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HomeMy WebLinkAbout0936 l!\It~OR~i ('OVh\r~N~fS. 13~~nu~~~r an~l 1.~•n~l~r cu~rnant an~l :igrr~ ii~Uu.*. i. 1'u~mcnt uf !'rincipal and tntere~t: Prcpu}n~ent and I.:~ic~ ('hark~~~. 13urn~~~rr ,hall prump~i~ p.i~ ~~h~n ~lu~ ihr pnnrip:~l ut :~n~i int~r~.t ~m Ih~ ~i~ht r~•i~icnrrd h~• the N~~Ic :uid .iny prcp:~ym~nt an~1 I,ur rhar~r~ ~fu~ un~lrr ihr N~,tr. ~ 2. h'unds fcjr T.i~es und Insu~ancc. Suhj~r~ t~~ ;ipplirabli la~~~ ~~r t~~ a~vriUrn ~~•ai~rr h~ L~mt~r. li~~rru~<<r .hall pa~ iu l.cn~lrr ~~n thr ~1;~~ n~unlhly paymrn~s urc ~luc undcr thc I~utc, until th~ Nutc i. rai~l in tiill, a.um 1"Fun~l,") «~ual tc~ ~m~-t~~~Ilth t.u ~~~arl~ ta~rti un~i :u,c.~mcnl, ~~~hirh mu~~ attain p~i~~rit}~ o~cr thi. S~rurit~ Imtrun«nt: Ihl ~~arly Ira,~h~~l~l paymrnn ~?r tr~iun~l ret~t. un ~hc Pm~;rty, il any: Irl y~arly harard imuranrc prcmium~: an~ (dl ~~arl~~ murtgagr imuranrr prcmiun~+. il :~ny. 7hr.~ i~rm, arr rall~~l "r.cru~~ itcn~. " l.~ndrr ma~~ ~.~ima~r thc Fund. ~luc ~m thr ha.i. uf currcnt ~laC~ ,~nd rea~~»~:~hlr ~~tima~r+ nl~ tii~ur~ r.rr~,~~ itrm,. ~'hr Fun~l~ .hall tk hcl~l in an in~tituti~m th~ ~lr(xj.ih ur .+rr<?unts u! ~~hirh arr imur~~l ~~r guar:~nt~cJ by a I~~lrral i~r ,t:itc a~rnr) ~ inrludinz L~n~lcr if [.cn~icr i~ •urti an in~titutiunl. l.rndcr ,hal! appl~• thc I~un~l. a~ pay thr r~cru~~ itrm.. I.in:t~~ ma~ nut rh,ir~r Iur h~?Idinr an~i applpinr tlir Fun~l.. a~~alyiing thr arruunt or ~•crilying thr c~rru~~~ ihm~. unl~.~ Lcn~ier pay. 13~~r~u~~cr intrr~`t ~m thr Fund.:~i~~l appli~ablr la~+~ ~xnnit. l.cndcr t~~ makc .urh a rhargc. l3urru~~~cr an~t Lcndrr ma}~ agr~r ~n ~~~riting that int~retit .hall tk paid ~>n Ih~: Fun~1s. Unlrs. an agrr~mcnt ma~lc or applir,ihlc la~~~ r~yuires intrre~t tu tx~ paia. (.indrr ~hall nn~ tk r~yuire~l tu ~~a~ Burru~~•~r any intrrr~t ~~r rarnings un thr Fund.. l.~ndrr sh,~ll girc t~~ Burru~~cr. N~ithuut rhar~~, an annual ar<<?untui~; ui ~hr I~un~lti ,hu« ing cn~lit~ ,in~i ~irbits t~i thc Fundti and thr pur~x~.r liir ~vhinc ~;ich ~lrhit tu thc F~una~ «a. nr.idr. 