HomeMy WebLinkAbout0997 Urt1PORM Gbv~~~vT~. go~wer and I,ender covenant and a~rce as follows:
1. ~aysent ot Priacly~i ud Lteres~ P~epayceeat atwl I,ate C1ar~es, gorrower shatl promptly paY whrn due
the pnacipal of and interpt on tht debt evidence~l by the Note and any prepayment and tatc charga du~ undcr the Note.
2. Fn~d~ for Ta.~es ud I~raece. Subject to spplicsbfe law ar to s writta~ waiver by I.ender. so~o~« wr
!o L~eader oa tbe day montWy payments ace due under the Note, until the Note is p~id iA full. a sum (••Funds") equal co
.;..2 :~wR4 at: p~lY tu~ =:.d :ss~sass~sts a2:.~kk maY e:iaen F~iQrity owr ~his Security Inxcrument; (b) Yeuly
leasehold paymencs or ~ound reats oa the !'roperty~ if snY: (c) Yarly haurd insurana ran;u~s: iu~d 'u
P ~ ) Y~~:ify
~0~6~ ~u~.,e P~~. <<~Y• icems ue called "escrow items." Lenda may atimate the Funds due on tbe
b~sis of currcnt da:a and ras~+nabk estimates of future acrnM items.
The Funds ahall be held in an iastitution the dcposits or ~xouats af ~rhich are inscred or g.iaranteod by a federal or
siatt agency (includin~ Lender if I,.rxcdtr is ~uch an eastitution). Lender shall apply the Funds ~o pay the acrow itans.
I.ender may aw chargc tor holdiag and applying the Funds, analyzing the aocount or verifying the acroa ittms. unlas
Laider pays Borrower interest on the Fuads and applicabk 4w pera?its Lender to malce such a chuge. ~Borrower and
Le~der may agree in w~riting that interat shall be paid on the Funds. Ualas an agreement is made or applicable iaw
roquira iaterrst to be paid, La~der sha11 not be required to Qay Borrower any intertst or eunings on the Funds. Lrnder
shall give to Borrowa, without chuge, an annual aocounting of c!M Funds showing credits and debits to the Funds and the
purpc~ce for ahich acb debit to the Funds was made. The Funds ue plodgod u additional security for the sums socurod by
this Securicy Instrumea~
If tbe amount of tbe Fuads heW by Lender. togethes with tbe futur monthlY paymeats of Funcfs Payabk prior co
the due dites of the eA.'ro~v iteais. shall ea~oeed th~ amount required to pay the escmw~ itans whrn due. the excas shap be.
u Borro~rer's optioa. atha ~.nPt1Y rtp~id to Borrow~er or c:~edited to Borrower on moatlilY WY~rnts oC Funds. If the
amount of the Funds hdd by La~der i aot sul8ciwt to psy tl~e escroM items ~hen due. 8orrower shall pay to Lender any
amount necasary ta make up the deScia~cy in one or more ptymeats as raquired by Lenda.
Upoa paymmt ~n fuU of all se~mt securrd by this Security InsWmait, _I.rndtr stWl promptly refund to Borrower !
my Funds hdd by L.ender. U undtr para~raph 19 the Property is sold or acquired by I.ender. I.enda shall app1Y. ao later ;
than immediately prior to tbe sik of the propaty or ib aoquisition by I,a~der. any Funds held by I.ene+rr at the time of
apptication u a credit against tbe suias secured by thia Security Instrument.
3. AppUatlo~ ot F~satb. Unless appli~xbk law pmvida othe~rise, all payments received by Lender under
P~~~Phs 1 aad 2 sball be applied: 6rst, w lste charges due unda th~ NotG sxond, w PrepaYment chuga due under the
Not~ third, to amounts paysbk under paragcaph 2; fourth. to inta+est du~ and lut, to principal due.
I.~~a. Borroa?er shall oay aU tues. as~ssax~ts, charges. 6nes and impositions attributabk to the
~P~Y ~~b ~y sttain priority orer this $ecurity Inswmmt, and Ieisehold psymenu or ground rents, if any. ~
Honowet shaU pay thae obligations in the manna provided in paragraph 2, or J not paid in that manna. Borrower shail
PoY ~ on time dirxtly ta the pason rnved psy~ai~ Borno~ver ahall pmmptly furnish to Lrnder all notices of amounu
to be paid unda this paragraph. If Borrow~er makes these paymeats directly. Borrower shall promptly furnish to Lender
raxipts evidencing the payments.
