The URL can be used to link to this page

Home My WebLink About0924 i L~'~It~~kH Cc~~'E:!~ANTS Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrowcr shall promptl~• p:~} w~hcn due the principal of and interest on the debt evidenced by the I~ote and any~ prepa~ n~ent and late charges due Under the '~eur. l. Funds for Taxes and lnsurance. Subject to applicable law ur to a written w~aiver b~• Lender, 9orrower shall pa~ to Lender on the day monthly payments are due under the Note, until tfie Note is paid in full, a sum ("Funds") eyual to one-twelPth of: (a) yearly taxes and assessments which ma}~ atta~n priority over this Seti;urity Instrument; (b) yearl~• leasehold payments or ground rents on the Prupertp, if any; (c) yearly hazard insurance premiums; and (d) ~earl} mortgage insurance premiums, if any~. These items are calied "escrow• items." Lender may estimate the Funds due un tt~e basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of w~hich arz insurcd or guaranteed by a federal or state agency (including Lender iC Lender is such an institution). Lender shall appl}~ the Funds to pa~ the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or ~~eriPy~ng the eu row items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borruw~er and Lender may agree in w•riting that interest shall be paid on the Funds. Unlc~s an agreement is made or applicable law~ requires interc~t to be paid. Lender shall not be required to pay Borm~cer an~• interest or earnings on the Funds. 1_ender shall give to Borrower, without charge, an annual accounting of the Funds ~howing credits and debits to the Funds and the pur~wse for w~hich each debit to the Funds was made. The Funds are pledged as additional securit~~ for the surns secured b} this Secunty Instrument. If the amount of the Funds held by Leiider, together with the future monthl~~ pa~~ments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pa}~ the esrrow~ items w hen due, the exces~ shall be, at Borrower's option, either promptly repaid to Borrower or credited ro Borrower on monthly~ pa~~ments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow~ ~tems w~hen due, Borrou~er shall pa~~ to Lender an~~ amount necnsar~• to rr~ake up the deficienc~ in one or more payments as required b~~ l.ender. Upon pa~~ment in full of all sums secured by this Security lnstrument, Lender shall promptl}~ refund to Borrow•er any Funds held b~~ Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall appl~•, nc, later than immediatel~• prior to the sale of the Property or its acyuisition by Lender, an}• Funds held b~~ Lender at the time c~f application as a credit against the sums secured bp this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments recei~~ed b~ Lender under paragraphs I and 2 shall be applied: firsl, to late charges due under the Note; second, to prepa}~ment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principa! due. 4. Charges; Liens. Borrower shal! pay all taxes, assessments, charges, fines and im~nitions attributablr tu the Property which may attain priority over this Security Instrument, and leasehold payments ~>r ground rentti, if an~~. Borrower shall pay these obligations in the manner provided in paragraph 2, or if nat paid in th~t manner, Borro~~•er shall pay them on ti~ne directly to the person owed pa}•ment. Borrower shall promptly~ furnish to Lender all notices oi~ amountS to be paid under this paragraph. If Borrow~er makes these pa}~ments directl~~. Bormu•er shall pmmptl}~ furnish to Lender rereipts evidencing the payments. Borrow~er shall promptl}~ discharge any lien which has priorit}~ o~er this Securit~~ Instrument unletis Horruwer. (a) agrees in writing to the pa}~ment of the obligation secured by the lien in a manner acceptable to Lender; (b) rontests in go~d faith the lien b~~, or defends against enforcement of the lien in, legal proceedings ~ hich in the Lender's opinion operate ti~ pre~ent the eniorcement of the lien or forfeiture of any part of the Property~; or (c) secures fram the holder of the lien an ; agreement satisfactor}~ to Lender subordinating the lien to this Security Instrument. If Lender determines that an} part of the Yroperty is subject to a lien w~hich ma}' attain priority o~~er this Serurity Instrument, Lender may~ gi~e Borr~~wer a ~ n~:ice identif~~~ng the lien. Barrower snall tiatisf~• the lien or take one or m~~re of the artionti ~et forth abcne w~ithin 10 da~, ~~f the gi~•ing of notice. 