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HomeMy WebLinkAbout0240 L'~iF c,k~t C~~~ t~:~~ t~ Brrru~~~r ,?n~i Lrn„rr ~u~enant .in~i ,~Kr~•r .n f~~il~~~+, l. Pa~ment of Principal and Interest; Prepa~ment and I.atc ('harkes. t3;~rr~~~~rr .hall rrurn~~tl~ ~~a~ Hl~rn :iur the ~nnripel ~~f and inlrrr~t c~n ttie deht idrn~ed h} the ti~~tr and an} ~rrra~mrni ;iii~1 latc~; h:~~~.~~, ~U< <~~~,i<< ?n~ ti~~i~ 2. Funds forTaxesand Insurance. Suh~r~t t~~a~pli~ahle la~ ur t~~a written ~~ai~er h~ L~n~i~r, t3urruHrr,hall to l.ender on the da~ monthiy ~a~mrnn :?rr dur un~ler thr tiote, until thr tiutr i. ~atd in full. a~um 1"Fund~"1 ryuai tu ~me-twelfth of (a) >'rarly tateti and ati~c~timentti which ma~ ;~tt~in ~ri~~nt~ ~,~er ihi, Se~unt~ in`trumrnt: Ih) ~~arl~ leasehold pa~ment~ ~r gruund rentti un thr Prciprrt~, if any; (c) }rarl~ harard intiur.inrr Prrnuum~: ~nd (d? ~rarl~ mortgage insur~nre ~remium~, if an~'. Thetie itemti :~rr ralled "etrruw ~tem~." I.rn~ler ma} r,Umatr th~ }=unci~ due ~,n thr basis of current d:~ta and rra,onable estimate~ of futurr r~rrow item~. lhe Fun~1~ ,hall he hrld in an in~titutiun the ~irp~?~it~ or acr~~unt~ ~~i ~~hich arr in~ur~d ur ~;uarantrr~i b~ a f«lrral c~r ~t.itr agrn~~ linrlu~ting L~nder if I rndrr u,uch an institutiiml. Lender ~hall ap~l~ th~ 1-un~l. tu ~a~ thrr,rrv~~ it~mti. Ixn~lrr ma~ n~n ch.~r~r t~,r h~~lding and a~?~hin~; the I~un~f~. ,inal~iing the arcuunt ~~r ~erii~inR thr esrn?~~ itemti, unle.~ L~n~ier pa~. k3.~rru~~rr intere,t on thr t-un~J.:?nd a~rlirahlr fuN ~xrmit, Ixnder tu makr ~urh a char~c. A ii~.irge a„e.,e~1 h~ Lrn~lrr in :unnectiun ~~ith B~~rm~~rrs' entcnng int~~ thi, ticrurit~ Imtrument tu pa~ thr c~~,t ~~f an indrrrn~irnt ;ax rep~~rtin~: ,rr~irr ,haU n~,t hr a char~.~ (i~r purpi~.e. ~~f the rrerr~ling u ntrnrr. tiurn~~tier and t rndrr ma~ .~grer in ~~ritin~ that intrr~,t ,hall hc ~.ii~i ~~n th~ Fund~. l'nlr» an a~:rermen: i~ ma~ie ~~r arrlic.~hle la~~ reyuirr. intrrr.t tu bc• ~ai~, I xnder,hall ~u~t tx rryuirrd tu ~a~ 13urru«er am interr,t ar rarning, un the Fun~i,. !~n~1~r.hall gi~r t~~ R~~rru~?rr, ~~ithuut char~;e, an an~ual a~ruuntin~ ut thr 1=i~n~1..h~~~~ing rre~iit. ~ind ~lrbit. t~~ thr F~un~l. and lh~ ~urpu,e fi~r ~~hich each ~lrhii tu thc I-un~l: ~c.~. m:t~lr. Ili~ I-un~1. arr ~Ir~1grJ a, a~lditiunal ,ecurit~ Iur thr ,um~ .rrurrd h~ thi. tirrurit~ In,trumrnt. if the amount of the Funds held by Lender, together w~th the future monthl~~ pay~ments ~~f Fund, pay~able prior to the due dates of the escrow items, shall exceed thr amount reyuired tu ~e~ the etirrow ~temti w~hen due, the ercess shall br, at Borrower's ophon, e~ther promptlp repaid to Borrower ur credited to Borrow•er em munthly ~a~ments of Funds. If the amount of the Funds held by Lender is nut sufficient to pa}• thr rtirrow itcros when due, Borrower shall pay t~ 1_ender an~~ amount necessary to make up the deficiency in one or m~re paymentti as requ~red b~~ Lender. U~n payment in full of all sums secured by this Serurit}~ Instrumenr, Lender shall promptl~ refund to Borrow~er an}~ Funds held by Lender. If under paragraph 19 the Property is sold ar acquired b}~ 1_ender, Lender shall appl~~, no later than ~mmediately prior to the sale of the Property or its scquisition by Lender, an~~ Funds held by Lender at the ume of application as a credit against the sums secured b}- this Securit}~ Instrument. 3, Application of Payments. Unless applicable law pro~~ides otherwise, :~II payments rerrived b}~ Lender under ~aragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, t~~ prepa~~mcnt charges due under the , -.t . • - . , . ~ . . , . ~..:j....... .i: ~::::;~:::3 t;~:::~ia~ lUiii ifi, ili iiill"f l'll UiiC, niill iciii. i~i Eii iii~i~iai uiic. 4. Charges; Liens. Borrow~er shall pay all taxes, assessments, charges, fines and imposition, attributable to the Property which ma}• attain priorit~~ o~er this Security In~trument, and leasehoid payments or ground rents, if an}~. f3orrow~er shall pa}~ these obligatiuns in the manner pro~~ided ~n paragraph 2, or if not paid in that manner, Borrower shall ' pay them on time directly ro the person ow•ed payment. Borrower shall