Loading...
HomeMy WebLinkAbout0964 U'~It uKM C~n't:NAN ~rrawer and Lender covenant and agree as follows: , 1. Payment of Principal and lnterest; Yrepayment and [.ate Charges, f3orrower ,hall hromptly pa~~ w hrn ~iur the prinripal of and interc~st on the debt evi~enced by the Note and any prepayment and late chargr~ due undrr thr Nc~tc. 2. Funds for T~xes and Insurance. Subjcct to applicabte iaw or to a wriite+t waiver by Lender, BormH er ~hail pa~ tu Lender on the day manthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") ryuai t~~ one-tH~elfth of: (a) yearly taxes and asses~sments whieh may aitain priority ~~ver this Sc~:urity Instrumrnt; (b) yearl~• leasehold payments or ground rents on the Properry, if any; (c) yearly hazard in~urance premit?mti; and (d) }~rariy mortgage insurance premiums, if any. These items are called "esc:row items." Lender ma}~ ~~timate the Fundti due on thr basis of current data and reasc~nab[e estimates of future escraw items. The Funds shall be held in an institution the deposits or accounts of w•hich are insured or guaranteed by a fe~ier~l ~~r state agency (incl~ding Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow• items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escroH~ items, unletiti Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. f3orrow•er and Lender may agree in writing that interest shail be paid on the Funds. Unless an agreement is made or applicable l~iw• reyuires interest to be paid, Lender shall not be required Eo pay Borrower any interest or earnings on the Funds. Lender shall give to Borrow~er, without charge, an annual ac~owiting of the Funds showing credits and debits to the Fund~ and the p~rpose for which each debit to the Funds was made. The Funds are pleciged as additional securit~• for the sums,ecured b} ihisSec:urity Instrument. ' It the amount of the Funds held by Lender, together with the future monthl~• payments of Funcis payable prior to the due dates af the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at BorroH•er's option, either promptly repaid to Borrower or credited ta Borrower on monthl}• payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shail pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund tc~ I3orro~~~er an~~ Funds held by Lender. lf under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no latrr than immediately prior to the sale of the Pro~riy or its acquisition by Lender, any Funds held by [_ender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments recei~~ed by Lender under paragraphs 1 and 2 shall be applied: first, to late eharges due under the Note; sec:ond, ro prepay~ment charges due under the Nate; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. - 4. Charges; Liens. Bor:ow•er sha11 pay all taxes, assessments, charges, fines and impositions attributable to the Propert~• w•hich may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrow~er shall pay them on time directly to the person owed payment. Borrower shalt promptl}• furnish to Lender ali notices of amountti to be paid under this paragraph. If Borroa~er makes these payments directl~~, Borrow•er shall promptl}• furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge anp lien w~hich has priority over this Security Instrument unless BorroH•er: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, or deCends against enforcement of the iien in, Iegai proceedings which in the Leader's opinian operate to ~ prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an ~ agreement satisfactory to Lender subordinating Ihe lien to this Security Instrument. If Lender determines that an~~ part of the Property is subject to a lien which may attain priurity over this Security Instrument, Lender may gi~e Borrower a notice identifying the lien. Borrow~er shall satisfy the lien or take one or more of the actions set Conh above w~ithin 10 day~s ~ of the giving of notic~. ~ 5. Hazard Insurance. Borrower sha11 keep ihe improvements now~ existing or hereafter erected on the Propert} ~ insured against loss by fire, hazards included within the term "extended coverage" and an~~ other hazards for w•hich Lender ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The a insurance carrier providing the insurance shall be chosen by Borrow~er subject to Lender's approvai w hich shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shal) have the right to hold the policies and renew~als. If Lender requires. Bormwer shaU promptl~~ gi~e to Lender all receipts of paid premiums and renewal notices_ In the event of loss, Borrower shall gi~e prompt notice t~~ the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrow~er. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be apptied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's serurit}~ is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shail be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borroa~er. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insuranee proceeds. Lender may use the ~roceeds to repair ur restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-da}~ period w•ill begin when the notice is given. Unless Lender and Borrower otherw~ise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly pa}•ments referred ro in paragraphs 1 and 2 or change the amaunt of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to an}~ insurance ~li~ic~ ~nd proc:eeds resulting from damage to the Properiy prior to the acquisition shali pass ta Lender to the extent of the sums serured b}~ this Securit~~ Instrument immediately prior ro the acquisition. 6. Preservation and ~faintenance of Property; Leaseholds. Borrow~er shall not destro~, damage or substantiall}~ change the Pro~rty~, allow the Property to deteriorate or commit w~aste. If this Securit~ Instrument is ~m a leaseh~~Id. BorroH•er shall comply w~ith the provisions of the lease, and if Borraw•er acyuires fee title tci the Pr~~~ert}, the leaseho:d an:i fee title shall not merge unless Lender agrees to the merger in a~riting. 7. Protection of Lender's Rights in the Propert3•; ~lortgage Insurance. If Borrawer failti tu ~erform the co~enants ar~d agreements contained in this Securit}~ Instrument, or there is a legal F~r~eed?ng that ma} s~gnificantl}~ affect Lender's rights in the Property (such as a proceeding in bankruptcy~, probate, for condemnati~m or to enforce IaHS c~r regulations), then Lender may do and pay for w~hatever is necessary to protect the ~~alue of the Propert}~ and Lender's rights in the Property. I.ender's action~ may inc(ude pa}~ing any sums secured b}~ a lien which has priorit}~ <»er thss Serurit~~ Instrument, appeanng in court, paying reasonabte attorneys' fees and entering an the Property tc~ make repairs. Althc~ugh Lender may take action under this paragraQh 7, Lender does not ha~~e to do so. An}~ amounts disbursed b}• Lender un~+er this paragraph 7 shall become additional debt oi Borrc~w~er secured b~~ this Security Instrument. Unless E3orrower and Lender agree to other terms of payment, these amounts ~hall ik ar intere~t fre~m the date of disbursement at the Note rate and shall be pa}~able, w~ith interest, u{~c~n notice frr~m Lender te~ Barmwer requesUng pay~ment. ~ :l:F 49? ; ~~7 _ - . u. . ~ FF- ~ ~-kK.....=`h .e .a r-.... -r ..~._.S .'.`i,,..