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Home My WebLink About0791 t:\IFnR\t CO~'I:~r1:~1~5. tiorn~wCr aixl l.c~uler cor~cnant ~nd agrec foUuws: 1. Pa~ment ot Prinripal and Intercst; Prepa~mrnt and Late Charkrs. 13orrower shall promptly pay when due the pnncipal ol and intcrr,t .~n thc dchi c~nlcn:cJ h~ the \otc an~t any prepayment and late charges due under the \ote. 2. Funds tor 1'axes rnd Insunnfe. Subject to applicable law or to a wriuen waiver by Lender, I3orrower shall pay to L<nder un thc day munthly ~~nicntti .:rc .:ac under the \ote, u~til the Note is paid in full, a sum ('Funds') eyual to orte-twelfth of: (a) yearly taxes and asses,mrnis wh~ch may auam pnunty u~er th~. tir.uni~ in>irumenr, (t~ j yeariy leasehold payments or grounci rcnts on ~he ProExrty, if any, (c) yearly hazard insurence prcnuums: an~3 jd} yrari~• murcgagc ~n~uran.c p~cnuuu~~. ;i .sn}. '1'heu items arc called 'eurow items.' Lender may estimate the Funds due on the basis of current data and reasonable estimates of fuwre exruw ~rem.. 71~e I~unds shall be held in an institution the deposits or accounts of which arc insurcd or guarantced by a fcderal or state agen~y (inclu~ing l~nJer if I~ndcr ~~u:h an institution). l.ender shall apply the Funds to pay the cscnrv items. I.ender may not chargt for holding and applying the }~unds, anal~zing the ar.~~un~ .~r ~rn(y~ng the eurow items, unlcss applicable law permits L.ender to male su.h a charge. 13ornnver and Lender may agree in wnting that ~ntcrest sha? hc p:~~~f un ~he F~nds. l:nless an agrcement is made or applicable law rcquires intercst to be Qaid, Lender shall not be reyuired to pa~• 13urn~wer any intercst ur ~:ern~n~. .~n ;~it Funds. IxnJer shall gi~ti to [3orra.er, without charge, an annual accounting of the Funds sho.?~ng credits end dehhs ro the l~un~l. and thc pur~»r i~~r ~~h~~h ~,~.h debii cu the Fur.Qs was made. 11~e Funds arc pledged as additional security for the sums xcured by this Security Instru~nent. If the amount of the Funds held by l.ender, together with the (uture monthly pa)'ments of Funds payable prior to thc dur dates uf thc eu•r.~w ucm.. .h:~Il ~f :h~ amount rcywred to pay the escrow items when due, the exceu shall be, at E3orrower's option, either prompUy repa~d to l3urru~e; ur rrcdiieJ tu Ik~rr.~.~~r ~m m~~nthly pa~ments of Punds. If the amount of the Funils held by l.ender is not sufficient to pay ~he eurow items when ilur, f3orruwer ~hall pa~ w Lend~r an~ um~wn~ r.r.rtwry to make up the deficiency in one or more payTnen[s as requircd by Lender- l;pon paq?ncnt in full of all sums secured by this Security Instrument, Lender shall prompdy rc[und to I3ornrver any Funds held by Lender. If ur.der para~raph l~~ che Property is sold or acquired by Lender, Lender shall apply, no later than immediately priar to the sale of the Propert~~ or its acywshiun by I.cnder. am I~unJ. h~!d bp I.ender at the time of application as a crcdit against the sums securcd by this Security Instrument. 3= Applicatiua of Pa~ments Unless applicable law provides o~herwise, all payments received by Lender undcr paragraphs 1 and 2 shall he applfed: l~ni. l:nc :har;es due under the \ote; second, to prcpa}Tnent charges due under the \otr, third, to amounts payable under paragraph 2: fourth. ?o ~nterest duc: and I;,~i. u~ ~nncipal due. a. Chargec; l.iens [3orro.ver shall pay all ta~es, asscssmcnts, charges, fines and impbsitions attnbutahle to the Property which ma}~ ~naui pnonty u~cr ~hu tie::unt~ In~wment, and Icaschold payTnents or ground rcnts, if any. 13orrow•er shall pay these obligations in the manner prrn•~ded in paragraph ? ur d not ~wiJ in tha~ manncr. I~~rruwer shall pay them on time directiy to the person owed pay~ment. f3orrow-er shal! promptly furnish to txnder all nuticu of amount~ ~o b~ pai~ un~rr ~h~. ~.