The URL can be used to link to this page

Home My WebLink About0551 . . : i l'~~f ~~It~t l'~?~ I~~~ Is Burru«rr:ind l.~nder r~~~enant and agrer.i, fe~llu~~,. « 1. 1'aymcnt of Principal and Interest; Nrepayment and l.ate ('harges. H~~rr~~~~rr :hail ~,n~m~tl~ ~~h~n ~i~ir t hr ~nnri~al ~~f anel interr,t on the debt e~ idenred by the tiote and any prrpa} ment and latc charKr, dur un.lrr th~ \~,tr 2. F unds for Taxes and Insuraoce. Subjert to apphrabl~ law ~~r to a w r~tten ai~ ~r h~ Lrn~lrr, f3~~rn~~~ rr ~hall tu Len~ier un thr da~ munthl~~ payments are due under ihe Nc~te, until the Nc~te i. p~id in ~ull, a~um ("Fund,") eyuai tu ~~nr-t~~~rli~~h of: }e:~rl~~ taxc~ and 3tisessments w~hich may at~ain priorit~~ orer thi. Securit~ lntitrument: (b) yearl~ iea~ehold pa~•mrnts or ground rents on the Property~, if an}~; (c) >earl~• haiard in~ur:inic ~rcmiumti; and (d) ~rarl~ murtgage imurance premiums, if ~ny. These items are callyd "rscrow itemti." I.endrr ma~ «timate thr FunJ~ due on the h~.is uf current data ~nd reasunahle etitimates of future escrow item~. The Funds shull be held in an institution the de~sits or accounts .~f ~~~hich are insurrd or guaranterd by a federal ~~r ,t~tr agenry (including Lender if Lender is such an instiwtion). Lender shall apply~ thr f~undti to pa}~ thc exru~~ it~m~. l.ender may~ not charge for holding and appl}~ing the Funds, anal~•zing the account or ~erif~•ing the escrow itrms, unleti~ l.ender pa~~s Borrower interest on the Funds and applicable law permits l.ender to make such a charge. Borruwer and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable la~~ f reyuires interetit to he paid, Lender shall not be reyuired to pa}~ Borrow er an~~ interest ~~r earnings on the Funds. Lendrr ,hall give to Borrow~er, without charge, an annual a~counting of the Fur.ds shoNing credits ~nd debits to the Fundti and the purFwse fi~r ~~~hich each debit to the Punds was made. The Funds are plydged as additional serurit~~ for the sum~ secured b~ _ this Security Instrument. If the amount of the Funds held by Lender, together with the future monthl}• pa~~ments of Funds pa}3ble priur t~~ the due dates of the escrow items, shall exceed the amaunt required to pay the escrow~ items w~hen due, the excess shall be, at Sorrow~er's option, either promptl}~ repaid to Borrower or crediled to Borrower on monthl~• payments of Funds. If the .?mount of the Funds held b~~ Lender is nat sufficient to pay the escrow items when due, Borrow~er shail pa~• to Lender any ~imount necc~sary to make up the deficiency in one or more pay~ments as required bp Lender. lJ~n payment in full af all sums secured by this Security Insirument, Lender shall promptl}• refund to Borrow~er an~• Funds held by Lender. If under paragraph 19 the Property is soid or acquireci b}• Lender, Lender ~hall appl~~, no later than immediately prior to the sale af the Property or its acquisition by Lender, an}~ Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law~ provides otherwise, all payments recei~ed b~~ I.ender under ~ar~igraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepa}~ment charges due under the , til)[e; lllif~, [O 3ITIOUfliS Flay`301e Uil(lei ~di'd~fii}~R L; iourin, IU itl[Cit'Sl UUC; AiiU IitJl, iO ~ri ~i~CiE~ai uuc'. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and im~sitians attributable to the {'ropert~~ ~~hirh may attain priority o~~er this Security Instrument, and leasehold pa~~ments or gmund rents, if an~. Burrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrow~er shall ~ay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts be paid under this paragraph. 