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HomeMy WebLinkAbout0968 l'~II ciK~t t`.ati ~i Bt~[[t~HCf ;:ct~i l ci~clcc ~u~enant ;~n~! :~gtc~ ~+s ti~l{ows~ - 1. Y~y~ment of Principal and Interest; Yrepa~ment and I.ate CharRes. BorroNrr ~hall pr~~mpU~~ pa}~ wh~n dur the pnne~pal of and interc~t un the drbt e~ i~lenrrd hy :hr tiotr and any pre{~aymrnt and latr chargc~ due under the \ote. 2. Hunds for Taxes and Insurance. Subjc~;1 to applirablr 1aw~ or to w-ntten H•ai~er b} l.endrr, BorroH~er sn~ll pa~ to L_rc~der ~m the da}~ monthl~~ ~aymrnts arr cfue under thc N<~te, until thr Note i~ p~id in full, a tium ("Funds") eyual tu une-iwelRh e~f: la1 }~a~ly~ taxc~ and a~srtisr+tirntti w~h~ch m.~} ~tta~n pn~~rity u~er thiti Securii~• lmtrumenl: (b) prarl~. leasehold p~ymrnts or grounJ rent~ on thr Pruperty~, if any; ~~arly harard intiuranre prrmiumt; and (d) }~earl}• murtgage insuran~r prem~ums, if an}~. The~e item~ are rallyd "rsrri~w itrms." Lrndrr m~i~ r~limate Ihr Funds due on the ba~is uf curtent d~ta anc~ rra~~mablr rsum:itr~ uf tuwrr r~~ro~~ itr~nti. The Fund~ ~h:~tl be heid in an in,t~tutic~n thr depexitti ~~r arc~~~nts ~~t~ w~hich are imurrd or guarantec~i b}• a feder.~l ur +tatr agency (including l.ender it l.ender iti tiuch an intititutionl. Lrnder shall a~ply thr f~w~ds to pay the escrow~ itrms. Lender may~ n«t charge fon c~stding :and .?pply ing the Funds, analyzing the a~rount or ~~erify~isig the escrow items, unl~s l,ender pa}~s BorroN~er interc~[ on the Fund~ and applicable 1a~v permit~ I.rn.ler tu make such a charge. Borrow~er and Lender may agrrr in ~~riting that interc~t ~hall t~ paid ~n the Funds. l;nle,s an agreemrnt is made or applicable lau~ rrquirc~ interest to be paid, Lrndrr tihall not he reyuirrd t~~ pa~' B~~rru~+~r an} int~retit ur earn~ngs on the Funds. Lender ~,`~all gi~~e tu Borruw-er, w•~thout charg~, an annual :~~c~~unting ~~f the f=ur.d~ ~h~~w~ing credits and debits to the Funds and the pur~xne fur w•hi~h ~.irh dehit t~~ the f=und~ a~ mci~le. Thc; E~unds arr ~leciged a~ .+dditional ~e~unt~~ for the ~~m1 sc~ured b}' thi~ Securit~~ Instrument. It'thr am~~unt c~f thr Funds hrld h~ I.~n.irr, tugether ~~ith the tuture munthly r.i~ments ~f Funds ~a~'ahle ~nor to the dur datrs af the c~~rciw it~m,. ~h.?ll e~rrrd the ami,unt rryu~rr~i [c~ ~,a~ the ~~.cru~~ itrm~ H hen dur. thr e?cces~ shall hr. al Burru~~•er'ti ~?