+ragraph. I( F3orrow•er makcs thcse payments dlrectly, Borcower shall prumpUy (urnish to Lender roceipts evidcncing tAe pa}mients. j Rorrow•er shall prompNy discharge any lien which has priority rn•cr this Security Instrument unless Borrow~er. (a) agrces in wriung to the paymcnt of thc u~~1ig.,u.,n >..ured hy the lien in a manner acceptable to l.ender, (b) contests in good faith the lien by, or defends against enfomement of thc lien in, legal pro:ecJin~s Hh,.h the Lendcr's opinion operate to prcv~ent the enfomment of the lien or fodeiturc of any pan of the propert~; or (c) secures from thc holdcr of th~_ licn an .~~r~ement satisfactory~ to [.ender subordinating the lien to this Securitq Instrument. 1! l.ender determines that any part of the Pruperty is subject to a lien W hich ma} .~~~~un priority ovcr this Security Instrument, L.ender may give Fsormwer a noticc identif~ing the lien. I3orrow~r shall sausfy~ the lirn or take une or murc o( thc aru~~n, Curth abo~~c within !0 da}a of thc gn~ng of notice. ~ flazard inwr:~nte. I3onower shall keep the impro~•ements nou e~isting on c~reaftcr erected on the Propert}~ insurcd against loss by (ire. haiards includcd ~~nhin ~'~c term "eztended covcrage' and any other hazanfs for which Lender reyuires insurance. 11iis insurance shall be maEn!aincJ ~n th~ am.>unts anJ for thc ~n~k1~ i h:,t Lender requires. 1~e insurance carrier pro~~ding the insurance shall be chosen by E3orrcra-er subjeet ro Ixnder's appro~~al wh~ch ahall nut bc unreasunahl~ ~ ~:thhcld. :\II insurance policies and renewals shall be acceptabk to l.ender and shall include a standard mortgage clause. l~nder shall ha~e the noht tu hold thc ~~Ir.ic. ~ ;;:.i renewals. If Ixnder requires. I3orrower shall prompUy give to l,e~der all receipts of paid premiums and renewal nouces. In the c.cnt ul I~ti~. li~~rn~~cr .h:,ll i ~.c prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borruaer. 4 ~"nless l.ender and I3orroaer otherw~se agree in writing, insurance proceeds shall be applied to restoration or rcpa~r of thc Propcrty damaged. if th:: re,~urau~m `t ~ r repair is economically feasible and Lender's security is not Iessened. If the restoration or repair is not economically feasible or Ixnder's security w•ouW hc les.ticn~d. f ir.surance procecds shall be applied to the sums secured by this Security Instrumcnt, whether or not then due, with any cxcess paid to I3orrow•er. If l3orroHCr ~ ;'~en~ons the Property, or does not answ•er within 30 days a notice from Lender that the insurance carrier has offered w settie a rlaim, then Ixnder ma~ a,llec~ ehc u~.~uran.e proceeds. I.ender may use the Proceeds to repair or restare the Proptrty or to pay sums secured by this Security Instrument. whether .