HomeMy WebLinkAbout0976 w,u.,, ~,wa`ia+~u u~c ~ ~t ~~~~t~ dlI~WCCU n~ LCiI(7C(. CfOf(l)~tie~ ~ II~I1l lV ~1ii~ ~~~~u~a~~~~ E~w~~~~, ww f,.....~w.,
frc~rn elamaee t~~ the Fm~r~~ ~ri<~r t~ the acyui~iti~n shall pacs to Lender tc, the extent ~f the sum~ ~ecured h}~ thi~ Securit~
(n,trument tmme~iiat~l~ ~n~ ~r tc~ th~ acyuitiiti~~n. •
6, Presenati~~n and ~Saintenance ~f Prnpert}~; Leasehr~ids. I3~rrc~~cer ~hal1 rie+t de~tr~~~, daniage ~~r ti~ih`tantia!I}
_ ~han~r t~ir Pr~G,ert~. all~,~+ thr Nn~~,~rt} te, cleter~e~rate <~r ec,mmi! ~.a~te. IF th~. Se~~ir,n In~tr;:ment i~ ~,tl a lea~rht~ld.
R;~rr~ ~~+~~r.ha11 :nrt~~l} ~1~th tl~r rnni.i~~~i~ c~t tl~e lea~e, and if 8~,~~c~~~er acyuire~ fee titic t~~ the Pru~ert~. th~ leasehold ~nd
_ ~ec t~tl~ ~hall n~~t mer~,e unle~, Lender aerees tc~ the merger in H•riting.
7. Protection of I,ender's Rikhts in the Propert~; ~tortga~e Insurance. (f Bnrr~~~~er ;aiis tc, ~erf~rm the
r~~<<nant~ an~i agrrrrtient. ~u;~t~tined in th~t Se~uru~ In~trument, ~r there i, a lei:~! ~n~~c~dinc that ma~ ~ignifi~antl~ affeet
~_rndrr'~ r~cht. in thr Pru~crt~ Iti~~h a~ a~,r<~~eec~ing in hankru~tr~, pr~,hate. ?~~r c~~ndrmn~uc1n c~r tc~ enh~rce la~~~ ~r
; eeul3tic~~~.1. then I rn,ier m.:~ e1i~ and ~~a~ f~u tihatr~er is nerestiar}~ te~ ~r~~tect the ~alue ~f the f'ri,~,ert} and Lender's right~
~n thc Pr:~j~er(~ Le~~der'~ artie~n~ m.i~ ~n~l,icle ~a}in~ sn}• sums ~ecured b~ a lien ~~hirh has prie,r~t} r~er thiti Securit}
ln~trumrnt. a~~,ec~nnt• in ~~~urt. ~a~inc r~;~~em.ihle attc~rn,~ti' fees and entering nn the Ym~crt~ tc~ make re~air~. Alth~~ugh
l.`n~1cr nia~ t~akr :~~ti~~n ut~cl,r thi~ ~arakra~h Lender dcks not ha~e tc~ d~~;r..
~ir~i~~t~nt. ci~:.b,~r~ed h~ I.~ri~i~r un:ler this ~aragra~h 7.t;a11 be~c~me:~delitt<~?~al deht ~~f B~rre>~~er ~ecured h~~ this
Se~i~~ t[~ Iri;tri~rn~nt l~t;lr,. R~~rr~»ser ancl I.rnder aeree t„ i,ther termti c~f n.i} ment. the.e am~un;~ tihall bear intere~t frum
the datr uf di~hur.~ment at tF~r \~~tr ;:lll' 3iid ~h;iii h~ ~,;i~,~hie, with inteeeat, p~ u?wti~e tn~m I.endc_r tu I;~.rrc~uer
~ reyu~.ti~~g~~t~ment _ ~i'~.~: ~
~~a~ ~ t~
- - `~S~"~ u::f^~" ..-P~' 4.='
L'tilt c~RSt Cc~~ t:tiA~7S Borr~~Her and Lrnder co~•en3nt and agrte as s: ~;'t~. ~ `
l. Payment of Principal and Interest; Prepa}~ment and I.ate Chargts~~rotier ti~l.pt'omptl} pu~ when .iur
the pnnripal of and interest on the debt evidenceci by the Note and an}~ prepayment and latr charge~ due uncler the Nute.
2. Funds for Taxes and Insurance. Subject to applicab(e law or to a w~ritten waiver by Lender, Borrou~~r shal! pay
tc, Lender on the day monthly payments are due under the Note, unti! the Note is paid in full, a sum ("Punds") eyual to
ane-twelfth of: (a) }~earl}~ taxes and assessments w•hich may attain priorit~• o~er this Security lnstrument; (b) ~~rarl~•
leasehold payments or ground rents ~m the Pru~rty, if an~; !c) ~~earl~~ har.~rd ?nsurance premium~; and (d) ~rarl}•
mortgage insurance premiums, i~ an}~. These items are called "ncroH items." Lender ma~• r,timate the Funds due on the
hasis of current data and reasonable estimates of future escrow items.
The Funds shall be held in an institution the de~xisits o~ account~ of H~hi~h are insured c~r guarantecd h~~ a federal ar
state agency (including Lender if Lender is such ar. institution). 1_rnder tihall appl} the E=undti to ray the escroH• ilems.
