HomeMy WebLinkAbout0929 t; tiit=c~K~t Ccn t.~:» ~ s Burm~~ rr and Lcnder cu~ rnant an~i agrer :1, fulluws: .
i. i'~j;;;";~ ~r s~.,.,=~FO~ gnrl Infprrch Preos~~•ment and l.s~te Charges. Bc~rruu~r tihc~ll ~r~~~r~ptl~ ~,a~ ,~hrn ~iur
the principal of and interest on the dcbt e~ idrnrrd by the Note and ~n}~ prep~~~ ment anel late rhargr, ~ur un.irr i ii~ ':o~c.
2. Funds for Taxes and Insurance. Subjrrt to appli~ablc la~• ~?r to a~~ riU<« ~+ai~ er h} Len~lrr, R~~rn~« rr ,hall
t~~ Lender on the day n~onthly payment~ are dur under the Note, until the lote is ~~id in ~ull, a,um ("f'unc1,~~) ~yuc+~ c~~
~~ne-tw~elfth of: (a) }~early taxes and astiettirnents H•hi~h ma~• attain priorit~ o~~r thiti Serunt~~ Imtrument: (b) ~rarl~
leasehold pa~ments or ground rents on the Nropc:rty, if any~; (c) }~early hazard ~murarire prerniumti: and (d) ~rarl~
murtgage insurance premiurns. if an}~. Thesr items ure r~?iled "esrro~~ iteni.." !_~ncler m~~~ rsi?matr thr Funch ciue un th~
basis o(current data and reasunable rstimate~ of future esrrow item~.
The Funds sha!! be held in an institution the depu~its or accounts ot~whirh ar~ in.ur, J ur gu.~~.~nt~rd h~ .i federal ~~r
,tate ag~nc~~ (inrluding Lender if Lender is suih an institution). Lender tihatl ap~l~ thr t=und~ t~~ Z~:~y th~ e~rm~+ it~ms.
Lender may not rharge for holding and appl}ing the Funds, analyzing the arrount ~~r ~~erif~~ing the e~rre>a iternti, u~:le,~
Lender pays Borrower interesl ~~n the FunJs and applicahle law~ permits Lendrr to make surh a charge. I3urro~~er and
;...,,..x? ~?,au .,:,;~i r,n the Funds. U;~le~s an a~rcement is made or ~pplirable la~~
.;C.~. . . .
reyuirc~ interest ti~ be ~aic~, Lender shall not be reyuired to pa~ I;orro~~er an~ interrtit c~r carn?:ig, on tne runu,. ?.r~~u~~
,hall gi~e t~ Borrawer, w ith~~ut charge, an annual accounting of the Fur.~1s tihu~~'ing rr~ditti and debitti to the Fundti and th~
~....a. . ..,u~ Th.~ L~~~n~ic :~rr nI~•deed a, additi~mai tiecurity fi~r the ~um~ .ecured h}
~U~(~l)SC IOf N flll'll Calll UCUIt Q~1 ZuC ~ u~w, . ~
thisSecurity Instrument.
If the amount of the Funds held b~• Lender, together w~ith th~ juture munthl~ p3}~ments oi Fw~~lti ~a~'.+hie prior tu
the due dates ~f ihe escrow items, shall exreed the amount reyuired te~ pa~• thc escro~. items when due, the ~xc~~~ ~hall be,
at 13orrow•er's ~~ption, either promptly repaid to Borrow•er or rredited to Bormw•rr un nu~nthl} ra)'mrnts of Funds. If thr
~mount uf the Funds held by Lender is not suffirient to ~a} the eurou~ items when du~., Burro~~er shal) ~a}• tc~ Lender ar~~~
amount nc~essar~~ to make up the deficienc}~ in one or more pa} ment~ ss reyuired b~• Lender.
Upon pa}~ment in full of all sums sc*cured by this Securit~~ Instrument, Lender shall promptl~~ refund to [3orru~~er
any Funds held by~ Lender. !f under paragraph 19 the Proprrt}~ is sold or acyuired h~ l.ender, Lender tihall •.ippl~•, no later
than immediately prior to the sale of the Property or its aryui~ition h~ Lendrr, an~ I~unds held b~ Lender at the time uf
application as a credit against the sums secured b}~ this Securit}~ Instrument.