~ti~~n. r~ther rrum{~t1} rrpaiei t~~ ~3urrr~~~r ur rrr~irte.1 t<~ 13urri,~scr un m~mthl~' ~a~mrnts uf Funds. (f th~ ame~unt c,f the Funcl, held h~ L~nd~r i. n~,t •utli~irnt tu ~.:t~ ttsr ~,,t~,~~ 3lrm~ h~n e1ue. 43~~rn,~~er ~hal) t~, Lcndrr .?n~~ anu~unt necrs.ar~ t~~ make u~ thr ~irti~ irn~ ~ in ~~zir ~,r ni~~r~ ~r.~~ mr!~i~ .i~ r~yi!~ree1 h~~ l.~ndrr ~_`~un pa~~mrnt in tull ~if a!I ,~~m, ,r~iur~i h~ th„ ~r,:unt~ In,trumc~nt. Lrn:irr ~hall ~r~,mptl} rrfund t~~ I3i~rrc~~~er .~n~• Fw~dti held b} l.~neirr. 11 unikr ~:ir,i~;r:l~,h l~) ~h~ Pru~,rrt~ i~ u~l~i ur aryuirrd h} t_cn~lrr. Lcnder shall ~pPl~. nci later tha~ti ?mmcdiately pri~,r t~, the tiafe uf the Pru~rrt}' c~r it, aryui~iuun h~ l.~nclrr. a~i~ 1=undti held b~ Lender at the hme e~f a~{~Itr.?u~~n ati a rrrdit :i~Jllril lll~ SU(1l~ ~c'iL1f~CI (Illti Sr~uryt~ In•trumcnt. . 3. Application of Ya~ments. l'nlr~. a~PGrahlr I.1~+ pru~ict~. ~~ther~citie. :?Il }~a~me~tt~ rcceivrd b~~ Ler~der ui~~ier ~~ragraphs 1 and 2 tihsll he.ipplied: tir.t, t~~ late rht+rge~ due under thr :'~c~t~; se~ond, te~ ~rrpa~ment rhargrs duc under th~ \~~te: thir~l, ic~ am~~unts pa~ahlr under ~aragra~h tiiureh, t~~ intrre~t due; :ind last, t~~ ~rinri~al due. 4. CharRes; l.iens. Hc~rn~ti+rr,hali pa~ all ta~c~. .?„rument,. ~h:?rgr., tine~ and irn~~~~it:~~nti attributable t~~ thc f~fl~~1Cf[)' w'Ill~Fl nis~ att:?i~i ~~+urst} ~~~rr thi~ Srrunt~ lii~trurn~nt, an~ Iea~rh~~IJ E~.~)ment~ ~u grc~und rentti, it an~. f3arn~Her shall pap ihe.e ubligations in thc manner pren ided in paragraph ? ur if nc~t paid in that manner, 8orroHer ~hafl pa~~ then~ on time dirertl~~ to the percon ~ra•ed pa~ mrnt. Bc~rrc~wer ~hall ~re~m~tl~~ furnitih t~~ Lender all nutir~~ of amount~ tc~ he paid under this Par;~graPh. If B~,rrc~«er rnak« tht~e pa~rneni~ dir~ctl}, B<~rrc?~~er shall promptly~ furnish te~ Lendrr rerri~tti e~ idenring the ray m:nt.. B~~rrc~~er sttiall ~rram~tl~ diticharge any lien ~~hirh ha~ ~niirit} ~~~er thi~ S«•unty Instrument unlc~ti Borro~~er: (a) ,igrrc-~ in H~riting te~ the ~a} ment of the uhligati~~n ~r~ured h~ the !?ec~ iri a manner acceptable fo Lend~r; (b) Conte~ts in gexxl t;~ith the lien by. ~r defend~ ~ga~n,t enfc~rcement e~t~ thc lien in, legal ~rcxerdin~;~ u•hich in the Lender's orinion operate te: pre~rnt the enforcemer~t of the lirn nr f~~rfciturr ~f an~ ~art ~~f the Yn~~ert~: ~~r (c) ~rrur<~s frum the hotder of the lien an ~igreement ~ati~factury t~~ I.ender suhordinut~ng the lirn t~.