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HomeMy WebLinkAbout0991 oa • ~ UNIPORN OOVHNAM'S. 901mM?Ct aAd Ld1dp' o0vtnttlt atld ~(f'OE ~9 fdl0wl: 1. Psywe~t ot PrieelNil ua Lt~a Pire~¦~e~t ~d I.~ C'~a~a. ~ornower ahall promptlY P~Y whrn due the prir~cipat of and iaterest on the dobt evidenoed by tbe Note u~d anY prepiy~»ent ~nd late cbugsa dua under the Note. 2, Fw~ I~oe Tit:a Rad I~~e. Sub}ect to spplic~bk laM or to a~rrittm wdver by L~ender, Borrower shall pay . to Lradcr on the dsy moathly payaneats iu+e dua w?der the Note, unW tha Note ia ~isid in fuU, ~ sum ("Funda") oqual to e ono-taelfth oi': (a) ye~rly taxes aad saxsamaita ahich msy att~ia priority over this Security Inatrument; (b) yearly laaehold psyaienta or ground renta oa the Property. if ~ay, (o) Yarly hazard insuntace premiums; and (d) yearly mortg~e inaurance praniums~ ~tany. Theea itcau are cellod "cacrow itema." I.ender may estimate thc Funds due on the ~ olcunent data uid rasonabk atimstes of futurc eacrow itema. ~ . Tl:e Funds shail be held in an inatitution the depo~its or.socouata of which are insured or guarantood by a federal or ; state Ageacy (inctudiag I,rnder if La~der is aucb sn iastitution). Leader shall apply the Funds to pay the escrow items. ' Lcader may not chuge for holdiag and spplying the Funda, usatyzing the aa~ount ar verifying the escrow items, unless I.ender psya Borrawer intucat oir the Funds aad applic:bk l~w permits Lendcr to raake such a charge. Borrower and I.ender atay agra ia wtiting that interest shall be paid oa the Funda. Unless an agrament is madc ar appl'ecable law j requires intenst ta be paid, I.ender ahaU not be roquired to pay Borrower any ic?tcrest or earnings on the Funds. Lender ahall give to Bomower, wlthout charge, an annual aocounting of the Funds shoaring ceedits and debits to the Funds and the pt~rpos~ for whtch ach debit to the Funds was made. The Funds ate pledged as additional socurity for the sums socured by this Security Instrument. If the amount of the Funds held by Lender, together with the futun a~onthly paymea~ts of Funds payable prior to the due datea of the escruw items, ahall eacoed the amount required to pay the eserow items when due, the excess shali be, at Borrower's option, either promptly repaid to Borrowcr or crodited to Borrowar on monthly psyments of Funds. If the Amount of the Funds held by I.ender is not su~cient to pay the escrow items when due, Borrower shall pay to I.ender any amount neoessary to make up ti~ deflcieacy in one or more payments aa roquired by Lendcr. Upon payment in fuA of alt sums secured by tbis Socwity Instniment, L~nder shall pmmptly refund to Borrower any Funds held by Lendar. If under paragraph 19 the Property ~s sold or acquired by Lender, I.ender shall apply, no later than immediately prior to the sak of the Property or its acquisition by Lender, any Funds held by Lcndcr at the tim~ of application as a cr~dit sgainst the sums secured by this Secwity Instrument. 3. AppUcsdoa ot Psymeab. Unless applicable law providea otherwise, all paymcnts received by Lender under paragraphs 1 and 2 shall be apptied: &st, !o late charges due under the Note; seoond, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest du~ and last, to principal due. 4. Cbarg~ Leos. Borroaer shaU pay all ta~ces, assessments. charges, Rnes and impositions attributable to the Property which may attain priority over this ~ecurity Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obUgations in the manncr providod in psragraQh 2, or if not paid in that m~nner, Bonower shall pay them on time directly to the person owed payment. Horrower shall promptly furnish to I.