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Home My WebLink About0538 . i Lti1FuRM CO~'f:~A~TS Burrc~Hrr and (.rnder ~u~rnant an~i agrr~ a, ti~lk~~., 1. Payment of Principai and Interest; Prepayment and l.atc Charges. H~~rr~}~rr ~haii ~rum~tl~ ~a: ~~hrn .iur the: pnncipal of and ~nterest on the debt e~ ~denrrd h} the Notr and ar.~ prr~a~ mrnt an~i late rhargr~ c~ur un~lrr ihr \~~tr 2. Funds for Taxes and Insurynce. Suh~ert to applirable law ur to a wnu~~i Haner by L~n~ier, B~~rr~~~~er.h:,il ~a~ ' to Lender on the day~ monthly payments are due under the Note, until the Note i~ paid in full, ~i tiwn 1"Fund~") ryual tu ene-twelRh ol: (a) yearly taxes and asseti~ments w~hich ma} attain pnonty o~er th~s Secunt~ In~trume~it, Ib) >'e~rly leasehold payments or grcwnd rents un the Pmpert}~. if any; (c) y~earl~• haz:~rd in.uranre premiumti: and (d) ~earl~~ mortgage insurance premiums, if any. These items ~re ralied "escro~• itemti." Lendrr ma~~ e~t~matr the Fundti due ~~n the bas~s of curre~t data and reasonable estimates ot' future eccrow items. Ihe I=unds shall he held in an in~titution the drro+its or accounts at tihich :~re in~urcd ur guaranterd by a federal ur .tate agency (including Lrnder i( l.ender is such an instiwtion). lxnder,hall apply the f=unds tu pa~ thee~rraw items. i.cndrr , m:~~• not charge fur holding and apph~ing the f=unds, analy~ing the account or ~erif~•ing the r,cro« items, unles, Lrnder ~a~. ° Burru~er intere~t un the Funds and applirable law permits Lender t~~ make such a charge. A charge ass~.sed b}~ Lendcr in cunncYtion uith &~rro~ers'entering intu this Sc.tiurit~• Instrument to pa~~ the cu,t of an independent tax reporting,er~irr ,h~ll nut tx: a charge for purposes of the prereding ~entenre. f3orroHer and Lender ma~• :~gree in ~vriting that intere~t ,hall tx ~aid un the t=unds. t'nless an agreement is made or applicable I~u• reyuires intereat to tx paid, Lendcr shall not be reyuired to pa~~ BorroH•er am~ interest or earnings un the Funds. Ixnder ~hall give tu t3orroHer, aithout charge, an annual xccoUnting uf the t-~undti .h~~aing creeiit~ and debits to the Fund~ and the purpu~e for Nhich each debit to the Funds ~~a, made. lhe Fwids ; are pledged as additional scYUCit~~ for the ,ums secured h~ this Secunt~ Instrument. ' If the amount of the Funds held by Lender, together with the future monthly pa~•ments o( Funds payable prior to ~ the due dates of the escrow items, shall exceed the amount required to pay the escrow• items when due, the exces, 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 sufficient to pay the escrow items when due, BorroH~er shall pay to Lender any~ amount necessary to make up the deficiency in one or mare payments as requireci by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of ; application as a credit against the sums secured by this Security Instrument. 3 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under ~ paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the ; i Note; th~r~, to amounts payaoie under paragrapn 1; fourth, to interest ciue; and 'iast, [o principai due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which m~y attain priority over this Security Instrument, and leasehold payments or ground rents, if any. : Borrow~er shall pay these obligations in the manner provideci in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrow~er makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. ' Borrower shall promptly discharge an}~ lien w~hich has priority over this Security Instrument unless Borrower. (a) ' agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings Which in the Lender's opinion operate to prevent the enforcement of the fien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. lf 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 or more af the actions set forth above within 10 days of the giving of notice. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property ~j insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shall be chosen by Bo~rower subject to Lender's approval which shall not be ' unreasonably withheld. s All insurance policies and renew~als ~hall be acceptable to Lender and shall include a standard mortgage clause. i 1_ender shall have the right to hold the policies and renewals. If Lender requires, Borrower 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 ` carrier and Lender. Lender may make proof of los~ if not made promptly by Borrawer. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ~ of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the ~ restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ~ applied to the sums secured by this Security Instrument, whether or n~t then due, with any excess paid to Borrower. If ~ Borrower abandons the Property, or does not answer within 30 day~s a notice from Lender that the insurance carrier has ~ offered to settle a ciaim, then Lender may collect the insurance proceeds. Lender ma~ use the proceeds to repair or restore ~ the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin ~ when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, an}~ application of proceeds to principa) shall n~t 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 ~ fron 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 to the acquisition. ~ 6. Preserration and Mainteaaace ot Property; Lesiseholds. Borcower shall not destroy, damagc or substantially ~ change the Property, 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 Borrower acquira fee title to the Property, the leasehold and fce title shall not merge unless Lender agrees to the merger in writing. , 7. Protection of Lender's Rights in the Property; Mortgage [nsurance. If Borrower fails to perform the ~ovenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly afi'ect 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 proiect the value of the 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 coun, paying reasonabte 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 additiona! debt of Borrower secured by this ~ Security Instrument. Ureless Borrower and Lender agree to other terms of pay~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 Borrowe~ ~ requesting payment. ~ eo~K675 F~~t 538 ~ - - . ~ ~ ; 't` ~ ~ ra,~~;~--'s h~ 2:~ r-s,,,zs;r;;~;' ~ . . . _ I ~r ~ ~=~'%a=~`~~ w -