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Home My WebLink About0969 ~ : Uti1FuK~i CO~ k'~.,tiT~ H~irroNrr xnd 1_tndrr co~rnai?t and rgree a~ fuUuWt: 1. Paytnent ot Yrincipal aad laterest; Prepayment and L.ate (.~arges. 13urruwrr ~hali prur~ptl}~ p:,~ Hhrn dur the pnncipal of and iaterest on the dtbt evidtneed hp the Not~ and any ~repayment and latr charges ~1ue un~ier thr Notr. 2. ~nds tor TaYts and lasuranee. Subjrct to ~pplicable Isw or t~~ a written w~aiver by l.ertder, Horrower shall pay to l.~rsder on the day monthly paymen?s are dur under the Nc~te, until the Note is pa~d in full, a s~~m ("Funds") equal to ono-twelfth of: (a) yearly taxes anJ assesscnents which may attain priority over this Sec:urity Incirument; (b) yra:ly kasehold psyments or ground rents on the Property. if any; (c) yeariy hazard insu~aiire prerttiums; and (d? yearly mortpage insurance prtmiums, if any. These items are called '`escrow• items." Lender may rstimate the Funds dur on the basis of curcent data and reasortable es[emates of Puture escrow~ itzms. The Funds shall be held in an i~stitutian the depc~sits or acxour~ts of which are insured or guaranteed b~~ a federa! or state agcncy (including Lender if L;nder is such an institution). L.ender shall appiy th. Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyring the acrnunt or verifying the escrow items, unless Lender psys Borrower interest on th~ Funds and appticable Iaw~ permits Lender to make such a chargt. Borrow~er and I,ender may agree i~ writing~ that interest shal) be paid on the Funds. Unless an a~reement is made or applicable law requires interest to be paid. Lender shall not be required to pay Borrow~er any interest or eamings un the Funds. Lender shall give to Borroyer, w•ithout charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpo~e for which each debit to the Funds was m~de. The Funds are pledged ns additional security for the sums securc,~d b~~ this Security Instrument. I!'the amount of tt~e Funds held i~y Lender, togcther w~ith the future mor.thly payments of Funds pa~~able prior to the due dates of the escro~~ items, shail exceed the amount required to pay the escrow~ items when due, the excess shall be, at Borrower's option, either promptly repaid to Borruwer or credited to Borrower on monthly payments of Funds. if the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrow~er shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by I,ender. tlpon paymeat in f~ll of all sums secured by this Security [nstrument, Lender shall promptly refun~ to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediatcly prior to the sale of the Propert~~ or its acquisition by Lender, any Funds held by Lender at the time of application as a credit ag~inst the sums secured by thiS Security lnstrument. 3. Applieation of Payments. Unless appticabie law~ provides otherwise, a11 payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Noie; second, to prepayment charges due under the Note; third, to ameunts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borcower shall pay ail taxes, assessments, charges, 6nes :~nd impositions attributable to the Property wh,i~h may attain pr.onty. over this Sccurity Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the marner provided in paragraph 2, or if not paid in tha~ manner, Borrower shali pay them on time directiy to the person owed payment. 8orrou~er shall promptly {'urnish to Lender all notices of amounts to be paid under this paragreph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrowzr shall p:omptly discharge anp l~en which has priarity over this Security Instrument untess Borrow~er. (a) ~ agre~.