~nder all notices of amounts to be paid under this paragraph. If Borrower makes these payments diroctly, Bonower shall promptly furnish to Lender receipts evidencing the payments. Borrower shaU promptly discharge any lien which has priority over this Secu~ity Instrument unless Borrower: (a) agrees in writing to the paymeat of the obtigation secured by the li~n in a manner acceptable to Lender, (b) contests in good faith the tien by. or defends againat enforcxme~t of the lien in, legal procadings which in the Lender's opinion opernte to prevent the enforcemznt of the lien or forfeiture of any part of the Property; or (c) secures from ths holder of the iien an agrament satisfactory to Lsnder suboMinating the lien to this Security Instrumtnt. If Lender determines that any part of the Property is subjoct to a lien which may attain priority over this Security Instrumsnt, Lender may give Borrower a notice identifying the lien. Bonower shall satisfy the lien or take one or mort of tht actions set forth above within 10 days of the giving of notice. S. Hazud Inanranca Borrower shall koep the improvements now existing or hereafter erected on the Property insure~ a,gainst loss by fire, hazatds included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that I.ender requires. The insurance carrier providing the insurancc shall be chosen by Borrower subject to Lender's approval which shali not be unreasonably withheld. All insurance policies and renewals shsll be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender roquires~ Bonower shall promptly give to I.ender all roceipts of paid premiums and renewal notices. In the event of loss, Bonower shall give prompt notice to the insurance carri=r and Lender. Lrnder may ms{ce proof of loss if not made promptly by Honower. Unless Lcnder and Bonower atherwise agroe in writing, insurance procads shali be appliod to restoration or repair of the Property damagod. if the restotation or repair is economically fcasible and Lender's security is not lessened. lf the restoration or repair is not oconomically feasibk or I.ender's security would be [essenod~ the insurance proceeds shal! be applied to the sums secured by this Socurity Instrument, whether or not then due, with any eacess paid to Borrower. If Bonower abandons the Properly, or does not answes within 30 days a notice from Lender that ihe insurance carrier has o~'ered to settle a claim, then Ler?der may coltect the insuranct procads. Lender may use the proceeds to repair or restore the Property ar ta pay sums soctuod by this Stcurity lnstrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Bonower otherwise agree in writiag, any application of procecds to principal shatl not extend ar postpone the due date of the rtwnthly payments referred to in paragraphs 1 and 2 or change the amoent of the payments. If under paragraph 19 the Property is acquirod by Lender. Horrower's right to any insurance policies and procceds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to theacquisition. 6. Preaervstion and Mainteaance of Property; IRase6olds. Borrower shall not destroy~ damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Socurity Instrurr~ent is on a leasehold, Borrower shall comply with the provisions af the tease, and if Bonower acc;uires fee title to the Property, the icasehold and fa title shall not merge unless I.~nder sgras to ihe mcrger in writing. 7. Pratectlon ot Leader's Rig6b In t6e Propertr; Mortgage Insu~nce. If Borrower fails to perform the ~ covenants and agroementa contained in this Security Instrument~ or there is a legal proceeding that may significantly affect Lender's rights in the Proptrty (such as a procading in t~ar?iwptcy~ probate. tor condemnation or to tnforce laws or regulations), then L,ender msy do and pay for whatever ia necessary to proteci the value of the Property and I.ender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this S~urity Instrument~ appearing in court. paying reasonable attorneys' faa and e~tering on the Property to make repairs. Although Lender may take action under thia pnragraph 7, Lender doea not have to do so. ~ Any amounts disbursed by Lender unda this paragraph 7 shall b~come additiona! debt of Borrower sccured by this Security Inatrument. Unless Bonowa and Lender agra to other terms of payment, these amounts shall bear interest from the date of disburxment at the Note rate and shall be payabl~, with interest, upon notice from Lender to Honower ' roquesting paymrnt. . go~ 560 ~ 990 . . _ _ w _ _ . .