Lender ma~~ not charge for holc~~ng and applyir~g the Funds, analyzing the acrount ~;r ~enfying the escro~~ items, ur~less
Lender pays l3orrower interest on the Funds and applicable law~ ~rmits Lender tu make ,uch a charge. Borr~w•er and
L.ender ma}~ agree in writing that interest shall be paid on the Punds. Unless a~i agreemrnt is made or applicahle !aw
require~ interetit to tk paid, Lender sh:sti nc~t be reyuired to pati~ E3orrc»~er anti~ inieretit ~~r earn~ngs on the Funds. Lender
shatl gi~e tc~ Bc~rrawer, w ithoiu charge, ai~ annu<:! acrour~ting ~~f the Fur.d~ ~h~~~~ ing crrdit, ~nd debits to the Funds and ihe
p~;~::.:,~ ;::r =.;`::}:.a~!: t: t~, T=~st,!• ~~as made. The Fuiids are ~Irdgrcl a~ ad~iiti~,nal tiecurit~• for thr,um, tircured b}
this Securit~ Instrumrr~t.
If the am~~unt of the Funds hrld h~~ Lrnder, t~gether w~ith the future monthl~ }~a}n~ent~ uf 1=uncls p~iyable prior ta
thr ~1u~ ciat~•, t~t thr e~t ri~N itrnt~, .hail e~rrcd thc amuunt reyuired tc~ ~a} the c~rrow itrn~ti ~~hen due, the exce~~ shall bz,
at 8~~rr~n~er'~ i,~,ticxt, ~ither ~+r~~m~tl~ re~:tid tc~ Burre»~er ~~r ~redited t~ f3orrc~~~er on n~unthl~ pa}ment~ c~f Fundti. If thc
am<~ur~t ~~f the Funcis h.•,~i h~ Lrn;lrr ~s n~~t ,utli~ient to pa}• the r~cr~~w• item~ when due, f3orrc~~~rr.hall ~a} to Lender arsy
am~~tint ~tr~e..ar~ t~~ rnak~ u~~ thr ~letiri~nr~ in ~~ne c~r more pa~•ments as reyuir.d b~~ Lend~r.
1:~.~n ~~a~m~nt ~n tult ~~t all,um~.rcure~' h~ this Securit~~ Instrument, Lender shall rrumptl}~ rrfund t~ E3c~rraw~er -
an~~ Fund. hrl<1 h~ 1 en~ier. (f nr~d~~r ~,;;r;iRi,i~1}1 Iy tI1C Pn,p~r[}~ i~ sold c~r acyuirrd b~~ Lender, lrnder ~hall appl}, no later
than immr~liatrlt~ ~ru}r to thr .ai< <~f th~~ F'ro~ert~ ur itti acyuitition b~~ Lender, an~• Funds hrld b~ 1_endrr at the time o(
~t~rluatiui~ a~.~ ~reein against th~ sum> >e~ured b~• this Serurit~~ Instrument.
3. applicatiun of E'ayments. l'nle~s 3pplirahle law• pro~•ide. otherwi,e, all ~a~mrnts re~ei~ed b~~ Len~er und:~
{~aragra~hs i an~1' sh.ill be a~~lie~i: fir~t, t<~ latz rharges due under the tiot~; ,ece~nd, t~~ prepa~ merit charges ~fue unaer the ~
\ote; thir~l, tt~ am~~untti pa} able undrr ~.~r~graph 2; fourth, to interect due; and last, to princi~,~l due.
3, t'har~es, Liens. Aormwer tihal! ~a~~ a!1 taxes, assessments, charges, fines and im~~;itions attributable to the
Yru~ert} whirh ma}~ attain ~ric,nt}~ ~~~er thiti Security Instrument, and lessehold pa}ments or ground rents, ii an~.
R~~rr~,wrr:hall pa~ the~e obligarc~m in the m~nner pro~ided in paragraph or iCnot paid in that manner, E3orroH~er shall
~a~ th~m c~n time d~re~tl~ tu the penun ~~~~ed pa}~ment. Barn,~~zr shall ~romptf} furnish to Lender all notices of amounts
tu he ~aid under thi; }~aragraph. If Bc~rrc~~~er makes these pa}ments directl~~, Borrow~er shall promptl} fun~ish to Lender
rr~ei~,t~ e~ i:i~n~in~ th~ ~a} mrnt~.
13~~rr~~wer .hall prom~tl~ di~charge an~ lien ~t•hich has prionty u~-er this Securit~ lnstrument unl~tis I3orrower: (a)
aerees i~l n[ing t~~ the tia}~ment uf the c~hl~~,ation secured b}• the lien in a manner aece~table to Len~er: (b) ~antesls in g<xxi
t;i~th the lie~i b~~, ~~r :iet~nd~ again,t enforrement of the lien in, legal pr~x.eedings w~hirh in the Lender's o}~inion ~perate to
prevent the eni~r~ement i~f the lien or forfciture of an}~ part of the Propert}'; or (c) secures frorit the holder oF the lien an
agreement ~3t~;firtc~n to Lender.uhc~rdinatiug thelien to thts Securit~~ Instrun~ent. If 1_ender determines that any~ p;~rt of
the Pruperty i, subject to a lien ~~hich n~a} :~ttain priorit}~ ~>ver this Security Instrument. Lender may~ give Borrower a
notice i~3entif}~ing thr i~en. 13c~rruwer tihall >atisf~ the lien or take ~~ne or mc~re ~f the actiurs Set forth at~o~e within 10 da~•s