HomeMy WebLinkAbout0455 UNlt~l)RM COVt:NANTti B~~rruw•rr anJ I_en~lr~ iu~~rnant dll~ d~fCC .+s fuUuK,:
1. Payment uf Yrincipal and lncerest; Prepay~ment and l.ateCharRes. Burruw•rr sheli ~rumpcl~ whrn.iur chr
E~nnri~al uf :~nd incerrsc ~~n che ~lrbc cvidencr.l by the N~ite and anp prrpay~mrnc an.i late char~;es ~iur un~ler chr Nucr.
2. Funds for "I'axes and lnsurance. Subjrrc a, applirablr law ur w~ written w•aivrr by~ l.rn~lrr, Nurruw~rr sh~li p.,~~ ru
l.rn.~er un che day munthly~ p.~y-mrnts arr .~ue undrr ~hr Nucr, until ~he Nute is p~i~f in full, a sum !"Pun.ls" ~ tyual tu
unr-twelfth uf: ) yearly eaxes and ~ssrssmrncs whirh m~y~ att~in priurity uvrr this Srcuricy Instrumrnt; (bl y'early Ir.~srhul~l
paymrn[s ur Kruun~l renes un che Pruperty, if any; ~r) yearly~ hazard insurance premiums; :~nd 1d? yearl~~ murc~;,~Ke insuranie
premiums, if any. These itrms arr ralle~l "escruw itrms." l.endrr m~~~ estima~e rhe Funds ~1ur un el~r basis uf currrnt dat3 an.1
rr.~sun~blr rsnm:~tes uf fucure escruw items.
The Nunds sh.~ll be he1~1 in an ins[ituti~?n the dep~isics ur arruuncs uf which are insurrd ur ~;~iarancrrJ b}• fe~ler,~l ur
s~.?ee aKrnry t including Lender if Lender is such ~n ~nsticutiun). Lender shall ;~pply the Funds u~ pay the rsrn~w items. Len~lrr
ma~• nut ch,~r~;r fur hul.~ing and applyink the Funds, analJ~zinK the air~~unt ur verifyinK thr esuuw i~ems, unless Len~ler pay~s
Burruw~rr interes~ un the Funds an~ :?pplicable law permits Len~er eu make such a ch3rKe. Hurruwer 3nJ I.ender may a~rer in
w~ricink ehat interesc shall be paid un ehe Funds. Unless ~n aKreemene is made ur applicable law~ requires inrerrst tu tx pei~1,
l.rnder sh.?It nuc be required u~ pay Hurruwer any interest ur earnin~;s un ~he Funds. l.ender shall Kive tu H~~rn~w~er, with~rut
cher~;e, an annual aca~untin~; uf thr l~unds shnwinK credits and debits tu the Funds and the purEx~se f~~r ahich each ~lrbit eu ehr
Fun.is was made. The Funds are plydged ~s ad~iiciunal ser~ricy fur ehe sums secured by chis Securit}• lnscrumene.
If ehe am~~unt uf the t~unds held by Lender, eugecher wich ehe fucure ~n~~nchly paymencs uf Funds p:?yable priur cu thr
.fur ~33ees uf ehe rscruw itrms, shall exreed che ;~muun~ require~l t~~ pay the escruw items when due, the exress shall be, ac
Burr~~wer's upti~>n, eicher prump~ly repaid cu Burrower ~~r ire~liced cu B~~rruwer un munchly payments uf Fun~is. If the
amuunt uf thr Funds hel~1 by Lender is nuc sufficien~ cu pay the escruw icems when due, Be>rruwer shall pap eu Lrnder an}~
ami~unt neiess:~ry cu make up che deficienc}• in ~me ur mure paymrnts as required b~• LenJrr.
llpun payment in fuU uf all sums secure~l by chis Securit~~ Inserument, I_ender shall prumptl~~ refund eu Burruw~er any
Fun~1s hrld by I.en~er. lf under p:~r~graph l~) che Pn~perry is suld ur acyuired by Lrn~ier, l.en~irr sh.~ll ~ppl}•, nu lacer than
imme~li~cely priur tc~ the s~le uf the Pruprrry ur its atquisiti~m by~ Lender, snp Hun~1s held bp Lrnder .~c che cime uF applir~ciun
a rre.~i~ a~;ainsc che sums secured by this Sc~curicy Inscrumenc.
