HomeMy WebLinkAbout0034 t,'~tt uk~t Cci~ t~.a~ls S,,rru~rt ai~d l.rn~lrr r~~~rnan~ an~f a~;?rr.?, I~~Uu~?~
1. Pay~ment of Yrincipal and lnterest; Prepa}ment artd i.ate C'harkes. t~~~n~+v~rr .ha41 Prumj,~i~ ~;i> ~~hrn ~iur
the pnnripal of and intrrrst un the deht r~ idenrrd by~ the tiutr and an~ ~rr~~a~ mrnt .~nd lat~ ~ har~e, ~ur un~irr thr \,~tr
2. Funds for Taxes and Insurance. Sub~rrt t~~ arph~•~hir la~ ~~r t~~ ~i w ntt~n ~~~~~rr h~ I~~nclrr, 13urn~~~rr.hall
tu L.ender on thr day m~~nthl}• pa}mentti are ~iue under the Note, unul the ti~nr i~ ~~:~id in full, wm 1"Fun~i~") ryi~:il tu
uRe-twelCth of~ (a) yeasly tsxe~ and ati~e~~menti wh~~h ma~ attain pni~nt~ ~~~er th~~ Se~unt~ Intitrumrnt; (b) ~rarl~
leasehold pa?~ment~ or gruund rent~ on thr Pruprrty. ~f any: yrarl~ haf~r~1 i~~~ur:?n~e rrrmium,: and ~d) ~eart~
mortgag~ inwrance premiuml, if an}. The~r item~ are ralled "e~cn~w item~.~' Le~i~ier ma~ r.tirnate th~ E~und~ dt,r ~~n th~
basis of current data and rrasonable etnm~tes of future rticruw itrmt.
Ihr }-unJ. ,hall hr h~ld in an in.tiwtiun thr deputiit. ur a~r~~unt. ut ~~hirh arr in,ur~d ur ~;u,ua~~tce~ h~ a lederal ~ir
,tatr atenc~ linrfuding Lender if I rnder i„uch an in,tituti~ml. l endrr,h~iU ~~ppl~ th~ t-un~i, tu ~a~ thrr,rn~~ti itcm,. l.en~icr
ma~ n~~t ~har~.~ (or h~~lding and app{~ing the t=und,, anah•~in~ ti~r a~ruunt ur ~eril~in~ thr r.rru~~ itrm~, iinlr,. I~n~ler pa~.
HUffll\\'C~ IllltfCS~ llfl l~lt I-un~l~;+n~l annl~rahlt~ L•+~5 n~,rn+:r._ 1~~:.7..- ,a..ii a ~i~aiLC. llldl~;l' ~i„r,uu n~~ t.rnUrr ~n
~unnrrti~~n ~~ith H~~rru~~er,'rntrnng int~~ thi~ ticti•urit~..ln,trument tu pa~ thr r~~,t ut ,in indepriidrsu ta~ rrp~,n+~~g,rr~+r<
.hall nut hi a rhargr fur purpu,r. ~~f thr ~,rc~e~ing,emenre. Rorru~~rr and Lcndrr ma~ .igrrr in ~~ritin~ that inter~,t ~hall tx
~aid ~~n thr t~un~1.. l`n~r~ti an aRrremrnt i, ma~ic ur ap~lirahlr lau nyuirr, intrre,t t~~ hc ~a~~i, I.r~~~ier tih:ill nut he rryuirrJ tu
pa~ Burru~~er an~ intrr«t „r ~arninR~ ~~n thr i~und,. Lendrr.hal! gi~r t~~ R~~rr~,~~~r. ~~ithuut rharRr. an annu.il a~cuuntin~ ui
thc i~und~ ,tau~~in~ credit~ and ~iebit. to thr Fun~1. and thr pur~u,c lur ~~hirh each drhit t~~ the I~und. ~~a. mad~. ll~r I~une1.
arc ~Ircl~rd a~l~litiunal .c~urit~ ~ur thr ~um. xcure~i h~ thi, tircurin In,trun~~nt.
If the amount of the Funds held b}~ Lender, together with the future m«nthl~~ pa}me+its uf Funds pa~~able priar t«
the due dates of the escrow items, shall exceed the amount reywred to pa~ thr e~crow items when due, the e~ces~ shall Eie,
at Borrower's option, either promptl}~ repaid to Borrow~er or rredited tu Borrow~er on monthly pa}~ments of Funds. If the
amaunt of'the Funds held by Lender is not sufficient to pa~• the e,crow items w~hen due, Burrower shall pay~ tc~ Lender ang~
amount necessary to make up the deficiency in one or more payments as required by Lender.
Upon papment in full af all sums secured by this Securit~~ (nstrument, t.ender shall prumptly refund to Borrower
any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shalt appl~~, no later
than immediately pnor to the sate of the Pro~erty or its aryuisition b}~ Lender, any Fundt held b} Ler~der at the time of
appiication as a credit against the sums secured by this Secur~ty Instrument.
3. Applieation of Pay~ments. l.Jnless applicable law pro~ides otherHi,e, all pa~~ments received by Lender under
paragraphs I and 2 shall be applied= first, to tate charges due under the Note; second, to prepayment charges due under the
'Vote; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to princ~ral due.
