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Home My WebLink About0971 l'~Il ~~k~i Cc,~~f.'~,~tiis i3orru~a~rr a7d i~nder r<~~~c:nant and agrrc a~ f~~l1~»~~: t. t'ayment of ~'rincipal and lntrrest; Yrepayment and l.ate Charges. l3orro~~~~r .tiull {~r~~mptly ~~a}• ~~~hrn ~iur tt~e ~ri+~cipa! of and :i~teresl t~n Ihe ~lebt rvi~ienced hy the Notc and any pre~ay~tiicnl and latc ch~irFcti due undrr the N~;tc. 2. {~unds for Taxes and Insurancc. Subjert !o applirable la~~~ or tc~ a~~~riuen ~~~ai~~cr hy I.cizder, t3c~rro~~•er ~haii ~ to l.ender on the day mcmthly pa~•ments are clue uiide~ the Notc, until the Note is paid in fuil, a su~~~ ("t~unds") eyunl t~~ ~ cme-t~celfth of: (a) ~~rarl~~ taxes and assessments which may attain priority a~•er this ScYUrii~~ lnstrument; (b) yc.~rl~• f leasehold pay~i.~ents or gro~~nd rents rni the Praperty, if any; (c) yearly hitzard insurt~nce premiums; and (d) ~~earl~~ ; _ m~~rtgage insurance premiums, if any. Thcse items are called "escrow items." l.ender may estimate the Funds due c~n tLc ~ basi~ of current data and reasnnable estimat~s nf future escro~i~ items. The Funds shall be held in an institution the dept~sits or accdunts oP~~~hich are insured or guaranteed by a fedcral or ~ state agency (including Lender if I.ender is such an institution). Lender shaii apply the Funds to pay the escroa~ itcrns. ~ Lender maS• iiat charge for holding and applying ihe Funds, analyzing the account or vrrifying the c~crow items, unless ! I_ender pays 13orrower interest on the Funds and applicabte law permits Lender to mahe such a eharge. I3arrow~er and I.e~~der may~ agree ir, «~riting tf~at interest shaN be paid on the Funds. Untess an agreement is made or applicable la~v reyuires interest to be paid, Lender shall not be required to pay B~rro~~•er any interest ar earnings on the Funcis. Lender shall give to ~3arroH~er, withaut charge, an annual accounting of the Funds sho«~ii~g credits and debits to the Funds and the pur}x~se for which cach debit to the Funds was made. The Funds are ptedged ~s additional security for the sums sccured by this Security instrument. i lf the amount of the Funds held by L.ender, together with the future monthly payrnents of Funds payable prior to ~ ~ the due dates of the escrow items, shail exceeci the amount required ta pay the escrow items ~~~hen due, the cxcess shall be, f at I3orro~ver's aotion, either promptly repaid t~ I3~rrower or credited to Darrower on monthly pa~~ments of Funds. If the amount of the Funds held by Lender is not suRicient to pay the escrow items when due, Bor?•ower shall pay to Lender any ~ amount necessary to make up the deficiency in one or more payments as required by Lender. ~ tlpan payment in full of all sums secured by this Security Instrument, I.ender shall promptly refund to ~3orrower any Funds held by Lender. 1f under paragraph I9 the Property is sold or acquired by Lender, Lender shall apply, no I~ter than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lendcr at the time of - application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicabte law provide~. otherwise, all payments received by Lender undcr ' paragraphs t and 2 shall be applied: first, to late charges dae under the Note; second, to prepayment charges due under the ~ Note; third, to amounts payabl~ under paragraph 2; fourth, to interest due; and iast, to principai due. ~ 4. Cha~ges; Liens. Aorrower shall pay ali taxes, assessments, charges, fines and impositions attributable to the ° Property which may attain priority over this Security Instrurnent, and leasehold payments or graund rents, if any. ~ Borro~~er shall pay these obligations in the manner provided in paragraph 2, or if not paid in that m~nner, Borrower shall pay them on time directly to the ~erson owed payment. Borrower shall promptly furnish to Lender all notices af amounts ~o be paid under this paragraph. If i3orrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. ~ Borrawer shatl promptly discharge any lien ~+hich has priority over this Security Instrument unless Borrow•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 defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to ~ prevent the enForcemenl oF the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisPactory to Lender subordinating the lien to this Security Instrument. If Lender dete~mines that any part of ' the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrow~er a ~ notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within l0 days i of the giving of notice. ~ S. Hazard Insurence. Borrower shatl keep the improvements now existing or hereafter erected on the Propert~~ ~ insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender ~ requires insurance. 7'his ins~rance shall be maintained in the amounts and for the periods that I.ender requires. The insurance carrier providing the insurance shatl be chosen by Borrower subject to Lender's approval which shatl not be unreasonably withheld. - Al! insurance {~olicies and renewals shall be acceptable to Lender and shal! include a standard mortgage claus~. Lender shalt have tiie right to ho(d the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewai notices. In the event of loss, Borro~cr shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and ~3orrower otherwise agree in writing, insurance proceeds shall be applied ta restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or L.ender's secarity woutd be lessened, the insurance ~-,raceecis shall be applied to the sums secured by this Security Instrument, whether or noi then due, with any excess paid to Borrower. 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 insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any apptication of proceeds to principa! shall not extend or postpone the due date of the monthly payments referred to in paragraphs l and 2 or change the amount of the pay~ments. If under paragraph t9 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting - fram damage to the Property prior to the acyuisition shall pass ta Lender to the extent of the surris secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and &faintenance of Property; Lea.seholds. Borrower shatl not destroy, damage or substantially change thc Property, allow th~ Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Rarro~ser shall comply with the provisions of the lease, and if Borrower acquires Fee title t~ the Property, the leasehold and fee title shall not merge untess Lender agrees to the rrerger in writing. . 7. Protectiori of Ler~der's Rights in the Propert}~; i~iortgage Insurance. If Borrower fails to perform the co~~enants and agreements contained in this Security Instrument, or there is a legal proceeciing that may significartly afTect Lender's rights in the Pruperty (such as a proceeding in bankruptcy, probate, f~r condemnation or to enforce taw~ os regulations), then Lender may do and pay for whatever is necessary to protect the vatue otthe Prap: rty a~d Lender's rights ~ in the Property. Lender's actions may include paying any snms secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorr~eys' fees and entering on the Property to make repairs. Although I,ender may take action under this paragraph 7, ~.ender dxs not have t~ do sc~. Any ar•~aunts disbursed by Lender under this paragraph 7 shall becom~ additianal debt of Borrow~er secured by this Security Instrument. Unless Bc,rrower and Lender agree to other terms of payment, these amovnts shail bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender t~ Borrow~er requesting payment. ~ gooKS~~ Pac,E 9~'~. . .~~R~_ _ 4.. ~