5. Hazard Insuranee. Borrow•er shali keep the improvements no~c erithng c~r hereafter erected on the Propert~ insured against loss b~~ fire, hazards included w~ithin the term "extended cacerage" and an~• other harards for which Lender ! reyuires insurance. This insurance shall be ma:ntained in the amountti and for the per~ods that Lender requires. The msuranre rarrier pru~•iding the insurance shall be chosen b~~ Borrower subjert to Lender'ti apprrval ahicl~ tihall ne~t be ; unreasonabl~• withheld. All insurance polieie~ and rene«•alti ~hall be acceptable tc~ Lender and shall ~nclude a standard murtg:~ge clause. Lender shall ha~•e the right to hold the ~licies and renewals. It~ Lender requires. Bc~rroHer tihall pr~m~tl~• g~~e to Lender ~ all rrcei~ts of paid premiums and renew~al notices. Tn the e~~ent of ]c~ss, Borrow•er shall gi~e prom~t natice to the insuranre ~arrier and Lender. Lender ma}' make proof of loss if n~t made promptl~~ b~~ Barrc~wer. Unless Lender and Borrow~er otherw ise agree in w•riting, insurance proceeels shall be applied tc~ restoratic~n c~r repair ~ ~,i the Property~ damaged, if the restoration or repair is economica'.l}~ feasible and Lender'~ securit}• is not lessened_ If the restoration or repair is not economically feasible or Lender's securit}~ would ~e ]essened. the insurance ~rckeeds shall be ~ a~+piied to the sums secured b}~ this Securit}~ Instrument, w~hether or not then due, w~ith an}~ excess paid to Borrower. If ~ Borro«•er abandons the Propert}~, or does not answ~er w~ithin 30 day~s a notice from Lender that the insurance carrier has ~ offered to settle a claim, then Lender ma}~ collect the insuran~e proceeds. Lender ma~~ use the p~ cxeeds tc~ repair or restore ~ the Propert} or to pay sums secured b}~ thi~ Securit}~ Instrument, w~hether e~r not then due. The 30-da~ penc~d w•ill begin ~ w hen the notice is gi~ en. ~ Unless I_ender and Borrower otherwise agree in w•riting, an}~ applirati~n of pnkeeds t~~ pnnc~pal shall not extend or p postpc~ne the due date of the monthly pa} ments referred to in paragraphs 1 and ? or change the amount of the pa} ment~. If ~ under paragraph 19 the Property is acquired b}~ Lender, Borrow•er's right to an~~ insuranre ~c~liries and ~mceeds resulting - frc~m damage to the Propert}• prior ro the acquisition shali pass tc~ Lender tc~ the extene of the sums secured b} this Serurit~ In~trument immediately~ prior to the acquisition. 6. Preservation and ~iaintenance of Propert}•; Leaseholds. Borrow~er tiha!1 not destm~, da~nage c~r tiubstantial!} 'y change the Property, allou• the Propert~~ to deteriorate or commit w•aste. If th~. Securit~ Irtitrum~nt it ~m a leatie}~old. s Borrow•er shall comPl}• w•ith the ~rovisions of the lease, ard if Borrow~er arquires fee title t~~ the Prc~pert}. ttie leasehold and fee title ~hall not merge unless I_ender agrees to the merger in w~riting. 7. Protection of Lender's Rights in the Property; ~iortgage Insurance. If Be~rrower fa~ls tr, ~erfc,rm che co~enants and agreements contained in this Securit} Instrumer.t. or there is a legal ~rc~ceeding that ma~~ sigrificantl} aftect Lender's nghts in the Propert} (such as a procee.ding in bankruptcy~, probate, f~r condemnation or to enf~rre laas or regulations), then Lerder ma}• do and pa}• for w Fat~°~•er is necessar}• ta protect the ~~alue of the Pro~ert} and Lender's rightti in the Propert~~. Lender's actions ma} include pa}•iag ar.}~ sums secured by a lien wh~ch has priarit}~ o~er th~s Securit} Instrument, ap~aring in court, pa~~ing reasonable attorneys' fees and entering on the Pro~+ert~ to make repa~rs. Although Lender ma}~ take action under th~s ~aragraph 7, Lender dces not ha~~e to do so. An} am~unts disbursed b~• Lender under this paragraph 7 shall become additianal debt of Borrower secured b~ this - Security Instrument. Lnless Borrower and Lender agree to other tern~s of pa} ment, these amounts shal! Eiear intere5t from the date of dishursement at the ~~te rate and shall be pa}able, w~th interest, up~n nc~uce frc~m Lender to Be~rr~wer ' requesting ~a~~ment. ~ ~ ~ ~ ~~~,K 452 ~~~E ~23 . . . _ - ~ 1..: ~ x ~ ~,~e ~.n~~~...~~~.s:;3 ~ . ~ -