HomeMy WebLinkAbout0915 l:ti1Ft~R~1 Ct~~ t:`A~ 1 s Aormwer and Lrn~lrr cu~•enant and .igrcr a, Ii~lloHS:
1. Pa~ment of Principat and lnterest; Prepayment and I.ate Charkes, tiurru~~rr tih::ll ~r~~m~tl~ ~a~ ~~hrn ~iur
the rrinr~pai of and inlrrest on the debt e~~denre~ b~~ the Nute and :~n~ prr~.t~ mrnt an~l intr ~harEr~.lur ?~n.i~r th~ \utr
2. Funds for Taxes and Insurance. Subj~~t tu applicablr law• ur •u a w ntten H.ii~er b~ lxndrr, I3~~rm~srr ~hall
tu Lender on the da~• munthly p~yment~ are due under the Note, until thr Nutr i, paid i~~ full, a~um ("1=und~") cyu:tl t~~
~,ne-tH~elfth ot: (a) )'early taxes and a.tirs~ment~ w~hirh may att~,in ~ricxit~ o~er this Serurit~~ ln~trum~nt: (b) ~rarl~
Irasehold pa}~ments or ground rcnts e~n the Propert}~, if an~; (c) )earl~ hatard in,ur.?nre ~renuums, and td) ~r~~rl~
mi>rtgage in~uranre premiums, if any. These items arr ralird "e~rmw items." !_en~ier m.i}• ~~timatr thc F=undti due ~~ii thr
h,itiis ofcurrent data anu .-ea,onahle rstimate~ ~~f futurr esrrow' itrms.
The Fund»hall tk: held in an imtitution the depc~sits or arce~untti ~~f W h~rh :?re imur.~ ~~r gu.~r.inte~d b~ a federal ur
,tate agenr~ (including L~nder if Lender is such an in~titutiun). L~nder ~hall appl} thc Fund~ tc~ ~a~ thr r.rnn~ ~trm~.
I.ender ma~ n~~t rharge (or holding and appl}~ing the Fundti, analyzing the arcount ur ~erifying th~ ~srmw~ itrm,, u~ilr»
Lcnder pay~ Borrowrr interest on the Fundti and applicable la~~ permits l.ender to m.~ke surh a chargr. f3urn~~~er and
Lcndrr ma} agrec in ~~riting that interetit shsll be paid un the F=unds. L~nles, .in agreement i~ madr or _.prlirahie la~~
r~yuires interest t~~ hr ~aid, Lender ,hall ne+t be reyuired to pa~ Borru~~er an~ intc~re~t ~~r earn~ng~ cm the Funu~. L en~ier
~hall give t~~ E3~~rroti~er, Hithuut chargr; an annual arcuunting of th~ Fu~:d~ ~h~~~~ing rrr:iits an~ drbit~ t~~ thr Funcls anci thr
~~urFx~se for whirh ~ach debit t~~ the Funds ~~3s made. 'rhe Fund~ arr plrclgrcl as addin~~nal ~c~unt~~ t~~r thr ~um~ ~e~ure~i b~
this Securit~~ In~trument.
If the amount of the Fund~ held h~• Lendrr, together H•ith the future memthl~ ra~~mentti ~f Funds ~s}ahlr pric~r tu
the dur dxte< <~f the escr~~w• items, .hall rxceed thr amount reyuired t~~ ~a} the rti~•r~n~ it~ms when due. Ihe erress tihall tx,
at 13orro~~~er's optic~n, either rromptly repa~d ta B~~rmwrr ~~r rr~ditrd t~~ B~~rru~~rr cm m~~nthly p~i~.~~~ntti uf Funds. If the
:~muunt of the Fundti held b} Lender iti not tiuffirirnt to ~a~~ the CS~~IIN' ilc:R1C N'}1cll (JUct, B~~rrc~wer ~hall pa~ t~~ L~n~1er an~
_lmount nece.sar~• te~ make u~ thr defici~nry in one c~r me~re pa} me?u~ ati reyuirrd h~~ Lrn~Jrr.
