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HomeMy WebLinkAbout1125 ~ ~ ~ , ~ ~ ~ ~ 5 ~ l.\IFOFL\1 COV[itiA\l:ti. E3orcowYr anJ Lender coktinant anJ agrce az(olicr~s: ~ i. Pa~ment of Principal and latertst; Prepayment sed Lale Charges. f3.~rrower shall prvmpUy pay when due the pnncipal of and intcrest on the debt c~~denccd ~ , ihc \ote anJ any prepayment and late charges due undcr the I\ote. ? tunds tor Taxes aad lawranee. Subject to applicable lawr or to a writtcn waiv~cr by Lender, Borrower shaU pay to Leader on the day montAly paymcnts are ~uc undu the \ote, until tAe Note is paid in full, a sum ('Funds') cqual to one-twtUtd of: (a) yeariy taxts and assescments whic:~ may attain priority over this Security i:~,~r~ment; (b) yeary ieas~ehal:i payineats or ground rtnts on tht Property, if any, (c) yc=iiy hazard i~uranre premiums; and (d) yrarly mongage insunnce prcmiums. ~i env. 7lxse items arc callcd 'ucrow items.' Lender may estimate the Funds due on tAe basis of currcot data and reasonabk estimates of tuture escrow itcros. • Ihz I'unds shall be hcld in an institution the dcposits or am~unts of which arc insured or guarantecd by a tederal or state agenty (including Lender if Lender ~ >uch an institution). Lcnder shall apply the Funds to pay the eurow items. Lender may not charge [or Aolding and applying the Funds, analycing the account or ~ cri[~ing the escrow items, unless applicablc iaw prrmits Lcndcr to make such a charge. Borrower and Lender may agrce in w-riting that intercst shall be paid on ~h~ f'ur.:is. tinless an agrcement is made or applirable law rcquires intercst to be paid, L.endar shall not be requircA to pay Borrower any interut or eamings on ; chr 1'unds. l.ender shall give to Bortow~er, without charge, an annual accounting of the Funds chowing crcdits and debits to the E~unds and the purpou for which ~ c.:•:h dcb~t [o thc Funds ~rss made. 7lfe Funds are pledged as additional security for the sums securrd by this Security Instrumcnt. i If the amount of the Funds hetd by Lender, together with the future monthly payments of Fuads payabk prior to the due datu ot the eurvw• items, shall cxceed _ ~h~ amuunt reqwred to pay the esccow itcrru when due, tht excess shall be, at E3onvwet's option, either promptly rcpaid to Borro~ver or crcdited to Fiorrower on ;r.~~nihly payTnents of Funds. If the amount of the Funds held by Lender is not sufficient to pay the ucrow items when due. Borrower shal! pay to Lender any amount ~:~~r,s:ary eo roal•e up the dcficiency in one or morc payments as required by Lender. l;pon payment in full o[ all sums secured by this Security Instrument, Lender shall prompdy rtfund to E3orrower any Funds heid by l.endcr. If undcr paragraph i~+ ihe Yroperty is sold or acquired by I.ender, L.ender shall apply, no later than immediatdy prior to the sale of the Propeny or its acquisition by l.cnder, any Funds ~:!J b}~ l,cndcr at the time of application as a credit against the sums secured by this Security Inswment. 3. application of Paymeats. Unless applicable law providu othcrv~~ise, al! paycnents rtceiv~ed by Lender under paragraptu 1 and 2 shall be applied: first, to late ,harges due under the Note; second, to prepa~Tttcnt chargu due under the Notr, third, to amounts payable under paragraph 2: (ourth, to intcrest duc; and last. to ~,nncipal due. ' Charges; l.iens BorcouYr shall pay all taxes, asussmcnts, charges, finu and impesitions attributable to the Property which may attain priority rn~er this Secunty I.~,crumcnt, and Icasehold Qaymcnts ar ground rcnts, if any. Aorrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. f+-.~rruwer shall pay them on time direcUy to the person awed paymeot_ Bortrnver shall promptly furnish to Lcnder all notices o! amounts to be paid undcr this ;,,r~graph. If Eiorrow~er makes these pa~Tncnts directly, Bormw~er shall prompdy (umish to Lender receipts e~idencing the payments. Ikirrower shall promptly dischargc any licn which has priority over this Security Instrument unless Bormwer. (a) agrees in writing to the payment of the obligati~n ~ ,~.urd by the lien in a manner acceptable to Lender, (b) contcsts in good (aith the tien by, or dcfends against enforcemen[ of the licn in, kgal proceedings w~hich rhe Lenders opinion operate to prcvent the enforcement of the licn or fodeiture of any part of the property; or (c) secures from tne noider of ~he iicn an .~~reement satisfactory to Lender subordinating the lien to this Security Instrument. If L.ende~ determines that any part of the Property is subject to a tien which may .~rain priority over this Stcurity lnstrument, Lender may give Borrvwzr a notice identify~ng the lien. Bormwtir shall satisfy the licn or take one or more of the actions ; c forth abrnti within 10 days of the giving of notice. 5. Hazard Inwnnce. Borrower shall keep th~ improvements now eacisting or hercafter erected on the Property insured against toss by firc, harards includcd withia ~crm 'cxtcnQed :ov~rage' and any othcr hazartis for which Lender requires insurance. This insurance shall be maintained in the amounts and for thc periods ~h.