3. Application of Payments. Unlrss applirable law~ pruvides uchrrwise, :~II pa~•men~s reiei~~e~ b~~ Lrnder under
p~r~Kraphs 1 anJ ? sh:~ll be applied: first, cu late charges due un~lrr the Ni~te; secund, a~ prep~~•menc ch3r~es ~1ur un~lrr rhr
Nuee; chir~l, cu amuunts payable undrr par~graph Z; fourch, eo incerest due; ~n~ last, n~ principal due.
-i. Charges; Ziens. Borruwer sh~il pa~• ~II caxes, assessments, rharges, fines and impusitiuns attributable w the
Pruperty which m:~y attain prii~rity e~~~er this Security tnstrument, and leasehuld payments ur gruund rents, if any~. Burruw~rr
sl~all p~~• these ubli~;aciuns in the manner pruvided in par;~Kraph ~~r if n~~~ paid in chat manner, Burruwer sh~ll pa~• chem un
cime directlq tu che prrsun i~wed pay~ment. Hurrc~wer shall pn~mpcly furnish u~ l.ender all nc~cires uf amuunts u> he paid under
chis p.~ra~;raph. If Burn~wer makes thrse pa~-mencs dirercly, Hurruw~er shall prumptl}~ furnish w Lender receipts e~~i~lenrin~;
che pa}•ments.
Burruu•er sh.~l! prumptlJ~ ~lischarge any lien w•hich has priurity~ u~•er chis Securic~~ lnstrument unless Hurruw~rr: ia)
.~~;rres ~n w~ritin~; eu the payment uf che ubligaciun serured by ehe lien in a m~nner acceptable n~ I.rnder, ~ b) runcrs~s in guud
F~i~h the lirn bq, ur defends against rnfe>rcement ~~f t~he lien in, IeKal prexec~in~;s w•hich in the lxnder~s upiniun uperace tu
pre~•rnc che rnfe~rremenc uf che lien ur furfeicure uf an~~ part of the Pruper~}; ur tc) secures frum the hulder ~zf the lien an
a~;rrrmenc s~cisfacwry u> l.ender suburdinacing the lien co this Security Inscrument. If I.ender determines chat anp part uf chr
Pruprrt}~ is subjerc cu a lien which may atcain prie~ri~~• o~~er this Serurity Inscrumenc, l.ender ma}' gi~'e Burruw~er a nutire
i~encif}'in~; the lien. B~~rruwer shall satisfy che lien ur tske une ur mure uf the accii~ns set h~rth abii~~e aithin 10 da}'s uf the
ki~~in~ uf ncicice.
5. Hazard Insurance. Hurruwrr shall keep ~he imprc~vemencs nuw existing e~r hereafrer erecced un the Pruperc~•
insure~l aKainst luss by fire, h~zards inrluded wichin the cerm "excended a~veraKe" an~ any~ uther hazards fur which Lender
j reyuires insuran~e. This insurance shall be maintained in the amuunts and fur the peri~x~s that I_ender requires. The
V insurance rarrier pruviding che insurance shall be chusen by B~~rruwer subjecc u? 1_ender's appruva) which shall nuc be
~ unreasunably withheld.
j All insurance pulicies 3nd renewals shaU be accep~able to I.ender and shall indude s scand:~rd murtgake rlause. I.enJer
~ shall have the righc w huld the pe~liries and renewals. If I.ender requires, Burruw•er shall prumptly~ gi~•e u~ 1_ender ~ll receipts
~ ~;f paid premiums and renewal nocices. In che event ~>f l~~ss, Hurr<,wer shall gi~e prumpr ni>cice w the insurance c3rricr and
r Lender. Lender ma~~ make pru~~f uF I~~ss if nut made promptly b~~ Burruw~er.