1` Borrower makes these payments directly, Borrow~er shail promptl}~ furnish tu Lendcr receipts e~~idencing the payments. Borrower shall promptly discharge any~ lien which has priority o~•er this Secunty Instrument unless Borrow~er. (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in gooci faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to ~re~~ent the enforcement of the lien 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 ro this Security Instrument. If Lender determines that an}~ part of the Property is subject to a lien H~hich may attain priority over this Securit}~ Instrument, Lender may give BorroH~er a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth abo~~e within 10 da}s ' ~~f the gi~~ing o(notice. ~ 5. Hazard Insurance. Borrower shall keep the improvements now~ existing or hereaRer erected on the Yropert}~ ; insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for ~~•hich Lender ~ reyuires insurance. This insurance shall be maintained in the amounts ~nd for the periods that Lender req~ires. The ` insurance carrier providing the insurance shall be choszn by Borrow•er subject to Lender's appro~~al which shall not be ' unreasonably withheld. ~ s All insurance policies and renew•als shall be acceptable to Lender and shall include a standard martgage clautie. ; ; l.rnder shall have the right to hold the policies and renewals. If Lender requires, Borrow~er shall promptl~~ gi~~e to Lender ~ E all receipts o~ paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insuranre , ' rarrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Barrow~er othzrwise agree in writing, insurance proceeds shall be ap~lied to restoration or repair ; ~~f the Propert~~ damaged, if the restoration or repair is economically feasible and Lender's seeurity is not lessened. If the ~ ~ restoration or repair is not economically feasible or Lender's securitp w~ould be lessened, the insurance pr~eeds shall be ? ~ applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. IF ~ Borrow~er abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier hati ~ e~ffered to settle a elaim, then Lender may collect the insurance proceeds. Lender ma~~ use the proceeds to repair c~r re,tc~re ~ ~ the Propert}• or to pa}~ sums secured by this Security Instrument, w~hether or not then due. The 30-da}~ ~riod ~~ill begin ; u~hen the notice is gi~~en. j ~ Unless Lender and Borrow~er otherw•ise agree in writing, an~~ application of prcxeeds to principal shall not extend c~r j postpone the due date of the monthl~ payments referred to in paragraphs 1 and Z or change the am~unt of the ~a~~ments. If 1 ~ under paragraph 19 the Property is acquired by Lender, Borrow~er's right to an}~ insurance Polirirs and ~roceeds re~ulting ~ fr~~m damage to the Propert}~ prior to the acquisition shall pass to Lender to the extent ~f the sum~ serured b} thi~ Serurit~ I ~ Instrument immediatel~• prior ro the acquisition. ~ ~ 6. Preservation and :~laintenance of Property; Leaseholds. S~~rrower sh~ll not destra}~, damage c~r substantiall~ ~ change the Property, allow• the Property to deteriorate or commit waste. If this Securit~~ Intitrument i~ on a leaseh~~ld, Borrczw~er shall comply with the pro~isians of the lease, and if Borrower acquires fee title te~ the Yre~prrh. the leasehold and fee title shall not merge unless Lender agrees to the merger ~n w~riting. 7. Protection of Lender's Rights in the Property; ~tortgage Insurance. If~ BorroNer fails to perform the r~~~ enants ~nd ~greements rontained in thit Securit}~ InStrument, or there is a legal proceeding that ma} significantl~ affect ~ Lender's righu in the Propert}• (such as a proceeding in bankruptc}~, probate, for condemnation or t~ enforce la~~~ ~~r i rc~ulations), then Lender may~ do and pa}' for whatever is necessan- tc, ~rotect the ~alue of the Pro~ert~~ and Lender's right~ I ; in the Ympert~. Lender's acFions mat~ include paying any sums cecured b~~ a lien tivhich has prie~rity u~er thi5 Se~ur~ty ~ ~ [nstrument, a~~aring in court, pa}•ing reasonable attorrte}~s' fees and entering ~n the Pro~ert} t~ make re~a~rti. Althc~ugh ~I Lender ma~~ take action under this ~aragraph 7, Lender does not ha~ e to d~ so. , x An~• amc~unts disbursed b}~ Lender under this paragraph 7 shall become additi~nal debt uf Borre~uer rerured hc thi~ { Securit} Inetrument. Unless Borraw~er ar.d Lender agree to other terms of pa} ment, these amounts shal] bear irteretit fmm ~ the date c~f dishursemer~t at the tiote rate and shall ix pa~~ahle, with interetit, u~~~n n~tice frc~m l.ender te~ I3~~rn~~~er ~ requesting~a~ment. ~ BoR~ 675 ~~~E 55l . . _ _ s ~:~rY r x S~°'r~A=^„s'`a~'r' y :;5 .:~~..y 3-,r~-tisy.~''.. ~ .a`3~~- -