regulations), then Lender may do and pay for whatever is necessary 10 protect the value of Ihe ProperlY and Lender's rights in the Property. Lender"s actions may include paying any sums secured by :.I lien wInch hm. prioril)' over Ihis Security Instrument, appearing in court, paying reasonable auorneys' fees and entering un the Propert)' In makc repairs. Although Lender may take aclion under this paragraph 7, lender does not ha\'c 10 do so Any amounts disbursed by lender under this paragraph 7 shall become addlliOllal dehlllf Burrower secured hy Ihis Security Instrument. Unless Borrower and Lender agree to other terms ofpaYOlcll1. Ihc'c alllount.. ..hall hear interesl from the date of disbursement at the Note ralc Ilnd shall be pavahle. wtlh intere~1. Urllll llnIIL'l" fnlOl I.l"nder 10 Borrower requesling payment. .