HomeMy WebLinkAbout0933 U!~!FORM COVEN.qNTS. BurruH~r and L~nacr ~uvrnant anJ agr~e :~a Iu11c~H•: "
l. Pa~mrnt ot P~incipal and Intrrest; Prr~ymr~l and l.ate Charkes. Ei~r~~~tr .hail p~3 p~y hrn ~lu~ ii~~ pr~i~c~p,~l
~~t :~n~1 int~rest un the Jebt e~i~l~nc~J by th~ Nut~ anJ any prrp~ymrnt and tate ~'h;+rgc, efue uo~cr th~ N~~t~.
2. Funds tur Taxes and lnsurance. Subj~rt tu appiirahlr la~~ ~?r tc~ ~ Nritten Nai~~r by l.rn~rr. BurruH~r .halt pa~ tu l.rna~ r
~,n the Jay m~mthly payment~ are due unJer the Nute. until the hute is paiJ in full. a,u~=.i 1"Funa.") eyual tu ~m~-t~~rltih ~~f: i.??
~~:uly tau. an~ a..~+.mcnt. ~.hich may attain priu;i~y uv~r thi, Security In.trum~nt: lh) ~'carly I~a,~hul~1 pa~mcnt, ur ~ruunit r~nt~
un thc Pru~rt~, it any: }'~arly h:~~ar~ insuranrc pr~miun~s: anJ IJ) ~~ariy nwrtga~e in.uranr~ pr~mium., i! an~. TI~~,~ itrm,
.~r~ ra1kJ "~srru~v items." l_cn~ier ma~~ c.timat~ th~ Fun~1. ~u~ un thc ba~i. uf rurr~nt Jata :?n~ r~awnahl~ ~,timat~, ~~f futurr ~,~ru~~
it~m,.
Th~ FunJ~ .hall tk hcld in an imtiwtiun tht de~x»it. ur account~ ut N~hirh are in~urrd ur guarant~rJ hy ~ le~ler~! ur .t:~te ~+g~~~~r~
~ in~luJins; L~nJer il Len~~r i~ ~urh an in~titutiun>. L~nder ~hall appt}' th~ Funei. tu pa}~ the e~rru~v iten~+. Len~i~r may n~u rhargr
tur hulJing and applying the Fun~l~, analy~ing the accuunt e?r ~~rifying the esrruH~ itenu, unle» I_en~er pays Burru~•rr interest ~m
~h~ FunJ~ and applicahle IaH• {krmit, L.~n~ler tu make sue:h a rharge. BurroHCr an~ L~nd~r ma}' :+gree in writing that inter~st ,hall :
tk pai~l un th~ Fun~~. ~~nl~.. an agreem~nt is ma~lc ~~r applirable la~? r~yuir~s inirre,t to tx~ paid, Lender shall not tk r~yuirca tu :
E~:« Burruaer any inter~s! or ~arnings un the Fun~l.. L~n~i~r sh:~ll give tu BurruH•rr, ~~~ithuut charge, an annual arr~~unting ~?f thr
F~iin~. ,hu?+ing crc~it~ an~l ~~hits tu thc FunJ, and th~ pur~»~ t~ur ~~hirh ~arh d~bit to thc Fund~ ~~as ma~1~. Thr Fun~i. arc pl~~igr~
a, a~~itiunal ,~curity tur the ~um. ururcd by this Sr~urity Instrument.
11 th~ amuunt uf thc FunJs h~ld hy L~ndcr, tugrther ~~•ith ~hc futur~ m~~nthl}' pa)'n~~nt. uf ~unclti pt~}~hlc' priur tu !h~ ~u~ ~1at~ti .
+,f th~ ~,rn?H itemti, shall ~xrerd th~ amount rryuir~J to pa~ the ~,rruw it~m. «hcn ~u~, the exre„ ~hall be. at Bi>rru~+cr', uptiun.
~ ith~r prumptl~• rep~i~ to Borru~ver ar rreJited te~ Burru~vrr om m~nthl~~ pay r7tent, ~>f Funds. th~ :~m~~unt uf the Fun~l, hcl~ h~ Lcn~~r
nut ~uilicirnt a~ pa~ th~ c,rru~~~ it~m< «~h~n du~. Borru«er .hal! p:ey tu Lcn~~r an~ amuunt n~r~»ar~~ tu makr up thL J~tirienr~
in une ur mor~ p3~ments a~ r~yuireJ b}• I_enJ~~
tl~m payment in full u1 all ~wn> >~rurrJ bt thi> Sccurit~ Imtrum~nt. Lcn~l~r ~hall promptly rrtun~ t.~ t3orm~~~r any Fun~~
h~l~l b~ L~n~1~r. lt un~er paragraph 19 the ProExn~ i~ .uW ur acyuired by LcnJcr. L~n~er ~hall appl~, rn? latrr than imme~iat~ly
~,ri~~r t~~ th~ salc of thc Pro~x ny or it, aryui~ition b~ L~nJcr. an~~ Fund~ hel~i h~ Lrnd~r at th~ tim~ ul appliratiun a. a rr~dit a~~in~t
~~m~. .~rurcJ b~ this Scrurity In~trument.
