HomeMy WebLinkAbout0975 , • • a ; t;if~•, .j~ ~
~ UNtroR~t CovBNAtvrs. Hozraw?er and I.axfer oovenant and agra u follows: '
1. ~tt ot ~~ai L~e[a~ Piro/~e~t a~i Lsh (~f~• 8orrower ahall P~P11Y P~Y whea due
' tbe p~pdpsl d'aad jnn~a~t en tbe debt evi~kaoed by tbe Note w~ sny prapayma~t and l~te cbarga due undar the Note.
3. PM~i tor'hsi~ di I~n~a. Subject w applicabk LM ~ to s~vritteu ~vaiver by Lender. Borrower ab~ll MY
to Laxivt oa tbe day. aanthlY P~Y~tt an dne wKier the Not~. until tlw Nok ~a paid in f1i11~ ~ wm (~•Fw~da") equsl to
~ oae~n~ oc y~rty ~a ,~a aaa~a~ena which anay sttdn p:iority over thia Security In~trument: (b) Yarly
. IdaelwW paymeat~ os ~round ra~ts oo the Pr~opa~ty~ if snY; (o) Yaarly hazsrd inaunnce praaiuma; and (d) yarly
mo~tpae lntarmoe premiwaa, if auy. The~a itans an called "acrow itema." L,ender may eatimate the F1~ads due on the '
bs~s of curr~ent data and reaaaubk atlmsta of Potw+e acro~v itana.
The Funds ~tl be bdd in au inttltutioa tbe depodb or sooount~ oiwhkh are inse~ood or auannteed by s Poderal or
state a~ency (iucludiaf Leuder If I,~t~d~t b wch an ~attitutloa). La~dar :hsU apP1Y tke Funds to psy tha eacmw items.
La~der mey not cbar~e fot hoWiug aod a~plyin~ the Fltncb. snalYsinB tha ~voount or verifyiag tbe eacro~v itana. unleas
I,ender pays Bocro~rer inter+est oa t6e Fttads and.sppticabk la~r pamib I,ender to make auch s eharge. Horrower and
I~aider msy ajc+ee in wridn= tlut interott sbaU ba-paid oa the Ftmd:. Unlaa ~n sgreaneat ia made or applia~bk law
requires interat W be paid, L~de.r t~ul! iwt be required to pay Borro~vsr any intcrest or earaings oa tt~ Frinda. Lender
th~lt siive to Bon+o~ver. ~vtthot?t chs~[~e, in snnual aoQpuAtiaH of the F~Ads,shoMing cradita and debita W the fitnds aad the
parpoec for whicti ach debit to tba Pti~t ~ mde: `~'tie P~iada are pled~d ss additional aecurity for the su~us securod by
tl~ Se~r~t~r I~atrumeat. - -
~ If t~e amaunt of tba Fu~cit Ldd by I~ade~.. . ~rttb the ture monthlY PaYarents of Funds payabie prior to
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the daa data of tbe acraM itaw. ~a11 e~oadd tbe anaount required to pay the acrow itema when due. the exoess shall be,
~t Harro~rePs epHon. attkr jk+eieapti3i t~d-to Bomoaer or creditad to Homower on mont6lY P~Y?~~ta of Funds. If the
amount ~of Hfe Fanci~ bY
~ i~ ~4 w~pet~t't4 p?y, ~
ek~'o!i! ~te~ whe}?;dpe, Borrower shaU ~~i to ~.ender wy
amonat ~eoe~uy w msice t~ . i~ciwcy itt ooe ~ mote paYaxata at~ requirod by I.eiider. : .
U P~yt~:~eat ini:li~U of aU~a~ ~ocuted i>y t~d Sbcucity Inatrtimeat, shdl,Pr~nP.~Y; , tP~~~
titi~ I~a~i~beid yb ~t: Yt`t~da p~tsgt~a~l~ 19 the Propafy ~S.W1~ o~'.~a~i~~~y
~e~; ~r ~~PP1Y, no lat~r
t6~i~edis~dy priot to t~be esk cf_tl~ PropeEiY=Q~i~_ b~?,;.~.iAY,.~!~:~d bY•.~~ st tl~,~ne of
d
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p~y~p. . U~ a~p~caWe 1~~i prpv~dd a11 p~xments teceivod by. L.ende~. undu
pa~rsplts 1~ 2` be spplidds Sr:t, to tite cliarga due undar the Not~ aeo4l~d.. ~ P~YNSUt ch~rgea due
under the
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Not~ third.:to uao'unts ~ayabk unda par'~h fou~h; to inta+at ~rid 1aat, to principal due. ,
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'4:~ t~uir~er Lie~r. Botrorvtr a6a1! psy all ~uiea, ~ta: es, Snes and impositiona st~nb~tabk to the
Property ~rluch m~iy attuii PiiodtY ovtc thu Sec~uity Isstruma~t, .ind kasehold p~yt~enta or grou, nd rents. if uiy.
~ Hoirori~~er sha11 psy tlKee obll~ations in tbe m~nne~ prov~ded it~ pa~ragr~ph 2, or i~'not pa~d ui that in~av,,Bqrrawer i~ll
jiaay them ob time a~i+~ctly to the penoa_
o~?ed paria~t. Borro~?er shall pro~nptlY fumish eo.I,enaer atl noc~ces qf amounts
~tq be pend ai?der tliis pua$caph. If Borro~vet.m~lua th~ pay~~s diratly. Bomowei s~all~promptly" funush~ ~o Lender
t+eodPt~ t~rida~cin8 the paYments. ~ ; : . .