U~c~n ra~ment in full e~t all tiumti tiecured b} this Securit~ Instrumrnt, I.cnder tihalf ~mmrtl~ nfun~l tu l3orr~~~+er
an} Funds held b}• Lender. If under paragra~h 1~1 the Yrc~perty is ti:~ld ~~r .~ryuired h~ Lender, ' ender tihc?11 a~~1~. no later
than immediatelp ~ri~~r tu the .ale of thr t'm~rt~~ ~~r its aryuitiitiem b}' Lrnder, an~ Fund~ hrld b~~ Lcnder ~t the t~mr ~~t'
a~~lir~tion as a credit again,t the tiums tierured h~~ thi~ Se~urit~ Intitrumrnt.
3. Application of Ya~•ments. Unlesti a~~li~ahle I~~~ ~nni:ies eithcn~iti~. all ~a~mrnt~ rer~i~rd h~~ Lcn~icr undrr
E~:iragraphs 1 and 2 shall be .t~~lied: first, t~~ late rharges due und~r the \~~t~; ~rruncl, ti~ ~repa~ mrnt rharg~ti ~ur ~~nder th~
~:~te; third, tc~ amc~unts pa~ahle under paragraph 2; f~~urth, t~~ interetit eiue; :~nd la~t, t~~ ~nn~iral ~iue.
4. CharRes; Liens. Bc~rmwer ,hall ~a} all [axe~. .LS~etismrr.tti. ~harg~ti. hn« and imFx~siticmti auributahle ti~ thr
Pru~ert~~ w~hirh ma}~ auain ~ri~~rit~ ~~~rr thi~ Securit~ Intitrument, and leaseh~~ld ~a}~mentti ur gn~und rent~, if an~.
13~~rni~~er sh.?II p~~~ thesr ohligatic~ns in the ?tiann~r ~n~~i~led in ~aragraph 2. ~~r if rn~t ~ai~i in that manner, I3~~rm~~rr ~hall
1.i} them on t~me directl~ tc~ the ~enun ~~~~~d ment. l;~~rr~~~~rr tihall prunt~tl~ furmtih tr. Lendrr all ne~tice~ c~f an~oiint~.
t~~ be ~aid under this ~aragr3~h. If R~~rn~~~~r makr. thr~c ~.i~mrnt~ directl~~, R~~rmw~r tihall prc~m}~tl~ furnish t~~ Lendcr
r~~ei~i, evidencing the racmentti.
Bi~rroµ•er tihall pr~~m~tly diti~hc?r~e an~ lirn ~~hirh ha~ ~nc~rit~ ~~~rr thi~ Serurit~ lntitrument unl~ti, Bc~rro«er: !a)
.:~:rees in w riting to the pa} ment uf the e,bligati~,n ~e~ ur~~ h~ the ~irn in a rn.~i~n~r ar~e~tahle ti~ l.ender, lb) contetit~ gc,~xi
t:s~th the lien h~. ~~r defends agsinst entorrem~n~ ~,f thr l~en in, lcgal ~r~k~ec~ing~ ~~hi~h in the l.ender~~ c~p~~~ie,n ~~~erate tu
e~ent ihe enf<~r~emcnt ~~f the lien ur f~~rtriturr uf afl~ ~JfI e~f the Ym~ert~; ~~r (r) ~r~ure> frc~m the h~~lder ~f the lien an
.~grerment tiati~~act~~n~ tci Lender tiubc~rdinating thr lien t~~ thi~ 5rcurit} Intitrumrnt If Lender det~rmine~ that an~ ~art e,~
th~ Y~t~~efl} I~ tiuh)ecI [u a lien wh~~h ma~ att,ii~i ~rie~nt} ~~~rr thi~ Sr~unt~ Imtrum~nt. Lrncler ma}• gi~~ I3<~rro~~er a
u~,ti~e idenlif~'ing thr It~n. R~~rn~~c~r ~hall ~:ititif~ th~ li~n ~~r take i~n~ c,r mure ~~f !hc a:n~~nti ti~t ti,rth ab.~~~ ~ti~t}un 10 d.s)~
, ,;f the gi~ ing ~~f i~~~nrr.