3. :~pplication of Pa~ments. Unlesti :tpplirahlr la~~ nru~~i~~s oth~r«is~. alt p:~~ment~ rec~i~•ed by LrnJcr undcr parairapltM
I an~ .h~~uld hc ~pplied: fir,t tu amount~ payaMc un~er paragr;~ph 2: ~eron~ tu interest; an~i I~,t tu prinripal.
J. CharKes; I.iens. Burrow~r.halt ~a~ aN t~xes, a.~es.menu, charg~~, hne~ anJ imFx?.itium attrihutah!e tu th~ Pr~~~rty ~~hirh
i~i.i~ att:~in pri~~rit~~ u~er thi, Scrurit} In.trumcnt, an~ Icaschul~ pa~ inent~ ~~r gruund rent., if an~ . Burruwer shail pa}~ thcsr ~~bli~,:ati~~n~ ~
ui thr ~nann~r pr~~~ide~ in par~gr.iph ~~r if n~~t paid in that manner, Br~rru~~•er shall pa~~ them on time ~ir~ctll tu th~ pcr,~m ow«I
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i~irnt. Burm~ver shall prumptl~ lurni~h t~~ L~nder all ni~tir~~ uf amuunts te? tk pai~ under this paragraph. lt B~,rm«er ntakc, th~~e
~,:i~ mcnts Jir~ctl~ . Borru~er sh:~ll prumptly furni~h to Len~ler re~eipts i~iencing thr pa~ n~ent~.
Burrnw~r >hall promptl~ dis~hurge any licn ~i~hich hu. priorit~~ o~~er thi~ Serurit}~ Ir~strum~nt unle.s B~~rru~~•er. (a) a=rc~. in
~~riting t~? th~ pa~m~m of thc ~~blig~tiun serure~i hy thr lien in manner ar~epwhle tu Lcneicr, (b) runte~t. in ~~~~il faith thc lien
h~ ,~~r ~1~fcn~l~ azaimt ei~~~~rremcnt of thc lien in. I~gal pr~xee~ting. «hirh in thc Len~er'~ upini~m o~xrate tu pr~~~~nt thr entiir~cment ~
~~f [h~ li~n ~~r forieiturc of an~~ p~rt of thr Prup~:m'; ~~r Ir) ~ecure, trom th~ hul~irr oi th~ lien an agreemcnt ~atitifact~~r~~ to LenJer
,uh~~rJinating the ii~n t~~ thiti Sccurit~ In~trument. If Len~ier ~leterminc; that an~~ part c~f~ the Pro~xrt~~ i> >ubject t~~ a lirn w•hirh ~i~a~ ~
:ntain priuritt uver this Securitl' Imlrum~nt. Lcn~1~r nta~• gi~~~ B~~rru~~er a nutire i~~ntifyin~ th~ lir~. Borru~+cr ,hall ~ati~iy thc lirn
~,r take on< <~r mure ~~t ~h~ :~cti~m, s~t ti~rth atxn~ w ithin 10 ela~ ~~~f th~ gi~ ing ~~t nutice. ~
Hazard Insurance. Burro~~~r ,hall ke~p th~ impro~~rment, now cxi~ting ur her~atter crccted ~m the Pr~~pe:rly inwrcd again,t
I~~.. h~ fir~. hazar~l. inrlu~l~J ~?ithin thr t~rm "extend~~ ci~ccra~~" ~n~1 an~~ ~~ther hazards fi~r tihich Lend~r rryuire, in.ur;~nce. Thi~
in.uranrc .hall tx m~intaine.l in thc am~~unt. and fur the ~ri~xf~ that Len~ier rcyuirc~. The in~uranre carrier pr~~~ i~iine the imuranrc
.iiall tx chu.~n b~ B~~rn~~vrr wbject tu. L~n~~r', appr~~~al ~~hirh sh;~H not tk unrwsc~nabJ~ ~~ithhcld:
All imur~nr~ polirir~ and rrn~Halti ~hall tk arc~pt~hle t<~ [.cnder aetJ .halt includ~ a stan~fard mortgage clawe. Lender ~hall
fi.i~~ the rizht t~~ hufJ the ~~lirir~ and rcne«al.. If Lender reyuir~s. Borr~~xcr,hall promptl~ gi~~e t~, I.end~r:~ll rereiptti uf pai~ prrmiunu '
.mJ rcnc~~al nutir~~. In the erent ~~i lo~.. B~~rru~~~r ,haU gi~r prumpt nuticr to th~ in.uranc~ ~arrirr an~i Lcn~er. Lender ma~ makr
E~rikii uf lu~~ if not maJ~ pri~mptl} h~' Borru~cer.