4. Charges; Liens. Borrow~er shall pa}~ all taxes, assessments, charges, fines and impositions attributable to the
Property which ma}~ attain priorit} oier this Securit}~ Instrument, and leasehold pa}•ments or ground rents, if an}~.
fiorrowes shall pay these obhgations in the manner pro~ ided in paragraph 2, or if not paid in thaGmanner, Borrower shall
pay them on time directly to ihe persun ow~ed pa} ment. Borrow~er shal{ promptly furnish to Lender al) notices oF amounts
to be paid under this paragraph. tf Bornzwer maketi thetie ~a}~ments directl}~, Borrower shall prompt{y furnish to Lender
rece~pts evidencing the payments.
Borrow~er shall promptly dischargr an} lien whirh hati ~riorit~ o~~er this Security Instrument un:_ss Borrow~er. (a)
agrees in w~riting to the payment of the obl~gauon ~erured by the lien in a manner acceptable to Lender; (b) contests in good
fa~th the lien by, or defer?ds against enEc~tcemem i~f the hen in, legal prcxeedings w~hich in the Lender's opin~on operate to
pre~~ent the enforcement o~ the lien or forfe~ture c~f an~• pa~t of the Property; or (c) tiecures from the hoider of the iien an
agreement satisfactory to Lender subordinating thr liere to this Securit}~ Instrument. IC Lender determines that any part of
the Property~ is subject tc~ a lien w•hich may ~tta~n pric~nt~ o~~er thi~ Securit} Instrument, Lender ma~~ gi~e Borrower a
notice identifying the lien. Borrower shall satisf~ the lien or t~ke one ur more ~~f the actions set forth abo~e within 10 days
of the gi~~ing of nc~tice.
5. Hazard Insurance. Borrower shaii kee~ the ~mpr~cement~ n«~s ex~titing or hereafter erected un the Propert}
insured against loss by fire, hazards included uithin the term "extended co~erage" and any other hazards for w~hich Lender
requires insurance. This insurance shall be maintained in the amount~. and fc~r the periods that Lender requires. The
insurance carrier providing the insurance sha11 be chosen b} Bc~rrower tiuhje~t t~~ Lender'ti appro~al w•hich shall not be
unreasonabSv witfiheld.
All insurance ~licies and renewats ~hall be acceptable tc~ Lender and tihall irclude a standard mortgage clause.
Lender shall have the right to hold the ~licies and renew~als. IC Lender requireti, E3orrower shal{ promptlp give to Lender
all receipts of paid premiums and renewal nc~t~ces. In the event of loss, Horro~er shall gi~~e prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if not made promptl}~ by Bc~rrower.
Unless Lender an~ Borrower otherw~ise agree in wri:ing, insuran~e proceeds tihall be applied to restoration or repair
of the Praperty damaged, if the restoration or repair is economicall~• i'easible and Lender's securit}~ is not lessened. If the
restoration or repair is not economically feasible or Lendec's securit~~ w~ould be lessened, the ~nsurance proeeeds shall be
' applied to the sums secured by this Security Instrument, whether or not then due, with an}~ ercess paid to Borrower. If
= Borrower abandons the Property, or does not answer within 30 da}~s a notire from Lender that the ~nsurance carrier has
E offered to settle a claim, then Lender ma~• collect the insurance proce~dc. Lender ma~ use the proceeds to repair or resrore
~ the Propertyo ur to pay sums ~ecnrPCi hy rh~~ cP~„~;~,~ t;; •r;;,;,;;~; ,i~rn uur. i hr ~~~-ua~~ period w~iii begin
; w hen the notice is given.
~ Unless Lender and 6orrower otherwise agree in writing, any application of proceeds to principal shal{ not extend or
` postpone th~ due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the pa~•ments. If
~ under paragraph 19 the Property is acquired by Lender, Borrower's right to an}~ insurance policies and proceeds resulting
from damage to the Property prior to the acquis~tion shall pass to Lender to the extent of the sums secured by this Security
~ Instrument immediately prior to the acquisition.
~ 6. Preservation and Maintenaace of Property; Leaseho{ds. Borrower shall not destroy, damage or substantially
; change the Property, allow the Property to deteriorate or comenit k•aste. If this Security Instrument is on a leasehold,
Borrower shall comply with the provisions of the lease, and ~f Borrower acquires fee title to the Property, the leasehold and
fee title shall not merge uniess Lender agrees to the merger in writing.
7. Protection of Lender's Rigfits in the Property; Mortgage Insurance. If Borrower fails to perform the
covenants and agreements contained in this Security Instrument, or there is a legai proceeding that ma}~ significantly aflect
Lender'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 tne Property and Lendec's rights
in the Property. Lender's actions may include paying any sums secured by a lien which has priority~ o~er this Security
instrument, appearing in court, paying reasonabie attorneys' fees and entering on the Property~ to make repairs. Although
Lender may take action under this paragraph 7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragsaph 7 shall become additionai debt of Borrow~er secured hy this
Securiry Instrument. Unless $orrower and Lender agree to other terms of paymeat, these amounts shal! bear interest trom
the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrow~er
~ requesting payment.
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eoaK661 ~~~E2355
6oox 675 ~a~~ 034
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