HomeMy WebLinkAbout0925 l'~11 ~>R~f ('u~~F I ti I;i~rr~,~~rr auil l.rnclrr ruvrn.,n1 :ui~l .~~rrr a, IuU~~~~,
l. Pa~~ment of Principal and lnteresl; Nrcpaymcnt and I.~tc ('hurKcs, li~~rru«rr ~hall ~~n~nti~~tl~ ~~hrn ~iur
thr pnncipal of ancl interrtit ~,n thr deht r~ idrn~r~i h~ ihr ti~itr ,ind an~ rrr~ul mrnt .~n~1 ia~r rhar~;r~ ~iur uneirr iiir tiui~•
2. ~unds forTaxcs and Insurancc. ~uh~r.•t t~~ appli~ahlr I:n~ ur t~~ a H~nttrn ~~a~~rr h} i rnclrr, t3~~rr~~~~rr,h.ilt F~:~~
tu Lender on the da~~ montht}• paymrnt~ :irr ciue unclrr tlir'~iue. until thr N<~tr i~ p:u<l in tul1, a~um 1"t~ui~il~") r~~u.i) tu
one-tu~elfth of: {a) )'rarl~~ taxe? .~~~d a~~e.timenl+ ~+•h~ch ma~~ atta~n pri~~rity i~vrr thiti Srcun~~ In~trument; (h) ~earl}
leasrhold p.iyments ~r gruund r~nt~ un ~hr Properly, if an~: (c) yrarl~ tiaiard in~ur;uicr ~rrnuunt~; an~l (d) ~earl}~
mortgage insuranre prrmiumti, if any. l~he,~ nrm~ are ~alled "r~rm~~ item~." Lrmlrr ma~~ ~~t~matr thr {~und~ due ~m the
basi~ c~f current data and rras~~nahl~ estitnale~ ~f future c~cro«~ itemti.
fl~e (=tinds shall be t~ctd in an in~tilutiun ti~r ~i~pu~its c+r accaunt~ cit tcluch .~rc in.urrd c?r guaranteed h~ .t irderal ~~r
.tatr ag~ne•~• (including Lrnder ii Lcnder is ~uch an inxtiti~ti~~n). l.enilrr shall a~plr thr ~~„n~i~ r~?~• ther.cru~~ itrm.. Lrn~li r
n~.~~ n~~t rhargr lon c~~ldin~; and applying thr Ftmd., anal~•iin~ thr ,~crut?nt ur ~rril~•ing thc rsrro~~ itrm,, unlr~. I.en~lcr pa~.
Burro~~rr intrrr.t on thc I~und~ an~l arplicahlr ia~~• Exrmitti (.c~ulrr tu makr aurh a chargr. r~ rhar~c a~.r,~ed M• I.rn~ier in
runnrrtion ~~ith 13urro~~rn' entrring int~> thi~ tirrtirity Imtrumcnt to pa~ .thr cu.t ~~f:,~~ ~~~~~~r~~,~i~~u ~ax rrp~~nin~ ~rrricc
.hall nut tx a charg~ for rurpo.r. ~~f thr ~rcce~ling.cntrncr. B~,rr~~c~rr,ind t.cnclcr tnat .?~;rrc in uriting th:?t +ntcrr~t ~hall tk
{~ai~t ~~n thc I~uniic. t?nle~. an .+grecmrnt is ~~~a~lr ur a~plirahl~ l.~i~ rri~uirrti interr~t tc~ br p;~ie1. I.ender ~h,~ll not tx r~~~uircd tc~
~.i)' R~~rro»rr:~n)' intrrr.,t ~~r ctirnin~s on thc I~unds. l.endrr ~hall gi~r to li~~rri~~~ir. ~r~thuul c1~arRr. an annual accuunting ~~t
iiir 1~?iiid..ii~~«iiig ~r~dit~ .in:1 cirhii, to tt;, t~u:;~i~:ind thr {~ur~u,r fur ~~t~ich rac4~ dchit t~, thr I~nnd~ ~~a~ ma~1r. Il~r i=un~1~
arr ~Irdgcd a. additi~~nal .erurit~ f~~r thr .um. ~rcurcd h~ Ihi. krurit~ In.Uumrnl.
