HomeMy WebLinkAbout0953 l;'~IFOR~t Cc~~ E~A~TS Aorrower and Lender ~oven~nt and :?grre a~ ti~llu~?~:
1. Yayment of Principal and Interest; Prepayment and I.ate Charges. Borrc~Her tihall ~rumE~?I~ p~+~ ~~hrn eiuc
the principal of and interest on the debt evidenred b~~ the Note and an~~ prepa~~ment and !<?tr rhargeti due un~irr the \~~te
2. Funds for Taxes and Insuranee. Subject to applirable law or to a w~ritten ~sai~er by Lrnder, Ac,rru~~rr.h:tll
t~~ Lender on the day monthly pa~~ments are due under the Note, until the Note i, p~id in full, a~um ("Fw~d~") cyiial t~~
one-tw•elfth af: (a) yearly taxes and assc~~ments which may attain priorit~~ a~er thiti Securit~ In~trumrnt: (h? ~rarl~
leasehold payments or ground rents on the Yropert}~, if an~; (r) yearl~• haz~~rd intiur.ince rremiumc; and (d) )r:irl~
mortgage insurance premiums, if any. These items are ralled "e~cr~~w~ item~." l.ender ma~ estimate the Fundc dur ~m the
basis ofcurrent data and reasonable estimatc~ of luture escrow~ items.
The Funds shall be held in an institution the de~sits or accounts of w~hirh are imured or guaranteed b~ a federal c~r
state agenc}~ (including I.ender if Lender is surh an institution). Lender sh;~ll a~pl~ the Fundti t~~ ~,~i~~ the etirrc~~~ itemti.
Lender may not charge for holding and apply~ing the Funds, anal}•zing the account or ~•erifj~ing the esrro~~ itrms, unless
Lender pays Borrower interest on the Funds and applicabie law permits Lender to make tiurh a rharge. Dorrower ~ind
Lender may agree in writing that interest shall be paid on the Fundt. Unless an agreement i~ made or applirable law
reyuires interest to be paid, Lender shall nat be reyuired to pay BorroHer an} interest or earning~ on the Fundti. Lendrr
shall gi~~e to Borrow•er, w•ithout rharge, an annual accounting of the Fur.dt tiho~ti~ing credit~ and dehitt t~~ the Fundti .ind the
purFwse fi?r which each debit to the Funds w~a~ made. The Funds are plydgeci as addition:~l cerurit~• f~r the tium~ ~ecured h~
this Security Instrument.
If the amount of the Funds held by I.ender, together w~ith the ~uture monthh• pa}•menth of Funds pa~~able ~ric~r tc~
the due dates of the escrc~w~ items, shall excecd the amount required to pa}~ the esrruw~ itemti ~?hen due, thr e~cetit tihall be.
at Borrow~er's option, either promptly repaid to Borrower or credited to Borro~~~er on monthl}• payments of Funds. If the
amount of the Funds held by Lender is not sufl'icient to pa~~ the c~crow items when due. Borr~wer tihall pa~ to Len~ier an~
amount necessary to make up the deficiency in one or more payments as rzquired b}~ Lender.
Upon payment in full of all sumssec:ured by this Securit~~ Instrument, Lender shall promptly re(und tu Borrower
any Funds held by Lender. If under paragraph 19 the Property is sold or acyuired b}• Lender, Lender sh~ll a~pl~~, no later
than immediately prior to the sale of the Property or its acquisition b~~ Lender. :~n~• Funds hcld b~• Lender at the time ~f
appliration as a credit against the sums secured by this Security Instrument.
3, ttpplication of Payments. Unless applicable law~ providc~s otherwise. all pa}~ments re~ei~~ed b~~ Lender under
paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepa}~ment rharge~ due under the
Note; third, to amounts pay~able under paragraph 2; fourth, to interest due; and last, to principa! due.
4. Charges; I.iens. Borrow~er shall pa}~ all taxes, assessments, charges, fines ;~nd im~~itiuns attribut~ble tc, the
Property ~•hich ma}~ attain priority~ aver this Securit~~ Instrument, and leasehold payments ~~r ground rent~, if an~.
Borrower shall pa}• these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borro~~~er shall
pa}~ them on time directly to the person owed papment. Borrower shall promptl}~ furnitih to Lender all n~~tir~~ of smounh
to be paid under this paragraph. If Borrower makes these payments directly, Borro~~•er shall pmmptl~~ furnish t~~ Lender ~
receipts e~•idencing the payments.
Borrower shall promptl}' discharge an}~ lien w~hirh has priorit}~ over this Securit~~ Instrument unlesti BormHer. (a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) rontests in g~x~d
(aith the iien b}•, or defends against enforeement of the lien in, legal proceedings hich in the Lender's ~~p~nicm oPerate t~~
prevent the enforcement of the lien or forfeiture of an~• part of the Property: c~r (c) securet from the hc~lder of the lien an
agreement satisFacrory to Lender subordinating the lien to this Srcurit~~ In.trument. If Lender determine~ that an~~ part ot~
the Propert~~ is subject to a lien w~hich may~ attain pric,rit}~ rn~er this Serurit~~ Instrument, Lender ma~ gi~e E3c~rrow~er a
nutire identifying the lirn. E3armwer ~hall satisf}~ the lien or take cme or more crf the actiuns.et f<~rth abcne ~~ithin IO (~3)1
of the gi~~ing of flotire.
