The URL can be used to link to this page

Home My WebLink About0928 li 11F1)RM CU~ F tiAN iS Eiocrowrr ,~nd Le~ider ru~er,an~ an.1 ~g~rr a~ ic~ll;~w~ 1. Payment ~f F".•iacip~l and lacefest; Prepay~nent and l.sie ('harges. &~rmNCr .!~311 pr~~mpi!} pay whrr. dut the pnnrr~sl of and interat on the debt e~ ~denced by the Note a~d anl ~rc~wymr~~t and late rhargc~s due under thr ti~~tt. 2. Funds for Taxes aQd lasurance. Subjc~t to appl~cable law~ or to a w~~~tten w ai~er by Lender, Horrov?zr ~h:~l! p~~~ to Lender on the day monthly paymcnts are duc under the Note, until the Note i~ pa~d in fuil, a~um ("Funds") equal to ont-tw•elRh of: (a) yearly tata and assessmtnts w~hith may attain pr~ority over th~s Ser.urity Instrument; (b) ye~r1y~ leaseho:d paymcnts or ground rents on the Property, if any; (c) yearly 6azard insurance premiums; and (d) yearly ? mortgage insurance premiums, if any. Thtse items are called "escrow items." Lender may estimate the F'unds due on the i basis of cunent data and re;asonable rstimatts of future escrcw items. ~ The Funds shall be held in an institution the deposits or accounts of h hich are insur.~ or gua: anteed by a federal or ~ state agency (inciuding Lendcr if Ltnder is such ar~ institution). Lender shall appiy the Funds ta p:iy the escruw items. ; Lender may not charge ior holding $nd applying the Funds, analyzing the acco~!nt or verifying the escrow~ items, unless ~ Lender pays Borrower interest on thr Funds and applicable taw permits Lender to make such a charge. Borrower and , Lender may agree in writing that interest shall be F+aid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lendtr shall not be required to pay Bor*ow~er any intcrest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fur.ds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are ptedged as additional security for the sums secured by this Secnrity Instrument. ; If the amount of the Fun~s held by Lender, together with the future monthly payments of Funds payable priu: to ; the due dates of the escrow items, shall eaceed the amount required ta pay the escrow items when due, the excess shail be, 1 at Borrower's option, cither promptly repaid to Iionower or credited to Borcower on monthly payments ot Funds. If the z amount of the Funds held by Lender is not sufficient to pay the es~row items when due. Borrower shall pay to Lender any i amount necessary to make up the de6ciency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security lnstrument, L.ender shall pro~nptly refi,nd to Borrower ~ any Funds held by Lender. If under paragraph 19 the Property is sotd or acquired by Lendcr, Lender shall apply, no later > than immediately prior to the sale of the Property ar its acquisition by Lender, any Funds held by Lender at the time of : application as a credit against the sums secured by this Security Instrument. i 3. Application of Payments. Un7ess appl~cable 13w provides otherwise, all payments received by Lender under ~ paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; ihird, to amounts payable under paragraph 2; fourth, to interest due; and last, to principat due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attribu:able to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligatic :s in the manner provided in paragraph 2, or if not paid in that maaner, Borcower shall pay them on time directly to the person owed payment. Borcower shall promptiy furnish to Lender all notices of amounts ~ to be paid under this paragraph_ If Borrower makes these payments directly, Borcower shal) promptly furnish to Lender rereipts evidencing the payments. - Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in wri:ir.g to the payment of the obligation secured by the li~n in a manne~ acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, fegal proceedings which ir. the Lender's opinion operate to prevent the enforcement of the lien or forfeituee of any part of th~ Pr~perty; ar (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the [ien to this Security Instrument. If Lender determines that any pan of the Property is subject to a lien w;~ich may attain priority over this Security~ Instrument, Lender may give Borrower a notice identi~ying the lien. Borrower shall satisfj~ the lien or take one or more c~f the actions set forih above w°ithin 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvemenis now exis~ing on c~reafter erected on the PropPrty I insi~red against loss by fire, hazards incl4ded within the term "extended coverage" and any other hazards for ahich Lender ; i requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires The ! ~ insurance carrier providing the insurance shali be chosen by Bo~rov?er subject to Lender's approval which shall not be E unreasonably withheld. ~ All insurance poli~ies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. L,ender shall have the right to hoid the policies and renewals. If Lender requires, Borrower shaii promptly give to Lender ail receipts of paid premiums and renewal notices. In the event of loss, Borrow•er shall g:ve prompt notice to the insuran~e ca~rier and Lender_ Lender may make proof of loss if not made promptly b}• Borrower. ` Unless Lender and Bor~ower otnerw•ise agree in w~riting, insurance proceeds shali be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security wculd be lessened, the e 3surance proceeds shall be appiied to the sums secu:ed by this Security Instrument, whether or not then due, with a~y excess paid to Borrower. If Borrower abandons the Property, or does not answer w•ithin 30 da}•s a notice from Lender that the insurance carner has offered to settle a claim, then Lender may collect the insurance proc:eeds. Lender may use the proceeds to r:pair or restore the Pmperty or to pay sums s_:;ured by this Security Instrument, whether or not then due. The 30-day period wiU begin when the natice is given. ~ Untess Lender and Borrower otherwise agree ir writing, any application of preceeds to principal shatl not extend or postpone the due date of the monthly payments referred to ~n paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting {'rom damage to the Pro~rty prior to the acquisition shall ~ass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisitiun. 6. Preser~aiioa and :~isintenance of Property; Leaseholds. Fiorrower shall not destroy, damage or substantially ~ change the Property, aliow the Property tc deteriorate or commit waste. If this Security Instrument is on a leas~hold, - Borrov?~er shall compiy with ihe provisions oi the lease, and if Borrower acquires fee title to the Property, the leasehold and ~ fee title shall not merge unless L.ender agrees to the rnerger in writing. 7. Protection of Lender's Rights in ihe Property; Mortgage Insurance. If Borrower fails to perform the coveaants and agreements c~ntain~d in th+s Security Instrument, or there is a legal proceeding that may sigr.ificantly affect ~ ~ Lender's rights in the Proper~y (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or ~ ~ regulations), then Lender may do and pay fur whatever is necessary to protect ~~ie value of tne Property and L.ender's rights ~ ~ in the Property. I.ender's actions may include paying any sums se~ured by a iien which has priority oves this Security ~ Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although i = Lender may take act~on under this paragraph 7, Lender dces not have to do se. Any amounts disbursed by L.ender under this pa: agraph 7 shall become additional debt ef Borrower secured by this ~ Security InstrumPnt. Unless Borrower and Lender agree to othPr terms of payment, these amounts shall bear inrerest from the date of disbu:sernent at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. ~ . ~~456 P~~ ~ ~ ~ ; ~ _ - - - ~