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HomeMy WebLinkAbout0480 ~'\f~UFt~t L(3~'L\.1\TS M,~r~uwcr inJ 1.cnJcr c,~~~n~nt ~n.! ~~;r~c ~s !ull.,.s I. P~~nicn~ u( Pnni~~al i~, (~tcrc~t: Prr~•a~ment a~d l_~ieCh~r~;cs. H~rruycr ~~rlt ~ru~n~~t~ whcn.~ur ~h~ ~~+~1,~1 ~nJ ~~uc i~ .~n rt.c.lcl+c c~ iJcn.rJ t~~ thc Nu~c ~n! ~n} (~rr~~} mrn~ anJ t_ri ~h~r~;r~ Juc un~cr ~hc ~utc ? Fu~Js tor T~ae~s ~nd Insura~cc. Subtc.t tu ~rpl,.,blr l~M ui ~u ~ an~~cn M~:~cr b~ ( cn.lcr. ti,.: r~~w~ r~h~ll r~~ 1 c n~cr ~~n thc .f~~ m~nihi~ p~~mcnt~ ~ic ~~u~ un.lcr the \'u~~, uni~l ~h~ [~lute ~s ~~~d ~n (ull, ~ sum t tun.ta'~) cyu~l c~~ „r.c co~ll~h,,l ~~~~r~rl~usc~~~J~»c»~iicn~swh~~hm~?~~u~npn,~nt~~~~cr~h~sJct:,r~t~ln~~runicn~ ~h~~r~rl~lr~•rh~,l,: F'i, mcn~.~~r ~r~~unJ rcnc~~~n~hc Pru~•cria, 1~ J(1)'.ll l\t~fi. h~r.,~J ~n.ur~n~c ~rrm~u~s. ~n~~' )C.~1~~ ~~uifl~.~lC ~(ISUf~:itt pr~ ~~~um~. it ~n~ Thc~c ucm~ ~rr caltcd ' e~~ruw ~~cni~ " icn.irr m~~ rs~im,?ir chr F~n!s Jur ~,n chr C~~u ~~i cv?trni.l~t~ ~n.! rc~s.,n~bt~ cscim~~~s uf tucur~ escru.r i~rms ~ T~c Fun~fs sh~il dt hrid in ~n ~nstiiu~~un thr depus;cs u~ utuuncs u( which ~rt insurrd ur ~,u~ran~ccd by ~(edrral ur u ~~c ~~;r~.~ ~ ~n.lu~~ng LrnJcr Le~.lrr ~s such ~nstituiwn~. Lcn.lcr sh~il ~~ply thr funJ~ tu pry ~hccuruw ~irms 1~•n.~rr m~~ nui ch~rFc fur huld~nR and ~pplying che Funds, ~naly:~n~; ihc ~ccuu~t ur ~•enf~•ing ~hr r~cruw i~rms, untrss i_rnJr~ p~~ s B. ~ r~v.rr ~nicrcs~ un ~he ~'unds ~~d ~ppliuble I~M pcrmi~s i.tnder w m~k~ such a charge Burruwcr ~nd LcnJer mry r~tee ~n . r:c~ng ch~c ,n~cr~sr shalf be pJiJ u~ tht Fun~s. Unlcss ~n ~~~cemcni is m~dc ur applic~blt !aw rrquires in~rrrst tu br p~~d. 1 ~:~.lrr sh~l! nu~ br ~~9uued ~u p~y Burruw~cr ~n}• interesc ur e~rnings un ihe Funds LenJcr sh~ll Fnc i~, B~,rruwcr, uh„u: ~r~;c, ~n ~nnu~l ~ccu~ntinF u( thc Funds shuw ing c~edics ~nd ~ebits tu the ~un.ls ~nd ih~ pur~~se (ur u hith e~ch Jrb~~ tu ~he F~:~.ls •~s m~.le. Thc Funds ~re pl~dged as additwn~l sccunc~ (ur ~hc sums ~ccure.'. 5~ chis Sccuricy Ins~rumrnc If ih~ ~muun~ u( thc Funds h~ld by Lender, tugcther w ith the fucure munchl~• p~~ mrncs u( FunJs p~y-~blr pnur r~. ihe d~~~ J~ces u/ ~ht escrua. i~ems, shalt excetJ the ~muunt rcquirrd ~u p~y che cscruw ~tcros W hen dut, ihr rxccss sh~ll be. ~c 6_: r~WCt s upttun, c+thrr ~~~~mFtl? rrp~i.