~a ~ P~P~Y ~ aay lien which haa priority over this Security Inatrummt unless Honower: (a)
agaa ia writiag to the payment of the obligition sxured by the lien in a manner aoxptable to I.ender; (bj oontests in good
faith the liea by. or defends sgainst entoroane~t af the liea in. kgal Proceedings which in the I.ender's opini~ operate w
pr~veat the eaforo~neat of the liea br fortaturt of ~ny part of the Pmperty; or (c) secures from the holder of the liaa an
sg~+eanent satiafsctory to Leada subordinsting the lia~ W thia Security Instrument. If Lender determinea
that aay put of
the Propaty ia subject tQ a lit~ which ms~r attun priority oyer this Security Instrument, Lender may give Borroarer a
noticee idenW~ning tl~e litn:~Hotrowrti~eball satiel~y tlie #~`or hke v~u o'r more of the a~tions`aet t~ iborie withie 10 dspa
of tbe giving of not#ce;> _ • . : ~ , : - . , . ; : . : : . : : : .
S. Hasnrd Imuranoa BomoMer ~all keep tbe improvemrnts now existing or hereaRer ~rx~d pn,t1~ Pc±opc;ty
insui~ed aaainst loes by flre, hazarda iacluded within the term "extended coverage" and any other hazards for which Leader
reqyira inauru~ce. Thia insurance aball be maintainod in the amounts and for the pcriods thst Lender reqeuns. TLe
inwraaa carrier providing the insutanee sbaU be choaen by Borrower subject to Lender's approval which shall not be
unretaonably withheld. ~
All insurance policies and reatwala ehall be aooaptable to La~der and shall incJude a standard mortgage clause.
~ Lender shaU have the right w hold the policiea and reaewals. If L'endar requires~ Horrower ahall promptly give to I.ender
, aU roeapts of paicl ~uins a~d -raieaal aotiaa. In the eveat loes. Horrower shall giva prompt aotice to the insnrauce
` carriet and I~r: L.aider taay make proof of loss if not asa4k Pr~nP~ly by Borrower.
~ Unks~ i,ender and Borro~rer otherNrise sgree i~ ~?rit~. insurance pmc«ds shall be appliod to reatoration or ~teQair
~ of the Property damaged, lf the reatorstion or r~p~air ~ eoonomicxlly fessible and I.ender's security i~ not lassened. If the
F ratontson or repair is not ecenanically fea~'bk or La~der's secwity would be lessened~ the insurancx pmceeds ahsll be
~ sppiied to the auma secured by this Seeurity InaEruma?t, wh~t~er or not ihrn due, with any eacess paid to Bornower. If
~ Bomowa ~bindona the Pnopzrty, or doa not aaswer aithin 30 daya a noticx from Lender that the insurance carrier haa
~ ofl~erod to s~ttk a claim, then I.ender msy coUect the insaranoe prooeeds. Lender may use the procads to repair or rGUore
the Property or to pay sums aecuted by this Secwity Instrument, whether or not then due. The 30-day ptriod arill begin
~ whetr the notia i~ givat.
~ Unkas La~der and Harrawa otherwiae agra in writing, any application of procoods to principal shall not extend or
postpone the due dute of the monthly paymeata referrod to i~n paragraphs 1 and 2br change the amount of the paymeata. If
under puagraPh 19 the Property is acquired by Lender. Bornower's right W any insurance policia and proceeds resulting
fmm damage W tha Property prior to the aoquisition shall pasa to Lender to the extent otthe sums socurod by this Security '
Inatrument immedi~ttty ~i~Pr to tbe acquisition. ~ :.Y , . . , .
6. P~ aNd Matateaasoe of Propert~G La~e6olds:' Bnrrowers~hall not ~~atroy. damage or aubstantially
cbsnge, tbe Pmpaty, allow the Property to deterierate or commit waste. If this Security_ Inswment is an a leasehold,
Borrower ahall comply with the provisions of the lease, ~nd if Horrower acquires fee title to the proQerty, the leasehold and
fa title ahall not merge unleas Lsnder agras to the merger in writing.
7. Pratecdoa oi I.eadef's Rt~b ia tbe Property; Mort~e Insnrana. If Borrower fails to pcrform the
caveasnts and sgiroa~ra~ts containod ia ihia Security Instrumeat, or there is a legal procoeding that may significantly affeci
I~ender'~ ri~bu. 'tw t#~t PrapeRy (wcb ss a proco~ing in b~ankruptcy, probate. for condcmnation or to enforce laws or
regulstions), tha~ -I.atider may do and pay for whatever is rucasary to prottct tht vatue of the property a~d I,.endtr's rights
in the Property. I.aider's actions may include paying any sums socured by a lien which has priority over this Socurity
IAStrnment, appearing in oourt, psying reasonabk attorneys' fas and entering on the Propeety to make repairs. Although
Lender msy talce action under thia paragrsph 7~ Lender dod not have to do ao.
My itmounts di~bursed by Lender under this puagraph 7 ahall bawme additianal debt of 8orrrnver secura! by thia
Security InstrumEnt. Unless Bonower and Lender agra to other terms of payment~ thae amounts shall bear interest from
the date of disbunement at the Note rate and shaU be psyable, with interest~ upon notice from Lender to Honower ;
requeatin8 PaYmcnt. ~ ~
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