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HomeMy WebLinkAbout0995 un~rvecn* c.vv~nwn~~, norrowcr an~ 1.,enoe~ rnvensM ~~ree u tW~ows: I. P~yme~tt otlMneipAl nud latee~at: Prepa~y~et u~! I.~te Borrower ahail prom~tiY P~Y when due tha princip~al of and intercst o~ the dcbt evldenad by thc Note and any prt,paym~clt aod late chArgas due undcr the Nok. [~iAds foc'~xes and I~. Subject to-appikwbk i~w or to a written waivcr by L.endcr. ~rower shall pay to I.ender on ~hc d~iy: monthly: payrnFnts ~~u;e under thc. Note. until the Nao is p~id in full. a sum (•'Funds") equai to one-twcifth of: (a> yea~ly tai~ts'and:.aissessrr~ats w~}ch m~y ~iq pr~a~ity,over this 5ecu~ity [nstrument; (b) yearly teasehold peymcnts or ground oents on thc Piopeny; if any. (c) Y~ariy hai~r~ insurance' prcmiums: and (d) yea~fy mongage insuranc~ preroiums. if any. Thcse items aoe called •'escrow items." Lender may cstimate tt~e F4~,duc oo the basis af carrcnt data and reasonable estimates of future cscrow itcros.. _ ~ . r 7't~e Funds shaU be hcld in an jr~st~tution the depcuits or accounts of which are insurod o~ guaraateed by a fodernl or state agency (including l.ender if Lende~ is such an instituhon). i.endcr shall apply the Funds to pay the escrow items. l.erxie~ may oot chargc for holding and applying 1he Furwis, anaiy~ing the account or ve~ifying the csc~ow items~ unless I.ende~ pays ~3orrower interest on the Funds and applicable law pernijts L.cpder to maicc such a charge. Barrowcr and i.ender may, agroe i~' writing that interest shali ~ bc paid on the Funds. Unless an agreenient is ma~c or applicable law t~equires intercst to bC paid~ t,~nder shail nat be required ro pay Borcower any interest er earnings on ttie ~unds; 1~nder shall giv~ to Borrowe~, without charge. an annua! accou~ting of the i Funds showing ct~edits and debits to the Funds a~d the purpose far which each debit to the Funds was made, The Funds are piedged as additional security for the sums secured by this Securiry~ Instirument. ' U the amount of the Funds held by Lcnder. togethcr,with the future monthly payments of Funds payabic prior to the due dates of the cscrow items, shall exceed thc amount ~quirod to pay the escrow itcros when due. the cxccss shaU be. at Borrowcr's option, eithcr promptly repaid to Borrower or credited to Bon~ower on monthly payments of Funds. If the amount of the Funds hcld by L.ender is not sufficient to pay the oscrQw items wheo duc, Borrowcr shall pay to I~endcr ~~y amount necessary to make up the deficiency in o;ie or more payments as required by I.ender. Upon payment in full of ail sums secured by this Security i~strument;:Lender.stjall promptly refund to Borrower any Funds hefd by Lender. If under paragraph i9 the Property is sotd or acquired by Lender. I.ender shal! apply. no later than immediately prior to the-sale of the Property or its acquisition by I.ender, any Funds held by l.ender at the time of application as a credit against _the sums securai by this Security Instrument. . 3. Apptkatbn ot Payments. Unless applicable !aw provides otherwisc. ail payments received by Lender under parag~aphs !~nd 2 shouid be applied: first to amounts payabie under paragraph 2; second to interest; and last to principal. ; 4. Charges; Liens. Borrower ~hall pay ell taxes. assessments, charges. fines and impositiflns attributable to the Propeny which may attain priority over this Security lnstrument. 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. Borrower shail pay them on time directty to the person owec! payment. Borrower shall promptiy turnish to L.ender all notices of amounts to be paid under this paragraph. If Borrower makes these payments direcdy. Borrower shall promptiy furnish to I..ender receipts evidencing thc payments. 8orrower shall promptly discharge any lien which has priority over this Security Instrument.uale,ss. Bonower,: (a) agrecs in writing Co'tFi+~ ~imyfient of the obligation secured by the lie~ in a man~r acceptable•tu~I.end4r; (b) contests in good faith the lien by, or defends against enforcement of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement ~ of the lien or forfeiture of any pan of the Property; or (c) secuces from the holele~ of the lien`an agreemFnt satisfactory to l.ender ; subordinating the lien to this Security I~sstnament. If Lender determines that an~'p~tt-di the Prope~fy is subject to a lien which may attain priority over this~Security Instrument. Lender may give Borrower a notice identifyifig the tien. Borrower sirali satisfy the lien or take one or more of the actions set forth above within IO days of the giving of notice. 