HomeMy WebLinkAbout0973 l'~~~ c~k~~ Ccw1:~.~~7 s l3urro~~•rr ~~nd l.endrr r~»•rna~~~ and agrcc a~ i~ollo~~ti:
1. }'u~~~ent of 1'rincipal s~nd intc~est; Prepa~•ment And l.ate Charkcs. N~~rro~~~rr ~hall ~~n~m~tly ~,a~ ~+hrn ~iu~
ihr ~nurira) c~f and intrre~t on thc debt eviel~nced b~~ the I~o1c and any prepay~ment and late charkel dur under the `c,~r.
2, I'unds for Tuxes and Insurance. Suhject to applic.~ble la~~~ ~~r to a~+•ritten ~rai~~rr h~• l.rndrr, I~urra~cer ~h,~ll n;~}
~n~ aay nu~nthiy rapmentti are due under the Nc~te, until the 1`bte iti paid in full, a sun~ (..Fundti ryual tu
unr-t~~~eltth of: (a) }•e,irly~ t~xrs and assessmenls which ma~~ altain priorit~~ o~-er this Security Instrument; (b) ~~~arl~
lratiehol~l pa}•menls or ~row~d rents on the {'roperty, if any: (c) ~~early harard i~~~t~r,.~~c:; ~.re~„~:.~.:~,: .::;c.+ ~•earl~
mortgagc imuranre premiums, if uny. Thc.r items are callyd "escrrn~~ items." Lender may ettimarr Ihe Punds clue on the
ha~i. i~(current data and reaxonablc estimates af future escro~~• items.
The Funds shall be held in an instituiion ti~r depotits or accounts of a•hirh are insured or guarantee~! b~~ a federal ~r
titate agenr}- (including ~.er~der if l.ender is such an instituiion). I.ender shall upplp the f~unds to pay the escrow items.
1_rndrr ma~• n~~t charge for holding and applyi~g the Funds, analyzing the account or verif}'tng ttie c5::rocr it~rr~;, u:3l~~•:
Len~irr pay~s t3~~rrower interest on the ~~unds and applicable law permits l.ender to make such a charge. E3orrow~er and
Lender ma}• agree in H~riting that interest shall be pa"sd i~i thc ~~~nc1~. Untess .in agreement is made ar aprlicable la~+•
rrquires interest to he ~aid, Lender shall noi be required t~ pa}• I3orro«•er an}• interest or earnings on the Funds. Lendrr
shall gire to t3c~rrotcer, ~~~ithout charge, an annual acc~unting of !he Fu?:ds sho~ti~ing credits and debits to Ihe Funds and the
purEx~se fi~r w•hich each debit to the Funds was made. The Funds are pledged as additional sccurity for the sums secured h~~
this Security Instrument. -
If the amount oT the Funds hcld by Lender, together with the future monthl}• payments of E~unds pa~-able prior to
thr due dates of the escro«~ items, ~hall excced the amount required to pay the escrow~ items whe?~ c!ue, the excess shall be.
at [3orro~ver's option, either prc~mptly rep:iid to I3orro~~~er or creditcd to f3orrower on monthly payments of Funds, [f the
amount of the Funds held by l.ender is not sufficient to pa~~ the escrow~ items when due, Borrower shall pay to Lender an~'
am~~unt nec~:~sary to make up the deficiency in one or more payments as required by ~ender.
U~n pa}~mcnt in full aTall sums secured by this Securiiy Instrument, Lender shaii prompti~• refund to Borrower
an~• Funds held by I_ender. [f iinder paragraph 19 the Yroperty is sotd or acquired by Lender, Lender shall arply, no later
than imrncdiately~ prior iu c~;~ o; ,~e Yroperty or its acquisition b~~ I.ender, any Funds held by Lender at the time of
application as a credit against the sum~ secured by this Security lnstrument.
3. Applieation of Yayments. Unless applicable la«~ provides otherwise, all payments received by 1_ender under
paragr.iphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
Notr; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principa) due.
4. Ci~arges; Liens. Borrower shall pay al) taxes, assessments, charges, fines and imp~sitiom attributable to the
Pmperty ~vhich may attain priority ~ver this Security I~strument, and le~sehold pa)•ments or ground rents, if an~~.
Borro~~~er shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
~.ty them on time directlp to the person owed payment. Borrower shall promptly furnish to Lender atl nntices of amounts
t~~ be paid under this paragraph. If f3orro~~~er makes these payments directly, Borrower shali promptty furnish to Lender
rrceipts e~•idencing the payments.
