HomeMy WebLinkAbout0921 L'~'If'uR~t C~~~'E~:~~ [ti 13c~rru~~rr ~nd Lrn~l~r ro~rn:int and agrr~ .1~ f~iliu~~~:
1. Pay~ment of Principal and lnterest; Prepa~ment and [.ate Churgcs. E3~~~ru~~rr ~hall rruin~tl~ ~~a~ ~~hrn ~tur
th~ ~ri~~~ipal uf and intcrr,t ~m the drbt r~ idrnr~cl h~ thc Note ~ind an}• prepa} mrnt :ind latr ch:ir~;~~ ~lei~ uneirr thr tii>tr.
2. Funds farTaaes and Insurance. Suble~t te~ uppli~ablr la~~ or tu a~~rittrn ~?ai~er b~ l.~n~lrr, 1~~~rm~~er,hall
tu l.ei~drr on the da~~ monthl~ pa~~mrnts are due undrr the tiote. until the N~~t~ is paid in full, a,um ("f=undti") ryual tu
une-tw~elfth of~ (a) )rarly tareti and ;iti~etisment~ H~hirh may attain ~riurity ~~~er thi~ Srcurity Imtrum~nt; (b) ~rarly
Irasrhold pay~ments ur ground rents un the Yruperty, if an}•; (r) ~•~arl~ har.?rd in,ur;ince ~rrmiums; anci (uj yrari~
murtgage in~urarce ptr~iiums, if an~. The~e items are ~alied "rsrro~r items." Lend~r nici~' r~tim,ite the Fundti due th~
ha~is uf rurrcnt data and rea~anable estimatc~ of futurr etirro~~• ite~i~s.
The Funds tihall be held in an institution the deEx»its or accountti uf ~~hirh are intiur.,l ~~r gu.~rante~d b~ a frderal ur
~t~te agcncy (in~luding Lender if Lender is s?irh a~? instituuon). Lender shall ap~l~~ th~ I=un~i` tu n.i~ the eticn,~~ itrms.
l.ender ma~~ not ~harge for hulding and appl}ing the Funds, anal}•zing the ~ircuunt ~~r vrrif~~ing the rscro~~• i~entti, unlr~,
I_tnder pay~ E3urruwer interest ~~n thr Funds and applicabte (s~~ ~xrn~its Lrnder tc~ make such a zh~rgc. Bc~rre»~~er and
Lender ma~~ agree in ~•riti~~g that interest shall be paid on the Fund`. LJ»1e1~ an a~rremrnt i~ madr or applirable lu~~
reyuircti interest ti~ b; ;;~id, l.rndrr ~hall nut he reyuired tu p:?y Borrc~~~er an~• inierest or ~arnink~ on the Funds. l.~ndrr
,r~all gi~e to Borro~~er, withuut charge, an annual arrc~unting of the Fw:dti ~h~~« ing ~ rrdits ~~n~ dehits te~ the Fund~ a~~d the
~urFx~se for which ea~h ~lebit t~~ the Fun:1s ~a~ niadr. Thr Fundti ar~ pl«lged as ~dditiimal ~ecurit}~ for thr ~ums ~erured b}•
this Securit~~ Instrument.
If the amount c~f the Furt:is held b~~ Lender, tugether H~ith the future mimthl~ pa}~ments ~~f Fundti pa}ahle pric~r tc~
the due dates of thc e,crow~ itrms, tihall exceed the amount reyuired to pa}• the etirr~~w it~ms hen due, the ercess tihall br,
at [3orrower's option, either promptl~~ repaid tc~ Aorr~~~cer or credited tc~ B~~rro~~~rr un monthly pa~•ments e~f Fwids. !f the
am~~unt ~~f the Funds held b~• Lender is nut suflir~ent to the ~srru~~~ items ~~•hrn due, Borrower shull pa~~ tc~ L~nder ,?ny
am~~unt necessary to make up the detirienr~• in one or mc~re pa~~ments as reyuired b~~ i.cnder.
iJpe?n p~~~ment in full ~f all sums secured b} this Sc~urit} lnstrumrnt, Lender shall promptl~ refund to E3~~rro~cer
an~ Funds held b}~ l.ender. !f ~inder paragra~h 19 the Yr~~~rrt}~-is s<~ld c~r aryuired b~~ l.ender, 1_ender shall uppl~~, no later
than immediatel}~ priur to the sale of the Yro~ert} or its acyuisitic~n b} Lender, an~ Funds held by L.ender at the timc uf
appliratiun s~ a credit against the sums tiecured h~ this Se.urit~• Intitrumrnt.
