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Home My WebLink About1323 L~vIhUK~1 ( U~ tNAN 15. t3orroHer and Lender rovenant and agrer as lol~uws: L Pa~ment af Priacipal s~nd ln~ercst; Prepa~mrnl And l.ale Charges. Harrov?er shall prumptl~ pap ~~hrn due U~r ~~nn.ip~l of and interest on the debt e~•idenced by the Note and any prepayment and late charges due un~lrr the Notr. 2. Funds ior Taxes aad Insuranre. Subjert to applicable laN or to a written waiver by Lrn~ler, Burrower ,hall pa~• to l.rndrr on the day monthly pa~•ments are due under the Note, until the Note is paid in full, a sum ("F'unds") equal to one-tHt:fth ut: (a) yearly tazes and assessmrnts which may attain priority o~~er this Securiry Inst~ument; Ib) yearly leasehold payments or gruund rents on the Property, if any; (c) yearly hazard insuranre premiums; and (d) ycar{y mortgage insuranre premiums, if any. Thex i[ems a~•e called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of ' fuwre escrow items. The Funds shall be held in an instiwtion the deposits or accounts of which are insured or guaranteed by a frderal or state agency (including Len~er if Lender is such an institution). Lender shall apply the Fun~s ~o pay the escrow items. Lender ma~~ not charge for holding and applying the Funds, analyzing the acco~nt or verifying the escrow items, unless Lender pays Borrower interest on the Funds and appficable law permits Lender to make suCh a charge. Borrow•er and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shali give to Borrower, w~ithout charge, an annual accounting of the Funds show~ing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, togethrr with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promp[ly repaid to Borrower or credited to Bo~rower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow~ items when due, Borrow•er shall pap to Lender anq amount necessary to make up the deficiency in one or more payments as required bp Lender. Upon payment in fulf of all sums secured by this Security tnstrument, Lender shall promptly refund to Borrower any Funds held by Lender. ti under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior co 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 hy this Secur~ty Instrument. 3. Application of Pa~ments. Unless applicable law provides otherH•ise, aU payments received by Lender under paragraphs 1 and 2 should be applied: first to amounts payable under paragraph 2; second to interest; and last [o principal. 4. Chargrs; Liens. Borrow~er shall pay all tares, assessments, charges, fnes and impositions attributable to the Property which map attain priority o~•er this Security Instrument, and ieasehold payments or ground rents, if any. Borrower shall pay these obliga- tions in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the persun ow•ed pa~~ment. Borrow~er shall promptly furnish to Lender all notices of amounts to be paid un~ier this paragraph. If Borrower makes these pay~ments directly, Borrower sha11 promptiy furnish to Lender receipts evidencing the payments. j 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 ecx~d faith rhe lien b~•, or defends against enforcement of the lien in, legal proceedings which in the Len~er's opinion operate to prevent the enforce- ment 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 to this Security lnstrument. lf Lender determines that any part of the Property is subject to a lien w~hich may attain priuritp o~•er this Security Instrumeot, Lender ma}~ give Borrower a notice identifying the lien. Borrow•er shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shal! keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included w•ithin the term "extended coverage" and any othe~ hazards for which Lender requires insurance. ! This insurance shall be maintained ir. the amounts and for the periods that Lender requires. 7'he insurance carrier providing the ~ insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. ' All insurance policies and renewals shall be acceptable to Lender and shal! include a standard mortgage clause. Lender shall i ha~~e the right to hold the policies and renewals. If Lender requires, Borrower shall promptly gi~~e to Lender all receipts of paid premiums and renewal notices. ln the event of loss, Borrower shail give prompt notice to the insurance carrier and Lender. Lender ' ma~• make proof of loss if not made promptly by Borrow~er. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shafl be applied to restor2tion or repair of the Propert~• damaged, if the restoration or repair is ecor.omically feasible and Lender's security is not lessened. If the restoration i or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secu~ed by this Securit}• Instrument, whether or not then due, with any excess paid to Borrower. lf Borrower abandons the Proper- ~ ty, or dces not answer w•ithin 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender ma}• collect the insurance proceeds. Lender may us~ the proceeds to repair or restore the Property or to pay sums secured by this ~ Sec?;rity Instrument, whether or not then due. The 30-day period will begin when the notice is given. ~ Unless Lende~ and Borrower otherwise agree in writing, any application of proceeds to principal shall not 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 parageaph ~ 19 the Propert~• is acquired by Lender, Borrc~w•er's right to any insurance policies and proceeds resulting from damage to the Pro- perty prior :o the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior ~ to the acquiiition. 6. Presen~ation and Maiatenaoce of Property; Leaseholds. Borrow~er shali not destroy, damage or substantially change the ~ Property~, allow~ the Property to detrriorate or commit waste. If this Szcurity Instrument is on a leasehold, Borrower shall comply with the pro~isions of the lease, and if Borro~er acquires fee title to the Property, the leaseFold and fee title shall not merge unless ~ Lender agrees to the merger in w•riting. 7. Protection of Lender's Rights in the Property; Mortgage [nsuraact. If Borrower fails to perform the co~enants and agreements , contained in this Security Instrument, or there is a lega! proceeding that rnay significantly affect Lender's rights in the Property (wch as a proceeding in bankruptc}~, probate, for condemnation or to eaforce laws or regulations), then Lender may do and pay for whate~er is necessary~ co protect the ~alue of the Property and Lender's rights in the Property. Lender's actions may indude pa~•ing any sums secured b~ a lien which has priority o~~er this Security Instrument, appearing in court, paying reasonable attorneys' ; fees and enterin@ on the Propert}• to make repairs. Although Lender may take action under this paragraph 7, l.ender do~s not ' na~e to do so. ~ I ~ ~ I ~ G~pK675 P~~E1323 ~ - ~ ' ~ _ _ F r : . ; ~ T,::~. fi~,~;~,~~~ ~ -