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Home My WebLink About0640 ~ l'~~F ~~tt~~ Cc~~'t:~~~~ rs Bc~rruwer and l.ender anenant and agree u.l~olluH,: 1. Yayment of Yrincipal and Interest; Prepayment and l.ate Charges. Burruwer ~hall ~n~mptl~ ~a~ ~~h~n ~iu~ thr ~nnripal of and ~nterest on the debt eo•idenred by the Note and any prrpa~~ment and late chargr, dur undrr thr tic~t~. 2, Funds for Taxes and Insurance. Subject to applicabie law~ or to a w•ntten Hai~ er b~~ Lrnder, I3orroti er,h~111 ~:iy to [_ender on the day manthly payments are due under the Note, until the Note i, paid in full, a tium ("Fundti") eyu:il tu ~~ne-ta~elfth oE (a) yearl}~ taxes and assetsments which ma~~ attain priority m~er this Securit}~ Instrument; (b) yrarl~ leasehold payments or ground rents on the Propeny, if any; (c) yearly hazard insuranre premiums; and (d) yearl~ murtgage insurance premiums, if any. These items are called "escrc~w~ items." Lender ma~~ rstimate the Fur.ds due ~n the basis of current data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed b~~ a federal ur titate agency (including Lender if Lender is such an institution). Lender shall ~pply the Funds to pay~ the etirrow• items. Lender may not charge for holding and applying the Funds, analyzing the account or verif~•ing the escrow• items, unless Lender pays Barrower interest on the Funds and applicable law permits Lender to make such a charge. Borruw~er and Lender may agree in writing that interest shali be paid an the Funds. Unless an agreement is made or applicable law~ requires interest to be paid, Lender shall not be required to pay Borrow~er any interest or earnings on ihe Funds. Lender shali give to Borrower, without charge, ~n annual accounting of the Furds showing credits and debits ta the Funds and the purpose for which each debit to the Funds was made.l'he Funds are pledged as additional security for the sums secured by this Security Instrument. lf the amount of the Funds held by Lender, together with the future monthly payments of Funds pa}~able prior to the due dates of the escrow items, shall exceed the amount required to pay the es~row items w•hen due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly pa}~ments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender an~~ amount necessary to make up the deficiency in one or more paymenis as required by Lendei. Upon payment in full oPall sums secured by this Security Instrument, Lender shall promptl~~ refund to Borrower any Funds held by Lender. If under paragraph 19 the Propeny is sold or acquired bp Lender, Lender shall apply, no 13ter than immediately prior to the sale ~f 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. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under ~aragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the ~ote; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Yroperty~ which may attain priority over this Security Instrument, and leasehold payments or ground rents, if an}~. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, BorroH~er shall pa}~ them on time directly to the person owed payment. Borrower shall promptly furnish to Lender ali notices of amounts tc~ be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which 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 gcx~d faith the lien by, or defends against enforcement of the lien in, lega! proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures i~rom the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject ro a lien which may attain priority over this Security Instrument, Lender ma}~ give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above w~ithin 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "eatended coverage" and any other hazards for which Lender i 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 Borrow•er subject to Lender's approval w~hich shall not be unreasonabl~~ withheld. ~ Ail insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shail have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to I.ender ! all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prom~t notice to the insurance carrier and I_ender. Lender may make proof of loss if nat made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ~ i~f the Property damaged, if the restoration or repair is economically feasible and Lender's securit~- is not lessened. If the t restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shali be i ~ apptied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has q offered to settle a claim, then Lender may collect the insurance proceeds. Lender ma~~ use the proceeds to repair or restore the Property or to pa}• sums secured by this Security Instrument, whether or not ihen due. The 30-da}~ period will begin ~ ~hen the notice is given. g Unless Lender and Borrower otherw~ise agree in writing, an~• app!ication of proceeds to principal shall not extend or ~stpone the due date of the monthly pa}~ments referred to in paragraphs 1 and 2 or change the amount of the pa}-ments. If ~ under paragraph 19 the Property is acquired by Lender, Borrc~w~er's right to am~ insurance poficies and proceeds resulting from damage ro the Propert}• prior to the acquisition shall pass to Lender to the ettent of the sums serured b}~ this Securit}~ € In`trument immediatel~~ prior to the acquisition. ~ 6. Preservation and ~iaintenanee of Property; Leaseholds. Borrower shall not destro}~, damage or substantiall} ~ charige the Propert}~, allow~ the Property to deteriorate or commit ~aste. If this Securit}• Instrument is on a leasehold. F3orr~wer shall rampl}~ with the pro~~isions of the lease, and if Borrow~er acquires fee title t~ the Propert}, the leasehold and fee title shall iiui merge unless Lender agrec~ te~ the merger in writing. 7. Protection of Lender's Rights in the Property; llortgage Insurance. If Borrow~er fails to ~rf~rm the co~enants and agreements contained in this Securit~~ In~trument, or there it a legal ~roceeding that ma} signifirantlo~ affect Lender's rights in the Property (such as a proceeding in bankruptc}~, probate, f~~r condemnation c~r te~ enforce laHS or regulations), then Lender ma}~ do and pay for w~hatever is necessar}~ to pmtect the ~•alue of the Propert~~ and Lender's rights in the Property~. Lender's actions may inelude pa}•ing an}~ sums secured by~ a lien which has priorit}~ ocer this Securit~ " Imtrument, ap~earing in court, pa}~ing reasonable attorne}~s' fees and entering on the Propert~~ t~ make re~+airs. Although ' I.ender ma} take action under this paragraph 7, Lende~ does not ha~~e to do so. An}~ am«unts disbursed b}~ Lender under this paragraph 7 shall berome additional debt of Borrower serured b} this t Securit} InStrument. ['nle« Borrow~er and Lender agree to other terms of pa} ment, these amounts ghall bear interest fmm E r. the date ~f dishur~ement at the \c~te rate and shall be patiable, uith interest, upon n~tice from Lender t~ B~~rmwer ; reyue~ting pa~n~ent. ~ ~ ~ B~OK ~ PACE ~`tO ~ ~ - - - . . . ~ ' ' - r(+.-r;_ `~i~ r-=: .2.'~ ~r.w'aaY^~=1_~;..,:.~~~ ~..~.c~.~,a~,a~~..' ~ n~"~e~,ass