~ in writing to ihe paytnent of the obligation secured by :he lien i^ o rnanner acceptable to Lender; (b) contests in goo~ faith the lien by, or defends against enforcement of the lien in, legal proceedings which in .he !.ender's opinion a,nerate to preveni the enforcement of ihe lien or forfeiture ~f any part of the Propeny; or (c) secures from the holder o~ the lien an agreement sat;sfactory to Lender subordinating the lien to this Securit~ Instrument. If Len~er determines that any part of the Property is subject t~ a lien which may attain priority over this Security Instr~ment, Lender rr?ay give Borrcwer a notace identifying the lien. Borrower shall satisfy the lien ar take one o~ more of the actions set forth above w ithin 10 days of the giving af n~tice. 5. Ha~rd Insurance. Borrower shail kre~ ~he impro~•ements no~~ ezisting or hereafter erected on the Pro~ erty insured agai~st loss by fire, hazards included within the term "ext~nded coverage" an~+ anp other hazards for w•hich I.ender requires insurance. This insurance shap be maintain~d in the amounts and for the pericxis that I,ender requires. The insurance carrier providing the insurance shall be chusen hy 8orrow~er subject to Lender's approval w•hich shail nat be unreasonably withheld. AI? insurance policies and renewals shaIl b~, ac~eptable tu Lender and shall include a standard mortgage clause_ I.ender shall have the righi to hold the policies and renew~als. If I.ender requires, Borrow•er shall promptly give to Lender all receipts of paid premiums and renewal notices. In the e~•ent of loss, Borrower shall give prompt notice to the insurance carrier and Le~der. Lender may make proof of los:, if not madc promptl~~ by I3orrower. Unless Lender and Borrower othervvise agree in w~riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, sf tne restoration or repair is economically feasible and Lendei s security is r_ot lessened. If the restoration or repair is not economically feasible or Lender's security would be tesser;ed, the insurance proceeds shall be applied to ?he sums secured by this Security lnst; ument, w•hether or not then due, witii any excess paid to Borrower. tf Borrower abandons the Property, or does not answer within 30 days a notice f.am Lender that the insurance carrier has offered to settle a claim, ihen Lender may collect the ~nsurance proceeds. Lender may use the proceeds to ~epair or resture ihe Property or to pay sums secured by this Security Instrument, w~hether or noi then due. The 3U-day period will beg~n wher~ the notice is given. Unless Le~der and Borrow~~r otherwise agree in writing, any application of proceeds tc~ prir.cipal shal! not extend or postpone the due 3ate of the monthly pa}-ments referred to in paragraphs I and 2 or change the amount of the pa}~met~ts. If under ~aragraph 19 ihe Property is acquired by Lender. Borrower's right to any insutance policies and proceeds resulting trom dama~Ze to ti~e Property~ prior to the acquisition shal; pass t~ Lcnder to t}~e exte~t af ihr sums sec.ured b}• this Securit}~ Instrument immediateiy prior to the acquisitior~. 6. Preservation and ~isintenance uf Property; Leaseholds. Borrow~er shall not destroy, dar*mage or substantially change the Property, allo•a~ the Pro~ert}~ to deteriorate or commit w~aste. If this ~ecurit}~ In;trument is on a leasehold, Borrow•er shal! co:7p1~~ with the ~r~.isions of the lease, and if I3orrow~er acquires fee t~t(e to the Properh~, the lease~ald and fee title shall not rrerge un(ess I,ender agrees to the merger in writing. 7. Protectian of Lender's Rights in the Propertp; '~tortgage Insurance. If Borrow~er fails ro perform the co~enants and agreements contain.d in Ihis Securisy~ Instrumen:, ar there is a legsl proceeding that may significant~y aflect L.ender's riqhts in the Property (such as a proceedin~ in bankruptcy, probate, for condemnati~~n or to enforce law~s o- regulations), then Lender may do and pa~• (or whate. er is necessary to protPrt the value of the PropertS~ and Lender's rights in the Property-. Lender's artiors may include pa}~ing any sums secured by a lien ~s•hich has priorit}• over this Se~:urity Instrument, appearing in court, paying reasonable attorney~s' fees and ~ntering on the Property to make repairs. Although Lender may take action under this paragrap;~ 7. Lender does not ha~~e to do ~o. Any amounts disbursed by L,ender un~er this paragraph 7 shall become additional debt ~f Borrower secured by this Security Instrument. Unless Borrow~er and Lender agree to other terms of payment, these amounts shai; bear interest from the dat~ of disbursement at the Note rate and shai( be pa~~able, w~ith interest, upon notice from Lender to 8orrower requesting payment. ~ ~~i~~~~i ,rnze a .,P • • . . - . . ~ j ~ a~~ 4 968 _ _ _ ~ -