3. Application of Ya}~ments. Unless appti~able ia~~ pro~ides othen~i~e, :~II pa~mrnt~ rec-ei~ed b~~ Lender undrr
~aragraphs I and 2 shati tx apptied: fir~t, to latr ~harges due under the Note: tiecand, to ~repa} ment chargr~ due under the
tiote; third, ta amounts pa~~able under paragraph 2; f<~urth, interett due; and latit, to princi~al due.
4. Charges; I.iens. BorroHer shall ~a~~ all tarrs, a,srtisment~, chargeti, hneti .~nei imp~~,iticmti attrihutable to thr
Yropc:rt~ w•hich ma~• attain priorit} u~er this Se~urit}• Intitrument, :~nd Ieaseh~~Id ~a~'ments ur grc~und rents, if ani.
Aorrow~er shall pat~ these obligatic~m in the manner ~nnideci in ~a~agraph or if not Cait~ in that manner, Borrow~cr shall
pa}~ them on time directl~~ to the ~en~,n en~ed pacn~e?tt. F3«rroHer,hali prumptlti• furni~h to Lender all n~~tices of amc~unts
t~ be p~id under thi~ paragraph. If B~>rru~~cr m:?i:e, thr.~ pa~m~ntti directl~, t3urru~~er ~hall pruntptl} furniih t~~ Lesider
rereipis e~ idencing th~ pa~•ments.
B~,rrc~«•er shall ~romptly diuhargr a?ti~ I~rn ~~hirh h~~ ~n~~rit~ ~~~er this Serurit}' In,trument unle,ti E3c~rm~~•er. (a)
agrees in w~riting to the pa} ment c~f the ablig;itie~n ~erurrei b~ the lien in a manner acce~table tc~ I.ender, {h) ttintests in g~w~1
faith the (irn b}, or defends against entc~rrement e~f th~ licn in, lega! prucc~:dingti Nhich in the I.ender's c~pinion ope.rate tu
prc~ent tne enforcement <~f the lien c~r fc~rfeitur~ c~f an} ~art of the Pmpert~; ur (c) tierures from the holder uf ihe lien an
agrerment sat~sfact~~r~~ to Lender subordinating the li~n t~~ thi, Seeurity Instrument. If Lender determine~ that an~• ~~art uf
the Pro~erty i~ wbject ~e~ a lien ~chich m:+~~ attain ~ri~~rit~ ~~~er thi~ S~rurit} In~trument. Lender ma~ gi~e E3e~rroti4er a ~
notire identi(ying the lien. Borrc~Her sh~ll tiati~t~ th~ {i~n c~r t~ikr ~~ne ur m~~rc c+f the actic~n~,rt funh a~ne »ithin 10 da~` i
of the gi~~?r~g of notice. ~
S. Nazard [nsurance. Bc~rr:ncer tihall ker~ the im~r~~~ement~ n~~~~ ~xititing ~~r herraiter ere~ted c~n the Yr~,~,trt}
insured against loss b} hre, hazards included Hithin the term "extende~i ce~~~ragr" anei an~ e~th~r hazard~ fur ~~~hirh I.ender
reyuires insurance. This insurance tihall he ma~ntained ~n thc ~+m~~untti and 1'i~r th~ }~eri«ds that Lender rcyuirr~. Thr
- , , r, _ _ . , T •.1 h~.•h .h:~ll n~~t hc~
~nSUrance carner pro~iding the in~uran~e Sh1fl! ht' illl»tIl f~\ Uir!~v~~ri ~ui~~Cii i~~ i.~.~:;~.
unreationabl~~ withheld. '
A11 inwran~e pcilir~e~ ,ind rene~+alti ~hall h~ arce~tahle t~~ Lrnder a~ici ~t~all ~nrludt a~tandard murtgage ~lau~e.
l.ender shall ha~e 1he right tc~ hc~ld the ~c~licic~ and renrwalti. If l.endrr reyuire.. (3urn,~+er ~hall rre~m~tl~ gi~e te~ l.eneier
ail recei~ts of J~aid premiums and renew~l n~~n.eti. In th~ r~ent uf 1~~,.. (3~~rr~~~~tr.hall c~~e ~r~mpt n~~tire t<~ the in~uran~r
rarrier anci Lender. Lender ma} make ~r~~~~f c~t Ic~~~ if n~~t madr ~m?n~t(~ h~ Bnrm~tirr.
