HomeMy WebLinkAbout0957 U'~~tc~RM Cc~v~:tiA'vls HorroH~er and Lender covenant and ugrre a~ fullo~~,:
1. Payment of Yrincipal and Interest; Prepayment and I.ate Charges, f3orrc~Her lhall ~re~m~+~l~ ~a~ ~~hrn ciur
the prinripal of and interest on the dzbt e~~idencrd by the Note and an}• prepa~~ment and latr rhargcti dur under thr 1~~te.
2. Funds for Taxes and Insurance. Subject to applicabte law or to a w•ntten aivrr b}~ Lender, Bc~rru~~ er ~liall pa~
to Lender un the day monthly payment~ are due under the Note, until the Note is paid in iull, a sum ("F~mdti") cyual t~~
une-;w~elfth of: (a) yearly taxes and assessments which may attain priority o~~er thiti Securily In~trumrnt; (b) ~rarly
leasehold payments or ground rents on the Yroperty, if any; (c) yearly~ hxzard intiurance premiumti; and (d) ~earl~
mortgage insurance premiums, if any. These items are called "escruw items." Lrnder ma~~ ettimate the F=und~ dur o~~ thr
basis of current data and reasonable estimates of future escrow items.
The Funds shall be heid in an imtitution the depe~sits or accounts of w•hirh are insured or guaranteed by~ a f~deral or
state agency (including Lender if Lender is such an institutian). Lender shalt appl}~ the Fund~ to pay the eticroH ilemti.
Lender may not charge fix holding and applying the Funds, analyzing the accou~~t or ~~erify~ing the e~crc~~v items, untr~s
Lender pays Borrower interest on the Funds and applicable law ~xrmits Lender to make such a rhsrgr. B«rrou~er and
Lender may agree in writing that interest shall be paid on the Funds. Un~etis an agreement is made or a~~:iicahle law~
requires interest to be paid, Lender shal! not be required to pay Borrower an}~ intere~t or earnings on the Fund~. Lendrr
shall give to Borrower, without charge, an annual accounting of the Fur.ds shoH~ing credits and debits to the Funds and thr
purpose for which ea,h debit to the Funds wati made. The Funds are pledged as additional ~ecurity ti~r thr sums tircured b~
this Security Instrument. ,
If the amount of the Funds held by Lender, together with the future monthly pa}~menis ~~i' Fundi pa}•able ~rie~r tc~
the due dates of the escrow items, shall exceed the amount require~ to pay~ the esrrow• irems when due, the excetis sh:~ll be, '
at Borrower's option, either promptl~• repaid to Borrower or credited to Borrower on monthl}• paymenh af Funds. If ihc
amuunt of ihe Funds held by Lender is not sufTicient to pay the escrow items w~hen due, Borrow•er shall pa}~ to Lender an~
amount necescary to make up the deficiency~ in one or more payments as required by Lender.
Upon payme:it in full of all sums secured by this Sec:urity lnstrument, Lender ~hall prvm~tl~~ refund t~~ Borrower
any Funds held by Lender. lf under paragraph 19 the Property is sold or acquired b}~ Lender, Lender shall appl~~, no later
than immediately prior to the sale of the Propert~~ or its acquisition by Lender, any Fundti hrld by Lender at thc time ~~f
application as a credit against the sums secured b}• this Security Instrument.
3, Appliration of Pa~~ments. Unless applicable law• provides otherw•ise, all pa}~ments received by Leridrr under
paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; serond, to prrp3}~ment rharges due under the
Note: third, to amc~unts pay~abte under paragraph 2; fourth, to interest due; and last, to rrin~ipal due.
4. Charges; I.iens. Borrower shall pa} a!! taxes. assessments, charges, tines and im~x~siti~ns attributaole tc~ the
Property which ma~~ attain priority o~'er this Securit}~ Instrument, and leasehold pa~~ments or gruund rents, if an~~.
Borrow~er shall pay thc~e obiigatiom in the manner provided in paragraph 2, or if not paid in tiiat manner, Barrower th.ill
pay them on time directl}' to the penon oKed payment. Borrower shail prompti~• furni,t~ to Lrnder a!! notires of amc~unt~
to be paid under this ~aragra~h. If Borroti~er makes these pa}~me?its directly, B~~rrc>~+~er shall promptl~• furnith t~~ Lender
receipts e~-idenring the payments.
Barrower shall pram~tl}~ di~charge any lien which has priority o~~er this Securit~ Intitrument unless B«rro~ti~er. (a)
agrees in writing to the payment of the obligation secured by~ the lien in a manner acceptable to Lender, (b) rontests in gooc.i
faith the lien by, or defends againtit enforrement of the lien in, tegal prckeedings a~hich in thc Lendrr's apinion o~erate te~
prevent the enforcement of the lien or fi~rfeiture of any part of the Propert}; or (c) serure~ fmm thc holder of the lien an
agreement satisfacrory ro I_ender sube~rdinating the lien to this Security Instrument. If Lender d~termines that am~ part
the Property is subject t~ a lien Hhirh may~ attain priority~ over this Securit~~ Instrumrnt, [.ender ma~~ gi~e Barro~~~rr a
n~tice identifying the lien. B~~rrow~er shall s,itisf~~ the lien or take one ~~r mc~re i~f thc acti~~nti ut fi~rth ah~~~ c~~~ithin 10 da~~ti
of the giving of n~,tice.
5. Hazard Insurance. Burroaer tif?all kce~ the impmrrments nc~~~~ rxi,tir~g ur here:~tler rrrcted un the Pro~rt~
~nsured against loss b~• fire, h~tards inrluded ~~ithin the term "extended ro~erag~" and an} ~~ther hazards f~~r ~~hich l.endcr
rrquirc~ insurance. This insuranre shall be maintained in the am~unts and for the rcric~d> that 1_ender reyuireti. -The
insurance carrier pro~iding the intiuranre tihall be chosen b~~ Borrower s~~bject te~ I_~ndcr'ti ar~r~na1 whirh thali ~z~~t he
unreasonably w~ithheld.
