HomeMy WebLinkAbout1462 UNIFORM COVF.NAM'S. I3orrowcr and Lender cov~enant aad agrce as foUaws:
1. Pa~sst of Priacipal aed lrteresa PrepayacM ud Lte Ciarties. Borrower shall P~W~Y WY ~en due the principal ot and interest on the debt evidenced
by the IVote and anY Prepaymeat and late charaes due under the Note.
t El~a~s tor T~es ud lrwr~~c~. Subjoct to applicaDk la.v or to a.vrittea waiver by Lender, Borivw~er shall pay to Lender on t6e day moethly pay~eats an
due under t6e Note, until the Note ic paid in ful1, a sum ('Funds') equal to one-twelfth of: (a) yeady tazu and ~scestmeats w6ieh may attain ptiority w~er thie Security
lnstrument; (b) Y~earlp leaseAoW P~Yments or grtwod eente on the Pn~perty, i[ any, (c) Yearfr 6uard insurance premiums; and (d) yearty mortgagc iaturanee premiums,
if any. lbese iteau are alkd •escroa items.• L.ender may estimate the Funds due oo tlx basis of curnnt data and reatooabk atimata of luture acrav itemc.
'Il~c Punds shall be hcld in an inuitutiou t6e depocits or acti~ounu ot ~vhich ue inwred or guarantced by a kderal or state aaeory (includinj Lender it Lender
is such aa inuitution). I,enAer ssaii appiy t1x Funds to p~y tho escm~v itcme. Leader may not cbsrge for hdding and app~yin` the Punds, analyting t6e aeuount or
~•erifying the aero~v iteme, uniess appiicabk la~v permits l.ender to awke such a cl~acge. Borrower aad Lender may agree in ~vritins that iaterat shall be paid on
the Fuede. Unkss an agreement ie msde or appliabk law~ eequitrs interest to be ptid, Lender cball not be required to p~y Boiio~ner aey interat or earningF on
ihe Funde. Leader shaU give to Borrow~er, w~ithout c~arge, an anawl aaountiag ot the Funds edowing eiedits and debits to the Funds and tde puipoce for wfiich
each debit to the Fueds w~as made. T6e Funds are pkdgod as additional security for the sums eecured by t6ie Security lnuiument.
lf tAe amount oi the Fuadc Aeld by Lender, to~etser ~rith tbe future montAly paymcnts of Funds payabk prior to t6e due dates ot t6e acro~v items, sAall e=ceed
the amount cequired to pay tbe escrav items wr6ea due, the emsc sAaU be, at Borrower'e optioa, either promptty repaid to Hoitvwer or credited to Borrawer on
monthty psyments of Funds. If the amount of the Funds hcid by L.ender is not sufficicnt to pay the escrow items whea due, Borrower shall pay to Lendcr any amount
nccessary to make up t6e deGciency in one or more p~ymeots as required by Lender.
Upon payment in [ull of all sams secured by thie Savrity Inetrumeet, Lender s6aU promptly refund to Borra~er any Funds held by Lender. If under paragraph
19 che Property is sotd or aoquirod b~r Leader, l.eader shall apply. po tster than immediately prior to the sak ot the Praperty or its scquicition by Lencler, aey Fundt
hefd by Lender at t6e time ot application as a credit against the sums secured by this Seeurity Instiument.
Applicatio~ of Paya~e~ts. Unlcst spplicabk la~v provides otdenvise, all psyroents received by L,cnder under paragrapht 1 and 2 shall be applied: fim, to late
charga due uader the Note; savnd, to prepaymeat chargcs due under the Notr, third, to amounts payabk under paragraph 2; fourth, to interest duo; and lau, to
principal duc.
4. Char~er, Lkas. Bonvwer shall pay all wces, asccssmcnts, charges, f nes and impositioos attribuable to ttu Property .vhich may attain priority over tdis Security
Inscrumeet, anQ kasehold payments or ground rents, if any. Borroaer s6a11 pay these obligations in the manner provided in pangnph 2, or if not paid in tdat manner,
E3orrower ahall pay them oe time directly to the person o~ed payment. Borroaer shall pranptly furnish to Lender all notieu of anwueta to be paid uader this
paragrap6. If Bonv+ver maka thue payments dircctly, Borrower shall promptly [urnish to Leeder r~oeipts evide~xiag the paymeets.
Borro~wer ahall pcomptly discharge any Iien which has priority aver this Securiry laurument unkss Borrower. (a) agrees in w~itinE to the payment of tde obtiption
ucured by the liee in a maneer aeceptabk to Lender, (b) eootests in good faith the lica by, or defcnds against oeforcemeet of the lien in, kgal proceedinge w~hich
in thc Lender's opinioe operate to prev~ent the enforcement of thc licn or [odeiture of any psrt of the property, or (c) secures from t6e 6older of t6e lien ae
agreeexnt satisfactory to Lender subordinating the liea to this Security tnstrument. U Lcnder determines that any part o[ the Propetty is tubject to a liea wfiich may
a,tain priority aver this Son:rity Inttrument, lznder may girve Boteower a notice identifying the liea. Borrawer slsall satis[y the tiee or take one or more of t6e actioes
sct foRh above w~ithiu 10 days of t6e giving of eotice.
S. Harard Irsnra~ce. Borrower shall keep the improvements norv existing or hereafter ercetcd oe the Properiy insured against loes by 6rr, hara~tds included withie
~Ii the term 'eztended m~erage' and any aher 6usrde for which Lender requires insu~a~sca 'Ibis insurance s6all be maintained in the amounta and !or the periods
that Lendcr rcquires. 'Ibe insunnce carrier providing the insurance shall be chosen by Borrawer subjcct to Lender's approval wfiich shaU na be unrcasoeably
withheM.