5. Nazard Insuranee. B~~rr~~«er ~hall krr~ the im~m~rment~ n~~~~ r~i~un~; ur hrrratt~r <rr~tr~i cm the Pri~~ert~
~ in.ured agaimt lutis b~ tire. ha~arei~ inclu~ie~1 with~n th~ term "~stei~de~1 ~u~rr.?er.. .+nd an} ~~ther harard, t~,r ~~hirh Lender
r~yui:e~ intiuranre. Thiti in~uranr~ .h.?I1 he ma~nta~nrci in ~hr anu,unt~ :inci i<,r th~ reri~,dti that I.ender rcyu~rrs. Thr
~ in,uranrr ~arrier ~renteling th ~ in~uranrr ~hall he rh~~,en h~ Ri~~~~~~?~~ ~uhje~t t~~ Lrn~l~r'~ a~E~m~al ~~hi~h tihall ne~t he
~ unrra~~~nabl~ ~~ithheld.
f A11 in,uran~e (~t~li~i~ti an~ rrnc~~al` •h_t}l hr a~ce~tcihf~ i.rn~irr .in~1 tih.~ll inrlu~Jc a~tcinelarei murtgage rlau~r.
Ixneier tihall ha~e the nght ti~ h~~1~1 th~ ~e,l~~ic, and ren~~cal~. l~ Lrn~l~r reyu~r~,. f3urr~~~~cr tihall rr~~m~tl} gi~~ t~~ [xnder
E ,tll rere~~t~ ~,f ~a~d premiumti and rezir~?al Il(lUlt1. Ifl I11C r~ent uf I~~~.. Be~rn~~+~r ,ha{I g~~e ~r~,m~t n~~tire ti~ th~ in,ur~?n~~
~arnzr sn~l Lrnc!er. I.ender n~a~ m.+ke ~r~,~,f uf lu~, if n~,t ma~ir }~rum~tl~ h~ B~~rr~,~~~r.
Y Unleti~ l..nder and Bc,rrc~~~er uthen~iti~ a~rre in ~~r~t:nt~. in,uran~r ~r~,rrrcl~ ~hall he .i~~lieel t~, re~te~ratiun e~r rrE,~iir
~ ~~f the Prc~~,ert~ dam;~ged. if the ~e~t~,ranrn~ c,r re~air i. er~mc,mi~all~ fr~i~ihle ,+r,~i Lenelrr\ ~erurit~ i~ n~~t le.~cned. If the
~ r,~~~~;~i~i~m ~~r r~P:iir t~ ni~[ Cccmutnt~:ill: feavhl< «r Lrncier'..r~unt~ ~~~~uic3 he 1«~en~c1. Sh~ in~uran~c' ~~f~~eed~ ~ht?1'1 hc'
~ :tn~lied ti~ the tiiims ~ecured h~ thi~ Securlt~ In,trument, ~+hrther <~r n~~t then due. ~+ith an} e~ce~~ ~aicl t~~ Borr~~~~~r. If
~ 13~,rri~wer abande,n~ the Pn,~,ert}. ~,r de~e~ ni,t anti~~er ~~ithin 3O da)~ a n~~rice fmm I.rnder that the tmuran~e carrier ha,
~~tTered te, tiettle a rlaim, then Lender m~i~ cc,ll~ct the intiuran~~ ~?mcred~. L~n~1er ma~ u~~ th~ ~re~~ee~i~ t~~ re~a~r <~r re~tcire
~ thr Prt~~ert~ e,r tc~ J~~}~ ~um~ serured h} thi, Srrunt~ In~trurnrnt. ~~heth~r ~,r n~~t then ~iu<. Th~ ;0-cia~ ~erit,d ~~ill hc~in
R hen the nt~tire i, gn rn.