3. Application of Ya}~ments. Unfess applirahle taw prorides ~~then~i~e, all ~aymentti recei~zd h~~ t.ender undrr
F~ar~~raphs 1 and 2 ~h~~il be .?pplied: fir~t, to late chsrges dur under thr tiute; tiecond, to prepa} ment rhargeti due under the
\ute; third, ti~ ~mo~nts pa}able w~~ier ~aragr~ph tnurth, tc~ intrrest dur; and la~t, to prinripal due.
4. Charges; [.iens, f3<~rro~rer 4hali pa~ all taxe~, atisetsments, charge~, fineti :?nd im~ositions attributable t~~ the
Pm~c;rt~ ~~•hirh ma~~ attain priurit~ ~~~rr thi~ Serunt~• Instrument, and leaseh~ilcl pa~•mentti ur ground rents, ii any.
Burrow~er shall p.~~~ the~e ~~hligati~~, in '.he manner rnni~ied in paraera~h 2, or if ncit paid in that manner, 8orrouer shal!
na}' ti~em on time directl~~ t~~ the p~rnun u«rcl ~a~m~nt. Bc~rre~wer shalt ~r~~mptl} furnish t~ Lender al) n~tires of amounts
tu be paid under thi~ ~aragra~h_ If B~~rruticer rnake~ lhtti~ ra~ments dir~cth. Borrower tihall promptl~• furnish to Lender
rereiptt e~idencing the pa}mentti.
E3orruwer tihall ~rum~tl} di~char~e an~ li~n ~~hirh iiac rri~irit~ ~~~er this Se~urit~ ln~trument unlesti Burrrn~er. (a)
~grre~ in ~tirit~i~g t~~ the pa~~ment ~~f the c~hligati~~n ~r~ured h~ tfir lien ~n a manner arre~t~ble to Lender, (b) ~ontests ir~ good
f~iith the 1?en h}•, c~r defen~ic against enfi~r~em~nt c~f !hr lirn in, Irgal ~rc~c-eedings hi~h in the [_ender's opinion operate to
~re~c~t the enf<~rcen~ent of the lier~ ~~r ti~rtciturr ~~f an~ ~.irt e~f the Pm~ert~: i~r (c) serures from the hulder of the lien an
.igreement satistlict~n~ tu I.ender subr.rd~nating thr Gen te~ thi~ Serurit~ lmtrumrnt. If l.ender dzt~rmines that an}~ part ~f
the Yro~iert~ i~ ~,ubjert to a lien which ma} att~?iti ~n~,rit~ c~~er thi~ Serur~t} Intitrumrnt. Lender ma}~ ei~e Burro«er a
nc~tice identif~i?~g the lien. B~~rru~~rr .hall ~ati~t~~ the lirn ~~r takr ~~nr ~~r mc~r~ c~f thr aru~~n. tirt ft~rth uh~~~e «ithin 1Q da~ s
~~i ihe gi~~ing of notire.
' S. Nazard Irtsurance. I3<~rr~~~.er,hall kr~~ thr irn~r~~~em~nt~ n~~~~ rxi~ting ~~r her~after erected ~~ii the NroPert~
insurecl against lo~s h} fire, hazards inrluded ~ithin the trrm "extende~i ~~~~rra~e" .ind an~ ~ther hazards ti~r ~rhich Len~Jer
rryuires intiuranre. Thi~ insuranrc ~hall he m;iinta~ned in the ~m~~unh ~ind ti,r th~ ~en~~d~ that Le~ider reyuire,. 7~h~
in.urance rarrier ~ro~iding th~ in~uranre tihal: he rhe~.rn h~ R~~rm~~er ~uhj«t tc~ Len~fer'ti ap~r~~~al ~~hirh shaii n~~t hc
unreati~~n.?bl~ ~~~ti~held.
All ~r~wranre ~c~lirie~ and reric~aalti ~hali hc arr~~t.ihle t~> Lei~cfer ar~~1 ,hall is~~lu~e a titandard mc~rtgage clauu.
Lender >h~ill ha~e the nght ti~ hold th~ ~c~lici~~, ~nd rrnr~~e+lti. If Lend~r reyuir~., f3~~rr~~~~er tihall ~mm~tl~ gi~e to l.ender
all rereipts ~~f ~aid premiums and rene~+al ni~cice~. In th~ r~rnt u! 1u,., 13i~rr<~~~~r ~hall gi~c ~r<~mpt nc~tire tn the insuranrc
rarrier and Lender. I_ender ma~ make ~rc~~~t~i~f 1~~~~ i! n~~t made ~mm~tl~ h~ f3c~rru~~er.