~ th~~ Sr~~sr~t} Instrument. If Lender determines that am~ part c~f the Ymperty iti ~ub}rct ici a lien which ma~ att~in ~ne~nt} u~er tluti Securit~ In~trumrnt. Lender ma~• gice Borrower a ne~tire identify'ing the tien. Bc~rr<,~~er ,haU ~atitit~ the 1?en e,r t:~ke ~mt ur m~~re ~,t the actie,~ti set te,rtfi ahcn~e within 10 da1~ ~~f the g~~'ing ~~d niifi~c. 5. Hazard Insurance. Bc~rro«rr shall krr~ th~ imrn~~emrnt~ n~n~ existing e~r hercafter erected cm thc Pro}xrt) ~ruured cigair~st loss b~~ fire, hazards included w ithin the trnn "c~trnded co~cr:~ge" ~nd an~~ ~ther harardti for ~~hich I.ender r~yinrr~ in~uran~e. Thi~ ~n~urance ,hall he maintainr~l in the amc~unt~ and tur th~ peri~~t that Lender rryuire~. Thr in`uranre carrier pro~idi~~g th~ in~ucan~•e ,haN hr rh~~.en h) f3~~r~~»>er ~i~h~r~t te~ Lrn~er's ap~r~cal whirh tihall nut h~ unrcas~,nahl~~ withheld. AI( in~urxnr~ pe~licieti and renrw.?lti ~hail he a~~e~tahle t~~ t.~„~i<< :~~~~i ~h.ill in~lude a titandarci murtgage cleiu.e. Lender tihdl! ha~•e the right t~~ holJ th~ ~~~li~ie~ an~l re~ne~~al~. lt~ Lender reyu~re,, 13urrc~~~er ~h:~ll }~r~~m~+tl~ gi~e ta Lendcr ' :?ii rereipts of ~aid premium~ and rrner~al n~,tice,. (n tiir r~rnt ~~f luti,. f3~~rr~~~~er tihall gi~e ~rum~t nc~ti~e tu the irisurinre ; ~arrier ai~d Len~.ier. Ler~der ma} make ~ru~~t~~~f f~,.~ ~1 n~,t m.ide ~rc,m~tl~ b} l~s,rre»~er. l'nless Lender and Be,rrowe~ ~~ttier~~i.e a~rec tn artt+~~g. imus~ince pr~~c~e~i~ shal{ bc ar~lZeci ti~ re~torati~m c~r rrpair t~f the Pru~ert~ damaged, if the retituranun c~r re~air i~ rrunc~m?rall} F~a~~ble and [xnder's securit~ is n~~t les~enrd. If the reue~r~hcm or repa~r iti nut ec~~n~~n~i~ally featiihlr ur Lrncler's serurit~ ~?uuid he Irl,enrd. the intiur~nce ~r~~crrd> >hall be ~ ap~lird t<~ the sumti ucured b~ this Securit} In~tr~~ment. ~shethrr :~r n~~t then due. ~+ith ~n~• excess pai~i t~~ B~~rro~~zr. If ~ E3orr<iwer abandunti the Yro~rt~, i~r dc~eti nc~t .in~ti~er ~~ithin ZO da~s a nntue fr~~m Lrndrr that the insuran~e carrier has ~ ~~ffered t<> >ettle ctatnl, then Ler.der ma~ ce~i~~:t th~ ~nwrance pn~ieed~. Lender ma} uu the ~rcx:reds t~, re~air ~~r re,torr the Pro~ert~ or te~ pat~ ~um~.ecured hy thiti Seruntc Intitrumrnt, ~tihether e~r ncit then eiu~. The 30-~a}~ ~eri~~d ~~~II beg~n ' hen the notire is gi~en. ~ Unlrsti l.ender and B<~rre~wer e~~her~tiiti~ 11Q~CC IR i~'~ltlllC, anc .i~~licati~}n e?f ~nke~d. t~~ prin~iPal tihall ne~t ettrnd ~r ~ }~c~titPime the due date of th~ me~nthl~ ~;i~ ment~ r~ferre~l t~~ in ~aragr.i~h~ 1 ancl '~~r ihsr.ge the amuunt cif the ~a~ mrnts. If under ~aragraph 1q thc Pri~~ert~ i~ 3~yu~reci h~ f.