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Home My WebLink About0952 l'~~F~?R~~ t~~~ Is Hurruwer and lxndcr ro~cnant en.i agrrc a~ foUuN~ I. Payn+cnt ot Principal and leterest; Prep~y~etnt and I.ate Qiuges. &~rruv?rr ~hall pr~~mptly ~?a~ whrn dur che pnnc~pal of and interat on the dcbt ev~denced by the Note and any prepaymcm and latc rhargr~ due under thr'~c~tr 2. Funds for Taxes aad Insurance. Subject to appl~cablc law~ or to a wnttrn a~a~vrr by Lcnder, Burrowrr +h~li ~+y to Lrnder on the day monthly payme~ts are due under the Note, until the Note ~s paid in full, a tium ("Fund~") ryual to une-twcifth of: (a) yearly taxa and assessments which may attain pnonty over th~s Sec:unty Instrument: (b) yearl~ leasehold paymcnts or ground renis on the Property, if any; (c) yearly hazard incurance prrm~um~; and id) yrari~ mortgage insurance premiums, if any. Thtse items are ralled "c~urow items." i_ender ma~~ e~titnate the Fund~ due on Ihr basis of current data and reasonable cstimates of future e~row items. The Funds shall be held in an institution the deposits or accounts of wh~ch arc insured or guaranterci by a federal i~r ~tate agency (including Lender if Lender is such an instrtution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for l~olding and applying the Funds, analyzing the account or venfying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrow•er and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shal) not be required to pay Borrow•er any interest or earn~ngs on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Fun~s and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall ezceed the amount required to pa}~ the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthl}• payments ul Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to malce up the deficiency in one or more payments as required by Lender. Upon payment in ful! of all sums secured by this Security lnstrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall appl~~, no later than immediately prior to the sale of the Property or 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_ 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraPhs l and 2 shall be applied: first, tc~ late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payabie under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, aasessments, charges, fines and impositions attributable to the Property w~hich may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner pro~°ided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts I to be paid under this paragraph. If Borrower makes these payments directly, Borrow~er shall promptly furnish to Lender ~ receipts evidencing the payments. il ; Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower. (a) agrees in writing to the payment of the obligation secured by the lien in a~nanner acceptable to Lender, (b) contests in good I faith the lien by, or defends against enforcement of the tien in, legal proceedings which ~n the Lender's opinion operate to prevent the enfarcement of the lien or forfeiture of an~~ part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Sec~rity Instrument. If' Lender determines that any part of the Propert}~ is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a , notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within IQ da}°s t~f the giving of notice. ~ 5. Hazard Insurance. Borrower shall keep the improvements now~ existing or hereafter erected on the Property ` ~nsured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender ~ requires insurance. This insurance shali be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be ~ unreasonably withheld. ~ All insurance policies and renew~als shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender € all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall g~ve prompt notice to the insurance , rarner and Lender_ Lender may make proof of loss if not made promptly b}~ Borrower. Unless Lender and Borrow~er otherwise agree in writing, insurance proceeds shall be applied ta restoration or repair ; o{ 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 would be lessened, the insurance proceeds shall be = applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid t~ Borrower. If ~ Borrower abandons the Property, or dces not answ~er within 30 days a not;ce from Lender that the insurance carrier has r offered to settle a claim, thcn Lender may col(ect the insurance proceeds. Lender may use the proceeds to repair or restore ~ the Property or to pay sums secured by this Security Instrument, w~hether or not then due. The 30-da}~ period w~ill beg~~ ~ w~hen the notice is given. Unless Lender and Borrower otherw~ise agree in w~riting, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the pa}~ments. If ~ under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance ~licies and proceeds resulting s from damage to the Propeny prior to the acquisition shall pass to Lender ro the extent of the sums secured by~ this Securit}~ Instrument immediately prior to the acquisition. 6. Preservation and 1~taintznance of Property; Leaseholds. Borrawer shall not destro}~, damage or substantiall}~ ~ change the Property, allow the Pr~perty to deteriorate or commit w•aste. If this Security~ Instrument is on a leasehold, ; Borrow~er shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the ieasehold and fee title ~hall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgsge Insurance. If Sorrow~er fails to p~rform the covenants and agreements contained in this Sec~rit~ Instrument, or there is a legal prcxeeding that ma~• significanti}~ affect Lender's rights in the Property (such as a proceeding in bankruptcy~, probate, for condemnation or to enforce law~s or regulations), then Lender ma}• do and pay for whatever is necessary to protect the value of the Propert~~ and Lender's rights ~ ~n the Property. Lender's actions may i~clude pa}•ing any sums secured by a lien w~hich has priorit~ over this Securit}~ Instrument, appearing in court, pa}~ing reasonable attorneys' fees and entenng on the Property to make repairs. Although Lender ma}~ take action under this paragra~h 7, Lender does not have to do so. Any amounts disburs~d by~ Lender under this paragraph 7 shall become additional debt of Borrower secured by this , Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shal! bear interest from the date of disbursement at the Note rate and shall t?e payable, w~ith interest, u~n nonce from Lender to Borrower reyuesting payment. r,; ~K 45? P~GE _ - ~.:y~~ ~ ~y