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Home My WebLink About1907 r~ ~ l!~~FOK!~t Cc~~ F~,~~ ~ s. BorroHCr and t_ender co~enant an~ agree as follo~s: 1. Payment of PrincipAl and Interest; Prepayment and L~te Ch:rges. Borro~er ~hall promptly pa~~ H hen due the principal of and interest an the debt evidenced by ~he Note and an~~ prepa}°ment and late charges due under the Note. 2. Funds tor Taxes and Insurance. Subject to applicable law or to a~critten waiver by Lender, Borroa~er shall pa~~ to t.ender on the day monthly pay~ments are due under thc Note, until the Note is paid in full, a sum ("Funds") eyual ta one-twelfth of: (a) }~early taxes and assessments w~hich may attain priority a~'er this Securiry Instrument; (b) yearh~ leasehold payments or ground rents on the Property, if any; (c) yearly ha7ard insurance premiums; and (d) S~early mortgage insurance premium~, if an~~. These items are called "escrow items." Lender may 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 depusits or accounts of which are insured or guaranteed by a federal or state agenc~~ (including L.ender if Lender is such an insti!ution). Lender shall appl~~ the Funds to pay the escrow items. lxnder ma~~ not charge for holding and appl~ ing the Funds, analyzing the account or verifying the escrow items, unless Lender pa}~s Borrower interest on the Funds and applicable law permits l.ender to make such a charge. Borr~twer and l.ender may agree in w riting that interest shall be paid on the Funds. Unless an agreement is made or applicable requires interest to be paid, l.ender shall not be reyuired to pay Borrower any interest or earnings on the Funds. Lender shall gi~~e ta Borrow~er, without charge, an annual accounting of the Funds show~ing credits and debi!s to the Funds and the purpose for w•hich each debit to the Funds was made. The Funds are ptedged as additional security for the sums secured by this Securi:v Instrument. If the amount of tiie Funds held by Lender, together with the future monthl~~ payments of Funds payable priar to the due dates of the escrow items, shall exceed the amount required to pay the escrov? items when due, the excess shall be, at Borrower's option, either prompth• repaid to Borrower or credited to 8orrower on monthlp payments of Funds. If the amount of the Funds held b}• Lender is not sufGcient to pay the escrow items when due, Borrower shall pay to 1_ender an~~ amount necessary to make up the deficienc~~ in one or more payments as reyuired by Lender. Upon payment in full of all sums secured b~• this Security Instrument, Lender shall promptl~~ refund to Borrower am~ Funds held by l.ender. If under paragraph 19 the Property is sold or acquired by Lender, any Funds held b~~ l.ender at the time of application as a credit against the sums secured by this Security Instrument. 3. Appiication ot Payments. Unless applicable law provides otherwise, all payments recei~•ed by l_ender under paragraphs I 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 pa~~ all taxes, assessments, charges, fines and impositions attributable to the Propert~• which ma~~ attain prioritt~ aver this Security Instrument, and leasehold pa}~ments or ground rents, if an~•. Borrower shall pay these obligations in the manner pro~~ided in paragraph 2, or if not paid in that manner, Borrower shall pa~~ them on time directh~ to the person owed pa~°ment. Borrower shall promptly furnish to Lender a!1 notices of amounts to be paid under this paragraph. If Borrower makes these payments directl~•, Borrower shall promptly futnish to Lender receipts evidencing the pa~~ments. BorroHer shall promptl}• discharge an}~ lien w hich has priorih~ over this Seccurit~• Instrument unless Borrober: (a) agrees in writing to the pa~~ment of the obtigation secured b~~ the lien in a manner acceptable to [_ender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the I.ender's opinion operate to pre~ent the enforcement of the lien or forieiture of any part of the Propert~~; or (c) secures from the holder of the lien an agreement satisfacton~ to lender subordinating the lien to this Security Instrument. If Lender determines that ant• part of the Propert}~ is subject to a lien which ma~• atta:n priority over this SecuritS~ lnstrument, Lender ma~• give BorroNer a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth abo~~e within 10 da~~s of the gi~~ing of notice. 