5• ~ Nazard Insurance. Borrower shall keep the improvements rtow existing or hereafter erected orr the Properry insured against loss by fire, hazards included within the term "exte~ded coverage" ared any other hazards for which l.en+ler requires insurance. This +nsuranee sha!! be~maintained in the amounts and for ttie.peciods that Lender requires. The insurance.carcier providing the insurance shall bc chosen by Borrower subject to I,ender's approval which shall not be unreeasonably withheld. . ~ All insurance policies,and renewals shalf be acceptabte to Lender and shall include a standard mprtgage clause. l.ender shall ' have the right to hiold Ihc polic'~es and r~enewats. If I.ender roquires, Bomower shall promptly give to I,ender receipss of paid premiums and renewal noti~es. In the event ~of loss, Borrower shall give prompt notice io the insurance carrier and L,ender. I:ender may make ' proof of lass if nos made;promptly by Borrower. Unless Lentier a~d Borrower otherwise agree in wriiing. insurance proceeds shalt be applied to resioration or repair of the Pro- perty damaged, if the cestoration or repair is eronomically feasible arM Lender's serurity is na lessened: lf the restoration or repair is not economically feasible or l.ender's security wauld be lessened, the insurance proceeds shall be applied ro the sums secured by this Security Instrument, whether or nd then due. with any excess paid. to Borrower. If Borrower abandons the Property, or dces ~ nw answer within 30 days a notice from I.ender that the insurance camer has offe~ed to settle a,claim,~tt~en Lender may collect the ~ insurance proceeds. I.endec may use the proCeeds to repair or restore the Ptoperty or to pay sums secured by this Securiry Instrument, M whether or not then .due. The 30=day pcriod will beg,~n when the notice is give~. ~ Unless L,ender and Borrower atherwise agree in~writing. any application of proceeds to principal shall not extend or postpone ~ the due date of the monthly paymenis referred to in paragraphs _I and 2 or change.the a~nount of the pa;~ments. tf undcr paragraph ~ 19 the Property is asquired by I.ender. Borrower`s right ta any insurance policies'arid pinceeds resulting t'rom damage ro the Property ~ prior to the acquisition shaN pass to Lender to the extent of the sums secwred by this Security Instrument immediately prior to the acquisition. 6. Preservatlon and Maintename of Property; Leaseholafs. Borrower shall na destroy, damage or substantially change the ' Froperty, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehol~, Sorrower shall comply ~ ; with the provisions of the lease, and if Borrowe~ acquires fee title to the Property, the leasehold and fee title shall not merge unless ~ Lender agrees ro the merger in writing. , ~ 7. Protection of Lender's Ri~ltts in the Property; Mortgage Insuratice. [f Borrower faits'to perform the covenants and ( agreements contained in this Security Instrument. or there is a tegat proceeding that may significantly affect [.enckr's rights in the ~ Property (such as a proceeding in bankruptcy, prabatc, fo~ candemnation or to enforce laws or regulaiions), then Lender may do and. pay for whatever i~ necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may f include paying any sums secured by a lien which has priority over this Security Instrument, appearing in eourt, paying reasonable ~ attorneys' fees and entering on the Property to make repairs. Although l.ender may take action under this paragraph 7, L.en~er dces not have to do so. ~ i I ~ I . : ~ ~ . ' ~ ~ ' - , . • • . , . ' , ~ ~ • ~ • r ' ~r , i ' ~ c,r.~ . ~ f ~ . ~ - . , _ . , .r • - . , . . . " -•>r. _ - w.."°++.ro:.e.~,s a'~~Faix~"..,~.._~.~~LStw~+~F"~' . ~ P : . , . _ _ . _ _ `.---~.~_.....,.~..~~,-,.,r_, r' ~ - . ~ . - ~ ~ ~ . .