~n~ler, t3nrt~~wcr'. ri~ht t~~ an~ intiuran~r ~e~l~cir~ and ~r~xeedti r«ultirig ! r~,m ~ia?nage tc~ the Pr~~~ert} ~ri~,r t~, the a~yui~iti~,n .hal( rci~~ t<~ Les~.ler tc; tiie r~tent ~,f tt~r ~um, tierured b~ thi. Securit~ ln,trum~nt immediatel} ~n+,r t~~ thc .~cyui~~tinn. ~ 6. Yreservation and ~faintenance of Yrr~pert}; I.easeholds. I3~~rr~~~~~r ~hall run d«tr~~~~, d11t113~'e Of tiUhtitantial!~ ~ ~han~r the Yr<,~ert}. ali~iw the Yn,~ert~ t~, ~l~trnnr~tr ~,r ~,,mmit ~?a~tr. It thi, S«~~nt: In~trum~nt i, ~,n a le.+.rh«Ici. ; t3~,rruwer ~hsll romrl~ i~ith the ~r~,~i~i~,n, ~,f tt~r le:i•~•. :it~d it Rurr~,«<•r :tcyu~rr, +~c• t~tle t~, thc Pn,~~rt}. th~ I~:~~ehuld ancl frc tttl~ tih~ill n~,t mer~r unie.~ [~ii~irr a~re~, t:1 lF}i ~I1C'f'l~S 1!1 ~~(fI1SiL' 7. Protection of Lender's Ri};hts in the Propert>; ~t~~rt#;ay~e In~urance. !k l~~~rrc~~~~r t:iil. tt~ ~crf~~rm the ~~,«nantti ~:nd agrerm<nt.:~~nt.>>nrd ~n ;hi~ tierurih In,~runirnt. ur ther~ i~ a!~~i.?I ~,r~~:.r~lin~~ ~h.it m:~~ .i~'nifi~,~:itl~ :~~T«t Lrr~~lrr'. nght~ in the Pn.~~ ett~ I~u~h a. a~,r~~crr:lin~: iri h~nkruE,t~y. ~re,hatc~. ti,~ ~~,~:ei~mnati~~n ~,r tr. rnfi~rr~~ I:i~~ti ~~r ' r~~,ula~uiml. it~en Lender ma~ d~~ ane7 ~ci} fe~r ~~h:+:~~~rr i~ ne~c~tian tc~ ~rc,t,~t thr ~:ilue ~~I ~hc• Pr~~~erl} ancl Lendrr', ri,~htti ~ rzi th~ Pf(~~tCh L~[ICItC 1 1Cil(~Il? (i1:t~ +ti:lu~i~~ j~_t~~ng sn~ ,um~ .r~i~rr~i h~ ii~n nhirh h;?~ }~n~,nh i~~er thi. ~«t~rit~ E In~trurncnt, a~~eanng in c~~tnt. ~atink re~i•~:nahlr att~~r~i~~~' fee~ anci tnt~nn~~ ~ui th~ 1'sr~rr[~ tu makr rc}~airs. :litiz„ugh 5 ( rnucr ma} take::irticm u~ider tht. G,ar:igr.~~ h~. L~•r~;, r~1re, n~~t ii:~<< t~~ ~1r ' :'~n~ amuunl. ~+.i~hur.e~~1 h~ l.en~lrr unurr :hi~ E,ar.~Lni~h' ~h.iil hc~.~~,n~ a:liiiti~~nal ~1eht uf f3~~rm~~rr,e~urccl h~ tl~~ti ~ - ~ tir~~?nt~ 1n~trurnrn~. [~nl~ti. F3~+rr~~~~rr .inc1 1 rncl:r .iRr~~ ir ~~thrr tcrni~ ~~f ~~:~~mrnt. Ih~~r :irn~,unt~ ~li~ll hr,iC IIIICf~'~1 ~fUftl ~ ' thr elate ~,f di,hur~~?uent tli~ \ut; r,~tr un~1 `ha11 +~r (~:i~ahi~. «~th ~utere>t. u~~~n n„~i;~ frt,m l.cn~l~r t<~ }~t~rrc~~crr ~ ~ r~~yur~ting ~a} mcnt. ~ ~ ~ ~lF~ ~ ~ fi~7K ~ ~ ~ 4 ~ ~ ~ e . ,.i~^~~,p~,-~ ;r`"^'X o'=~"~'~,~~~t'~~'~~,~' ~ j ~