The URL can be used to link to this page

Home My WebLink About0996 U~11~OR~1 CUYtiNANTS f3orrower and Lender covcnant and agrec as folluws: 1. Y~yment of Nrincipal and Inte~est; N~epayment ond I.ate Che~ges. Ilurrowcr ~hal! promptly pay whrn ~1ue the pr~nc~pai ~~t and interest on tht debt eviaencrd by tht Nott and any prepaymtnt anJ late rt~argrs due un~lrr ~hc ~'otr. Funds for T:?xes and Insurance, Subject to app(icabl~ ~aw or to a writtcn µai~r~ b~~ Lrnel~r, Ilorru~rrr shall pay ~o t.ender on the day monthty payments art dut under tht Not~, un~~l lhe Note is paid in full, a~um ("Funils") equal tu one•iwrlflh uf: (a) yearly taxa and assrssmtnts which may attain priority over this Secunry Ins~nunent; (b) yrarly lr~srhold paymtn[s or ground rcnts on the Propeny, if any; (c) ytarly hazard insurance prrmiums; and (d) ~•early m~~rtgage insurance premiums, if any. These items are callcd "escraw items." Lendrr may rsUmate the Fun~is ~fur on thc basis ol~currtnt data and reasonablr rstimatzs of future escrow items. The Fun~1s shall bt hetd in an institution the deposits o~ accounts of which arr insurrd or guaranteed by a fedtra) or stete agrncy (including Ltn~irr if Lender is such an inslitulion). Lender shall apply tht Funds to pay the escruw items. Lrnder may nut charge for holding and applying tho Funds, analyzing the account or ve~ifying the esc~ow itrms, unlrss Lender pays ~orrower intercst on the Funds and applicable law permits Lend~r to make such ~ charge. Qorrow~er and Lendtr may ag~ee in writing that interest shall be paid on the Funds. Ualess a~ agrermcrtt is made or applicable law rcyuirrs interest to bc paid, LenJer shal) not bt rcquired to pay Borr~wer any interest or earnings on the Funds. Lender shall give to Dorrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and thc pur~wse for which each debit to the Funds was made. The Funds are pledged as additional security for tiie sums secured by this Srcurity Instrument. (f the amou~t of the Funds held by Lender, togethet with the future monthly payments of Funds payable prior to thc due dates of th~ rsc~ow +tems, shal! rxceed the amount required to pay the escrow items when due, the excrss shall be. at F3orrower's option, either promptly repaid to Borrower or credited to Qorrower on monthly payments of Funds. lf the amount of'the Punds held by Lender is not sufficient to pay the escrow items whcn due, [~orrower shall pay to Lende~ any am~unt necessary to make up the deficiency in one or more payments as required by Lendcr. Upon payment in fu(1 of all sums secured by this Security Instrument, Lender shal) promptly rePund to Borrower any Funds hetd by Lender. If under paragraph 19 !he Proptrty is sold or acquired by Lender, Lender shall apply, no later than immediately prior ~o the sale of the Property or its acquisition by Lender, any Funds held by Lendcr at tht tim~ of application as a crtdit against the sums secured by this Security Instrument. 3. Appiication of Payments. Unless applicable lew providcs otherwise, eli payments rcccivcJ by Lrndcr undcr paragraphs 1 and 2 shall be applied: first, to late charges due under the Not~; sccond, to prepaymrnt charges due under the Note; third, to amounts payablc under paragraph 2; fourth, to interat due; and last, to principal due. 4. Charges; Liens. Borrowcr shall pay all taxa, assessments, charga, fines and impositions attributable to tht Property which may attain prionty over this Sccurity Instrument, and leaschold payments or ground rents, if any. f3orrower shall pay these obligations in tht manner providcd in paragraph 2, or if not paid in that manner. Borrower shall pay them on ume directly to the pers~n ow~d payment. QorroK•er shaN promptly furnish to Lender aU notices oP amounts tu be paid under this pa~agraph. If E3orrower makrs thesr paymen~s directty, Uorrower shall promptly ~urnish to Lender rc~:eipts e~~dencing the payments. ~orrower shal! promptly discharge any lien which has priority over this Security Instrument untess Jorrower. (a) agrecs in writing to the payment of the obligation secured by the lien in a manner acceptable to Lrnder; (b) cor~tests in good f3ith the lien by, or defends against enforcement of tht lien in, (egal proceedings which in the Lender's opinion opcrate to prevent the entorcement of the (ien or forfeiture of any part o( the Property, or (c) secures from the holder of the lien an agreement sausfactory tu Lender subordinating ihe lien to this Securiry Instrument. [f l.ender determinrs that any part of the Property is subject to a lien which may attain priority over this Securiry Instrument, Lender may givt E3orrower a notice ~dentifying the lien. Uorrower shall satisfy the lien or take one or more of thc act~ons set furth above w~thin 10 days of the g~v~ng o~ notice. 