5. Hazs?rd lnsurs?nce. Borrowe~ shall keep the improvements now cxisting or hereafter erected on the Propert~~ insured against loss b}~ fire, hazards included a-ithin the term "extended coverage" and am~ other haTards for which ; Lender reyuires insurance. This insurance shall be maintained in the amounts and for the periods that Lender reyuires. ; The insurance carrier pro~•iding the insurance shall be chosen by Borrow~er subject to Lender's appro~~al N hich shall not 4 be unreasonablti~ Hithheld. ~ Ai! insurance policies and renewals shall be acceptable to t_ender and shall include a standard mortgage clause. ~ Lender shall ha~~e the right to hold the policies and renewals. If Lender reyuires, Borro~~•er shall promptl}~ gi~ e to Lender , all receipts of paid premiums and renewal notices. In the e~~ent of loss, Borrower shatl gi~~e prompt notice to the insurance carrier and Lender. Lender ma}• make proof of loss if not made promptly b~~ Borrower. ~ Unless Lender and Borrow~er otherwise agree in writing, insu~ance proceeds shall be applied to restoration or ~ repair of the Propert~~ damaged, if the restoration or repair is economically feasible and Lender's securit}~ is not lessened. I If the restoration or repair is not economicall~~ feasible or Lender's security~ would be lessened, the insurance proceeds ~ shall be applied to the sums secured b}~ this Securit~~ Instrument, W~hether or not then due, w~ith am~ excess paid to ~ Borro~er. If Borrower abandons the Propert~~, or does not answer within 30 da~~s a notice from Lender that the insurance r carrier has offered to settle a claim, then Lender ma~~ collect the insurance proceeds. Lender ma~~ use the proceeds to € repair or restore the Propert~~ or to pa}~ sums secured b~~ this Securit~• Instrument, whether or not then due. The 30-da~ ~ period aill begin when the notice is gi~en. Unless Lender and Borrower otherwise agree in w riting, an~~ application oi proceeds to principal shall not extend ~ or postpone the due date of the monthly pa~~ments referred to in paragraphs 1 and 2 or change the amount of the pa~~ments. If under paragraph 19 the Property is acyuired by Lender, Borrower's right to an}~ 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 b~~ this Securitt~ Instrument immediatel~• prior to the acquisition. j~ g 6. Preservation and Maintenance of Propertv: LeASeholds. Borrow er shall not destro}•, damage or substantiall~~ 0 ' change the Properh•, allow the Propert~• to deteriorale or commit waste. If this Security Instrument is on a leasehold, Borrower shall compl~~ w ith the provisions of the lease, and if Borrower acquires fee title to the Propert~~, the leasehold r"~ and fee titie shall nat merge unless 1_ender agrees to the merger in writing. a 7. Protection of I.ender's Rights in the Properq•; Mortgage Insurance. If Borrower fails to perform the com enants and agrecments con?ained in this Securit~~ Instrument, or there is a legal proceeding that may significantl~~ ~ affect Lender's rights in the Propert~~ (such asapco~eeding in bankruptcy, probate. for c~ndemnation or to enforce IaHS or regulations), then Lender may do and pay for w hatever is necessary to protect the value of the Propert~• and Lender's ~ " rights in the Propert}~. Lender's actions mav include it1~ any sums secured bp a tien which has priority over this rso ~ Security tnstrument, appearing in court, paying reason~~e attorneys' fees and entering on the Propert}~ to make repairs. om ~ Atthough Lender may take action undet tfi~s par gra~M7~.endet does not have to do so. An}• amounts disbursed by Lender~mder~pntggfl~p~'7 shall become additional debt of Borrower secured by this ~ Security Instrument. Unless Borrower and-l.~sd~~gceS to other terms of payment, these amounts shall bear interest ~ from the date of disbursement at the No"te rate and shal~ be payable, with interest, upon notice from Lender to Borrower ~ reyuesting payment. BOOK ~~O P~~E2037 ~ . F ' • ' r ' _ . , _ - ~ • ~ F r'' ~r;~: - ~_~_~i~3f~E~~!~lll`,I (+~iii-~ r,i';i•~ ~~~r~:'~ t~,,i.. i1(., f<I'~ _ , ~ • L - . ~ ~ i . , ! ~r~~ i; ~ .-'F-~ - ~111~= t-:I t r~f [ ~a ~ir F'i:i~lr~l~t1~~ I f~ ~'i.~i,' i i- . '~I..i. ...1 t'~... li 1_. . I~..Y=. .iY'_. , _ii:.f;,l_.i_.. il~ ; .s . ~ i i'riE i'i'E~r_I;Tt~i ~'F~~+~iF~ta[:~- > ' ~ . - . _ _ . - - . . . _ ~ ~'~~~.~~~"`^.~~a~~~~.~~