HomeMy WebLinkAbout0915 U~~I c~K~t Cc~v~:~;nvrs 13orrower and l.cnder covenant un~i .?grrc ii,iiu«.:
1. Payment of Principal and Interest; Prepayment and l.ate ('harkes, f3arrower shaii promptty~ pay~ H~hrn cfue
the princ~p.~l of anci interest on the debt evidenced by the Nate and ~~~ra~ ntrnt arTd late charges due under the Note.
2. Funds for Taxes and Insu~ance. Subjeci to applicable la++• or t~~ a~~~rittcn waiver by l.ender, BorroH~er shall pay
tu l.ender on the da~~ monthly payments are due under the Note, until thr Nute is paid in full, a sum ("fiunds") equal to
one-tw•eifth of: (a) yearlp taxes and assessments which may altxin priority ci~•er this Security Instrument; (b) yrarly
leasehc~ld payments or ground rents an the Yroperty, if any~; (c) yrarly hazard i~surance premiums; and (d) yearly
mortgage insuranre premiums, if any. "I'hese itrms are called "etirm«• itemc" t.cncter ma~~ estimate the F'unds due un the
basis c~f current data and reasonable estimates of future escrow item~. ~
The 1=t~nds shall be held in an institution the de~sits or ucc<~un~ti ~~f w•hich .ire insured or guaranteed by a federal or
state agency (including l.ender if Lender is such an instiwtion). Lendrr tihall appl}• the Funds to pay the esrrow items.
Lender may not charge for holding and applying the Funds, anal~~zing thr acr~unt or verifyinR the escrow items, urilesti
1_ender pays Borrower interest on the Funds and applicable law permits l.eneler to make such a chargr. l3orroN~er and
l.ender may agree in writing that interest shall be paid on !he Funds. Unless an agrerment is made or applicable IaH
requires interest to be paid, Lender shal) noi be required to pay F3orro~~er any interest or earnings ~~n the Funds. Lender
shall givr to I3orro~~~er, without charge, an annual acruunt~ng of thc Funds shc~wing credit~ and debits Io the Funds and the
pur~tie for which each debit to the Funds was madr. The Funds are pledged as additiun~il securiry for the sumti secured by
~his Sccurity instrumcnt.
!f the amount of the Funds held by I.ender, together wiih the future monthly paymentt of Pund~ pa~~able pri~r to
the due dates of the escruw items, shall exceeci the amount reyuired io pay [he cscri~w- itcrf}s u•hcri due, ,hr e;e<<,s s!;c:!!
at [3orrower's option, either pmmptly repaid to Rorrower or credited to I3orrower on monihl~• payment~ of Funds. If the
ami~unt cif the Funds held b}~ Lender is not sufficient to pay the escroH~ items when due, [3orro~~•er shaU pay~ ic~ i.ender any
amount necessary to make up the deticiency in one or more pa}~ments as required by i.ender.
U~n payment in full uf all ~ums secured by thi~ Securit~- lnstrument; Lender shall prumptly refund to Borrow~er
any F~unds held by Ler~der. lf i~nder paragraph 19 the Property is sold or xcyuirrd by Lender, Lendrr shall apply, no later
than immediately pr~~r ro tfie sale of'the Yropc:rty or its acyuisition by Lender, any Funds held b~• I_ender at the time of
application as a credit against the ~ums tiecured by this Securit}• Imtrument.
3. Applieation of Yayments. Unlrs~ aprlicahle law~ provides otherw•isr, a0i pay~ments received b~~ Le~tder under
paragraphs I and 2 shali be applicd: 6rst, to tate charges due under the Note; serond, lo prepa}'menl rhargcs due under thc
Notc•; th~rd, to amounts payable u~~der ~aragraph 2; fourth, t~~ interest due; and latl, to princ~ral due.
4. Charges; I.iens. I3orrower tihail pay all taxes, assessments, charge~, fines and impositicros attributable to the
1'ropert}• w•hirh may attain priorit}• over thit Securit~~ Instrument, and Irasehold paymei~ts or grc~und rents, if any~.
