HomeMy WebLinkAbout0954 Lende~ ma~~ not charge for holding and applying the Funds, analyzing the account ot verifying the ~row items, unlc~s
l.ender pays Borrow~er inrerest on the Funds and applicable law permits Lender to make ~urh a charge. Horrowrr and
Lrnder may agrre in w~nung that interest shall be paid on the Funds. Unirss an agrrement is made or appl~cable la~
reyuirrs interest to t~e paid, Ixnder shal) not be reyuired to pay &~rrower any interc~st or earningti on the Funds. Lender
shall give to Borrow~er, withuut chargr, an annual arcounting of the Funds show~ing crecfits and debits to the Funds and the
purExne for whirh rach debit tc~ thr Funds was made. The Fu~ds are pledgrd as ~dditional srrurity for the sums Srcured b}~
thicSecurity In~trument.
If the amount of the Funds held by Lender, together with the future monthly payments of Funds pa~~sble prior tc?
thr due dates uf the euruw itrmc, shall exceed the amount required to p:~y the es~row~ items when due, the eacrtis tihall be,
~t &~rrower's option, eithcr promptly repaid to Borrower or credite~i to E3orrower on monthl~~ pa~~mrnts of Funds. If thr
amount of the Funds held by Lender is not suffirient to pay the rscrow items when due, I3orrower ~hall pay to L~nder any~
am~~unt necessary ro make up thr drfic~enr~~ in one or more payments as required by Lender.
L'~xm pa}ment ~n full of all sums se~ured by this Security Instrument, Lender shall promptly refund to Horrower
an}~ Funds held by Lendrr. If under paragraph 19 the Property is sold or acyuired by Lender, Lender shall apply, na latrr
th~n ~mmecliatelp prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the timr of
~ppliration as a~redrt against the sums securcd by this Security lnstrument.
3. Applieation of P~yments. Unless applicable law pro~•ides other~vise, all payments rece~vecl by Lendrr undrr
paragraphs l and 2 sha~l be applied: fint, to late charges due under the Note; second, to prepa}•ment charges due under the
Nute; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
4. Charges; Liens. Horrow~er shaU pay all taxes, assessments, charges, fines and impositions attributable to the
Prupert~~ w~hich may attain prionty over this Security lnstrument, and leasehold pa}•ments or ground rents, if any.
l3orrow•rr shall pa}~ these c~bfigationti in the manner provided in paragraph 2, ur if not paid in that manner, Ac~rrow~er ~hall
pa}~ thrm on time dirertl}~ to the pernon c~wed payment. Borrower shall prumptly furnish to Lender all notices of amounts
tu be paid undrr this paragraph. li &~rrow~er mdkes these payments directly, Borrower shall prompt!}~ furnish to Lender
rereipts e~idencing the payments.
Aorrow~er ~hall promptly diseharge any lien which has pnonty over this Serurity Instrument unlc~s E3orrower: (a)
agrec~ in w•riting to the paymem of thr obligation sctiured by the lien in a manner dcceptable ta Lender.lb) contests ~n good
faith the lien by, c~r deiends aga~nst enforcement of the lien in, legal procc~edings which in !he Lender's opinion operate to
pre~ent the enforcement of the lien or forfeiture of any part of the Yropeny; or (c) secures from the holder of tfie lien an
agrrement satisfartory to t.endrr subordinating the lien to this Sec:urity Instrument. lf L,ender determines that any part of
thr Yro~erty ~s tiubjrct to a lien which may attain pnonty over this Sccunty Instrument, Lender may~ gi~e F3orrow~er a
nutire ~denuf~~ng the hen. F3orrower shall sausfy the lien or takt one or more ~f the actions set forth atx~~e within 10 days
of thc gi~ing of notice.
S. H~rd Insurance. Horruw•er shall keep the ~mpro~emrnts now~ e~i`ting or hereaRer ererted on the Propert}~
in,ured aga~nst loss b}• fire, hazards ~ncluded w~ithin the term "eatended co~~erage" and any ot6er hai.ards for which Lender
reyuirrs insurance. This ~nsurance shall be maintained tn the amounts dnd fur the periods that Lender requires. The
inwrance carner providing the insuranee shail be chosrn by Borrow~er subject to Lender's appro~~al which shall not be
unrrakmably withhrld. ~
All insuranre Ex~lic~es and renewals shall be aceeptable to LenJer and shal) include a standard mortgage clause. ~
Cender shall ha~e the right to hold thr poficies and renewals. If l.enc~er reyu~res, E~rrow~er shall promptlg gi~e to Lender ~
all rc-~eipts of paid prem~ums and renewal notices. In the event of lo~s, Borrow~er ~hall gi~e prompt notire to the ~nsurancr ~
~p carr~rr and Lender. Lender ma~ make proof of luss if not made promptly by Borruwer.
