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Home My WebLink About1417 l'~II ~~R~t C'~?~ t~.~~ I~ Hurru~er 3nd Lrnder ro~enant and agrer i~~~llu~~ti: 1. Pa~~ment of Principal and Interest; Prepay~ment and Late Charkes. E3i~rruwrr.hall ~rum~tl~ ~a~ ~~hrn ~iur the rnnripal and +i~terrst on the debt e~ idenced by the Note ai:d an? prepa~ ment and late rh~.+rgr• due un+irr thr \utr 2, Funds for Taxes and Insurance. Subject to applicable law~ or tu a w ritten Hai~er hy Len~irr, Borra~?rr,hall ~a~ to I_ender on the da}~ monthly pa~ments are due under the Note, until the Note i~ paid in tull, a~um ("Funds") eyual ti~ une-twelflh of: (a) ~~early taxes and assessments whirh may attain priorit~~ over this Security In~trument; (b) ~~rarl~ leasehold pay~men~s or ground rents on the Yroperty, if any; (c) ~~early hazard insuranre premium~; and (d) ~earl~ mortgage insurance premiums, if an~•. These items are called "escrow items." I.ender ma}• r~t~mate thr Fund~ due on the basis of current data and reasonxble estimates of future escrow~ items. The Funds shall be held in an institution the de~siss or accounts of w~hirh are intiured or gu~ranterd by~ a federal or statr agency (including Lender if Lender is such an institulion). Lender shall appl~~ the Funds to pay the e~rroH~ items. Lender ma}• not charge for holding and applying the Funds, analyzing the account or verif~•ing the escro~~~ items, unlesti Lender pays Borrower interest on the Funds ar.d applicable law permits Lender to make such a charge. Borrow~er and Lender may agree in w~riting that interest shall be paid on the Funds. Unless an agreement is made or applirable law~ requires interest to t~e paid, Lender shall not be required to pay SorroHer any interest or earnings on thz Funds. Lendrr shail give ro Borrower, without charge, an annual accounting of the Fur.ds show~ing credits and debits to the Funds and thc purpose fer which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured b~ this Security Instrument. If the amount of the Funds held by Lender, together 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 ~~~hen due, the excess shall be, at Borrower's option, either promptly repaid to Borrow~er or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender ~s not sufficient to pay the escrow items when due, E3orraw~er shall pay to Lendzr any~ amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in ful! of all sums secured by this Security Instrument, Lender shall promptly refund to Borrow~er any Funds held by Lender. If under paragraph 19 the Property is sotd or acquired by Lender, Lender shall apply, no later than immediately prior to the saie of the Property or its acquisition by Lender, any Funds held b}• Lender at the time of application as a credit against the sumt secured by this Security Instrument. 3. Applieation of Payments. Unless applicable law provides otherwise, all payments received b~~ I.ender under paragraphs ! and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. - 4. Charges; Liens. Borrower shall pay al! taxes, assessments, charges, fines and impositions auributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if an~~. E3orrower shall pay these obligations in the manner pro~•ided in paragraph 2, or if not paid in that manner, Borrower shall pay thecn on time directly to the person owed pa~-ment. Borrower shall promptly furnish to Lender ali notices of amountt to 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 Securit}• Instrument unless Borrow~er. (a) agrees in wnting to the payment of the obligation secured by the lien tn a manner arceptabie to Lender, (b) contests in gM~c: faith the lien by, or defends against enforcement of the lien in, legal 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 from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security [nstrument. If Lender determines that an}• part of the Property is subject to a lien which may attain priority over this Security Instrument. Lender may give Burrow~er a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 da~~s af the giving of notice. I'i 5. Hazard Insurance. Burraw~er shall keep the improvements now• existing or hereafter erected on the Propert}~ insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender ~ 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 Borrower subject ta Lender's approval which shall not be ' ~nreasonabiy withheld. ~ Ail insurance policies and renewals shail be acceptable to Lender and shall include a standard mortgage clause. ; Lender shall have the right to hoid the policies and renewals. If Lender requires, Borrower shdll promptly give to Lender _ f ail receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ~ carrier and Lender. Lender may make proof of loss if not made promptiy by Borrower. Unless Lender and Borrower otherw•ise agree in writing, insurance proceeds shall be applied to restoration or repair : of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the ~ restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ~ applied ro the sums secured by this Security Instrument, whether or not then due, with any excess Qaid to Borrower. If t Borrower abandons the Property, or does not answer within 30 days a ~otice f'rom Lender that the insurance carrier has ~ offered to settle a claim, then Lender may collect the insurance proc:eeds. Lender may use the proceeds to repair or restore F the Property or to pay sums secured by this Security Instrument, w•hether or not then due. The 30-day period wil! begin ~ u~hen the notice is gi~~en. ~ lTnfess Lender and Borrower otherwise agree in w~riting, any application of proceeds to principal shall not extend or post~ne the due date of the monthh~ payments 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. Borrow~er's right to an}~ insurance ~iicies and proceeds resulting ~ from damage to the Prapert}• prior to the acquisitiorz shall pass to Lender to the extent of the sums secured b~~ this Securit~~ Y Instrument immediately prior to the acquisition. ~ 6. Preservation and titaintenance of Property; Leaseholds. Borrow~er shall not destrc~y, damage or substantiall~ 5 change the Property, allow the Property~ ro deteriorate or commit w•aste. if this Security Instrument is on a leasehold. Borrow~er shall comply w•ith the pro~~isions of the lease, and if Bormw~er acquirc~ fee title to the Propert~~, the leasehold and fee title shal) not merge unless Lender agrees to the merger in w~riting. 7. Protection of L,ender's Rights in the Property; :~iortgage Insurance. If Borrow~er faiis to perform the co~~enants and agreements tontained in this Securit~~ Instrument, or there is a legal pra;eeding that ma}~ 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 ~~alue of the P;opert}• and Lender's rights in the Propert}~. Lender's actions may inciude pa}•ing any sums secured b~• a lien a•hich has priority over this Securit}~ ; Instrument, appearing in court, pa}•ing reasonable attorne}~s' fees and entering on the Propert}~ to 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 additiona! debt of Borrower secured b}~ this ~ Securit~ Instrument. Unless Bormw~er and Lender agree to other terms of pa}~ment, these amounts shal! bear interest from ~ the date of disbursement at the tiote rate and shall be pa}able, with i~terest, upon notice from Lender to Borr~wer ~ reyuesting pa}~ment. ~ ~~o~ G75 ~~EZ417 _ _ _ ~ - _ _ . . ~ ~ ,~;~,~4 _ -