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Home My WebLink About1404 l~~If c~R~1 Cc?~ k~~ti Is B~~rruwcr :~nd l_rndtr cu~rc~;~nt an~1 aKrr~~ a, t~,llu~„ 1. Pa~~ment of Principal and lnterest; Prepa~ment and l.atc ('harges. Burr~~Hrr .hall ~~n~mptl~ ~a~ whrn ~iur the pnnci~al of and intere5t on the debt e~ ~denred by the tiute and an~ prrp;~~ mrnt and latr ~hargr, dur uneier ihr \~~~e 2. Funds ior Taxes and Insurance. Sub~rrt to applicable law ur to a w nttrn Ha~~rr b~ 1_rmlrr, R~~rruNer tihall ~ci~ to Lender on the day monthly payments are ~iue under the Note, unt~l the Note i~ ~:?id in fuil, ~,um ("Fund~") ryual t~~ one-twelfth of: (a) }~early taxes and asses~ment~ u•hich ma~• attain pnont~ o~er this Secunt} L~titrument; (b) y~e~rly~ leasehold payments or ground rents un the Property~, any; (c) yearl~~ hazard in~uranre prcmiums; and (d) ~earl~ martgage insurance premiums, if any. Th~sr ~tems are rallyd "escrow~ itemc." l.rnder may rtitim;~tr thr Fundti due on the basis of current data and reasonable estimates of future escroK• items. Ihe Funds shall he hrld in an in~titution the dr~w~its or arcuunt. ut ~~hirh are ~n~urrd ur guaranteed b~ a fedrral ~~r .tate;~genr~• (inrluding Lender if Lender i„urh an imtitutii~n). lxnder,h:ill appl~• th~ t=unds tu pay ther,cro~~ items. Lrn~i~r n~a~ not churge for holding and apply~ing the t-~unds, anah~ring the acrount or ~rrif~~ing the e,cmH~ item~, unle., Lrn~fer pa~~ BurruHer interr,t on tht Fund+ and ~pplirahle iaH permit~ l.rnder to m:~ke ~ilch a ch:~r~e. A charge a,~e..ed b~~ I.ender in runnctition with &~rrowrr.' entering into thi~ ScYUrit~~ In~~rument to pa~ the cu.t of an indrpendem tax repurting xnice ~hall r~ut tk a rharge f~~r purpo.e~ ot the prere~iing untence. Borro~irr and Lender ma~ agrre in ~criting that interest shall tk paid on the F=und~. l~nles~ an agreement i~ made ~~r a~plirable la~ reyuire. intrre,t to tx paid, I.ender shall nut be reyuired t~~ ~a~ &~rru~~er ~n}• interrst or rarnings on the Fund~. Lender ~hall gi~e to E3orru~~er, ithout rhargr, an annual acruunting ut the F~undti sho~ing credits and dehits tu the f=und. and the purpo,e (~?r ~~hirh eurh drbit to the t=und~ tia, madr. lhe Fun~l~ are pledgrd a~ additiunal ~ecunt~ for the ~um, xcured b~ thiti kruritc Instrumrnt. If the amount of the Funds held by Lender, together with the future manthl}~ pa~~ments of Funds pay~able prior to the due dates of the escrow items, shall exceed the amount required to pay the c~crow~ items when due, the ezcess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. lf the amount of the Funds held by Lender is not sufi~icient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency~ in one or more payments as required by Lender. Upon payment in full of all sums secured by this Securit}~ Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, an~• Funds held b~~ Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Applieation of Payments. LJnless applicable law provides otherwise, all payments received by I.ender under paragraphs I 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. Borrow•er shall pay al) taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority o~er this Serurity Instrument, and leasehold payments or ground rents, if any. f3orrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the ~rson owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furni~h to Lender j receipts evidencing the payments. Borrower shali promptl}- discharge an} 1~en w•hirh has priority o~er this Sc-~:urity Instrument uniess Sorrower. ia) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good fa~th the lien by, or defends against enforcement of the lien in, legal proceedings w~hich in the Lender's opinion operate to prevent the enforcement of the lien or forfe~ture of an~~ part of the Property; or (c) secures from 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 to a lien which ma~• attain prionty o~~er this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisf}~ the lien or take one ~~r more of the actions set forth ab~ne u~ithin 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the impra~ements now~ existing or hereafter erected on the Properiy j insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender j requires insurance. This insurance shall be maintaired in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen b}~ Borrower subject to Lender's approval which shall not lie j unreasonably withheld. All insurance policies and reneaals ~hal1 be acceptable to Lender and shall include a standard mortgage clause. ~ I.ender shall have the right to hold the policies and renew~als. If Lender reyuires, Borrower shall promptl}~ give to Lender ; all receipts of paid premiums and renewa) notices. In the event of loss, Borrower shall give prompt notice ro the insurance carrier and Lender. Lender may make Rroof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in w riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economicall}• feasible and Lender's security is not lessened. If the t restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ; applied to the sums secured by this Securiry Instrument, whether or not then due, with any excess paid to Borrower. [f ~ Aorrower abandons the Property, or daes not answer within 30 da}•s a notice from Lender that the insurance carrier has oH'ered to settle a claim, then Lender may collect the insurance proceeds. Lender ma~ use the proceeds to repair or restore ; the Property or to pay s~ms secured by this Security~ instrument, whether or not then due. The 30-day period will bcgin E when the notice is given. ' Unless Lender and Borrower otherwise agree in w•riting, any applicalion 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 paragraph 19 the Property is acquired by L,ender, Borrower's right to any insurance policies and proceeds resulting ~ from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security r Instrument immediately prior to the acquisition. ~ 6. Preservation and M~intenance of Property; Leaseholrls. Borrower shall not destroy, damage or substantially ' change the Property, allow the Property to deteriorate or commit waste. If this Security Instrurnent is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection o! Lender's Rights in the Property; Mortgage Insurance. If Borrow~er fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of tne Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Secunty j lnstrument, appearing in court, paying reasonable attorneys' tees and entering on the Property ro make repairs. Although ~ Lender may take action under this paragraph 7, Lender does not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrow~er secured by this ~ Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from ? the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower ~ rcquesting payment. aopK~?5 PAGE1444 . _ - _ Y ~=___..~~.~~~=.~,4~,Y~.~1~