promptly (urnish to Lender all notices of amounts ~ to be paid under this paragraph. If Borrower maketi thetie pay~ments directly, Borro~er shall promptl}~ furnish to Lender ~ receipts e~~idencing the payments. ' Borrower shall promptly discharge an} I~en wh~rh has pnori~y o~er th~s Secunty Instrument unless Borrower. (a) agrees ~n writing to the payment of the obligati~n secured b~ the lien in a manner acceptable to Lender, (b) contests in good ' faith the lirn by, or de(ends against enforcement of the lien in, legal proceedings w~hich in the Lender's opinion operate to ! prevent the enforcement of the lien or forfe~ture c>f an}~ pact of the Property; or (r) secures from the holder of the lien an ~ agreement satisfactory to Lender subordinating the lien to th~s Secunty~ Instrument. If Lender determines that an~~ part of ~ the Property~ ~t subject to a lien w~hich ma~ :~tta~n pne~rity~ o~er thi~ Securit}~ Instrument, Lender ma~~ gi~~e Borrow~er a notice identif~~ing the Iten. Borrower shall satisf}~ the I~en ur take ~ne ar me~re ~~f the artic~nti set f~~rth atxne within 10 days ~ of the giving of nvtice. 5. Hazard [nsurance. Borrower tihall kee~ the impm~ement~ nc~µ exishng c~r hereafter erected on the Proper!~~ i ~nsured against loss by fire, hazards included within the term "extended ro~~erage" and any~ other hazards for w~hich Lender ~ requires insurance. This insurance shall be maintained in the amountti and f~r the pericxis that I_ender requires. The ~ insurance carrier providing the insurance shall be chosen b}~ Borrc~wrr tiubject te~ Lender's apprrnal a~h~ch shall not be ~ unreasonabl~~ withheld. ; All insurance policies and rene~als shall be acreptable t~ Lender and tihall inrlude a standard mortgage clause. ; Lendcr shall have the right to hold the ~licies and reneNals. If l.ender reyuire~. E3orrower shall promptl} gi~~e to Lender ; all receipts af paid premiums and renewal notires. In the event of los~. Bcirrower tihall gi~~e prompt notice to the insurance carrier and Lender. Lender may make proof of loss ~f not made promptly b~ Bc~rroH•er. Unless Lender ar.d Borrow•er otherw~ise agree in writing, insurance prckeedti shall be ap~lied to restoration or repair uf the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the R restoration or repair is not economically feasible or Lender's s~~urity w~ould be lessened, the insurance proceeds shall be ~ applied to the sums secured by this Security Instrument, whether or not then due, w•ith an}~ excess paid to Borrow~er. If Borro~~er 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 Lender may collect the insurance proceeds. Lender ma:,• use the proceeds to repair or restore g the Property or ro pay sums secured b}~ this Securit} Instrument, whethe: or n~~t then due. The 30-da~~ period will begin ' when the notice is given. ~ Unl:ss Lender and Borrow~er otherwise agree in writing, an~~ application of ~roceeds to pnncipal shatl 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 policies and proceeds resulting s from damage to the Property prior to the a~quisition shall pass to Lender to the extent of the sums secured by~ this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of PropPrty; Leaseholds. Borrow~er shall not destroy, damage or substantiail}~ change the Property, allow the Property to deteriorate or commit waste. It~ this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Aarrower acquires fee title to the Propert}~, the leasehold and fze title shall not merge unless Lender agrees ta the merger in writing. 7. Protection of Lender's Rights in the Property; 1lortgage Insurance. If Borrower fails to perform the cov~nants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantl}~ 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 proteci the value of tne Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in cuurt, paying reasonable 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 paragraph 7 shall become additional debt of Sorrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of pa}•ment, 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 Borrow•er requesting paymcnt. SooM 67~ PaCE ,2~Q ~ ~ . - ~ .