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HomeMy WebLinkAbout0279 l:~~F~iR~~C'c?~t`.~~1~ H~~rrowerandLender~u~er?antanc~agreea,f~~11~,H, 1. Pa~~ment of Principal and Interest; Prepay~ment and I.ate Charges, k3urruwer tihall ~ri~m~tl~ ~~hrn ~iur thr pnncip~l of ~ind interest on the debt e~ ~denred by the Note and an~ prep~~ mrnt and late charge, due uiider thr \~~te. 2. l~unds for Taxes and Insurance. Subject to applirable law or to a written w ai~ er by Lender, Borrow er .hall ~a~ tu 1_ender on the dx}~ monthl}• pay~ments are due under the Note, until the N~te ~s paid in full, a sum ("Funds") cyual tu one-t~elRh of: !a) ~early taxes and assessments w~hich ma}~ attain priorit~~ o~~er thi~ Serurit~~ Instrument; (b) ~r:~rl~ leasehold payme~ts or ground rents on the Property, if any; (c) yearl~~ hazard in,uranre premiums; and (d) ~earl~ mortgage insurance premiums, if any. These items are called "escroN items." Lender may cstimate 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 deposits or accounls of which are insured or guaranteed by a frder:~i or state agency lincluding Lender if Lender is such an institution). Lender shall appl}~ the Funds t~ pay the esrro~~~ itemti. Lender may~ not charge for holding and applying the Funds, analyzing the account or verif}~ing the escrow items, urle» l.ender pa}~s Sorrow~er interest on the Funds and applicable law permits Lender t~~ m~ke such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made ur applicable la~i~ requires interest to be paid, Lender shall not be required to pay Borrow~er any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits ta the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as add~tional securit~~ for the sums secured by~ this Security lnstrument. If the amount of the Funds held by Lender, together with the future monthl}~ payments of Funds pa}~able prior t~ the due dates of the escrow items, shall exceed the amount required to pa}' the escrow• items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufl5cient to pay the escrow items w~hen due, Borrow~er shall pay~ to Lender an~~ amount necessary to make up the deficiency in one or more payments as required b}• Lender. Upon payment in full of aU sums secured by this Security Instrument, Lender shall promptl}• refund to Borrow~er an}~ Funds held by~ Lender. [f under paragraph 19 the Property is sold or acquired by Lender, Lender shall appl~~, no later than immediately~ prior to the sale of the Property or its acquisition by Lender, any Funds held b}~ Lender at the time of ....:....!~t .-..:.::::c? tl.o ~..mc cnn~~rn~ I+v tF~~c Cvrnrifv TnctnfmPnt w~:~;::~::c:e;:su.:u~:~c:::up:a:::s:e:::s~ec'ss___e:__i c_:___=_~~_.'~ 3. Application of Payments. Unless applicable law provides otherwise, all pay~ments received b~• Lender under ~aragraphs 1 and 2 shall be applied: first, to late charges due under :he Note; second, to prepa}~ment charges due under the Note; third, to amounts payable under paragraph 2; fnurth, to interest due; and last, to principal due. 4. Charges; I.iens. Borrower shall pa}~ all taxes, assessments, charges, fines and im~sitions attributable to the Property w~hich may~ attain priority over this Security Instrument, and leasehold ~ayments or ground rent~, if an~~. Borrower shall pay these obligations in the manner ~rovided in paragraph 2, or if not paid in that manner, Borrower shaU pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lendet all notices of amounts to be paid under this paragraph. (f Borrow•er makes these payments directly, Borroa~er shall promptl}' furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument un(ess Borrower: (a) agrees i~~ writin~ to the payment of the obligation secured by the lien in a manner acceptable ro Lender, (b) contests in good , faith the lien by, or defends against enforcement of the lien in, legal proceedings w•hich in the Lender's opinion operate to ~ ~revent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the ho(der of the lien an agreement satisfactory to Lender subordinating the lien ta this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one ur more of the actions set forth a~ve w~ithin 10 days a of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Pro~rt}~ , insured against loss by fire, hazacds included within the term "extended coverage" and any other hazards for which Lender ~ requires insurance. This insurance shail be maintained in the amounts and for the periods that Lender requires. The ? insurance carrier providing the insurance shall be chosen by Borrow~er subject to Lender's appro~~al which shall not be ~ unreasonably withheld. All insurance policies and renew~als ~hall be acceptable to Lender and sha11 include a standard mortgage clause. Lendcr shall have the right to hold the policies and renewals. If Lender requires, Borrow~er shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance p rarrier and Lender. Lender may make proof of loss if not made promptiy by Borrow•er. ~ [Jnless Lender and Borrow~er otherwise agree in writing, insurance proceeds shail be applied to restorat~on or repair ~ of the Property damaged, if the restoration or repair is economicaliy feasible and Lender's security ~s not lessened. If the ~ restoration or repair is not economically feasible or Lender's securit}~ would be lessened, the insurance proceeds shall be ~ applied to the sums secured b}~ this Security Instrument, whether or not then due, with any excess paid to Borrow~er. If ~ Borrow~er abandons the Property, or dces not answer within 30 da~~s a notice from Lender that the insurance carrier has ~ offered to settle a claim, then Lender may coilect the insurance proceeds. Lender may~ use the proceeds ta repair or restore ~ the Property or ro pay sums secured by this Security Instrument, whether or not then due. The 30-da}~ period w~ill begin ~ when the notice is gir•en. Unless Lender and Borrower otlherwise agree in writing, any application of pmc:eeds to princ~pa! shall not extend or postpcme the due date of the monthly pa}•ments referred to in paragraph~ 1 and 2 or change ihe amou~t of the pa}~ments. If under paragraph 19 the Property is acquired by Lender, Borrow~er's right to an}~ insurance ~licies and proceeds resulting from damage to the Property prior to the acquisition shal! pass to Lender to the extent of the sums secured by~ this Security - Instrument immediately prior ro the acquisition. ~ 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall net destroy, damage or substant~ally j~- change the Property, allow~ the Property to deteriorate or comm~t w~aste. If tt-iis Security~ lnstrument is on a leasehold, (~j = Borrower shall comply with the provisions of the lease, and if Borrow~er acau~res fee title to the Property, the leasehold and ' fee title shall not merge uniess Lender agrees to the merger in writing. ~ ~ 7. Protection of L.ender's Rights in the Property; tilortgage Insurance. If Borrow~er fails to perform the ~ covenants and agreements contained in this Security Instrument, or there is a legal proceed~ng that ma}~ sigmficantl}~ aflect ~ ~ Lender's rights in the Property (such as a proceeding in bankrvptc}~, probate, for condemnat~on or to enforce law~s or ~ regulations), then Lender ma}~ do and pay for whatever is necessary to protect the value of the Property and Lender's rights (,a ~ in the Property~. Lender's actions may include paying anv sums secured by a lien a~hich has priority over this Security ~ j Instrument, appearing ~n court, pay~ing reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender dces not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by th~s Secunty Instrument. Unless Borrow~er and 1_ender ag~ee to other terms of payment, these amounts shall bear interest trom the date of disbursement at the N~te ratc and shall be payable, with interest, up~n notice from Lender m Sorrc~w~er ~ requesting payment. r - ~ ~ ~ - ~ " `~:.e;i~s~ .~s,~,,~..'r' r~~r ,~5„~..