HomeMy WebLinkAbout0133 l'tilFtik~lCc~~i~:~~1~ HurruHrr.~n~1L~n~lcrru~c•nat~tan~la~,r~•r.i~ti~ll„~~~
1. Pa}ment of Principal and lnterest; Prepayment and l.atc Char~;es. tiurruHrr .hall ~~n~m~tl~ ~~a~ ~+hrn .iur
che pnn~ipal uf 3nd interr~t un the debt e~ idencr~ M thr tiotr and an~ prrpu~ mrnt an~i latr ~har~:r, ~ii~r u~~~1rr thr tii~ir
2. Funds !'or Taxes and Insurancc. Sub~~~ t t~~ a~plirahle laN ur t~~ a~~ nttrn ~+:,i~ rr h~ l.rii~irr, R~~rr~~~~ rr,h;?ll E~::~
tu l.endrr on the d~y~ munthl~~ pa~ment. ~re duz under ttir Note, w~ul the tiute ~~ai~1 in tull, :i.wn ("Fun~h") ryu:il tu
«ne-twelfth o( ~~earl~• taxeti ~~nd atiutitimentti which ma~ 3ttain pnur~t~ ~~~er thiti Sr~unt~ In~trumrnt: Ih1 ~rarl~
leasehold pn}ment, or gruund rents un ?he Proprrt~. ~f any: 1~) yearl~• ha~arcf imuranrr ~rrnuum~: an~i 1~1) ~rarl~
IiiUlTKdat i11JUi:i11Ct' FlfC1111U1T11. if an~. Tiie.r iiei~i~ arr cailz~l ~~~il"~UK iic~ii.~~ i~cii~~ci iiia~ Ciiii~i:i4~ i~ii ~'tSiiij~ ~uC tjii liii'
basis oicurren~ daia and rea,onsnie e,~?mair5 ~~i~ future e~c«~~ iir~n~.
Ihe Fun~1, sh:ill hr tirld in cin imtitutiun thr dep~~,its ur arr~~unt~ u~ ~~hich ar~ in.urrd ~~r guar:tntrrd b~ a tr~frrcil ~~r
,tate agrn.•c linrluding Lrnder if Lrnder i,.urh an in~titutiunl. 1 endrr,hall a~pl~ thr Fun~i. t~~ ~a~ thr~,rn~~~ item,. l_en~lrr
ma~ nizt rhar~e i~~r hulding and ap~l~ing the Fund,, anahnng the ~ccount <~r ~rrif~~ng th~ r.rm~? itrm.. unle,~ I.en~irr ~a„
n " t_. 1 .1. .l~ .6 - .l, n .t.. 1.. ~
iiUii~.~~~i un~~~.. u~~ ~ a.uu..•..v ....u~. .....r.~ . ......:t;~ a.~.,..~.
~~~nnrrui~n ~+ith B~~rr~n~en'entcring~imu thi> ticrurit~~ Imtrumrnt t~~ ~a~ thr cu.t ul an indeprndent tax rr~urting,rnirr
.h.ill n~~t hr a chargr lur purpu~e. ~~f the ~rrreding .entence. Bc~rr~»~rr an~ I rn~ler ma~ .igrer in ~~ritin~: th:it interc.t .h.eil tk
~ ai~i un the t=und, t'nl~„ an agr~cm~nt i, ma~i~ ur ar~lirahle la~~ rryuir~~ interr.t tu hr ~ai~i. L.nder.hall n~~t tx rryuirr~i tu
~a~ R~~rru~?er am interc~t ur ~arning. un thr Fund~. L~n~1er .hall gi~e tu Hurru~~er, ithi~ut rh;?r~r, an .innual a~ruuntirz~ ut
th~ 1=und, ,hu~~ing crrdit, and debit. ti~ th~ F-und, .ind the ~urp~~.r f~~r uhirh e;irh eirhit t„ thr 1=und. ~~a, m~i~fe. ll~r t-un~l.
arr ~ie:lged a~ .idditiunal .erurit~ ti~r the .um~ .erured b~ thi~ tircurit~ Imtn~ment.
If the amount of the Funds held by Lender, tugether w~ith the future monthly pa}ments af Fundti pa}•able prior to
the due dates of the escrow ilems, shall exceed the amount reywred to pay~ thr escro~• items w~hzn due, the excess shall be,
at Borrower's option, either promPtl~~ repaid ta Borrow~er or cred~ted to Bc~rroa~er on monthl~• payments of Funds. [f the
amuunt of the Funds held by Lender is not sufficien; to ~a}• the escrow~ items when due, Sorrow~er shall pay~ te~ Lender an~•
amount necessary to make up the deficiency in one or more payments as requ~red b}• Lender.
U~n payment in full of all sums secured by this Securit} Instrument, Lender shall prom~tly~ refur~d to Borrower
any Funds held by Lender. If under paragraph 19 the Yroperty is sold or acquired b~~ Lender, Lender shall apply, no later
than immediately prior to the sale of the Property or its arquisinon b} Lender, an~~ Funds held by Lender at the time of
application as a credit against the sums secured bt~ th~s Secunty Instrument.
