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Home My WebLink About0990 i l' ~ I! ~?R~1 l'~ 1~ a~ 1~ H~~rruwrr ~nd t_c•ndrr ru~ rnant an.i ~grrr a, full~~w, 1. P~ymenl of Priecipal and laterest; P~epayment and l.ate C'harKes. t~~rn~wrr .h:~ll ~?rumpti~ ~a~ whrn.iur ~ thr pnnri~•al uf and tnterr~t un the debt e~ ~denced by thr Note and an~ prepa~ mrnt an~i latr ~ h.~rKr. dur un:fer t h~ \.~tr I 2. Funds to~ Taxes and lnsurance. Sub~ect to applirahlr lavr or to a w niten w~i~rr hy l.rndrr, E3orruv?rr .hall pa~ tu Lcnder un thr day monthly payments are due under thr Note, unul the Notr i~ paid in full, ~~um ("i~unJ.") eyual t~~ une-tNelfth uf: 1a) ycarly taKes and assescments which may attain pnonty over thi~ Se~unty Instrumrnt; (b) ~rarl} lea~ehe~ld payment~ ~~r ground rents on the Propert~, ~f any; (r) ~rarly hazard ~muranre prrm~ums; and Id1 ~earl~ mortgage ~nsuranre premium~, ~f any. These item~ are callecl "exr~~w item~." LenJrr ma~ cwum~te thr Fundti due .m thr basis of current data and reasonable est~males of future ex:row• items The F~snds shall be held in an institution the depnsits or accounts of whirh are insured ur guaranteed by a federal ~~r state agency (including Lender if Lender is such an institution). Lender shall apply~ the Fund~ to pay the c~cmw itemt. i.ender may not charge for holding and applying the Funds, analyzing the account or verif~~ing the escrow itemti, unle» Lender pays Borrower interrst on the Funds and applicable law~ permits l.en~ie~ to make Surh a charge. Bormwer and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applirable law requires interest to be paid, Lender shall not be required to pay Borrow•er 3ny mterc~t or earnings on the Funds. Lender shall give to Borrow~er, without charge, an annual accounting of the Funds showing cred~ts and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additiunal security for the sums secured b~~ this Security Instrument. If the amount o1'the Funds held by Lender, together with the future monthly payments of Funds pay~able prior to the due dates of the escrow items, shall exceed the amount required to pa}• the escrow• items when due, the excess tihall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrow~er on monthly payments of Funds. !f the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Rnrro~~er shall pay to Lender 3n~ amount necessary to make up the deficiency in one or more payments as required by Lender. , Upon payment in full of all sums secured by this Sec:urity Instrument, Lender shall p~omptly refund to Aorrower , any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall app!}~, no later than immediately prior to the sale of the Property or its acquisition by Lender, an}• Funds held by l.ender at the time uf II application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law~ provides otherw~ise, all pay-ments recei~~ed b}~ Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepa}•ment chargrs due under the I, I~ote; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. ' 4, Charges; Liens. Borrower shall pay all tazes, assessments, charges, fines and im~~~itions attributable to the Property which ma~~ attain priority over this Security Instrument, and leasehold payments or ground rents, if any~. Borrow~er shall pay these obligations in the manner pravided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall p:omptly furnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrow~er makes these payments directly, Botrower shall promptl~~ furnish to Lender ` receipts e~~idencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unles, Borrow~er. (a) agrees in writing ro the payment of the obligation secured by the lien in a manner arceptable to Lender, (b) contests in gcx~d faith the lien by, or defends against enforcement of the lien in, lega) prexeedings w~hich in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of an~~ part of the Prapert~; ur (c) secures from the holder of the lien an agreement satisfactory to Lender subordir~ating the lien to this Securit}• Instrument. If Lender determines that an}~ part of the Property is subject to a lien which may attain priority over this Security Instrument, l.ender may gi~e B:~r~ow~rr a notice identifying ihe lien. Borrower shall satisfy the lien or take one or more of the artions Set forth aboce within l~ days of the giving of notice. j 5. Hazard Insuranee. Borrow~er shall keep the improvements now~ existing or hereafter erected ~~n the Yropert}~ ~ insured against loss by fire, hazards included within the term "extended coverage" and any~ other hazards fi~r which Lender ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender reyuire~. The insurance carrier proriding the insurance shall be chosen by Borrower subject to Lender's appro~al w~hich shall not be unreasonabl}• withheld. ~ All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to ho(d the policies and renewals. If Lender requires, Borrow~er shall promptly, gi~.e to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrow~er shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly b~~ Borrower. Unless Lender and Borrower otherw~ise agree in w~riting, insurance proceeds shall br. 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 would t~ lessened, the insurance proceeds shall be ~ applied to the sums secured by this Security Instrument, whether or not then due, with any e~cess paid to Borrow~er. If ~ Borrower abandons the Property, or dces not ansu~er w•ithin 30 days a notice from Lender that the insurance carrier has ~ offered to settle a claim, then Lender may collect the insurance proceeds. Lender ma~~ use the pro;;eeds to repair or restore ~ the Property or to pa~~ sums secured by~ this Security Instrument, whether or not then due. The 30-da}• period w~i11 begin when the notice is given. ~ Unless Lender and Borrower otherw ise agree in writing, an}~ spplication of praceeds to principal shall not extend or ~ postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or cha~ge the amount of the pa}-ments If ~ under paragraph 19 the Property is acq~ired by Lender, Borrower's right ro an}~ insurance policies and proceeds resulting c (rom damage ro the Property prior to the acquisition shall pass to Lender to the extent of the sums secured b} this Security In~trument immediately prior to the acquisition. 6. Preservation and :~iaintenance of Property; Leaseholds. Borrow~er shall not destroy, damage or substantially~ change the Property, allow the Property to deteriorate or commit waste. If this Securit}- Instrument is on a leasehold, Borrower shall compl~• with the provisions of the lease, and if Borrower acquire~ fee title to the Propert~~, the leasehold and . fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; :~iortgage Insurance. If Borrow~er fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal prckeeding that ma} significantl~ affect Lender's rights in the Propgrty (such as a proceeding in bankruptcy, probate, for condemnation or to enforce law~s or regulations), then Lender may do and pay for whatever is necessary to protect the ~~alue of the Propert}~ and Lender's rights in the Pro~rt}~. Lender's actions may include pa}•ing any sums secured b}~ a lien uhich has priority o~er this Security~ Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Propert}~ to make repairs. Alth~~ugh Lender ma}~ take action under this paragraph 7, Lender dces not ha~•e ro~+a so. An}~ amounts disbursed b}• Lender under this Fzaragraph 7 shall become additional debt of Borrow~er secured b}~ this Security~ Instrument. L nless Borrow~er and Lender agree to echer terms of pa} ment, these amounts shall bear interest from ` the date ~f disbursement at the tiote rate and shall be payable, with interest, up~~n nc~t~ce from Lender ro Borrow•er requesting payment. ~ ~ f,,,.. . J457 -'t • ~ - - - - - - ` ~ ~ ~ ~ ~ ~r ~