lf the amount c~f the Funds held by Lender, together ~vith the future monthl~~ p;~~~ment< <~f Fundti ~a~~ahle prior tci
~ht• due datec of the escrow items, tihall exreed the anun~nt reyuired te~ pa}~ thr e~rru«~ items «fien ciue, the exces~ st;,iN be,
at Qorrower's option, eithcr pramptly rcpaid to 13orrower ~~r rredited to F3erro+?•er ~~n mc~nthly pa~~ments of t~undt. If the
amount of !he Funds held b}• Lender is n~~t .uflirient to pa}~ the escrc~~~ items w~hrn due, t3orro~~•er ~hall {~a~~ tc~ Lender any
amount necessar~• to make up the deficiency in one or mc~re papmentti as reyuired b~• l.ender.
Upon pa~~ment in full of all sums secured by this Securit~• Instrument, Lender shall promptl~~ refund to t3orrower
any Fundt held by [_ender. If under paragraph 19 the Yroperty is se~ld or acyuired b~~ 1_ender, t.endcr shaH apply, no later
than immediately prior to the sale c~f thc Propert}~ or itti acyuisition b}~ l.rnder, ar~y F~unds held by Lcnder at the time of ~
appliration as a credit againsl the sums securcd b~~ this Securit~' Instrument.
3. Applieation of Payments. Unless applirable law• prorides othen~~ise, all payments recei~~ed b~• Lender under
paragraphs 1 and 2 shall be ~ipplied: tirst, tc~ late charges due under the Note; second, to ~repa}•ment charges due under the
'.Vote; third, to amounts pay:~ble under paragraph 2; fourth, to intere~t due; and lasl, to pnncipal due.
4. Charges; I.iens. Barro~~er shal! pay~ aN taxeti, ati~rssri~ent~, charges, tines and in~positions attributable t~ the I
~'roperty which ma}• attain pri~:i~~ ~+~~rr this Secunty Instrument, and leasehold payments or groun~i rents, if any~.
Borrow•er shall pa~• these obl~gatie~ns in the mannrr ~ro~ ided in raragraph 2, ~~r if not paicl in that m~nner, Borro~ver shall
pay therrz on time direetly to the person ~,~~~e~i pa~~ment. 13~~rro~cer shall promptly furnish to Lender all notices of amounts
to be paid under this paragraph. It' Bc~rr~~wer m,tikes these paymentti directiy~. [3orrou~er sha~l promptiy furnish to Lender ~
receipts evidencing the payments.
Rorrower shall promptl~~ discharge an~ lien ~~~hirh ha~ ~riorit}• o~•er this Secunty- Instrumenl unlest f3c~rro~t~er. (a) ~
agrees in writing to the payment of the obligatic~n .rcurrd h~~ the lirn in rianner acreptable to Lender, (b) contests in good I
faith the Gen h~•, ~r defends aeainst en~orcement ~iti the lirn in, lrKal ~nxeedings w~hich in the l.ender's opinion operate to 'i
prevrnt the enforcement c~f the lien ~r forfeiture ~~f an} part c~f the Yroperty; or (c) securec fronz the holder oFthe lien an ;
agreement satisfacMry to Lender subc~rdinating thr lirn to thi~ Securit~• In,trumenl. If Lencier detern~inrt that an}~ rart of
tl~e Property iti 1ubject to a lien u~hich ma~~ attain prinrit~• ~~~~rr thi~ Serunt} Instrument. Lrnder may gi~e Borrower a ~
notice identif~•ing the lien. Borrower sh:~ll satisfy~ the lien ~~r Iake onr ~~r m~re ~~f the acUc~ns set ti~rth ah~ne ~~ithin !0 days '
uf the gi~•ing ~~f ncrtice.
S. F~azard Insuranee. (3orrou~er shall kee~ thr ~m~rc,~emrntti ne»~• exi~ung c~r hereaRer erected on the Property~
~nsured againtit tc~ss by fire, har.ardti inciuded µ ith~n the term "rxtendcd ceneragr" .1rid ant~ other hatards fc~r ~ti~hirh I_ender
requires insurance. Thi~ ii~surance s}~all hr mainta~ned in thr am~~unt~ and (or thc reriods that Le~ider requires. The
insurance carrier prc»~ding the in~urance tihall be ~_hc,sen b) I3ur~~~wer suhjecl tc~ (.~nder~s ap~rrn~a) w~hirh thall ncit he
unreasonabh• ~~ithheld.