Hornow~a shal) P~P~Y disc~ar8r any lien which hu priority ovrr t~'s Security Instrument unlas Borrower: (a)
sgre~s in writing to the paycneat of the ot~ligitioa secnred by tbo lim in a nianner aoaptable to Lrnder; (b) contats in good
faich the :iea by. or defmds against eaforoana~t of the lim in; legal prooeedings which in the L.eada's opinion operate to
prevent the aJorc~ment of the Iiea or forFature of' any part of the Praperty; or (c) secura frocn the 6atder of du lirn an
agr~rnt satisfactory w I.ender subordinating the lia~ to this Socwity Irestnima~t. If Lender determines chat any part of
the Property it subject to a lieo which msy sttin priority over this Security Inswmrnt. i.endu may give Borroaer a
notice ideatifying tbe lien. gurrrower shsll s~asty the lirn or take one or more of the actions set forth above aithin 10 days
of the givins of notioe.
6• Hmrd Iawn~ee. Borrower shalt keep the improvem~ts now eaisting or hereafter erectod on the Property
insural a~aiinst los.s by flrr, 6azards included withire the term "exteaded coverage" and any other hazards for w6ich Lender
~e9ui~~s insurana- This insurana shall be maintained ia the amounts and for the periods that Lrnda cequira. The
insurance c~ttier providing the insuraaoe st~all be chase4 by Horrowa subject to Lender's approval which shsll not be
unreasonably withbeld.
AII insurar.~ poGcies and reneaals shall be accepubk to Le:eda and shall include a standard morigage clause.
Lender shall have the r,"ght to hoki the policia aad renewals. If Lender requires, Horcower st~ail ~+rompdy give to Lmder
~~'~A~ P~ P*~~s ~:~al notices. In the event of loss. Borrower shall give prompt notice to the insurance '
carrier and Lrnder. I.rnder ~ay malce proof of loss if not made promptly by Borrower.
Unl~ss Lender aad Borro~va othenri~e agroe in writing, insurance procceds shall be appliai to ratc+ration or repair
of the Property dainaged, if the restoration or r~p~air is eoonomicaliy feasible artd Lrnder's socurity is na kssrned. If the
restoration or repair is not ec~omically feasibk or Lasder's securisy would be lasened, tise insusance proceais shall be
appliad to the sums secured by this Security Instrument, Mhetha or not then due, with anp excas paid to Borrower. If
Borroaer abandons cbe PropeRy. or does not answer within 30 d~ys a nocice from J.ender that the irisurance carrier has
oBered to settle a claim. t6rn La~der may copect the uuurance procstids. L.end~- rcay use the procee+ds to repair or restore
the Property or to pay sums secur~ed by this Socwity Iustrument~ whet6er or not th:.'n dae. The 30-day period wi11 begin
whea the notioe is giva~. ~ ~
Unlas Lender and Bortower otherwise agrer in writing, any application of proceeds to princip~l sha!I not extrnd or
postpone the due datt of the monthly paymeau n.ferred to in paragraphs 1 and 2 or change che amount of the paymrnts. If
under paragraph 19 the PropettY is ac9uired by Lender. Borrower's right to any insurdnce policia an~ proceeds resulting
from damage to the PmpeRy prior to the acqui3ition shall pass to Lender to the extent of the sums xcurcd by this Security
lnstrum~t immcdiatdy prior w the acquisition.
6• Pra~tl~ aod Mafate~aoce of Propertr; La~ebolds. Borrower shall not datroy, damage or substantially
change the Property. ailow the Property to deteriorate or commit aaste. If this Security Instreicnrnt is on a leasehold,
Bonower stiall compty c~th the pravisions oCthe teas~, aiw if Aorroaer acquira fet title to the Property, tht leasehold and
fee title shall not merge unless Leader sgrea to ihe merger in writiag.
7• Proterdoa ot Leada's Rist+ts ~ t6e Property: Mortgage Insurante. If Borrower fails to perform the
covenanu and agreements contained in this ~ecurity Instrumrn~ or then is a Icgal proceeding that may sigsiificantly affect
Lenda's r~ghu in the Property (such as a proceeding ir• bankruptcy. probare, for condemnation or to enforce laws ar
regulstions), thrn Lender may do arid pay for whatevr. is nac=ssary to protect the value of the Property and Ler,der's righu
in the Property. I,ender•s sctions may include paying any sums secured by a lirn which has priority ovet this Security
Instrument, appearing in court. paying reasonabie attorntys' fea and eatering on the Property to make repain. Although
Lender may take action undtr this paragraph 7. Ltnder dnes not have to do so.
Any amounu disbuned by Lrnder under this paragraph 7 shall bocome additional debt of Horrowr. securod by this
Socurity Instrument. Unltss Borrower ;u~d Lrndrr agrce to other ter:ns of p~ymcnt, these amounts shall bear interat trom
tb~ ~ate of disbursernent at ~~e Not~ rate and shall bt payable. with interat, upon notict from Lender to Borrower
raquating payment.
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