HomeMy WebLinkAbout0974 l: ~IFt~R~i C~?~ F~.~~ i~ fit~rruwrr and l.enclrr ~u~rnant anci a~;rrr a, f~,U~~~„
1. Yay~ment of Pri~cipal and Interest; Prepayment and Late Charxes. B~~rru~+rr ~t~:~!! ~~r~~~i~~~tl~ ~~h_~~ ~!u~•
thr pnn~ipal c~fand intrr~~t on thedeh! e~~clen~~ed b~ ihr Noteand any ~r~~aymrn? and latr:harLr, ~fur wieirr th~ \,~t~.
2. Funds for Taxes and Insurance. Subject to appli~ahlr IaH ~~r ti~ a~vrittei~ ~+ai~rr h~ Lrn~lrr, l;i~rn~~~ rr ,h:~ll E~;~~
t~~ 1_ender un the ~lay mun[hl}• pay~ments arr due under ihe Note, until thr'~i~t~ i, ~aid in full, a,um un~lti") r<{u.+l tr
~~ne-~N~rlfth c~f: (•.s) }early taxes and a~~eti~ments ~~hich may attain ~ni~nt~ ~~~rr thi~ S«urit~ ln~trumrnt: (h? ~r:~rl~
I~a.eh~~Id pa}~meut~ or grow~d rent. on the Y~orerty~, if any~; (c) }~arly h:u~ir~l in~ur;ince rrrrnium~; ;3ii~1 ~r.irl~
r*mortgage insuranre premium~, if any. Th~.e itemti are rallcd "r~rr~~v it~m~." L~neirr nui~ r.timat~ thr Funcl, ctu< <,n thr
ha,i~ uf currrnt data and reasoi~able e.timates e~f future rsc; u~~ item~.
The Funds shall be held in an institution the deExnits or accounts c~f w hi~h arr in,urrcf ~~r gu.u~~ntre~f h~ a Ir~irral ur
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Lender ma~• nut charge fix holding and applying the Funds, anal}zing tt~e a~c:~unt eir ~rrif~i?~e thr e`cm~~ iten~ti, unle~~
Lender pays Q~~rrou•er interest e~n the Funds and ap~licable !aw permit~ l.enaer t~~ makr wrh charge. 13;,rn~~~rr and
I.enJer ma~~ agree in ~•riting that interest shall be pai~ on the Funds. Unless an ,igr~ement is madr ~r applir.~hle la~~
reyuire~ intere~t to be paid, Lender shal) not be reyuired to pay Borr~n~er an~ interr~t ur rarningti nn thr Func1~. L~n;1rr
shall gi~e to Qurrow•er, without charge, an annual ~ccounting of the Fur.dti ~hi~~~ ing crcditti ~ind drbit~ t~~ [hr Fund, an~l thr
~ur},c»e t~~r whirh each debit to the ~unds w~as made. The Funds are plydgrd a~ adcliti~~n.tl .rrurit~ fur thr.umti.r~ urrd h~
thic Securih~ lnstrument. ~
li~the amount of the Funds held b}~ Lender, together w~ith the future m~mthl~ pa~~ment~ ~~f Fund~ ~.i}ahlr ~ri:~r t~~
the due dates of th~ escra~ items, tihall exceed the amount reyuired tc~ pay the exm~~~ itemti ~+hrn clur, thr e~~e,. ~h:ill b~.
at Borrower's o~tion, eiiher pmmptly~ repaid to Borro~~~er or credited to E3orrow~~r «n me~nthl~ hci~•mcnt~ c~f I~un~i~. lf th~
amount of the Funds held b~~ Lender is not suffirient to pa}~ thr e~cro« item~ ~~hen due, B~rmi~er tih~ll ~:i~ l.ri~drr an~
arttount necessary to make up the deficienc}~ in one or more payments as reyui; ed h~• Lender.
U~n payment in full of a;l sums secured b}' this Security Intitrument, Lender tihall prom~tl~ refund t,~ B~~rre~~~er
any Funds held b}~ Lender. If under paragraph 19 the Prc~pert}~ is sold or acyuired b~~ Lende!-, Lender tih.ill ~p~l~, n~~ l~+trr
- - :M~` i~....,y~..• , F,4• 1 .~nclrr :~~i~ F'~~nc1~ helcl h~ Lrnder at [he Un~r c~f
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~ppliration as a credit against the ~um, serured by this Security~ Instrumrnt.
