Loading...
HomeMy WebLinkAbout1454 U11FORht CO~`E`AVTS Borrowcr and Lendcr cc3~~enant anJagrcr as'folluw~: 1. Payment ot Principal and Interest; Prepayment and l.ate Charg~'s. Borrow•er shalC promptly ~a~~ whcn due the pnncipal of and interest on the debt evidenced by the Note and any prepaymrnt and late rhargr~ due under the Note. 2. Funds for Taxes and Insurance. Sub~ect to applicable law ur~ to a wntten a-a~ver by~ Lender, Rorraw~er ~hall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) ~~early leasehold payments or gr~und rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow ilems." Lender rnay estimate the Funds due on the basis of current data and reasonable atimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or ,tate agency (inctuding Lender if L_ender is such an institution). Lender shall apply the Funds to pay the escrow items. I_ender may not charge for holding and applying the Funds, analyling the account or verifying the escrow items, unless t~ender pays BorroH~er interest on the Funds and applicable law permits l.ender to make such a charge. A charge assessed by t_ender in connection with Borrowers' entering into this Security Instrument to pay the cost of an independent tax reporting service shall not be a eharge for purposes of the preceding sentence. Borrow~er and Ixnder may agree in w~riting that interest shall be paid on the Funds. Unless an agreement is made or applicable law reyuires interest to be paid, Lender shall not be reyuired to pay Borrow~er any interest or eamings on the Funds. lxnder shall give to Borrower, 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 w~as made. The F=unds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, togcther with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by L.ender. Upon payment in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediaiely prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applieation of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Securit~ Instrument. If L.ender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borcower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Hazard Insuranee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ,i insurance carrier providing the insurance shall be chosen by F'so~rower subject ro Lender's approval which shalt not be unreasonably withheld. ~ All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. I Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give tc~ Lender ' all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ' carrier and Lender. Lender may make proof of losc if not made promptly by Borrower. Unless L.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ~ of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the ~ i restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shaU be ~ applied to the sums secured by this Security Instrument, whether or noC then due, with any excess paid to Borrower. If , Fiorrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ~ offered to settle a claim, then I.ender may collect the insurance proceeds. Lender ma~ use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin ~ when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not eztend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If ~ under paragraph 19 the Property is acquired by L,ender, Borrower's right to any insurance policies and proceeds resulting ~ from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. ~ 6. Preservation and Mainteaance of Property; Ixaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fte tide shall not merge unless L.ender agrces to the merger in writing. , 7. Protection of Lender's Rights in the Property; Mortgage [nsurance. If Sorrower fails to perform the covenar.ts and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect L.tnder's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and I.ender's rights in the Property. I.ender's actions may inciude paying any sums secured by a lien which has priority over this Security Instrument, apaearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although 5 Lender may take action under this paragraph 7, Lender does not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this ~ Socurity Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from ~ the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower ~ requesting payment. Y i E ~ go~ 674 ~~Ei454 ~ - - - - ' r - -"-axs_:"' - - ~r-~--::~: ~