I3orrower tihall pa~• these obligations in the manner provided in paragraph 2, or if not paid in that manner, E3orrow•er shal!
pa~~ them <~n time directty to tiir ~nc~n o~~ed payment. Borrower shall prnmptly fi~rnish to Lender al! natices of amount~
to be paid u~~der this paraRraph. If I3e~rru~~•er makes these pa}•ments directl~~, t3~~rrower sh~ll promptly Purnish to Lender
rece~~ts e~~idencing the payments.
f3orr~~wer tihall promptly discizarge ant~ lien which has ~riority over this Srcurit}• Instrument unlrss [3orroH~er: (a)
a~rees in H~nting lo the payment of the c~bhgation srrured hy~ the lirn in a manner arceptahle to Lrnder, (b) contest~ in gocxi
faith thc licn by, or defends against enforceme~it c~f the lien ~n, I~g.ti proreeuings H~nich in thr i_rnur,'. c,~,i;,ic;r, ap~,a;~
prevent the enfcircerrtent of the lien ~>r f~~rfe~ture ~~f any part s~F the Yroperty: or (c) secure~ frc~m the h~~lder of the lier. an
agreement satisfactor~• ro l.ender sutx~rd~nating the lien to this Security Imtrument. IC Lender determines tha~ any~ part of
the Propert}• iti ~uhject tc~ a lien whirh m.i~• attair~ pric~rity c~~~er thi~ Securit}• Instrument. Lcnder ma~• givr t3~~r~o~~•cr a
~iotirr identifying thr lien. Borru~•er shall sau~f~~ thc lien or takc c~nc c~r mure ~f the action~ set fi~rth atx?~c a~ithi~t 10 da}•s
~f the gi~ ing of notice.
5. Hazard lnsuranee. E3<~rr~~~cer ~h:,ll keep th~ imprati•ements n~~~c etisting or hereafler erected c~n the Yro{xrt}~
insured againtit loss by fire, hazards included «~ithin the term "extended re~vera~c" and any other harards for which Lender
reyuires in~,urance. This intiurance shall h.e maintained in the am~unts and for the periods that Lender reyuires. The
insurancc carner pr~ividing the insurance shall tk ~h~~ten b}~ R~~rruwer sub~ect to Lender'~ appren~at w~hich shatt noi br
unreasemabl~~ w•ithheld.
Atl imuran~e policies and reneu•sk ~ha!) he acceptable t~~ Lrmler ar.ci tihall include a standard murtgage clauie.
Lender shall have the right to huld the ~oGcies and renewalti. If L~nder requireti, Borrow~er shall promptl~~ gi~•e to l.ender
all r~rei~ts of paid prrmiums and renewal noticc~. !n the event ~~f I~ss, E3crrowrr shall gi~~e prompt notice tn the intiuranre
carrier and Lrnder. t.e~ider rr.ay make prcx~f e~f Ices if not made ~romptly b}• [3~~rniwer.
l;nlest Lendrr and Borrower otheru~~se aKree in a•riting, inc~uanrr ~r~xeeds shall he appGed to recte~ratic~n c~r rrp<~ir
uf thc }'ru~,crt}• damagrd, if the restoration rr rrrair is ea~nc~mirally fe~sihle and Lendrr't security is nc?i Icssened. If the
rest~iratic~~~ or re~air ic not rconomicall~• fea~ihle ~~r l.ender's ~e~unt}~ N~~~uld bz lessened, th~ inwranrc ~rc~rrds tihall be
applied tc~ the tiumti secured h}~ th~s Securily Instrunten(, w~hett2er or not then due, u~~ch any exresti paid tca Harrc~~~•er. If
Fit~rrc»•cr .~bandons ihc Prc~~rty, or d~x~ n~~t .~n~wer w•ithin 30 da}ti .t ni~tire fre~m I.ender that the inwranrr rarner hati
<ifTereei t<~ settle a claim, then Lender ma~• rc~llrct the insuranre ~mrrcdti. Lender ma~• u~r the rrcx•eed. tc? rrr:tir nr rc~t~~re
the Pn~rrrt~~ i>r t~~ ~a~• wms <ecured h~- this Srrurit}~ In~trun~cnt, „?~<<?~« ~t;~n a~,~. -rn~ ?0-da} ~rrn~cl ~~~II hc~in
H hert thc neuire ~s given.