3. Application of Yayments. linlesti applirable law pru~i~les i~ther~ci~e, :ill ~a~ments rerei~ed h~ Lrnder uncl<r
~aragrarhs 1 and 2 shall tx applied: fi~tit, to late charges due under the tiote: sec<~nd, te~ ~r~~~i~ ment ~h3fk:C1 (JUC und~r thr
Note; third, to amounts pa~~able under paragraph 2; fourth, to enterest due; and la,t, to prinri~al aue.
4. Charges; l.iens. Borrower shali pa}~ all taxes, assessment., chargcs, tines and im~o,iti~~m ~?ttribut.jhie t~~ th~
Yru~urt}~ ~~•hich ma} attain priorit~~ o~~e: this Security Ins[rument, and Icasehcild pa}mertts ~ir gri~ui~~J rentti. if an~.
Aorroaer shall pa~• these obligations in the manner provided :n ~aragraph 2, i~r if nc~t ~aid in that mann~r, B~zrm~~er ~hall
pa}~ them on time directly~ to the ~xrson owed pa}•ment. Borro~-er xhall pre~mptl~ fur~zitih to Lrnd~r all n~~hr~l ~~f ;un;~unt~
t~~ he pa~d under this ~aragraph. If Borrow•er makes these pa~•ments directl~, Be,rrc,~~rr ~hall ~rc~m~,tl~ turnish t~~ Lender
receipt~ e~ idencing the pa} ments
f3orrower ~hatt prom~tl}~ discharge an~~ lirn ~~hich has ~riorit~~ o~er this Securit} ln.trument ur~less Bu:euuer. (a)
agrec~ in w•riting tc~ the pa}~ment of the c~blig~t~on secured h}~ the lien in a manner acceptabl~ t~~ 1_rnder, (h) ~~mte~ts i:~ goc~ci
faith the lien b_y, c,r defends against enforcrment o~ the lien in, legal pr~xeedings w hich in the Lender's apinion o~c rate t~~
prevent the enforcement of the iien or forfeiture of sn}• part of the Propert~; or (r) securrs from the h~~lder c~f thc lien an
i agreement satisfactory to Lender subordinating the lien to this Securih• In~trument. (f Lender determines that an~ part e~f
; the Pro~rt~~ iti subjrrt to a iien which ma}~ attain prie~rity~ ~~~er this Securit}~ lnstrunteiit, t.en~lcr ma~ gi~e Bi~rrc»cer a
notice identif~•ir~g the lier~. BorroHer tiha!! sat~sfy~ the lien or take c~ne ar mure uf the art~~~nti tiet te~rth aEx~~~ aithin 10 ~i:~~s
~ of the gi~~ing of notice. '
5. Hazard Insurance. I3~~rrower,hsll keep 1he im~renement, nu~~ rxititing ur hereafter ererted ~m the Yru~~rt~
insured agdinst ios~ by fire, hazards included w ithin the term "extended r~~~crage" and an~~ c~ther iiazards ti~r hich Lender
requires insurance. This insurance shalt be maintained in the amounts and fe~r the peric~ds that Lender reyuirrti. Thr
insuranre carrier protiiding the insuranee shall F,e chusrn b~• $o*re~wer suhjcct t~~ Lender'. a~~ro~al ~~hich tihatl si~~t he
unreasc~nabl~- w ithheld.
All in~ura?ZCe E~licics and renewals ~hall be acce~t~ble to I.ender and ~hall ~nrludr a~t.?ndard me~rtgage ~I~iu`~.
t_ender shatl ha~~e the nght tc~ hold the policies and renewals. If Lender reyuire`, E3~,rrt»~rr shall ~mm~tl~ ei~e t~~ [xn;ier
afl rereipts c~f paid ~remiums and renew•al notires. In the e~ent c~f Ic~ss, ~OffU\4tf 5}i~lll ~,ti~ ~l(t~R2~I fl(~ItCt te~ the iri~urar~re
c;~rrier and Lender. Lender may make proof of loss if not made prc~m~U~• b~~ R~~rr~>isrr.
tinless Lender and Be~rrower otherw~ise agree in writing, insuranre ~rcxeed; shall hr ~r~lied tc~ re~tc~rati~~n ~~r rep~iir
c~f the Yropertt~ damaged. ~f the retitoration ~~r repair is economicall} i'easihle and 1_ender'ti tie~urit~ i~ nut Ie~~en~d. If the
restc~ratic~n ur repair ic not ece~nomicall~• fea5ible or Lender's sccurit} ~~e~uld he le~ti~nrd, th~ in.uranre ~nxeed~ shatl be
ap}~I~ed to the sums secureci by tnis ~ecurity~ ins[rumenT, wneiner ~~r n~~t LtICI~ UUC, t~ll}i 3tii' c\CC~i F;;iiu it~ :;:;i;:;S;".
