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HomeMy WebLinkAbout0959 paymenta of Fuds. If the arrxint of the F~da held by Lender is not sufficient to pay the escrar items vhen due, Bornower ahall pay [o Lander any aoo~a~t necesaary to make up tfie deficiency in ane or m~re payments as required by I..en~er. Upon payment in full of all s~ seaired by this Security Institm~?t, Lender ahall pramptly refund to &~r ary F~s~ds held by Lader. If ~snder parsgraph 19 the Property ia sold or aoquired by Laxier, Lend~er ahall apply, no later then i~edi.ately prior to the sale of the Froperty or its acquisitioa h}? Lenda, ffity F~nds held by I.e~der at ti~e tuoe of applicatian as a credit ag~inat the aaos seasred by this Seairity Instnuoent. Appli,pati,on pf p~eoits. Unless applicable law provides otheiwise, all psyments received by Laxier under para~rapha 1 ad 2 ehall be a~plied: first, to late charges due under the Note; secaxl, to prepeyment , charges due uader the Note; third, to ~amts payable ~ader par$graph 2; farrth, to interest due; and last, to principal due. 4. ~ar~; Li~eos. Bocrawer ehall pay all t~ces, assesa~ts, chargea, fines ~d i~asiti,a~s attributable to the Property Which may attain priarity over this Security Inetnument, ad leas~old psyments or grands renta, if aty, Bort~er ahall pay these obligatiaas in the macmer provided in Paragraph 2, or if not paid in that mamer, Borr~aaer shall pay then an time directly to tfie person uaed payment. Borrawer ahall pmmptly furnish to La~der all r~otices of anamts to be paid ~uder c~is paragraph. If Barro~er mekes these payments directly, Borrora~er shall prc~tly fumish to Lende~c neceipts evi,dencing the p8yments. Borrower shall pramptly discharge a¢ry lien which has priority aver t~is Seourity I~trument unless Bocro~er: (a) agrees in writing to the payment of the abli.~tian seaureci bq the lien in a mamer acceptable to Le~der; ~b) cantests in good fai~ the lien by, or defa~ds against aiforcmait of the lien in, le$al proceedings Which in the Le~dPt' a opinian operate to pre~t tfie enforcanent of the liai or forfeiture of ary part of die Property; or (c) seoures fron the hold~c of ~e lim an agreauent satisfactory to Lender subordiasting the lien to this Seourity Instmmait. If Leader deteYmin~es that ary part of the Property is ab ject to a li~ i+hi~ch may attain priority ~ aver this Senirity Ic~stn~mait, La~de.r may give Bo~rraaer a notice idaitifying the liesi. Bacra~er shall sati.sfq the lien or take aae or more of the acti.aos aet forth above witfiin 10 days of the giving of c~otice. S. Bmtd Iaoartasce. Bacra~x shall keep the improv~oents now exiating or hereafter erected on the i Property insured ag~inst loss by fire, hazards included within the tem? "e~ctended caver~e" and ary odter hazar~ds for yhich Lader requix~es insurance. 'ihis insurance shall be maintained in the amamts and for the periods t3iat Lender requires. ~he insurafce carrier prwiding the inairance ahall be chosen by Borrv~rer e~ject to Laid~'s ~ apQraval which shall not be unreasonably withheld. All insurance policies and rena+als shall be accept.able to La~der and shall include a s[aidan~i m4rt~age clause. Lender ahall have the rig~t to hotd the policies aid reinevals. If Lender requires Borro~er shall prcmptly give to Lender all receipts of paid premiws ~d ra~a,ral notices. in the eve+nt of loss, Bo~raaer shall give pra~t notice to the insurence carrier and La~der. Lender may make proof of loss if not made promptly by ; Barra,~x. ; Unless Lender and Barr~er o~exwise agree in writing, insurance proceeds shall be applied to restoratian or ~ repeir of the Property dau~ed, if ~e restaration or rep~ir iA ecanmically feasible ad Lendar's aecurity is ! not lessened. If the restoration or repair is not ecoaamically feasible or La~er's seairity ~rould be lessened, ~ the insurar~ce proceeds shall be applied to the a~ms seamed by this Sea~rity Inetn~ment, whether or not then due, " wi[h ary ~ccess paid to Baro~er. If Borroyer abadaos the Prop~xty, or does not ans~er ~+ithin 30 days a notice ~ fran I.ender that the insura~ce carrier has offered to settle a claim, then La~der may collect the inaur~ce € proceeds. Lader may use ~e proceeds to repair or restore the Property or to pay suma secured by thi.s Seairity E Inatnmmt, whe[her or nut then due. ~e 30-day period Will begin when the notice is giv~. ~ Ualess Lender and Barrower odierwise agree in writing, any appli,catian of proceeda to principal shall reot extend ar postpo~e the 3~e date of the monthly payments refe_-red to in par~graphs 1 ad 2 or change tt?e anaint of tfie paymeats. If uider paragraph 19 the Property is acquired by Leoder, Borra~r's right to any ineurance policies a~d proceeds re.~ulting fmn danage to the Propexty prior to the aoquisition shall pass to Leader to t3~e ectent of the s~s secured by this Seairity Inst~t i~ediately priar to the acquisition. 6. presenrdian avd Ma~ue of YroQecq; I,e~s~oLds. Borraaer shall not destroy, dmm38e or substanti.ally chmnge t3~e Property, allw the Property to deteriorate or oomait waste. If this Security Instnm~nt is an a leasetwld, Borra~ex shall comply with the pravisia~s of the lesse, a~d if Borrower acquires ~ fee title to tfie Property, the leasehold aod fee title ahall not merge imlesa LPSider agrees to the merger in writing. 7. Prot~ectim of Lerdez's iti.~ta ia ffie Property; Mortg~e I~oe. If Borrwer fails to perfoffi the cov~~nts a~d ~greanESits contained in this Security Instn~ment, or there is a legal proceeding that may significantly affect I.ader' e r;ghte in the Property (such as a proceeding in ba?lauptcy, Probate, far cad~nation or to enfarce laWS of reg.ilations), then Lec~der may do aad pay for ~hatever is necessary to protect ~ tfie value of the Pivp~rty aond Lerder's rigi~te in the Property. Leider's actions may include paying a~ty ~ms ~ seoured by a lien ~t?ich hes priarity wer this Seourity Inatn~ent, appearing in cwrt, paying reasa~able ~ attomeys' fiees a~td entering on the Propelty to make repairs. Althaug~ Leider may take action under dtis ~ paragraFh 7, I.~~der doea not have to do sc~. ~ ~ ~ ~ ~ ~ ~ ~ Gr~~K `t6~ PAGE ~~S ~ ~ ~ ~ ~ = ` - , F~.. s ~ e : ~ 'k~ . ~ ~3 _ .f§ti: . . _ _ .ve~a.. . .