F Unless I_ender and f3~~rrower ctherwise agree in w•riting, insuranre proceeds shall br applied to rc~storation or repd~r
~ uf the Propert~ damaged, if the restoration or repair is economically feasible and Lender's secunt~ ts not letisenecl. If the I
; rc~t~~rauon or repair is ns~t nunc>mically feasible or Lender's securit}~ would be tessened, the insurance proceeds shal{ be
~ applieci to the sumti srcurrd h~ this Secunty Instrument, w~hether or n~t then due, with an}~ exces~ paid to F3~rrower. (f
; &>rrow~er abandons the Property, or dcxs not ansv?•er w~~thin 30 day~s a notice from Lender that the insurance carrier has
~ offered to settle a claim, then Lender may collect the insuranre proceeds. [,ender ma~~ use the prcxeecls to repair c~r restore
€ the Propert~~ or to pa~ sum~ cecured b}• this Serur~ty lnstrument, w~hether or not thrn due. The 30-da~ peric~d a~ll begin
~ w hen thc n~~tice iti g~~en.
~ Unlc~c [.ender and &~rrower othrrNi.e akrre in wnting, any ap~licat~~m e~f prexreds to principal shall not r?ctend or
~ ~rt~me the dur date of the month(y pa~~ments referred to in paragraphs I and 2 or change the amaunt of the pa~ ments. (f
under paragraph IQ the Property~ is acyuired bp 1_ender, I3ormv?er'ti nght t~? an} ~nwran~e ~hcic~ and pnxeeciti re~ult~ng
a frc~m d:~mage to the Pm~rty pnnr m the acyu~s~t~on shall pasti tc~ Lender te~ the rxtrnt of the ~umti tircured hy~ Ih~c Serunt}
~ tmtrument ~mmediately pnor to the acquisiuon.
6. Presen~tion and ~laintenanee of Property; I.easeholds. E3orrower shall nc~t dc~truy, damage or suf~stantially
~ ~hange the Property, all<~w• the Propertp to detenorate or commu w~aste. If this Secunt~~ Instrument un a leaseho{d.
E3<~rrc~wrr shall camrly Kith the pm~~si~~ns of the lease, and if F3c~rrc~wer arywres fee titlr t~~ the Pmpert}, the iratiehatd and
fre utle ~hall n~~t merge unlrti~ Lender agrea t~ the merger in u•rit~ng. _
7. Protection of I.ender's RiRhts in the Property; ~tortqage Insurance. If i3orrow~rr fails ta perform the
c~~~enant. and agrrrmenh ccmt;~ined i~ th~ti Serunty In~trument, or therc i~ a lega! ~nxrrciing that n~a~ significantl~ ~Rert
E 1_rndrr'ti nght~ in the Pm~erty (wrh as a prckerding in bankruptcy, probate, fc~r rundemnanun or t~ enforce I3Kti O!'
rrgul~t~i~n~), then Lender may de~ and pa~ for w~hate~er ~s nece~tiar}~ to ~rotect the .aiue e~f thr Pro~trty and Lender's nght~
in the Prci~rt~ l.cnder't arti~~ns may inrlude pa~ing am ,um~ ~ec;urrd b~ a lien ahich has priorit~ ~ner th~ti Secunt~
In,trumrn~, ap~ranng in cc~urt, pay~ing re~ccmablr auorneys' fees and entenng ~n the Prupert~~ t~ make re~a~rs. Alth~~~gh
I.rn~irr ma} tai.r artum undrr th~s paragraph 7. Le~der doe~ not ha~e to da s~~.
i Any ame~unt~ si~~hur~ed by~ l.ender under this paragraph 7 shall becomr additianal debt c~f &~rre~wer tierured by this
ScYUrit~ Intitrumrnt. C'nlc`~ I~~rmwer and [.ender agree ti~ other term~ of pa~mrnt, thrcr ami~unts tihall be:~r ~ntere.t G~~m
~ the date ~~f di+b~rument at thr ticite rate and shall he pa}ahle, wiih mtcrrsl, u~+c~n nonce fmm Len~er ti~ E~orr~~wer
reyuctiting ~a~ mtnt
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