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Home My WebLink About0558 , . r ' ~ w VNII•URM C'U\'ENANI~. l3uiruNer nnd LCnder ~~en3~)~ anJ :~grre us iulluH~: 1. Pr~ment uf Priacip~?! ~ad 1nlerrsl; Prep~~meat yod Late Chatgts. Hprrower ~liall prumptiy pay Nhrn due thr prin.•ipal uf and intrres[ on the debt e~idenred bq the Note and any prepaymrnt and late charges dur undrr the No~r. 2. t'unds for Twxes and lawrpnce. Subject to applicable law or to a writtrn waiver by Lrnder, Korrower shall pay t.~ (xndrr ~n thz J~y monthly payments are due under the Nute, until the Note is paid in fuil, a sum ("funds") equal to one-tNeltth oi: (a) >•rarly ta.tes and assr~sments which may attain priority over this Security Instrument; (b) yearly leasehold paymrnts or ground rents un the Property, if any; (c) ~~early h~ard insurance premiums; and (d) yearly mortgage insurance premiums, if anp. These item, are ralled "escrow items." l.ender ma}• estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federat or state agenry~ (including Lender if Lender is such an institutiun). Lender shall apply tt~e Funds to pay ihe escrovr items. Lender ma}• not charge fur holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Bnrrower interest on the I=unds and applicable law permrts Lender to make such a charge. Barrower and LenAer may agree in writing ~hat in~erest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay BorroHer any interest or earnings on the Fur.ds. Lender shall gi~e to ~rro~er, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If [he amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due da[rs of the esrrow~ items, shall e~ceed the amount required to pay the escrow~ icems when due, the excess shall be, at Borrower's optiun, either promptly repaid to Burrower or credited to l3orroWer on monthly payments of Funds. If the amount of the Funds held b} Lender is nut suffirient to pay the escrow items when due, Borrower shall pa~• to Lender any amount necessary to make up [he defirienry in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to t3orrow-er any Funds held bp Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Properry or its acyuisition by Lender, any Funds held b~• Lender at the time of application as a credit ~ga~nst the iums secured by this Security lnstrument. 3. Applic~tiun of Payments. llnless applicable IaN• provides otherwise, all payments rec;eived b~~ Lender under paragraphs 1 and 2 should be applied: first to amounts payable under paragraph 2; second to interest; and last to principal. 4. ChRrges; Liens. Eic~rroWer shall pay all taxes, assessments, charges, fines and imposi[ions attributable to the Property which maq attain priority over this Securit}~ Instrument, and leasehold payments or ground rznts, if an~•. Borrow~er shall pay these obliga- tions in the manner pro~ided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person i owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrow•er ~ makes these payments directly, Borrow•er shall promptly furnish to Lender receipts evidencing the payments. f Borrower shali promptly discharge any lien which has priority over this Security tnstrument unless Borrow-er. (a) agrees in ~ Nri~ing to ~he paymen~ of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien ~ b~ , ur defrnds against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforce- C ment o( thr lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory E to Lender subordinating the lien to this Security Instr~ment. If Lencier determines that any part of the Property is subject to a ' lien whirh ma~ a[tain priority o~er this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower ~ ,hall SanSf~ the lien or take one or more of the actions set forth above within 10 days of the giving of notice. i 5. Hauird Insurance. f3orrower shal~ keep the impro~ements now~ existing or hereaf'ter erected on the Propenp insured against ; lus~ by fire, hazards included aithin the term "extended coverage" and any other hazards for which Lender requires insurance. ~ ~ I his in~urance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the ~ insurance shall be chosen bq Borrower subject to Lender's approval which shali not be unreasonably withheld. Afl insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall ~ ha~e the right to hold the poliries and reneHals. If Lender reyuires, Borrower shaU promptly give to Lender all receipts of paid f premiums and reneHal notices. In the ecent of loss, Borrower shaU gi~~e prompt notice to the insurance carrier and Lender. Lender E may~ mal;e proof of los~ if not made promp[ly by Borrower. ' Unless Lender and Borrower o~herwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propert~• damaged, if the re~tora~ion ar repair is economicalty feasible and Lender's security is not lessened. If the restoration f or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums ~ ~ ~e~ured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If E3orrower abandons the Proper- ~ [y, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to setde a claim, then Lender j ma} collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this E Security Instrument, whether or not then due. 7"he 30-day period will begin when the notice is given. { Unless Lender and Borrower otherwise agree in wri~ing, any application of proceeds to principal shall not extend or postpone ~ che due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 19 the Yroperty is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Pro- ~ prrtp prior to the acyuisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior E ~ tv the acyuisition. 6. PresenAtiun and Myintenynce uf Property; txaseholds. Borrow•er shall not destroy, damage or substantially change the ~ Property, allow the Property to detrriorate or commit waste. If this Security tnsirument is on a leasrhold, Borrower shall comply +~i[h the provisions of the Icase, and if E3orrower acquires fee title to the Proper~y, the leasehold and fee ti~le shall not merge unless I.ender agrees to the merger in writing. 7. Prolection of I.ender's [tights in the Property; Mortgage Insursin~~e. If Borrower fails to perform the covenants and agreements cuntained in this Security Instrument, or there is a legal proceeding that may s~gnificantly affect Lender's rights in the Property I~urt~ a, a proceeding in bankruptcy, probate, for condemnation or !o enforce law•s or regulations), then ~ender may do and pay fur whatecer is neces~ar~ to protect the ralue of the Pr~perty and Lender's rights in the Property. Lender's actions may include ~ay~ng any ~ums secured b} a iien whi~h has priori[y over this Securitp Instrument, appearing in court, paying reasonable attorneys' tee~ and eniering un the Propert} to make repairs. .Although Lender may take action under this paragraph 7, t.ender does not ha~e to do ao. ~ ~ ~ ~ . ~0~6?4 ~ ~ - - - - - _ ~