s
Unlcss I_ender and Burc~~wer otherwise agree in writing, insurance prcxeeds shall be applied t<~ rescuratiun e~r repsir
uf che Prupercy damaked, if thr resturatiun ur repair is econumirally~ feasible :~nd l.ender's sec~rit}~ is nuc lessened. If thr
; res~uratiun ur repair is nue ea~nomically feasible ~>r Lender's securit}~ wuuld be lessened, the insuranre pn>ceeds shall be
E applied tu che sums secured by chis Securiry Instrumenc, w~hecher ur ne>c then due, a~ith an~~ exress paid tu Bc>rruw~er. If
; H~~rruw•rr .~bsnduns the Pruperry, e~r does nc~t answ•er within 30 d~ys a nc>cire frum l.ender thac the insur~nce c:~rrier has
~ uffered eu set~le a rlaim, then I_ender may cullect the insurance pn>ceeds. Lender ma~~ use the pnxeeJs u? repair ur resrure the
~ Prupercyur tu p.ty sums secured by this Security Ins~rument, w•hetheror nuc then due. The 30-day peri~xi w~ill begin w•hen chr
F
~ nu~ire is ~;i~•en.
€ [Jnless Lender :~nJ Burruwrr ~irherw•ice axree in 1?•riting, any application e~f p~i~ceeds :ca i~cipa! sh~l) nc~t rxtcr;~ ur
~ Ex~scEx,ne che due d.~cr uf che munthl~• paymencs referred u, in para~r,~~hs l und 2 c~r chanKe ihe .~muunt i~f the paJ mencs. If
J(1~IE'f ~d(dy,[3~I1 19 the Pruperty is acyuired b}~ l.ender, Burruwer's right cu am~ insurance ~>licies and pnxeeds resultin~;
g frum damake tc~ the Yn~percy priur cu che acquisitiun sh~ll pass tu Lender ai che excrnc uf the sums secured by chis Securi[~•
s Ins~rument immediarel}' priur [u the acyuisiciun.
~ G. Presen~ation and Maincenance of Property; Leaseholds. Burruwer ;hall nut ~iescru}~, damage ur subscanci.~lly
~ chan~;e the Yr~~percy, alle>w che Yrc~perty te~ deceriurare e~r rummit w•~sce. !f chis Security Instrument is un a leasehuld,
5 Burruw•er shail rc~mply a•ith the ~re~visi~,ns uf the Iease, and if Hc~rrc>H•~r ~rquires fer title tu the Pn~pert}•, thc lcasehuW an~
: tee ticle shall nut merge unless l.en~lrr akrees tu chr mer~;er in wricinK.
Protection of Lender's Rights in the Properry; MortRage Insurance. If Hurruw~er fails cu perfunn che ru~enants
.~nd .~krermenes cuneained in this Security Instrument, ur there is lekal pnxeeding that m~y significantly affect I.ender's
rikhts in the Yn~perry 1 such :~s a pnxeeding in bankrupccy, pre~bare, fur cundemnatiun ur t~~ enforce laws ur reKula~iuns ehen
Len~er may do :~nd pay f<~r whatever is necessary t~~ pn~rect the value uf rhe Pn>pert}' and Lender's rights in the Propert}•.
l.ender's acti~~ns may include payinK an}~ sums secured b}~ a iien w~hich has priurity en~er chis Securicy Inscrument, appearin~; in
ruurt, payinR reasunable aea>rneys' fees and encerin~; un the Pre~percy~ te~ m:~ke repairs. Althuu~;h [xnder m.?}' cakr actic~n
under this paragraph 7, Lender di~s nut h~ve u~ du su.
Any amounts disbursed by Lender under chis paregraph i shall beu>me 3d.litiunal drbt uf Bc>rruw~er secured bJ~ this
Security Instrument Unless B~>rruwer and Lender agree to ucher terms uf payment, chese amuun,s shall bear interese frum
the date ~~f disburscmene at the Noce rate and shall be payable. wich interesc, uExm nutice fn~m Lender a~ Burrc,wer requescin~;
payment.
EG~K U~~ i~1GE 455
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