Horro~ver shall promptly discharge any lien which has priority over this Security Instrument unless Borro~~~er. (a)
agrees in writing ro the payment of the obligation secured by the lien in a mannzr acceptable to Lender; contests in good
faith the lien by, or defends against enforcement of the lien in, legal proceedings H~hich in Ihe Lender's opinion operate ro
pre~~ent the enforcement of' the lien or forfeiture of any part of the Property; or (c) secures from the holder oF the lien ao
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
the Property is subject to a lien +~•hich may attain priority o~~er thic Security Instrument, Lender may gi~•e Borro~ier a
notice identifj~ing the lien. Aormw~er shall satisfy the lien or take one or more of the actions set forth a~ve w~ithin 10 da}•s -
oi the giving of notice.
5, Hazard Insurance. [3orrower shall keep the impro~~ements now existing or hereaRer erected on the Yropert~~
insured against loss by fire, hazards included a•ithin the term "extended coverage" and an~~ other hazards for which Lendcr
requires insur.~nce_ This insurance sha1) be maintained in the amounts and far the periocls that Lender requires. The
insurance carrier providing the insurance shall be chosen by Rorrower subject to Lender's appro~~al w~hich shall not be ~
unreasonabl~• ~vithheld.
All insurance ~licies and renewals shall be acceptabte ro Lender and shati include a standard mortg~ge clause.
Lendr~ ~hall have the right to 1~oid the policieti and reneµ~als. If Lcnder rec~uires, E3orro~+'er shaU promptl?• givc to Lender
.tll receipts of paid premiums and renewal natices. In the event of loss, [3orrower shatl give prompt notice to the insurance
rarrirr and Lender. Lender ma~~ make proof oi' loss if not made promptly by Borrower. '
lJnless Lender and E3orrow~er otherwisr agree in writing, insurance proceeds shal) be applied to restoration or repair i
of the Properh• damaged, if the restoration or repair is economically feasible and Ler~der's security is not fessened. If the '
restoration c~r repair is not economicatty feasibte ar Lender's securit~• would be lessened, the insurance proceeds shall tx
appfied t~ the sums secured by this Security Instrument, whether or not then due, with any excess paid to I3orrow~er. If
~ I3orraw~er ahandons the Property, or does not answ~er within 30 days a'notice Prom Lender that the insurance carrier has
of~ercd tn settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
the Yroperty or to pay sums secured by this Securit}• Instrument, ~;•hether or not then duc. The 30-da}• period µ~il1 t~egin
when the notice is gi~~en. . ~
' Unless Lender and f3c,rrow~er otheri+•ise agree in writing, an~~ application of proceeds to principal shall not extend or
~ postpc~ne the due date ~f thc monthly payments referred to in paragraphs 1 and 2 or change the amount of the ra~•ments. Il
under paragraph 19 the Property is acyuired by t:ender, Borrawer's right to any in~urance ~licies and pmceeds re~ulting
from damage to the Pro~rty prior to the acquisition shalt pass to Lender to the extent of the sums secured b}~ this Securit~~
Instrument immediately prior to the acquisition.
6. Preservation and hlaintenance of Property; I,easeholds, Borr~w~er shall not destroy, damage or substantiall~•
changc ttie Yroperty, .illo~~~ the Yroperty to deteriorate or commit w~aste. If this Security Instrument is on a leasehold,
I3c~rrow•er shall com~ly with the provisions of the lease, and if Borrower acquires fce title to the Yroperty, the leasehotd and
~ fce titlc shall not rnerge unlcss Lender agrees to the merger in writing. ,
7, t'rotection of I.endcr's RiRhts in the Property; i~lortgage Insurartce. If B~rrowcr fjil~ t~ perform the
c<n~~nants and agreements cuntained in this Security ]nstrument, nr there is a Iegal proceeding that ma~• significantl~• aflect
Lendrr's rightti ~n the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce iaw~s or
re~ulations), th~n Lender may do and pay for whate~~er is necessary to protect the value of the Yropert~~ and Lender's rightt
i~z the !'ropert~~. Lender's actions may include paying any sums secured b~• a lien ~~~hich has priarit}• over this Securit~~
Instrament, arpearing in court, raying reasonable attorne}~s' fees and entering cn ihe Fropert~• to make repairti. Alth~ugh
' Lendcr ma~~ take action under this paragraph 7, Lender dces not have to do so.
An}~ amoun~s disbur.ed b~• l.ender under this paragraph 7 shall become additional deM ~~f I3orro~~~er tiecur~d h~~ this
Sccurity lnstrument. l'nless I3c,rrow~er and Lender agree to other tcrms of payment, thete amountti shall hear in~cre~1 from .
the date of disbur~emrnt at thc 1~ote rate and shall be payable, with interest, ure~n notice fr~m l_rnder t~~ I3<~rm~~rr
rcqur~ting pa~~ment.
~ ~ - ~ gooK571 PA~E 9?2 ~ s~o~54~' ~,~F137S
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