Borrawer abandons the ProE,erty, ~r does r.~t anst~•er within 30 da}s a nc~iire from Lender that the insuran~e ~arrier ha~
offered t~ ~ettle a claim, then Lender ma} collect the insurance proceeds. Len~~r ma~ use the prckeedti to rep~~ir ~,r re~t~~re
the Ympert}• ~~r to ~ay sums secured b}~ thi~ Security- Instrument. ~~•hether e~r ;u~t then ~ue. Thr ?0-da~ ~encid will hegin
when the notice is gi~en.
Lnles` Lender and Bc~rroH~er t~therw•ise agree in wntine, an} ap~ii~:ati~m ~~f prc~~r~ds te~ ~rinci~sl,hall nc~t e.itr?id c~r
~n~tit~ane the due date of the mc~nihl}~ pay nicnt~ referred t~ in paragraph~ 1 and ~r ~hange the am~~unt c~f thc ~~1~ flltlllti. II
under paragraph 19 the Property~ is acquired by Lender, Bormw~er's right te~ an} inwrance r~iliricti and ~re~ceed~ re~ulting
fre,m damage ta the Pre~pert}• ~ri~r m the acquisition shall ~a~s tc~ Lcnder tc~ the extent ~~f the `um, urrd h~ this Serurih
Instrument immediatel~ Pri~~r tc~ the acyuitiiticm. ~ ~
6. Preservation and titaintenance of Propert~~; I.easeholds, Burre~wer,hall ne~t dr~trc~~, clama~~r c~r ~uh.tantiall~
rhange the Prc~pert}~, atlc~w the Property te~ detenc~rate c~r r<irnmit ~~aste. If thi~ Serurit~ In,trun~ent i, un a]ra~rhuld.
F3:~rr~~x~cr tihall r~~rnpl}~ s?~ith the pro~isinnti ni~ the lease, and if Borr~~wer aryuire: f~ee titlr tc~ the Prupert~, the lea~ehe,ld and
~ee title shall ne~i merge unle~~ Lender agre~~ t~ the mcrger in w riting.
"7. Protection of I,ender's Rights in the Property~; ~lortKa~e Insurance. If Bi~rr~~~~er fail~ to ~~ri~~rm the
re,~enant~ and agreements ec~ntained in this Secur~t} In~trument, or th~re i~ a le~;al ~re~~e~ding that ma~ signitirantlc .itTect
Lende~'s right~ in the Property (such as a prc~c-eeding in bankru~try~, ~rc~h~te, fe~r r~~r~denmation ~~r ti~ enfe~rre )a~s~ ~~r
re~ulatic~ns), then I.ender rna~ de~ and ~,a~~ (c,r u~hate?er is necestar} tc~ ~r~~te~t the ~ alue ~~f the PruPert~ and I.ender', right~
in the Pmpcrt}. Len:ier'ti acti~ms ma}~ include pa}~~ng an~• sums ,ecured M a I~en ~~hich has ~rinrit~ c~~er thi~ S~runt~
Instrument, appearing in c~urt, pa~ing reasonable attorneys' fees and entering ~~n thc Vr~~~~rt~ tc~ make re~air~. Altfi~~uch
[.ender ma~• take acti~~n un~er this paragrs}~h 7, (_ender de~eti ne~t ha~e ti~ dc~ si~.
Any am<~unt~ dtshurtird h} I.ender under thic paragra~h 7~hc~ll he<<~r~~e a~l~iti~~r,al dcht ~~f 13i~rr~~~~er ~«urecJ h~ thi~
Security~ Instri~ment. l'nlrti~ Bi~rruuer and Lender .~¢ree !o t~ther termti e~f r.i~ rnent. tn«r am~~unt~ ~hall h~;ir intcr~~t fn~m
the dat~ i~f dithurtiement at the \c~te r,?tr and ~hall he ~a~~itile, aith inter~.t, u~~~n nc~ti,e frnrt~ I.endcr t~~ Rurre~~rer
reyuesting ~+aYment.
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