l nle~s I_ender and B~~rmwer exherH~ti~ a~r~r in ~cntir~g, insurance ~nxeedti ~h~{I he ~~~rlied t~~ rrtit~~rati:~n c~r reJ~air
ut tt~e Yrc~p~rt} damaged, i( the rest~~rati<m iu re~air iti er~~nc~mir~ll} fea~~hle .?nd l.ender'~ ~ecurit~ is n~~t le.srned. If the
restc~ratic~n c~r repair is nc~t er~mc~micall} featiihlr ~~r Ixnder't tierurit~ ~~v~uld be le,~rnecl, thr ~nsuranre ~rtxeeds ~hal) br
applied t~ the ~ums secured h~ this Security~ In~trument. ~hether or n~~t then du~. ~+ith an}~ exre~~ }~aid to BorroFrer. If
I3orrow~er aband~ms the Pr~~perh~, or do« n.~t answer ~+ith~n iO a n~~t~re frc~m t_cnder that the in~urartre rarrier ha._
ofiered to settle a clainj. then Lender ma} ra(Iect th~ insur:iTll't prcke~d~. l.er~d~r n~a~ u.c th~ ~rc~ceeds tc~ re~air or re~t~~re
the Pro~ert~ c~r t~ pa~ ~umti tietured h~ this Secunt~ In~trumrnt, whether i~r neit then dur. 7~he 30-da~~ peric,d «il! hegi7
u hen the notice is gi~en.
Lnless Lender and Borrc~~er c~therw ise agree in riting, .tn~ a~~liratiun <~f ~mtee~l~ t~~ rrincipal tihal! n~~t ~~tend ~~r
po~tFx~nc the due d,.tte of the m~nthl~ ~a~n~entt referreci ti~ i~i naragraph~ 1 and ? c~r thange the am~~unt ~}f the pa~ mer~t~. If
under ~aragraph 19 the Properl~~ it acyuired b} Lender, Bc~rn~~cer'~ right te~ ~m in~urcinre ~ulir~e~ and ~ruteed~ rewltin~
from damage tc~ the Pro~ert} prior t~ the acyui~ition shall ~~,s ti~ I_er~der tn the e~tent ~~f the sum~ ~crurecl h~ thi~ Securit~
Instrument immediatei}~ prior to the acywsition.
6. Preserration and ~taintenance of Yropert}~; I,easeholds. F3c~rrc~~+er ~hall nut d~.tr~~}, (J~f11tI~;C lli tiUf1~I:lIlI13II~
change the Prupert~, allc,w the Pmpert} t~, deteric~rate c~r rommit ~:ci~te. If th:~ ~e~urih Intitrument i~ e~n a lea~ehc~ld.
B~rro~er shall a~m~l} with the ~ro~ isions c,f the lease, an~i if B~~rrowrr a~yuir~s f~e titl~ t~~ thc E'r~~~rrt}. the lea,ehc~lci and
fee tisle snali not merge un(ess Lender agrees to the merger in w rit~r~g.
7. Proteciion of I,ender's Rights in the Property~; ~tort~age Insurance. If f3orri~uer fail. tc~ ~erform the
ro~en~ts ;.nd agreements contained in this Securit~• In~trument, ar there i~ a legal ~mreedine that ma~ ~igniticantl~ afTert
Lender's rights in the Propert}~ (such a~ a proceeding i~~ bankruptr}~, pr~,h~te, f~,r r~~z:Jen~nati~~n c~r tc~ enf~~rre la«~ e~r
regulations). then Lender map do and pa}~ for w~hate~er is nececsar~~ t~~ ~r~,tect the ~alue of tne Yrc~~ert} and Lender'~ right~
in the Propert}. I.ender's actions ma}~ inrlude paying an}~ sums secured b~ a lien ~hirh has ~riur~t} cner thi~ Serurit~
Instrument, ap~earing in court, ~,a}~ing reasonable attc~rne}s' fees and entering ~~:i the Prc~~ert~ te~ make repair~. Althc~uch
Lznder ma~~ take aehon under this paragraph Lender dc~es not have to dc~ si~.
An:~ am~unts disbursed b}• Lender under this paragraph 7 shall bec~~me ad~fitianal debt of E3e•rm~~er tiecured b} this
Securit}~ Instrument. Llnless Borrower and t.ender agree tu ~~ther termti c~f pa~ment, thetie amountti,hall bear intere.t frnm
the date c~( disbursement at the ti~te rate and shall he ~acahle, ~~ith interest. u~~~n n~t~re from Lender tc~ B~~rre~wer
requesting payment.
~ dDOK P»GE
~ ~