l`i~le~~ Lender and Bnrrc~u•er utheraitir :~gre~ ~n ~vriting. any .+~~lirati~in eif rr<~cerd~ t~, rrinc~~al ~haU n~~t e~~end ~~r
~~~~t~~~ne thc duc date ~~f the iTUmthly ~a~•mrnt, referred t~ in raragra~+h~ 1 and 2 c~r chan~e ihe .~nuninl t~Cthc ra~ ment~. If
u~ider ~ar,~gra~+h 19 the Pr~~~ert~• iti acyuired h~ Lender, f3i~rrc~~~•er'ti rigfit tc~ an~ in~uranre rc,lir~cti and ~r~,rrrd, rc.ultirr~
' fre,m darn~gc t~~ the 1'r~~~ert}' ~rior t~ the a~yu~~itic~n tiha!! r:~~ti t~? t.ertdcr t<~ the extent e~f ~h~ .i~m~ ~e~urrd hc Ih~~ Srr~ir~t~
Intilrurnertt trr~mcc~iatcl~ prior t~ the acyui.~Ii~in.
6. Yreservation and ~laintenance of 1'r~?pert}~; l.easchnlds. Ili~rn»~rr.hall n~~t <ie~tn~~. ~1;~mag~ „r.uh.tannaUy
rhttnkr thr Pr~~~erl~, all~~w the Pri~~ert}~ t~~ ~1rlrn~~rat~ „r c~,n~mil ~~a~l~•. If tht~ Sr:unt~ In~trument i~ ~~n a I~:~~chi,l~i.
[3.~rn~w~er ~h:ill re~m~l~ ~.ith ~lir ~~~~nni„n~,~i tli~~ lea.r. an~1 if fi~,rr~~~~r? .~iyuirr~ fi~ ~itlr t~, the 1'n,~•crt~. tiir lrauh~fld :incl
frc titlc• ~h:~ll n~,t mrrLr un1r~~ I.enelrr a~rc~c~ I„ thr rnrreer tn ~snttn~
!'rotecti+~n ~~f I.ender'S RiKhts in the Yropert~•: \1ort~a~;c intorance. 11 R~~rr~~wrr t~ail. tu ~~erfur~n the
i~~~rn:i~it~ :iizii ,~~rrrn~enl~ ~~~ntainect in thiti Srrunt~ 1n.lrumrnl. „r thrre iti a Ir~al ~rc,~rr~ltn~ that nia~ ~ignilirantlc :itTrrt
t rn~lrr~. r~cl~r. in th~~ 1'n~~,~r1~ (tiuch :?ti rri~rerding tn hankru~te~. ~re~h,Ur. iiir e~~ndemnalu~n ~~r ti, cnti~rcr 1:~~« i~r
rr~ulatn~n~). thrn I.rn~irr ma~ d~~ .ini1 F,a~ f~itir eshatrcrr iti ncrr,~ar~ tc, ~r~~tect thr ~aluc i~f thr 1'n~~~rrt~ .in.i L~nelcr't rightti
in th~• Pn,~rrt~ ( rneter'~ acti~,n~ rzia~ ir~cludr ~.~}ing an~ wm~ ~r~•ureti h~ .i Ircn ~shich tf:~~ rne,nt~ iner th~~ Srrunh
In~trurn~~nt. aE~~e:cnnc~ ir~;<n~rt. ~a~~nc~ rr:e~i~na;~le a~te>r~~e~.' fre. and rn~s•nn~ ~~n the Pri,~rrt~ t~, makr rc~a~r~. Al~h„u~h
1 rn;lrr ~n;~: t:~kr .~r!irn un,ler tht~ ~,;~ra~r,~rr~ l.cttdcr tloc~ nc~t ha~r t~~ dn
' An~ arn~~unt,.titihur.eet h~ I ende•r under tlnti ~aragra~h '~fiall h~rc,mr a~iititi~~nal deht c~f I3nrmurr.rcurr~l h~ th~~
tir~unt~ In~tn~mt•nI l~nlc~~ f3rrn,«~r :incl I rnctrr agrer t~~ ~ith~~r Ir-rm~ ~,f r,~~ nirnl. Ih~`r:jnu~unt~ ~hail firar mtrrr~l Gc,m
thr ~l.itr ~,f di~hur.c•mcnt :~t !h~• \~,Ir r.~tr .~nei ~hatl he ~+.?)ahle. with intrr~~~t. u(~un n~~ti,r (r~~n: l c•nefrr tc~ Rntr~,wer
rryuetnn~ ~.i~ rncnt
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