HomeMy WebLinkAbout0962 L~IFC~RM Cc~rt:~.ati7s Aorrower and 1_rndrr c.~vtnant and agree folluw~:
1. Pa~•ment of ~'rincipal and Interzst; P~epayment and l.~te Charges. Burmw•rr ~h~ll ~mmptl~ pay ~hrn due
the principal of and interest on the debt e~ idenred by the Note 3nd an~• prepa~ mrnt and late rhargeti due under the'~~~tr.
2. Funds tor Taxes and l~surance. Subjert to applicable law or to a~ ntten H ai~ rr b~• Lender, HorroHer tihall pa}
to Lender on the day~ mon[hly pay~ments are due under the Note, until the Note is paid in full, a~um ("Funds") equal to
one-twelith of: (a) yearly taxes and assessments w~hich ma~ attain priurit~~ o~er this Securit~~ Instrument; (b) ~~earl~•
leasehold payments or ground rents on the Property, if any; (c) yearly hazard insuranre premiums; and (d) yearly
mortgage insurance premiums, if any. These itenu are ralled "escrow~ itrms." Lender ma~• estimate the f=unds due ~~n the
basis of current data and reasonable estimates of future tsrrow items.
The Funds shall be held in an instiwtion the deposits or aca~unts o~w hich are insur..i u- gua~ anteed b.: a federal or
state agency (including I.ender if Le~der is such an institution). Lendcr shall appl~• thr Funds to r~~ the c~scroµ• items.
Lender ma~~ not charge for holding and appl}ing the Funds, analyzing the account or ~•erifying the ncrow~ items, unless
Lender pays Borrower interest on the Funds a~id applicable law permils !_rnder to mak~ sueh a charge. BorroHer and
Lender may agree in w~riting that interest shal! be paid on the Funds. Unless an agreement is made or applicable law•
requires interest to be paid, Lender shall not be reyuired to pay~ BorroHer an~~ interc-~t or earnings on the Funds. I_ender
shall give to Borrower, without charge, an annual accuunting of the Fur.ds show~ing credits and debits to the Funds ard the
purpose for which each debit to the Funds w~as made. The Funds are pledged as additional securitp for the sums,ecured b}•
thisSee:urit}~ Instrument.
If the amount af the Funds held by Lender, together w~ith the future monthl~~ payments of Funds pa}able prior to
the due dates of the escrow items, shall exceed the amount reyuired to pa}~ the escrow~ items when due, the excess shall be,
at Borrower's option, either promptl~~ repaid to BorroH~er or rreciited to BorroH~er c~n monthl}~ payments of Funds. If the
amount of the Funds held by Lender is not suffirient to pa}~ the c~cruw~ items w~hen due, Borro~~~er shall pa}~ to Lender any~
amount neressar~~ to make up the deficiency in one or more p~}•ments ~s reyuired b}• Lender.
Upon payment in full of all sums secured by this Sc~ urity Instrunient, Lender shall promptly refund to Borrow•er
anp Funds held b~~ Lender. If under paragraph 19 the Yropert}• is sold or acyuired b~~ Lender, Lender shall appl~•, no later
than immediately prior to the sale of the Propert}~ or it~ :~cyuisition by lxnder, an}~ Funds held b~ Lender at the time of
application as a credit against the sums ucured by this Serurity Instrument.
3. Application of Payments. Unlc~s applirable la~~ provides uthrrwise, all payments recei~~ed b}• Lender under
paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepa}ment charges due under the
'.`ote; third, to amounts pa}~able under paragraph 2; fourth, tc~ interest due; and last, to principal due.
4. Charges; Liens. Borrow~er ~hall pay~ all taxes, assetisments, rharges, hnc~ and impositions attributable to the
Property w~hich ma~• attain priorit~ ~iver this Serurit}~ Instrument, and leaschold payments ur ground rents, if any.
Borrower shall pay these obligations in the m~nner pro~ ided in paragraph 2, or if not paid in that manner, Borrow~er shall ~
pay~ them on time directly to the person ow~ed psyment. Borrower shall promptly furnish to Lender all notices of amounts I
tu be paid under this paragraph. ff B:~rrower makr~ thcx pa~~ments direrily~, Burrow~er shall promptl~~ furnish to Lender I
receipts e~ idencing the payments. !
Borrower shall promptl~~ disrhargr ~n~ iirn whicl~ ha~ priarit~ over this Security Instrument unless Borrow-er. (a) i
agrees in w•riting to !he pa}~ment of the obligatiun .rrured b~~ the lien in a m:~nner arceptable to Lrnder, (b) contests in gc~d
faith the lien by, or defends against enforccment ~~f the lien in, leg~l pnxredings ahirh in the Lender's opinion operate to j
prevent the enfor~ement of the lien or forfeiwre uf an} part of the Propert~~; or (r) secures from the holder of the lien an '
agreement satisfarror~~ te~ Lender suburdinating the lien to this Serurit~~ Instrument. If Lender determines that an~~ part of
the Propert~~ is subject to a lien which ma~ attsin pri~~rit~ u~~er thi~ Srcurity Instrument, Lender map gi~~e 9c~rrow~er a
notice identif}~ing the lien. E3u~row~er sha{1 ti~tisf~ the lien ~~r take cme ur more ~~f the actiun~ ut forth atxn~e within 10 days
uf the gi~ ing uf notice.