~ W B~~rruwtr ut :rcd~tcJ cu K++rruwcr un m.,nthl~ p~~nirn~, .,f I~un.l~ !f :~:c ~nuunt u1 ~hr Fun~1s hcld b} Lcnd~r is nui su(ficient tu p~? the tscruw• ~crms w hen ~uc, A~~rruurr sh~ll p~y I.rnJrr .,n~ ~r-wun~ n~ctss~r~ tu m~l,~ up th~ dcficiency in une ur m~re p~~•mrncs ~s rcquired b~ Lcn.lcr l~pu~ p~ymcn~ ~n (ull u( all sums secured by this Sccunt~ (ns~r~mcni, LrnJtr sh~tl prumpcly rrtund ~u Burr~~wrr ~m f.:nJs httd b~ l.cn.~er. It under p~ragraph 19 che Pruptrtc is wW ur liqu~rrd b~~ lc:~Jcr, Lendcr ih~ll ~pply, nu I~~er chrn ~mmcdi~crly Priur tv the s~kuf the Pruptrt~• ur i~s atquisiuun b~• Len.~tr. ~ny Fun~s hct.i b~• LrnJer chr ~ imr uf ~ppl~. ~c~.,n u a crcdi~ ~ga~nsc che sums ucured by this Sccu~icy Inscrumenc. 3, Applic~tion of P~yments. Unless applic~blt I~w pru~•ides ucherr?•ise, all p~~menu cecti~ed by Lender unJer F_r~~;c~phs 1 and ? shall b~ ~ppl~ed: first, ~u lace chargcs du~ under che I~uce; src~nd, cu prrp~~ menc ~h~r~;rs duc undcr rhr 1ucc; ch~rd, cu ~muuncs p~~~ble un.icr pacag~aph 2, fuu~ih, cu ~nccresc ~tue, ~nd I~sc. cu pnrtcipaf due. C6arges; Liens. Burruw•er sh~ti p~y a!f t~xes, asscssmencs, iharbes, Fincs ~nd impus~uuns ~~cribut~blr w c!x ` Prupctc~ a h~ch mar att~~n priunty uvtr ihis Sccurity lnsctumem, and lcasehuW p~~mencs ur gruund rrncs, i( ~n~ Burruv?cr ~ sh~l! pay thcse ublig~c~uns in ~he m~nncr pruvided in paragraph 2,ur if nuc paid in thac manner, Burruw~er shall pay ~hem un cime dircccly tu chc ptrsun uwcd p~yment. Bocrower sh~ll prumpcly furnish cu L.endec all nuc ices uf amuunts cv be paid under ch;s paragr~ph. lf Bur~uw~cr makes ihcse paymcncs diccccly, Burruwcr shall prompitr furnish cu i.ender rcceipcs eYidcruin6 ~ chr paymcn~s. ~ Borroaer shall promprir diuharge aoy lien ~vhicfi hu prioriry uver chis Sea?riry Ins~rumenc unlcss Bcircuwer. ~ai ~ ~grces in vr~cing w che p~~~mcnc uf che obl~gaciun secured by~ ~hc licn ~n a manne~ acccpc~bk w Lendcr; i b~ cunce~cs ~n bwc ~ (aich ~he lirn by, ur detends ~g~ins~ cnforcemenc of ~he licn in, legal pr~xeedings ••hich in che Lender's upiniu~ uper~ce ~u prc. enc thc cnFurccmen~ u( the lien ur tur(eicure ui an~ pu~ u( che Prupeccy; ur