I All insurance policics and renewals shall be acceptabk to Lcnder and shall includt a standard mortgage clause. Lender shaQ hav~ the right to hold the policies
and renewak. lf Lender requires, Borrower chail promptly give to Leoder all receipts of paid premiums and renewal uoticu. In the event of loss, BorroMer s6all
gi~~ prompt naice to the inwrance carrier and L.coder. Leeder may make proof o[ {oes if not made ProroP~i~' bY Borcower.
Unkss Lender and Borrower otherwise agree in writing, ineurance proceeds s6a11 be applied to ratoratioe or repair of ttx Property damagtd, if tbe ratontan
or repair is ~eonomintly feasibk and Leeder'e seeurity is eot kssened. If the restoration or repair ie not eeooomiealiy f~asibk or Leeder's securiry w~ould be kscened,
~he i~uraace proceeds sl~ap be applied to the sums suurcd by this Security instroexnt, w6ether or oot thea due, with aey euess paid to Borrowcr. If Borrower
abandons t6e Property, or doct not answer within 30 days a notice from lender that the insurancti carrier has ofkred to settk a claim, thcn Lcnder may collcct the
insurancti proceed=. Lender may uee 1he proceeds to repair or restoro the Property or to pay sums securcd by this Security Instrumcet, whether or eot then due.
IT~e 30-day period w~ill begin w+hen the notice is given.
Unless Leoder and BorroRYr otherwise agree in writing, any applicatan of proceeds to principal shall not extend ot posipone the due date of the mout6ly
pa}Tncnts re[erred to in paragraphs 1 and 2 or change the amount of the payments. It u~dcr paragraph 19 the Property is acquired by Lender, BorrowePa right to
any~ insuraece polic~es and proceeds resulting [rom damage to the Property prior to the acquisition shall pass to Lcnder to che extent of the sums sccured by this
Security Instrument immediatety pcsor to t6e acquisitiort.
f. P~slb~ a~i MaiMsw+~wee o[ Property; Leassb{ds Borrawer shall not datray, damage or subatantially changc tfx Property, allow~ the Property to
deteriorate or mmmlt wstte. V this Security Instrument is on a kasehold, Borrowcr s6a11 comply with the provisions of the lease, and if Borrower acquira fee aitk
co che Propcrtyy the kasehoid and ko titk s6a11 not merge ualess Lender agrces to tde merger in vw.iting.
7• P~oqctlon ~f l.e~r~ ItiRWs i~ tre Propert~, Mortp~e Iasora~ee. If Borrower faiSs to pedorm the cavenants sed agreemeets contained in this Security
! l nscn,n?ent, or tbere is ~ lepl proetedin~ that ewy si~nifiantly affect Lender's rig6u in the Property (such as a procccding in bankruptcy, probate, tor condomnation
or co enforoe law~ or re~u{atiooe~ t6en I.enckr may do and pay for wfiatever is ncccasary to protect the value of the Property and Lender's rights in the Property.
Ixnde~e actioos mar inclade pryint any sums securcd by a lien w6icN has priority over thic Securitp Insirument, appeann8 ie court, paying rca~onabk attorncyf' [eu
' a~d cntering on the Properry to make repaiis. Althougfi Lender may take sction under this paregtaph 7, Lender does eot have to do to.
My amounts disbursed by Lender under this paragnph 7 cball beeane additional debt of Borrower sccured by this Security instrument. Ualess Borrow~er and
i.ender agee to other terms of paymer,t, thue amounu shall bear interest frvm the date of disbursement at the Note nte and shall be payabk, with interest, upon
~~o:ice from Leader to Borrower rwucsting payment.
If Lender required mortgpge insurance as a conditan of making the loan sccured by this Sccurity Inctrument, Borrawer s6atl pay the premium~ required to
n;ainain the ineurance in effect until such time at the requircment fer the ic?surance terminata in accordanoc with Borrawer's and Lender's written agreemeet or
ap~#icabk law.
E. I~spatba. Lender or ite agent may make rea:ooabk cntries upon and inspections of the Praperty. Lender shall give Borrv~er notiae at the time ot or prior
<<> an i~ioa specifyit~ rcasonabk auu for t6e inepection.
9. Co~de~iatlo~. "Ibe ptveeed~ of any aw~ard or claim tor damages, direct or coesequential, in coneection with any mndemaatioe or other taking o[ any part
~if the PropeRy, or for oooveyanoe io lieu ot modemnstion, are 6ercby assigned and shatl be paid co Leeder.
In the eveot o[ a toql taking of tbe Property, the prooeeds cNU be spplied ro the sums securcd by this Security Iastn~ment, ahether or not then due, w~ith any
~.tseaa paid to Borio~rer. In the evcat of a partial takirr~; of tt?e Property, unkss Borruwer and Lender othenvise agce in ~vriting, the wms securcd by thi: Security
lnstrumeot shali be nduc~d by the amount o( the proceeds multiplied by the fotloNing fraction: (a) the total amouat of the sums tecured immWiately bctore thc
+.aling, diviQed by (b) the fair mar~u value o( the PropeRy immed'utely before the taking. Any balanoe shall be paid to Bonow~er.
If the Property it abandoncd by Borcv~er, or if, after notice by Lcndcr to Borrower that the oondcmnor dfas to makc an awarei or settk a claim for damages,
~ I.ORIDASi~qle Faaility-FNMAJFHI
~fC UNIFORM INSIRUMF.hT U R ~j~~ 14
BOGK PACE ~2
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