l~nle;s Lender and Bc~rre~~~er ~~ther«tse a~;rre in ~crinng. in~uranre ~r~,re~d~ tiliaH he a~~tied tc~ rc~te~rati<m ~r re~air
~~f the Pr~ipertc damaged, if the retitc~ratic~n cTr rep~rr is ec<~riomical!} fea~ihl~ and I.rr~der'ti ~ecurit~ is ne~t lessened. Iti the
restoratie~n <~r renair iti nc~t er<~n,~micall~ featiihlr ~~r l.rnder'~ ,ecurih ~+uuld he I~ti,ened, the intiuranre ~nx-eed~ ~hall be
a~,plird tc~ the ~umti ucured b} thi~ S~rurit~ In~trument. ~~hether e~r n~~t then due, ~~ith any exce~s ~aid te~ I3orro~ier. If
Rorrrnrer ahand~~n~ the Pr~~pert~, c~r di~e, ne,t an~~cer :~iihin ?0 da~ti a neitice fmm I.ender that the insuranre carrier has
t~t~ered to settle a rlaim, then Lender may rc~lle~t th~ in`uran~e ~rc~ceeds. (.ender ma~ use the ~re~creds m re~air or re,tor~
the YmExrt~ or tc~ ~a} ,um~ ~r~ured h~ thit Serurit~ In~trument, ~~hether c~~ rt~~t thei~ due. The 30-da}• ~en~xi ~~iU hegin
uher~ the not;ce is g~~en.
~'nless Lender and B~~rrow~er c~ther~~ itir a~ree in nung, an} a~~liratu~n ~~f ~r~,rceds te~ ~rinri~al shall nut exte~d ~~r
~o~t~one ihe due date ~f the mc~nthl~ menti referr~d t~~ in ~aragr:~~hti 1 aIi(~ (li Cllange the amciunt ~,f thr pa} ment`. (f
under ~aragra~h 19 the Pro~ert~ it acquired bt Len~er. B~~rn~~+er'ti right tc~ an~ insuran~e ~c~3iries and ~+re~rerd~ re~ultinr
frc~m damage t~~ the Propert} ~+rior to the aryuititiun ~hall pa.s t~ Lender to the extent <~f the surnti.erurrd b~ th~c Serurin
tnstrument immediale!}' ~~rior to ihe aryuiti~tion. ~ ~
6. Preservation and liaintenance of Propert~~; I.easeholds. E3~~rro~ti er .hall n~~t destr~~~, damage c~r substantiall~
change the Prc,~erh. allaw the Pmpert}~ to deteriorate c,r cc,mmit ~~a~te. If th~ti Securitc [n~trument is em a lea~eh:ild.
Bc~rrower shall compl~ with the pro~isions of the lease, and if B~~rm~rr a~yuire. fee title t~~ the Pr~,~,~rt}, the ieaseh~,l~i snd
fee title shall not merge unie~s Lender agrees to the merger in ccnting.
7. Proteciion of l.ender's Rights in the Propert~~; Jfort~aRe Insuranre. If f3<~rr~nc~r tail~ t~~ perf~~rm thc
co~enantti tind agreement~ ec~nta~ned in this Securit}~ I~~titrument, ~~r there i~ a legai ~rt~c~edin~ th.il (Il~l~' S1~I11f1C~t1[I1 ~i~~Ct
Lender's righ[s in the Property (such as a proceeding in hankru~tc~•, prc~b3te, fur rondemnat?em ~~r t~~ enforce la«~ e~r
regulations), then Lender n~a}~ d~ and pay~ for w•hate~er is necessar~~ tc~ ~rc~tect the ~alue c~f tne Pr~~ern and Lender'ti right~
in the Yropertr. Lender's actions ma}~ include pa}~ing an} sums secured bt~ a~ien «hich ha~ ~ric,rit}~ c~~er thd, Securit}•
Instrument, ap~earing in c<~urt, pa}~~ng rea;onable attorne~~s' fees and entrnng c~n the Pru~ert} t~~ mai:e re~airs. Alth~~ugh
Lencier ma~• take artion under this ~,aragraph 7, Lender does not ha~e to do ~o.
An~ amounts di5burced b} Lender under this paragraph 7 shall beu~me addinc~nal debt of B~~rrc~wer secured h~ this
Security Instrument. L'nless Barr~~~~er and Lende~ agree tc~ i~ther termti c~f ~+a} ment, thetie .ime~unt~ 5hall hear interr~t frc~m
the date of di~bursement at the '.`ote rate and ~hall be ~a}able. Hith interest, U~~~n n~~tice frc,r~~ Lender tc~ Ae~rro~;er
reyuesting pa} ment.
dQ~ 44~ P~~~ 9?~
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