5. fiazard [nsurance. f3arrower shall keep the improvements now existing o~ hereaftet erected on the Prop~rty insured agai?»t loss by fire, hazards included within the term "extended coveragc" and any uther hazards fur which Lender requ~res insurance. This insurance shali be maintained in the amounts and for thr penoJs that [_Cnder reyu~res. The insurance carrier providing the insurance shall be chosen by Borrow~er subject to LenJer's approval wtiich shall not bt unreasonably withheld. All imurance poticics and renewals shall bt acceptahle to LenJer and shall include a standard mortgage clause. Lender shall have the righl to hold the policirs and rentwals. IF Lende~ reyuires, Uurrower shall pro?npilp give tu Ltnder all receipts o( paid premiums and renewal notices. In the event of loss, L3orrower shall bive pronipt nouct to the insurance carrier and Lcnd~r. Lender may make proof o~loss if not made promptly by Qorrower. Unless Lender and ~orrower otherwise agree in writ~ng, insurance proceeds sha11 be applieci to restoration or repair of the Yroperty darnaged, if tht restoration or repair is economically feasible and Lender's secur~ty is not lesstned. If the restoration or repair is not ~conomieally feasible or Lender's security would be lessened, tt~e insurance proceeds sttall be applied to the sums secured by this Security Instrument, whether or not then due, with any excrss paid to [3orrower. If Dorrower aban~ions the Property, or does not answer within ~0 days a notice from Ltnder ttiat the insurance carrier has , otl'ertd to Settle a clairn, then Lender may collect the insurance proceeds. Lender may ust U~e procee~fs to repair or res~ore the Yroperty or eo pay sums secured.by this Securit}' Instrumrnl, whether ur not then due. The ~0-day period will brgin when tfie notiee is given. Untess Lender and ~orrower otherwise agree in writing, any application of p~c~cerJs to priiicipa( shal) not extend ur postpone the due date of the monlhly payments referred to in paragraphs I and 2 ur rhange the amount of the paymertts. If undzr paragraph 19 the Property is acquired by Ltnd~r, ~orrower's right to any insuranrr policies and proctCds re~ulting from damage to the P~~opcrty prior to the acquisition shal) pass to Lender to the extent ol the sun~s secured by this Security ' Instrument immediately prior to the acquisition. 6. Preserration and htainte~ance uf Property; Leaseholds. Durrower shall not dcstroy, damage or substa~tially change the Prope~ty, atlow the Property to deteriorate or commit waste. [f this S~cunty instrumrnt is on a Iras~hold. E3orrower shall comply with th~ provisions of thr Itase, and if E3orrower acquires fee titlr to ~hr Properiy, thC le~~ehol~ and ~ (te tule shall not merge unless Lendrr agrers to tht merger in writing. Cp 7. Protection o/ I.ender's Rights in the Property; 1lortg~ge Insurance, (f [3urrower fails to perfurm the ~ ~ covenants and agreemtnts contained in this Stcunty Instrument, or there is a legal procre~ing thal may signiticantly atTect ~ Lender's rights in the Property (such as a proceeding in bankruptcy, probate, fur con~emnation or to enforcc laws or ~ ;egulatians), then Lendzr may do and pay for whatever is necessary to protecl the valuc uf the Property and Lender's rights in the Propcrry. Ltndcr's ~ct~ons may incl~~de paying any sums secured by a licn which has prionty o~er this Srcurity o'd-- Instrument, appearing ~n court, paying reasonable attorneys' fea and entering on the Properry to make rcpairs. r~lthough ~ t.znder may t~ke act~on under this paragraph 7, Lender dots not have to do so. N i Any ~mounts ~iisbursed by t_endtr undtr th~s paragraph 1 shall become ad~iition~l drbt of ~orrower szcured by ~his ~ ° Srcurity Instrumrnt. llnle~s f3orrawer and L~ndzr agree to other terms oi p~yment, thesr amoun~s ~h~ll brar intrrc~! from ~ ~ th~ ~iate ul disbur5rm~ne at thr ~fotz r~te and shal! be payable,~ w~ith ~nterest, upon nuti~e from l.tn~itr tu t3urrower ~ reyue~nng paymrr~t. ~~4524 ~0~08