3. Applieation of Payments. Unless applicable law• providet otherwise, all pa}~ments received by Lender under
paragraphs 1 and 2 shail be applied: first, to late charges due under the Note; second, to prepa~•ment charges due under the
\ote; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
4. Charges; Liens. Borrower shall pa} :~II taxet, assessmentti, charge~, fines and impositions attributable to the
Property which may attain priority ~ner this Secunty Instrument, and teasehold payments or ground rents, if any.
Borrower shall pay these abligations in the manner ~ro~•ided ~n paragraph 2, or if not paid in that manner, Borrower shall
pay them on time directly to the person ow~ed payment. E3~rrower shall promptly furnish to Lender all notices of amounts
to be paid under this paragraph. If BorruHrr makes these payments directly. Borrower shal! promptly furnish to Lender
receipts e~~idencing the payments.
Aorrower shall promptly discharge an}~ lien ~~hirh hati ~nority o~er this Serurit} Instrument unless Borrow~er. (a)
agrees in wr~ting to the pay~ment of the obl~gaticm ~ecured b~~ the I~en in a manner acceptable to Lender; (b) contests in good
(aith the lirn by, or defends against enforcement c~f the lien in, legal prckeedings which in the Lender's opinion operate to
prevent the enforcement of the lien or forfeiture c~f an} part of the Property; or (c) secures from t~e holder of the lien an
agreement satisfactory to Lender subord~nahng thr lien to this Serurity~ Instrument. If Lender determines that any- part of
the Property is subJect to a lien which ma}~ attain ~nc~rit}~ o~•er this Serurit} Instrument, Lender ma~~ g~~~e Borrow~er a
notice identifying the lien. Borrower shall satisC~ the lien or take c~ne ~~r more ~~f the artions tiet fc~rth abc~~e ~~ithin 10 da}~s
of the giving of netice.
5. Hazard Insurance. Borruwer shall ker~ the impro~ements nc~w~ e~ititing or hereafter erected on the Propert~~
insured against loss by fire, hazards included w~ith~n the term "extended r~~~~erage" ~nd an~~ other hazards for w•hirh Lender
requires insurance. This insurance shall be ma~nta~ned in the amounts and fur the penc~ds that Lender requires. The
insurance carner providing the insurance shall be chc~sen by B~~~reiHer sub~ert tei Lender's appro~al w•hich shall not be
unreasonablp w~ithheld.
All insurance policies and renewals ~hall be ~scceptable tc~ Lender and tihall include a standard m~rtgage clause.
Lender shall h~ve the right to hold the ~licies and renewals. If Lender requireti, Borrow~er Shall prom~tl} give to Lender
all receipts of paid premiums and renewal notires. In the ~event of loss, B~rroti~er shall g~ve prompt not~ce to the insurance
carrier and Lender. Lender may~ make proof of
loss if not made promptly b~~ Borrower.
Unless Lender and Borrower otherw ise agree in writing, insurance pr~eeds shall be applied to resroration or repair
of the Property damaged, if the restoration or repair is economically feasible and Lender's security ~s not lessened. If the
restoration or repair is not economically feasible or Lender's security w~ould be lessened, the insurance proceeds shall be
applied to the sums secured by this Security Instrument, w~hether or not then due, with an~• excess paid to Borrower. If
Borrower abandons the Property, or dces not answ~er within 30 days a notice from Lender that the insurance carrier has
' offered to settle a claim, then Lender may collect the insurance proceeds. Lender ma~ use the proceeds to repair or restore
; the Property or to pay sums secured b~~ this Securit} Instrument, whether or not then due. The 30-da~~ period will begin
r when the notice is given.
F Unless Lender and Borrower otherw ise agree in w ricing, an}~ application of proceeds to principal shalt not extend 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 Lender, Borrower's right to any insurance ~licies and proceeds resulting
from damage to the Property prior ro the acquisition shall pass to Le~der to the extent of the sums secured by this Security~
~ Instrument immediately prior to the acquisition.
6. Preservation and Maintenance of Property; Leaseholds. Borrow•er stiall not destroy, damage or substantially
change the Aroperty, 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 Berrower acquires fee title to the Property, the leasehold and
fee citle shall not merge unless Lender agrees to the merger in wrising.
7. Protection of Leader's Rights in the Property; titortgage lnsurance. If Borrow~er fails to perform the
covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly~ affect
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 the Propert}~ and Lender's rights
~n the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security
Instrument, appearing in court, paying reasonable attorneys' ~ees and entering on the Property to make repairs. Although
Lender may take action under this para~graph 7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shal) become additional debt of Borrow~er secured by this
~ Security 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 payabte, with interest, upc~n notice from Lender ro Borrow~er
~ requesting payment.
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~ ~ 675 FNJE 133
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