~ l~nlc~~ Lender and Bc~rrencer ~~therwisr agr~c in nting. an~ a~+~Gr.~n<~n ~~I ~r~~r~c~i, t~, ~rinci~al ~hali n~~t e~t~nd ~~r
~ E~t~~tr~m~ the due ~t.ite ~~f the mcmthl~ ~a~ ment~ referred ti~ in ~ar:?gra~h~ 1.in~1 ~~r rhangr the cim~~unt c~t tht ~a~ rnent.. If
c ~.inder ~aragra~h ly the Pmpert~ iti acyuired h~ Lene~rr, Bc~rm~ccr'ti rigt~t t~~ an~ in~uran~e ~c~}irirti and ~mccrd~ rr~ultint
= in~nz damage ti~ the Pr~~ert} ~ri~~r tc~ the acyui~inun ~hall ~a~. tc~ Lrnder t~~ th~ e~t~nt ~~f th~ ~:im> ~rrured h~ ttii~ St~urit~
Intitrumrnt immc~liatel~ pri<~r tc~ the acyuisiuun.
" 6. Yreservation and ~taintenance of Propert~~; I,easeholds. Be~rm~~~r ~hull n~,t ~i«tr~~~. ciam~i~r ~~r ~uh;t.?nnall~
F ~hange the Pm~ert~, all~~w the Pr~~~ert} te~ deteric~rate c~r r~~mn:it ~~~.i~te. If thi~ S~curil~ In.trumcnt i, ~~n a lea~eh~~lc1.
13i~rn,~~er ~hall r~~m~l~ ~~ith the pri,~ itiic~n~ e~f the lra~e. and if Bi,rrc~~+~r a.yuir« t.~ ntl~ t„ the Pr;~~ert~ . th~_ It:ltiilllllll .ind
fee utle tihall n~~t merge unletis Lender agre~ti t~~ the merker in riting.
- 7. Yrotection of l.ender's Ri~hts en the Yropert}~; ~1ort~a~c Insurance. It R~~rrc~~~rr i:?ih t~~ ~erfi~rm the
~o~enant~ ~nc~ agree~nentti cc~ntained in thi. Serurih In~trument. ~~r there i. a lr~al ~rr•~~_~~in~~ that m: ~~i~nifi~antl~ ~ff«t
- Lender'ti right~ in the ~'m~ert} (such as a~rc~,eedine in bankru~tc~. ~r~~hate, f~,r c~m~lemnati:~n ~~r Iu enfurce la~~~ ~~r
regulah~ms), then Lcnder ma~ dc~ and ~a~~ fe~r ahate~cr is nece~.ar} te~ ~rc~tert thr ~alue ~~f tne Yrc,~,ert~ and I.~nder'~ right~
in the Pru~ert}. Lender's acti~•n. ma}~ inrludr ~a~ing any tums serured h~ lien ~?hi~h h:i, ~ri~~rity ~~~er th~~ Se~u,it~
lntitrument, a~~earing ~n cc~urt, pa}ing reasc~nable ait~rnr~~' fcet ard entrring ~~n the Prr~crt~ t~~ rnak~ re~.ur~. Alth~~ukh
[_end~r ma} take artion under thi~ paragr~ph 7, Lender dc~c~ ne~t ha~ r tr d~~ ti~~.
~ An}~ am~~unt~ dishursed b~ Lender under this ~ar.~gra~h 7 sh~ll he~~~nt~ a~i~iin~~nal ~1eht c~f Hrsr~~~~er ~r~ured h~ thiti
x Serunty Intilrument. t'nle~~ Bnrmwer .tnd l.ender agree tc, <,ther term~ ~~f ~+a~ ment. the~e :lRll?Uil!~ ~}lall h~ar ~nter~~t frum
~ the clate c~f di`hursement ,~t the \~,t~ rate and tihall he ra}ahlr. ~tiith ~ntere~i. u~~~n nrtirr frr.m L~n~1rr ts, R~~rru~+er
reyuest~ng ~a}men[.
452 ~14
~ ~
:
: .
~}..%u ~~'~.r~~L"` ' ~ ,~,TKa ~ ~ ~:~-tic^-