Unle.~ Lrn.ier an~1 Burri~wcr othcrH i~e azr~~ in ritin~. in`uranre pnxeed, ,hall tk applir~f to rr~turatiun ur repair uf thr Pn?-
~~~rt} dama~:e~. if the re.t~iratiun or r~pair is cr~~numicall} fca.ihlc ancl Lendcr'. `e~urit~ i. nut fc~,~ne~i. If thr r~.turatiun ur repsir ,
i. nut ~run~miirall} fc;~,ible ur Lendcr', serurit~ w uuld tk I~..en~d. the imur:~nre pnxce~t~ ,hall tx applied t~? the 4ums .ccur~~i b~
thi, Securit~ In~trument. ~~hcther ur ni~t th~n due, with am cxre~~ pai~ u? B~~rniw~~r. tf Beirrouer aban~un~ thc Proper~~. or J~k~
nut am~~cr within 30 ~a~~~ a notice from Len~fer that the inwranre r;~rrier h~. ~~tfered tu settle rl~im. then Len~er ma~ cuilect th~
~nwranrc pnxc~d~. -Lcnacr may u~c th~ prcKCed~ tu repair ur re.t~~rc thc Pr~~~xrt~ ur ti~ pa} ~umti ~~rurrd h~ thi~ Sccurih~ In>trumcnt.
hrther ~~r not th~n elu~. The 30-da} ~xri~xi ill hc:gin :+ficn the nutice i, gi~•en.
tJnl~~. Leneler :~n~i Burrouer othcrwi~e agree in tiriting, am applic:~tiun ut pnxcc~l~ tci principal sh311 n~~t exten~ ur p~i,tpeme
tii~ Jue ~l~te c~1` the ~n~~nthl}~ payment~ referred tu in paragraph> I~n~ ?~~r ch.~nge thr amuunt uf thc p~~ mcnt.. If under par:,graph
I~) the Pruperty i. acyuir~d by Lrn~ier. Barruw~r', right tu an~ inwranre ~~licie, ~n~ pnxeeei~ re~ulting from damage to the Pr~i~rty
E~ri~~r t~~ the acyui~iti~~n ~hall pa~~ t~~ Lender to thc cxtcm i~f the ,um~ ~erurcd b~ thi. S~curit~ Intitrument imm~~i~tely pri~~r t~~ ihe
.~~yui,itiim.
6. Presenation and ~laintenance of Propert~; Lrasehotds. B~~rrc+µ~r,hall n~~t ~1e~tri~~. ~lamagr ur tiubstantiall~ chan~~ the
Pru~xrt~, allin~ the Propert~ t~~ J~t~ri~?rate ~~r c~nnmit ~ta~tr. If thi~ Serurit} Imtrwnent i~ un a Iraseh~iW, Borre~~ccr ~hall r~~mpl~
~~ith th~ pr~~~i,ions ul th~ leas~, an~ if Burrciuer aryuire~ f~e titJe to the Pr~~~rt~. th~ Ica,rhul~ and fec tiilr ~hall nut mrr,~~ unl~..
LenJrr agr~e, tu the rnerger in aritin~.
7. Protection oF l,ender's RiKhts in the Propert~; ~tortRaRe Insurance. If Burrc~~~rr tails t~~ ~xrf~~rm the i~~~cnant~ an~
:~gr«m~nt~ r:~nt~in~~1 in thi~ Securit~ Imtrumrnt, ~~r th~r~ i~ a I~gal pri~c~~Jing that m,?~ tii~niticantl~ aifcct Lrn~er's ri~ht~ in the
Pr~~~rt~ ~.uch a~ a pr~xee~lim~ in hankruptr~. pruhate, fi~r c~~ndemnsti~m ur t~~ cnti~rr~ la~+. ~~r rcgulati~m~1. thcn L~ncler ma~ J<~
an~ pa~ ti~r ~~hatc~~r i~ n~rr~~arti t~~ pnitcct the ~alur ~~f the Pri~~rt~ anJ Lrn~er'> rightti in ihe Pru~rn. Len~ler'. a~tiunti rna~
in~lu~~ pa~inz am ~um> >ecureJ h~ a iien ~~hich ha~ ~ri~~rit~ ~n~r thi. S~rutit~ In,trurnent. ap(karir~g in ri~urt. p:~}'ing rea~~mahle
att~~rn~~.~ trc~ an~ cntrrim~ i~n thc Pm~xrt~~ t~~ makc rep~~ir.. Althe~u~h Leneier ma~ t.+kr ~rtiun un~er thi~ ~~ra~~raph 7. Lcn~lrr ~~x~
nut ha~~ tu ~1~, ,u.
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