A!1 insurance ~~licies and rrne~calti ~fiall be acceptahle to Lender and shal! i?~clu~ie a~tandard mc~rtgage clau~e.
Lender shall have the right to hald thr ~oli~ies and renewals. If Lender reguires, Bucro~~er shall pr~~mptl~~ gi~e !c~ Lender ~
' all receipis of paid ~remiums and rene~+~al n~~tireti. tn the e~~ent uf loss. Borrc~w•er shall gi~e prc~m~t n<~tice tc~ the intiurance
carrier and Lender. Lender may~ make proof ~~f loss if not made promptly by~ Borro~~er.
Unless Lender and t3orro~~er othen~ ise agree in H~riting, intiurance prcxcrds tihall be aP~lied tc~ r«tc~ratiort c~r re~air
of the Propert~~ damaged, if the re~torahon c~r re{~air is economicaily feasiblr and Lender'ti ,erurit? is n~~t lestiened. If the
restoration or repair is not erc~m~mi~all~• feasihte or Lender's securit}~ w~uld tx: letitiened, the imurance r~~xe~~ti ~~~~u n~
applied to the sums secured b} this Ser~~r~ty~ Inurument, w~hether ~~r not then due. ~~itii an~~ e~cesti paid t<~ Burrc~~er. li
Borrower abandems the Pru~ert~•, c~r d<~eti ne~t an.~cer uithin 30 da}~s a notire fram l.ender that the insuranre carrier hati
oR'ered to settle a cla~m, then I.ender ma~~ re~llect the insurance ~ruceeds. Lender ma~ utie the r~rik<eds tc~ rerair c~r retit<~re
the Yro~rt}• or to pay ~umt tiecured h} thiti Securit~ (n~trument, w-hethrr c~r not then due. "~he 30-da} }~eri~xi ~cill tngin
w~hen ihe notice is gi~en.
Unless Lender and Borrow•er c~lherui~c agrre in writing, an}~ a~rlir~itic~n uf ~+rc~reed~ t~~ ~rinri~,al.hall nc~t extend nr
~stp~me the dur date nt~the mimthl} ~a~mentti referred to in raragraphs 1 an~1 ~ or change th~ amc~unt ~~f the pa~ment~. [f~
under ~aragraph 19 the Propert~~ is acyuired b}~ Lender, Barre~wer's right tc~ an~ in~uranre p~~licie~ and ~rcx:eeds result~ng
frc~m damage to thr I'rc,~,ert} prior to ihe acyuitiitii-n shali pass te~ Lender t~ the extent e~f the ~um~ ~crured h~ thi~ ~ecurit}
lnstrument immedi.+tel} ~ri~~r t<~ thr acyuisiti~n.
6. Preservation and ~taintenance of Yroperty; I,easeholds. Bc~rr~~~~rr tihall nc~t cfetitr~~~, ciamage ~,r tiuh~t:?nti.~ll~
change the Pre~~ert}, allou~ Ihe Prc~~erl~ tc~ deteric~rate or eommit ~~astc. If thi~ Securit~~ In,trun;rnt i, ~~n a lea~ehc~ld,
Bc,rmwer shall cc,m~+l~ w ith tiie ~r~~~ i`icm~ ~~f the lease, and if Borm~~~er arqui: e~ fee ntl~ te~ th~ Pr~,~ert}. ti~e I~a~ehc~l~i and
fee titie shall nc~t rner~r unl~~~ L~nder agr~e, t~~ the merger in w riting.
7. Protection of I.ender's RiKhts in the Propertr; Ztort~aRe Insurance. If 13nrruarr f.+ilti tc~ ~~rfe~rm the
rcnenantti and agreementl cc~ntained ii~ ihi~ Srcurit~ Intitrument. ~r ther~ i~ a legal ~m~eedine th.it ma~ .ignifi~antl~ .itTert
Lend~r'c rightl in the F'm~n} l~urh a~ a~rc,ceeding in bankruptc}~, ~ri~hatr. fur re~ndemnati~~n c~r 1~~ ~ntiirrr la~ti~ ~~r
reg~lat~onti), then Lencler m;~~ d~~ and ~a~ for whate~er is neces~arc t~ protect the ~.~lue c~f thr Pn~rc•rt~ anci Lender', nEht~
in the Pm~ert~. Lender'. actu~?is ma}' include ~acing an} sums tiecured b} a lien ~shi~h hati E~ric~rit~ e~~er t}titi Secur~h
lnstrument, a~~earin~ in ~i~urt, ~a~ir~g rea~~~nah(e atturne}s' fecs and entering c~n the Pr<~~+ert} t~> make r~rair~. Alihuu~~h
Lendcr ma}~ take a~ti~m undcr this ~aragra~h 7. Lender d<~e~ not ha~e tn d~~ s~.
An} am<TUnt~ di~hursed h~ Lender under this ~aragra~,h i shal{ bec«mr additic~nal deht ~~f~ 13~~rr<~+cer ~ecured h~ thi~
Securit} Instrument. l'nlesti R~~rru~crr and I.ender agree ti~ ~ther term~ c~f ra}ment, theu amc~iint~. ~h~ll h~ar intere~t fre~m
the date <~f dishurscment at the Not~ ratc and shall he payahlc. «ith interrtit, urc,n nnt~ce fmm Lender t<~ f3c~rr<»ier
reyuetting pa}~ment.
n~.`~~4f~~ P,?;~
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