5. Hazard Insurance. Bormwer tihall kee~ the im}~re~vements no~~ rri~ting ~~r hereafter erected on the Yro~ert}
insured against loss bV fir~, hazards included w•ithin the term "extended co~erage" and an~~ other hazards for hich Lender
requires insurance. This insuranre shall tx~ maintained in the amaunts and for the peric~ds that Lender reyuires. The
insurance carrier providing the insurance shall be chosen by Bo~rower sub;ect to Lender's appm~al which shall ni~t be
unreasonabl}~ w~ithheld. '
; All insurance ~licies and rene~als ~hall be acceptable to Lender and shall include a tit~n~:~rd mortgag~ clau~e.
` Lender shall have the right to hold the ~lie:ies and renewals. lf Lender reyuiret, Borr.~wer tihall promptl}• gi~e tc~ Lender
~ all receipts of paid premiums and renew~al ne~tices. In the event of lotis, Bormw•er shal! gi~e ~mmpt notice to the insurance
; carrier and Lender. Lender may make proof of loss if not made promptly by Barmw~er.
Unless Lender and Borrower otherwise agree in W~riting, insurance prcxeeds shail be applied tc? restoratian c~r re~air
of the Yropert}~ damaged, if the restoration or repair is economically feasihle and Lender's securit~~ is n~t le~sened. If the
restorat~on or repair is not econ~~mirall}~ feasible t~r Lender's securit}~ w~ould be lessened, the intiuranre proceedti shall he
applied to the sums serured b~~ this Security Insirument, w~hether or not then due, w~ith an}- excess paid to B~rro~~er. If
Borrow~er abanduns tne Propert}~, or does not answ~er within 30 da}~s a notice from ~ender that the insuranre carrier has
offered to settle a cla~m, then Lender may collect the insurance proceeds. Lender ma}~ use the proceeds to re~air or restore
thr Yro~ert}~ c~r to pa}~ sums secured by~ this Securit}~ Instrument, w~hether or n~t then due. The 30-da~ pericxl ~~ill hegin
when the nolice is gi~~en.
llnless Lender and Bc~rrow~er otherwise agree in writing, an~~ ap~liration ~z(~r<~reed~ tc~ prinri~+al shall nat extend ~r
~ post~cme the due date of the monthl}~ pa} ments referred to in paragraphs 1 and 2~~r change the amc~unt ~f the ~a~ mentti. (f
under paragraph 19 the Property !s acquired by Lender, Borroaer's right to an~~ inwrance ~liries and ~r~keed. rewlting
~ from damage to the Propert~• ~rior to the acquisiti~n shall pass to I.ender m the extent of the ~umti tie~ured h~• thi~ Se~urit~
~ Instrument immediatel~~ prior t~ the acyuisitic~n.
6. Yreser~ation and ~faintenance of Propertf~; Leaseholds. Borrc~~~er shall n~~t de,tr~~s, damage c~r,uh,tanuall~
~ change the Pr~pert~~. allow the Pro~ert}• t~ deteriorate or ee~mmit ~raste. If this Securit~ In~trument it c~n a lea~eh~~id.
~ E3;~rrow~er tihaU c~~mpl~~ w ith tlie ~m~ isians ~~f the leatie, and if Bormwer arquires fee title t~~ the Pmpert~, the leatieh~~ld and
~ fee ntle ~hall not merge unless Lender agrees t~ the merger in u~riting.
~ 7. Yrotection of Lender's Rights in the Property~; ~tortRaRe Insurance. If F3c~rrc~«~er fails to perf~~rn~ the
~ co~enants and agreements cc~ntained in this Serurit}• Instrument, ~~r there is ~ legal ~~mceedine that ma}~ signifirantl~ affect
~ Lender's rightti in the Propert}~ (~urh as a~rexeeding in bankruPtr}~, prc~hate. for rc~ndemnati~n ~~r to en(c~rce law. c~r
~ regulati~~n~), then Lender ma} de~ and pa} for w~hate~er is necessarc tc, ~mtert the ~ alue ~f the Propert~~ and l.ender'ti rights
' in the Yro~ert}. l.ender's acti~~ns ma}• include paying ant~ sum~ tierured b~ a lien whirh has ~ric~nt~~ :ner thi~ Securit}
~ In~trument, appraring in court, pa}ing reasonable attorne}~s' fees and entering ~~n the Prope:t}~ t~~ make re~air~. .41the~ugh
~ Lender ma~~ take arti~n under this }~aragraph Lender dc~es not ha~e to dc~ tio.
~ Am ~m~~unt~ disbursed b}~ Lender under this paragra~h 7 tihall hec~~me add~tinnal deht ~~f Bc~rm~~er ~e~urrd h~ this
~ Secunt} Intitrument. t'nless Bc~rmw~r and Lender agree t~ uther terms ~f ~a~men;, thu,e am~,unt.,hall he.~r i~itere~t fre~m
~ the date e~f dishurtiement at the \~~te rate and tihall he pa}able, with interest, u~rn nc~hre (r~~m Ler,der t~~ Bc~rru~~er
reyue~nng pa}~ment.
~ ~ 454 P~~~E ~51
~ . ~.~.~4~3 P~~f~48~
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