'I~hr i~unclti :?r~ pl~~t~r~l a. ad~fiti~mal u~urity fur th~ tium..ccur~J h~• thi~ S~cu~it~~ Instnun~nt. It thc amount ut~ thc Fund~ h~ld hy LcnJir, tu~*cthcr ~~•ith the I~uturc i~~unthly pa~~ni~nt~ uf 1=un~i~ pa}~aMc {~ri~~r t~~ the duc datc~ ul ~hr c,rr~~~~ itrmti. .hall rxc~ed th~ csmount rcyuire~ tu pa)• ~he exr~~~~• itcm. ~vh~n due, thc rxcetis ~hall hr, at Burro~~cr'~ upti~~n. ~ ithcr pr~~mptl~~ repaid tc? [3orr~~~~•er ~~r rrrdited t~~ Borr~~~~~er un numthly pa~~ment, ~~i Funds. 11 thr anwunt ~~t thc Fun~h h~ IJ hy Len~ter „ nut ,uftic•i~nt te? p~~~ the c~crc»+~ itcros when duc. t;orr~?~~~r shall pay tu Lendcr .iny umount nccrs~ar~~ t~~ m,ikr up thr dcfirirnr~ in ~?nr ~~r nwrc p~~ mcnt~ as reyu~rcd hy Lcn~~ r. U~~n payment in fuU ~~I' all ~ums ,rrurc~ h~• thix Sccuritl' Imtrument. l.ender ~hall prumpti~• refund tc~ Burn?~+~cr any t~undti hrl~l hy l.cnd~r. If under par.igraph 19 th~ Pru~rty i~ ti~*!:l or acyuirc~t h~ L~nd~r, t.cnif~r tih.~ll .~ppl~. ne~ I,nrr than imme~liat~l~ priur tu thc .alr ~~t~ thc Pro~xrty or it. aryui~iti~?n h~ Lrn~lrr, an~~ Funds hclJ h} t_enc}er ~u th~ timc applicati~m ati a rredit agaimt th~ .um. .crurrd b~ thi~ S~rurit~ In.trument. z. :~pplication of Pa~ments. t~nlr~~ applic•.~hl~ I;~~~ pr~»~id~, uthrnvi.r. all pa~mcnts rrrrivc~l h~ t_rn~irr un~ler paragraph~ I a~~~1 ?.h~?uld tx~ appliriL- firtit to am~iuntti pa~ahl~ undrr para~raph ~rc~md t~~ inter~~t: and la,t tu prinripal. J. CharKes: I.ietts. 13<rrro~cer +hall pay all tax~.. a~.r"mcntti, rharg~,, tii~~. and im~x?tiiUum aitrihutahle to the Pm~rty N•hich ~?ia~ att:~in pri~~rily i»•rr thi~ S~curit~ In~trumcnt, and I~a~~hul~l paymrn~~ ~?r gmun~l rent.. ii am . B~?rro~rer tihatl pap th~a~ uMigati~?n, ~n the n~anner provide~ in p~ragr:+ph 2, ar i( n~~t pai~l in that n~anncr. Burr~~a~rr ~hali p~~ ~h~m un time ~irertl~• to thr per.on ~~ti~~~ ~~a~mrnt. t3~~rn?~~rr ~hul~ promplh (urni,h u~ Len~l~r all n~~ticc. ol am~~unt~ ti? tx paid und~r thiti p.ir.irraph. !t t3urmti+•rr makct thr~c pa~ment, ~1ir~ctl~•. f3~~rro~~•cr shall pn?mptl~' (urni~h t~r Leml~r r~rcipt, r~•idencin~ the p:+}~nunt.. B~~rru«•~r ~hall pn?mpd~~ Ji~rharg~ am lirn ~~hirh h~~ pri~?rity~ ~?