~; Lender requires. "Ilie insurance carrier prrn~ding the insurance shall be chosen by Borrow~er subject to Lender's apprrnal which shal! not be unreasonably ~ ,;::hnelJ. ! y :\II insurancc policiu and rencwa4s shall be acccptable to Lcndcr and shall include a standard mortgage clause. Lender shall have thc right to hold the poticics E , renc..als. If Ixnder requires, Borrower shall promptly give to Lender all receipts of Qaid premiums and rencwal notices. In the evcnt of loss. E3omow-er shalt ~ prompt notice to the insurance carrier and Lendec Lender may make proof of loss if not made prompdy by Borrocver. ~ L nless I.cndcr and Sorrower otherwi.u agec in writing, insurance proceeds shall be applied to restoration or repair of the Propeny damagcd, i! thc restoration E - rrpair is economically ftasible and L.ender's security is not kssened. If the restoration or repair is not economically feasible or Lender s xcurity would be Icssened, f insurance procecds shall be applied to the suctss serured by this Security Instrument, whcther or not thcn due, with any excess paid to Borrower. If Borm..er ~ ~ vr;7ons thc Property, or does not answer wit6in 30 days a noticc irom LcnJer that the iasurance carner has offered to uttle a claim, then Lender may collcct thc ~~urance proceeds. Lender may use t6e praeeds to repair or restore the Pmperty or to pay sums secured by this Security lnstrumeat, w~hether or not then due. ~ !:~,e ~~-da}' period will begin when tht notice is given. ~ L~nlrss Lcnder and Bortuwtt othenvise agree in w~riting, any application of proceeds to priecipal shall aot eute~d or postponc the due date of thc monthly ~,;men:s referred to in paragraphs 1 aad 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borm~vcr's right to ~ ~nsurance policies and procetds resulting from damage to the Property prior to the acquisition shall pass to C.ender to the extcnt of the sums serured by this urity Instrumcnt immediately prior to thc soquisition. ~ b. Preservation aad Mainteosnee of Property; LeasehoWs Borrower shall not destroy, damage or substantially change the Property, allow the Property to i ~ ~;enoratc or commit waste. If this Security Instrument ic on a leasehold, Bonvwer shalf comply w~ith the pro~isions of the lease, and if Bormwtr acqu~res fce utle ihe property, the Icauhold and (ee title shall raot merge unleas Lender agrees to the merger in writing. ~ 7. Protection ot L.endeTs Rights in the Property; Mortgage Insurance. If Borrowcr fails to perform the cvvenants and agreements contamcd in this Se:urity ~ 1 c~~ rument, ar there is a Icgal proceeding that may signiFicandy affect Lender's rights in the Propcrty (such as a proceeding in bankruptty, probate, (or condcmnation ~ r co enforce laws or regulations), then Lender may do and pay for whatcver ic necessary to protect the ~alue of the Property and Lender s rights in the Yropcrty. ~ ( eroer's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying rcasonable attorne~s' fces :^,~i entering on the Pmptrty to mare repairs. Aithough Lender may take action under this paragraph 7, Lender does not ha~z to do so. f Any amo~nts disborsed by LcnAer under this paragraph 7 shall become additional debt of Borrovver securcd by this Security Instrument. l;nlcss I3orrvw~cr and ,,_rdzr agree to othcr terms of payment, these amounts shall bear interest trom the date of disbursement at the Note rare and shall be payabte, with interest. upon ucc from Lcndcr to Bormwer rcquesting paymcnt. If I.endcr required morigage insurance as a condition of making thc loan xcured by this Secunty Instrumcnt, Borrowcr shall pay thc premiums rcquircd ro --"rtain thc insuranee in effect until such time as the requinmcnt for the insurance terminates in accocdanct with Borrower's and I.cnder's writtcn agrcement or ~;~plicable law. R. Inspectan. Lender or its agent may make nasonable entriu upon and inspcctions of the Praperty. Lender shall givc E3orrower notice at the timc o( or prior ~ ~ an ir~spection specifying reasonable cause for the inspection. ~ 9. Condeme~atioa The proceeds of any award or claim for damagu, direct or consequential, in connection with any condemiation or other taling of any pan c fi f ehe Property, or for cvnveyance in lieu of condemnation, are hercby assigned and shall be paid to Lendcr. ~ In the event of a total taking of the PropeRy, the proceeds shall be app;icd to the sums secured by this Secunty lnstrument, whether or not then duc, with any ~ ~,.cess paid to Borrovver. In the event of a partial talting of t!x Property, unless Bormwer and Lender othecwise agree in writing, the sums ucured by this Security ` Instrument shall be teduced by the amount of thc praeeds multiplied by the (ol{owing fraction: (a) iho total amount of the sums secured ~mmcdiatcly be(ore thc i ;aking. dividcd by (b) the fair market value of the Property immediatcly before the taking. Any balance shall be paid to Borrawcr. It the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offels to make an award or settle a ciaim for damages. tlAkiDA-Single FumililyFtitiL~/FNI tiiC titi1FOR.~i ItiSTRL'~tE'~T - ~,a.~b~-~~~a~.;~:-~'~'s-~_>.