All insurance polieies ~ind rene~~alc ~hall be acreptahle tsi I.rnder and ~1~all ~nrlude a ~tandard mortgage clause.
I_ender shall have the right to hc~td the poltcies and rene~ti•ats. If [.endrr rcyu~rcti, F3orre~w•er ~ha!! ~ramptl~ g»~e to Lender ,
al! receipts of paid premiums and renewa! notirrs. !n the .~ent uf l~nti. Bc~rrower ~hall gi~~e prempt notice to the in;urance
carrier and Lender. l.ender ma~• make pro~f c~f l~tis if n~~t made promrtl~~ h~ 13~~rrc~µ•er.
Unless Lender and Sorrower other~•iu agrer in w riting, inwrancr ~rcxeed~ tih~ll be applied tc~ rest~ration or repair
of the Propert~• damaged, if the restoration or repair is e~onomicalty~ feasible and (_ender's security~ is not iessened. tr the
restoration or ~epair is not economically feasibte ~r Lender's serurity w~otild bc lesserted, the insurance proreeds shall be
appFiec~ to the sums seeured by this Securit}• Instrumcnt, whether or nc~t then due, with any esc:ess paid ro f3orrow•er. If
Rorrower abandons the Prepcrty, or doeti not answer aithin 30 da}~~ a notice Gc~m I.ender that the insurance carrier hati
oflered to settle a claim, then Lender may collect the insurance pnkeeds. Lender ma}~ use the prc~c~eds tc~ repair or restore
the Property or ta pa~~ sums secured b}~ this Secunty~ Instrument, whether or ne~t th~n dur. Ti~e 30-da}~ period w~ill begin
when the notice is given. ,
lialess Lender and Borrow~er otherwi~e agree in ~3 riting, an~ applicat~on s~f rr<~ceeds tci principal tihall not exlend or
post~ne the due date of the monthly payment~ referred to in paragraphs 1 and 2 c~r rhange the amount of the payments. If
under paragraph 19 the Prn~erty is acyuired by~ Lender, Borrow~er's right to an~~ insurance rolicies and ~r~keeds result~ng
from damage tc~ the Propert}• prior to the acquisition shall pass tc~ I.ender te, the ertent of the sums ~ecured b}~ this Securit}~
Instrument immediatety prior to the acyuisition.
' 6. Preservation and ~iainienance of Property; I,easeholds. I3~rmH~cr shal! not drstro}~, damage or substantiall}•
change the Property, allow the Yropert~~ to deteriorate or commit ~vaste. If this Sec~rit}~ Instrument it un a leasehoid,
F3orrower shall comply with the provisions of the lease, and if I3orrcntier aryuires fee title to the Propert}~, the leasehold and
fee title shall not merge unless t_ender agre~es to the merger ~n w•riting.
7. Protection of I,ender's Rights in tfie Prop~rty~; ~iortgage Insurance. If Barmw•er fails to ~erform thc
covenants and agreements contained in this Security Instrumer~t, or therr ic a lrga! prixeeding that ma}• significantl}~ affert
Lender's rights in the Property (such as a prcxeeding in bankruptr}•, probate. (or condemnation or to enforce la~~s or
regulations), then Lender may do and pay for whatever is necessar}~ te~ prc~tect the ~alue of tne Propert}~ and Lender's rights
in the Property. Lender's action~ may include paying any sums secured by a lien w~hich has ~,nonty o~er ihis Security
lnstrument, appearing in cou~t, paying reasonabie attorneys' fees and entering c~n the Property to make repairs. Althoagh
' Lender may- take action under this paragraph 7, Lender doe. not ha?•e to d~ 10.
Any amounts disbursed by Lender under this paragraph 7 shall become addit~onal debt of Borrow~er secured by this
Security Instrument. Unless Borrow•er and Lender agree to other terms of pa~~ment, these amounts shall hear interest from
~ the date o( disbursement at tne Note rate and shall be pay~ahle, w~~h interetit, upon n~tice from [.ender tc, Bc~rro«•er
requesting payment.
BooK572 y~5
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