>r nut ~hen duc i ; : nc ~+}-da}~ period will begin when the notice is given. € l nless I.ender and I3orro.ver othenvise agree in w~riting, any application of proceeds to principal shall not extend or postpone the due date uf ehc ~nu~ithlc ' :.3~.mcnts referred to in paragraphs 1 and 2 or change ihe amount of the payments. If under paragraph 19 the Propert} ~s acyuired b~• Lender, f3orruKer'~ nght ~u ~ insurance policits and prcxeeds resulting (rom damage to the Property pnor to the acquisition sha? pass to Ixnder [o the extcnt u~ thc ~um~ ~crurcJ h~ ~fu, ~ ~e:unt}~ Instrument immediately prior to the acquisition. ~ 5. Presenation and :ltaintenanee ot Property; Leaxholds. f3crrower shall not destroy, damage or suhstantially change the Yropert}. alluw the f'n~~r.c tu g ~_~c,wr~te or commit waste. If ~his Security Instrument is on a Ieasehold, Fiorrow~er shall comply with th~ prrnisions of the lease. and if I3orru~er aryu~rc, Ice u~le ~ •~~he prapeny, the leaseh~ld and fee ti11e shall not merge unless I,ender agrees to the mergcr in w~nting. ~ 7. Pmtection of l.ender's Righls in Ihe Properiy; ~tortgage Inwrance. If I3orrow~er fails to perform Ihe crn~enants and agreements rontained m this ticcuntr ~ I,~n~ment. or there is a lepal proceeding that may significantly af(ect l.ender's rights in the Property (such as a proceeding in bankruptcy. probate, tor ronilemnau~~n ~ tu cnfone laµs or regulations), thcn Lender may do and pep for w•hate~~er is necessary to protect the value of the Propeny and Ixnder's rights in the Prope nc. 1~nder's actions may include paying any sums secured by a lien which has prioriiy rn~er this Secunty Instrument, appearing in court. payine reasonabl^ attumc~c' icc~ ~ , i~ cntenng or the Property to make repairs. Altho~gh Lender ma}• take action under this paragraph 7, Lender dces not have to do co :~ny amounts disbursed by l,ender under this paragraph 7 shall become additional debt o( Bortovrer secured b~ this Secuntti Ins~run~en~. ~~nle„ [iurn~..er .~nd ; c:;d:r agree to other terms of pay-ment, thcu amounts shall bear intcre~t (rom the date of disb~rsement a: the \otc rate and shall he pa~ahl~, K~th intcrc~t. ur~~n " ti.e from I~ender to E3ormwer requesting pa}ment. , If (.ender required morigage insuranre as a condit~on o( making the Icwn secured hy this 5ecunty Instrument. F3orrower shall pa~ the pr~mium~ ra~uirr:l i,~ ~~ntain the insurance in effect until such time as the mquirement (or the insurance terminates in accordance w~th E3orruwer's and Lender's µruien a~rccn,eni ~~r nlirahlc law. ~ 8. Inspection. [.ender or its agent may make reasonable entncti upon and inspections o[ the Property. l,ender shall gi~c 13orruKer n~~ticc at the umc ~~t ur ~nur ~ S r• an ~nspection specif}ing reasonablc cause for the inspection. ~ 9. Condemnation. 1'he proceeds of any award or claim for damages. direct or consequential, in connectfon with an} condemnation or other taking ~~f an} ~.,rt k i the Propert}'. or for conveyance in lieu o( condemnation, are hcreby assigned and shall bt paid to I,ender. ~ ~ In the event of a total taking of thc Propeny, the proceeds shall be applicd to the sums secured by this Security Instrume~t, whcthcr or not ihcn Juc. ~.ith an~ ~ ~~ress paid t~ E3orrow~cr. In thc e~~ent o( a partial taking of the Propcrty. unlcss I3orrower and Lender otherwise agrec in wridng. thc sums sccurcd b} rh~~ 4~untr ~ l;:strumcnt shall bc reduced by the amount o[ ttte proeeeOs muln~tEed by the follacing fraction: (a) the total amount of the sums cecured immcdiateh hcforc thc ;nkino. d~~~dcd by (b) the fasr markel ~•aluc of the Property immediately beCorc the taking. Any balance shall be paid to l',orcowcr. t( the Property is abandoned by I3orrowcr, or if, after notice b}~ Lender to I3orcnver that ~he condemnor of(ers to make an a~ard or seute a claim fur ~iama~c~. ~I.uR1U:l•tiin~le F'amilily-F»lA/FHI,~1C L\IFOIL~t I\STRI;~tE~l' BOCK671 QA~F~~J~~ ~ p s~5 1 ll~ BOC!t F,1GE - w.~,~=:h.,~~~~::=~~~~