~er thi~ Sereirity lntitrumrn~ unl~~. l3~?rr~~Her. I.i) agrr~~ in ~~riting tu thi paymem ~~ti th~ obligatiun tierurr~i h~ thc lien in a nr~nner arc~piahle U~ Lend~r, lb) r~~nt~~t, in r~xx1 faith th~ lirn h~ . nr Jeiends ;~g~imt ~nlorremrnt e?F thr lir~ ii~. le,~al pnx•~e~finz, t?hirh in thr Lrndcr'ti upini~m ~~Ex r.itc t~~ prr~rnt thr rnli~rr~nz~nt ul th~ lirn i~r !i?rfeiture of :tn~' part ;~i thc Pn,~xrt~: ~u Ic) tircur~. Inmi th~ h~~l~er i~f ~he li~n an agreemrnt ~ati~fartiu~ t~? L~ndcr .utx~rJin~t+ng the lien to thi~ Srrurity Instrumrnt. If Lender de~crminc. that any part ~~f Ihr Pru~rt~ i~ suhj~ct t~~ a licn ~~hi~h nr.~~ :~tt~~in pri~~rit~ i~~cr thi, Srrurity In,trument. LenJrr ma~ gi~~r Bi,rru«cr a nutire i~entit~ing ~hc li~n. B~?rmw~r .haH ,ati~fc thc l~en ur tak~ ~~nr ~?r more ~?f thc arti~~m sct ti~rth ah~~~c ~vithin 10 ila~~ ~~f ~hr zi~~ing uf nutir~. ~iazard Insurance. Burm~ver sh~ll kecp the impm~~rmrnt> mnti ~~i~tin~ ~?n c~rr~t'tcr rrectc~) ~m thr PrnExrt~ iis~urr~ again,t I~~,~ b~ fir~. h~i~ards included within th~ term "ertrnd~d a?~'erage" an~ ~n}~ oiher h~car~l. for t~~hirh 1_~nder r~yuire~ imuranr~. 'fhi, in,uram~ ~hall tx: maintained in thc amount~ and ti~r thc Fx ricxls that Lcndcr rryuirc,. Thc insuranrc rarrier pro~~iding th~ in~urancc .hafl tk ch~?scn b~~ Borrowcr ~ubjert ta Lcndcr'. appruval ~ti~hirh shall n~~t tx unrcasimably ~~~ithhcld. All insuranre pcdirirs anJ renewal~ sha!! tx arc~pt~hfr t~? Lender and ~hall inrlude a titan~lard mortgagc rlau~c. Lrndcr ~hall ha~r thr right to hold th_• pc~lirics and r~ncti~alti_ If Lendcr rryuireti. Borru~~•cr sh~ll pr~?mptly gi~'c I~~ Lcndcr aU rercip~~ of paid prrmiun~~ anJ rene~~al nc»ir~~. ln Ihe <<ent ~~f li?,.. B~~rro~~cr ~hall gi~~ pmtnpt m~tir~ t„ thc inwrancr rarner an~ Lendrr. L~ndrr ma} makc pnx~f s~f 1~?,~ if not made prcmiptl~ b~ t3urm~srr. l,~nlr» Lcndcr and E3orro~+~cr uthcnvi~r a~rec in ritin~. in.uranrr pnxccd..hait hc~ ;~pplic~ tc~ re~t~~ration or rep:~ir nf ~hc Pru- ~rt~ ~famaged. ii~ the re,turaticin ur rep.iir i~ rron~~mirall~~ fiasible and Lrnder'~ ~ecurit~~ is n~~t Irti.cnrd. If th~ rc~toration ~~r rrpair i~ n~~t eeun~~mic~ll}~ t~ea~ihlc ~~r Lrn~er'ti >crurity ~~oui~ lx Ir~~cned. the imur:tn~e pt~kC~dti sh:~ll tk applied lu thi ~um~ u~urid h~ i thi. Scrurity Instrumcnt. NhctF~cr ar n~~~ thrn du~, ~+~ith an~ rxreu paid t~~ Ri+rm~~rr. If Borro~ccr aband~rn> thc Pru~xrt~, ~?r d~k. n~u ~n>~~er w•ithin 3Q