tc? securcs (rum che hulder uf che tien a~ ~ agrccmenc s~i is(uwry cu Lertder suburdinacing chc lirn w chis Sccur~cy lnsaurtunc. lf 1.cnder decermincs rhar any parr uf rhe C Pruper~r is subjecc cu a lien «rhich may accain priuricy uticr ~h~s Secur;cy lnscrumenc. Lender ma~• givt Bur~uv?er a nuc~ct ~ i~3tnufring the licn. Bc~rru+~cr shall sacisfy che lien or c~lce unr ur mc,re u( che xcarts sec furch abuve.v~chin 10 da~s uf che ! gn ing ~1 nut Ke. . ' S. Haurd Ins~raatc. Bocro.ver shall kctp ttie impru?~emcncs nc~w existina uc txrea(ce~ ertcced un che Prupe~ . ir~succd ~g~~ns~ luss br fire, haurds iotluded withio th+e arm °c:ttnded cuverage" and a~r ocher hatards for ~vhich Ler~der requires inwra~ce. This insurancc shall be maincairud in che amuunis znd (ur ~h~ periuds chac l.cnder requires. The insurrnce arrier pruvid;ng ~hc insur~ncc shall be chosen by Borruaer subjccr to Lende~ s appcuva! which shall nuc be unrc~wnably aichheld. All insurance policics znd renc~als shall bc accepcablc co Lender and sh~(I inc(ude a scandard murcgage clause. Lt~~ier shall ha~c ~hc righc ro hold the policics and rencwats. If Leader rcqu~res. BurruK-er sh~tl promprl~• gi~e cul.ende~ al! rece?p~s of p~~d prcmiums and rencw~al no~ites. !n thc cvenc u! loss, BurruW er sh~ll givr prumpc nunce w~hr insur~nct carreer ar~ Ltnder. Ltndcr msy m2kt ~rtwf uf luss if nor m~dt prumptl}~ b~ 8urruWer. l'nlcss Lcndcr and Surruw•cr ochcra•ise agrce i~ a ru~ng. ~nsuranct prcxcrds >h~ll be ~pplicd cu r~s~ura~iun ur rr~+~u .,f che Prupcrc~• d.~m~grJ, i( the reswr~ciun ur repair ~s ccun~~m~c~l{~~ (cis~blr and Lendrr"s srcunt~ is nuc Irssc~~rd tt ~ik :rs~ur~uun ~r rcp~~r is nu~ cwnum~c~lly fe~sible ur L-':~~s st~_r~r. w•,u(~j hr ~e«entd. ~hrlnsurmte ~r~?rrc•ds shlll b~ s~pl~cd w~h~ sums securcd by ehis Secuncy Jnscrumenr, ahrchrr ur nu~ +hrn d,;t, with ~n} rxrrss p~i+f ru Burruwrr. i~ E~ ~rr~+aer ~b~nduns chc Pruper~~•, ur dcxs nur ~nswcr w,~h~n ~0 ~t~~s ~ nut,:t Fr.~:~ Lcn~er ~h~e th~ imur~nce c~rrirr h~s •.:kred cu seeele 2 cl~~m. ~hen Lendrr may cvllrce ~he ins~r~ncr Fr.Krtds Lrn,irr n;_~ 1~r ehr pr.xre~i t~i rtr.:ir ur r:se..re Pru~cre} ur ~u p~~ sums sccured by chis Secunry Insuumen~, A hrcher ur nue ~hrn ~_e Thr ~0•d~~ prnu~l M i11 brbin w hrn thc : .,~~~c ~sF~~en Lnlcss Lcnder and &~rruw•et o~herwise ~gret :n wri~~n~;. ~m ~~plicicwn uf Fr.xecds tu pr~ni,prl ~h~ll nut racen.! ur ~vs~pt~nc che due da~~ u( che munchly p~ymrnrs rrferreti! ~u in psragrephs 1 ~nd ?.