5. Hazard Insurance. Borroa•er ~hall keep thr im~rc~~ementti n«w rxi,ting e~r hereaRer erected on the Yropert}~
in~ured against loss b}~ fire, harards inrluded with~n the term "extended r~~~erage" and an}~ oth~r hazards for w~hich Lender
reguires insurance. Thi~ insuranre shall tx maintained in the amountti and fc~r the ~ericxis that Lender requires. The
insuranre rarrier pra~iding the insur:~nre tihall be chiisen b~ Biirr~~wer ~ubjert t~~ Lender'ti a~pru~al w~hich shall not be
unreaso«abl~• withheld.
All insuranre p~~lirie1 and renewsl~ ~h~ll be acceptablr t~~ [.rnder an~i ~hall in~lude a standard mortgage clause.
Lender shall have the right to hold the pc~lirieti and renrw~ls. If Lender reyuirrti, Bc~rro~~er tihall pre~mptl~~ gi~e to Lender
all re~eipts of paid premiums and renewal notires. [n the e~ent uf li~ss, B~~rrc~w~er;hall gi~e prompt notice to the insuranrc
carrier and Lender. Lender may make pro<~t c~f I~n1 i(n~~t madr promptl~~ b~ B~~rmw~er.
Lnless Lender and B~rrower utherwi~e agrer in writing, intiuranre prcxeedti shall tx~ applied to restoration or repair
; ~>f the Propert~~ damaged, if the restoratie~n or repair is economicall~~ feasible and Lrnder's ~ecurit}• is not lessened. If the
~ ~~~ti~ration or repair is not economicall~~ fea.ible c~r l.ender's se~urit}~ ~~~ould be letisened, the insurance proceeds shall be
~
~ applsed to the ~um; secured b}~ this Securit~• Instrument, w~hether or not then due, w~ith anp excess paid to Borrow~er. If
Borrower ab~ndons the Pro~ri}~, o: does not anSwer within i0 da}~s a notice fre~m Lender that the insurance carrier has
s otl'ered to settle a claim, then Lender ma}~ collect the intiuranre ~rxeeds. Lender ma}• use the proceeds to repair or re`tc~re
` the Propert~~ or t~ pay sums secured b}• this Security~ Instrument, whether c~r ne~t then due. The ~0-da}~ period will begin
i w hen the notice is gi~•en.
; Unless Lender and Sorrow~er otherwitie agree in writin~, an~~ application t~f ~rcxeeds to principal shall not extend or
; post~x~ne the due date c~f the monthly pa~~ments referred to in paragraphs 1~nd 2 or change the amount of the payments. If
` under paragraph 19 the Propertp is acquired by Lender, Borrower's right tc~ an}~ insurance policies and praceeds resulting
_ from damage to the Property prior to tfie acquisition shali pass to Lender to the extent c~f the sums ~ecured b} this Security
k Instrument immediately prior to [he acyutsition.
~ 6. Preserration and 1laintenance of Property; Leaseholds. Borrower shall nut destro~~, damage or ~ubstantiall~~
r change the Property~, allow~ the Property to deteriorate or rommit Haste. If this Securit~~ Instrumem is on a leasehold,
Borrower shall comply with the pro~~isions of the lease, and if f3~~rruw~er aryu~res fee title t~~ the Prc~~rt~•, the leasehold a~id
fee title shall not merge unless Lender agrees to the merger in writinR. '
7. Protection of I.ender's Rights in the Property; :~lortgage Insurance. If B~~rr~wer t'ails to perform the
co~enants and agreements contained in this Security~ Instrument, ar there is a leeal prckeeding that ma} signihcanll~~ affect
Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnatic~n or ta enforce laws or
regulations), then Lender may do and pay for whatever is necessary to protect the ~alue c~f tne Pre~~ert~~ and Lender's right~
i~ the Propert}~. Lender's aetions may include paying any ,ums secured b}~ a lien whirh has pric~rity~ o~er this Securit}~
Instrument, appearing in court, pay~ing reasonable attorneys' fees and entering on the Propert} tc~ make repairs. Although
I_ender may take action under this parag: aph 7, Lender dces not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shatl become additiunal debt of Bc~rrow~er secured b~ this
_ Securit~~ Instrument. Unless Borrower and Lender agree to other terms of pay ment, thrse amounts tihall bear interest from
~ the dat~ of disbursement at the Note rate and shall be pa~able, with interest, upon n~~tice fre~m Lender to B~~rmwer
~ requesting paymenL
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