da~s a ne~tir~ frorn t.cnder that 1h~ insuranrr carrirr ha~ otter~d to ,ettle a rlain~. thrn Lend~r ma1' cullect th~ f ~n,ur:~ncr pnxeed~. Lendcr ma~~ u~e thr pnneeJ. t~+ rcpair ~?r rr~te~r~ the Pm~xrty i~r ti~ pa1 sum~ ~erured h~ Ihi~ Serurit~~ Imtrument. ~+h~thrr or n<it ihcn duc. Th~ 30-day ~xriai w~ill tHgin ~~hen thc notirc is ~i~•cn. ~ Unle., Lrndrr and Borrc»~er ~~ther~citir a~rer in ~vriting. am applic.iti~~n ~~t pnxee~~ tu pri~cipa( >h:~lt n~~t ~~tcn~l ~~r pe~,tpe~ne i shc ~iur ~latr ~~f the ntunthl}~ payments referrcd t~~ in paragr~ph. I an~ 2 ur rhangc the .im~~unt ~~1 the pa~~mcnt.. If un~fer paragraph i ly thc Pru~ rt~ i. acyuired b~' Lxnder. Burnn~•er~s right to an~ in~uranrr Ex?lirie> anJ pr~xer~~ rc ~ulting Imnt ~ama~r to Ihc ProExrt) ` ~n~~r tu thr aiyuisilion ~hall pa» t~~ L~ndcr t~~ thr c~trnt ~~f the tium. ~crured h~ th+, Security in`trwnent immr~fiateh pn~~r tu thc ~ a~yui~ili~~n. ~ 6. Prcur~ation and ~faintenance of Yr~~pert~; I,easeholds. 13i~rruH~rr ~hall rnx J«~ni~ . ~amagc ~~r ~uh.tanti~~ll~~ rh.ingc thc Pre~~xri~. .i((~~~+~ th~ Pni~rt}• tc? ~leterie~ra~e i~r remnnit u~,t~. U thi~ Serurit~ In~trum~nt i, ~m a I~a.ehi,ld. 6urnn~er ~hall c~miply ~ ~.ilh th~ pr~~ri.ions of the Irasc. and i! Borr~~wer acyuire> fec tiUe t~~ thc Pr~~~xn~. ~h~ Irasehuld and le~ titlr ~hall n~,t mcr~_e unleti, , i.~nclcr agrccs u~ thr mcr~cr in ~~~riting. 7. Protectinn of I.ender's Ri~hts in the 1'ropert}: 11ort~ake lnsurance. If B~~rr~n~cr tail. t~~ Fx rli~rm thr c~~~~rnanh and ~ agrermcn~~ c~mt~ined in thi~ Srrurit~ In~trumrnt. ~~r therc i~ a I~gal pr<+cecdinz that n~a~ ~itnitiranN~ afti~rt I.rn~er~. right~ in thc Pm~xrt~ I~urh .i~ a ~~r~?rredin~: in hankruptc~. {xi~hatc. f~~r eemdemnatic?n ~~r t~~ cnf~?rcr ~~r reeulati~>n.i. ~hen Lcnder ma~ ~I~~ an:l pa~ tiir tichatr~~r i~ nrrc~tian t„ ~im~~ct th~ ~afuc ~?f lhc 1'ru~rt~ ~nd l.cri~ler~. riLht. in Ihe Prn~nrt~. I.cn~hr'~ actiim~ may inclu~c ti~ayin~ an~ ,um. ~~~•ure~l h} lirn ~~hirh ha~ prinrit~ en~er th~. Seruritr 1n,Irument. ap~aring in r~~urt. paymg rra~~mahlc au~~rn~~.' fce. anJ rnterin~ ~~n ~hr Nr~~}krtt t~~ makc re~air.. Alth>>uzh Lcndrr ria~ takr artiem un~rr thi~ ~arazraph 7. L~n~~r J~x. rn,t havr ti~ d~~ . gooK 57~. PacE 935 ~