~r ih~nbe che am~~une uF ehr p~~•mrnta il ~ndr~ piri~;nph 1~) ehe Pr~periy is uquirrd by Lrnder. BurruNrr s r~gh~ e~ ~n~~ ~r.~urance Ex,lic~es ~nd pr~?ier~s rr~ul~~n~ Irum d~m~gt tu che Propcrty ptior tu cht acquisi~iun sh~ll pass cu Lende~ tu ihe c~~cnc uf ~he sums se~ure.l by this 4~uru~~ Inserument ~mmedia~rly ptiur cu the acquisieiun. G. Prese~~stion ind Maintenance of Properq~; [.eueholds. Burruwrr >h~lt nut .~rstru}•, drm~~r subsr~nci~lh ch~n~;e ~hr Pruprrt~~, alluw~ ehe Prupe~~y w deceriur~et ur cumm~e w•~srr. !f rh~i ~eruritl• Instrumrnt is un a Ir~srhulJ, , 3.~rruwrt ~h~ll wmpl~ auh ~he pru~~+sa~ns u! rht le~sr. ,,ad i( 9.,rruwr~ arqu~rrs tcc ciclr ehe Pru~•erc~•. ihr (e~srhul.l ~n~! scr ~~rk ~h~!! rwr a~rrgt unkss Lender agrres tu the rturger in w r~un~; Proclctior? of L.ender's Rights in che Propen~~; ,lorcR~gr Insurrnce. L• R.?rr~~w~rr f~~ls cu F?rrFurm ~hr ~u~rn~ni. ,nd ~~;rccmrn~s wrn~inrJ in this Sreuricy Instrument..~r c:~rre is ~ Ic~~l ~nKc-e~:n~ ih~t m~~ ~iJ;mli~.~ntl~• .~f/r~t Lrn.trr a :~~;hts ~n thc Pro~+crt~ ~ swh u a pnKCeding in b~nkru~~.~~, prub~~r, fur wnJrmn~~,,~~ ur tu enfurcr Irw c,~r rr~;ulrtrun, nc~ n Lender m~y ~!u ~nJ p~~• f~t.•hate~r~ is necessary tu pru+ect thr ~,+lur ut ~hr Pr~~rr~ty rnd LrnJer's ri~;hts in ~hr Pru~+rrt? ixnJer's ue~uns m~y includt P~r+~B ar~r sums securtd b~~ a litn w•hich has pr~urit~• wer th~s Srcunty- Ins~rument, ~pperrin~; m ~•,ur~, p~yrn~; re~sun~ble ~trurners' Iees ~nd en~crinF un ~he Pru~.rrcy ~u make rep~irs Al~huu~h l.end-r m~y trkr ~~tK~n .n.lcr iMs ~?ir~~;r~ph LenJrr J~~rs nut hr~r w Ju su Anr ~rtwwms disbursed by Lt~drr under this p~r~gr~ph " sh~U brrumr ~Jdmun~t.lrbt u1 iiurruwrr ~rcurrJ bJ ~I~n ~raut~t~ Imtrumrnt l;nirss E;urruv?rt anJ L~nJrr ~~;rrr t„ ~~thrr crrrm ~~l ntr~tt. thr~r ~m~nin~e ~h.~l) br~t intr~est (r~Nn ~hr J~~eu(Jisbuntmrm u ihe N~ftr rote anJ shrll br p~~ ~blt. M ~~h ~mrrrst, u~x~n ~~.~~~~r frum LrnJcr N~~rn~a cr rryur.~~nr pa~ mcnt. BOGM U I~ F'AGE 48O ~ ~;r~~~~_v ~ __<<:~;~. W~=~.,~