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HomeMy WebLinkAbout1427 L'":!`C`tL1 CO:'E`:r1`:TS. [3v+ruryer e~~~ Le~~uei i;uva~uiit e~iu ayiae as iouows: t. Payment of Principal and Interest; P~opaymont and Lat~ Chargss. Borrower shall prompty pay wher, due the p~napai ot and interest on the debt evidenced by the Note and prepeyment and late charges due under the Note. I,I 2. Funds for Taxes a~r! Insurance. S:slsJ~t to sppti:.abls taw or to a writtan waiver by Lerrder, 8urro~c~ siiail pay io Lender on ~ the day monthty payments are due under the Note, u~1H the Note is pald h fuM, a sum ("Funds'~ equai to on~twelflh oi: (a) yearty taxes and ~ assessmenls which may ettak~ priority over this Security Instrument; (b) yeerly leasehotd payments or ground rents on ihe Roperty, ~t any; (c) yeary hazerd insurance premiums; and (c~ yeaiiy mortgage insurance premiums, H any. These items ere caYed "esuow items." Lender may estimate the Funds due on the basis ot current data and reasonable estimetes of luture esaow items. The Funds shaN be h~d fn an institution the deposits or eccounts of which are insured or guaranteed by a federal or state agency (induding Lender if Lender is such an institution). Lender shaN apply the Funds to pey the escxow items. lender may not charge (or holding snd appying the Funds, anayzing the account or v~g the escxow Rems, unless Lender pays Borrower interest on the Funds and applicable law pereNts Lender to meke such a charge. Borrower and Lender mey agree in writing that intetest shaN be paid on the Fun~s. Unl~ss en agreement is mede or apEsNceb,~e law requ'res interest to be peid, Lender shal not be ~ec~uired to pey Borrower any interest or eamings on the Funds. Le~der shaN give to Borrower, without charge, sn annual accounting of the Funds showing aedits and debits to the Funds and the purpose for whkh each debit to the Funds was mac+e. The Funds are pledged as additional security for the sums secured by by this Securiry InsUument. ~ If the amount of the Funds held by Lender, togethet with the future monthy payments of Funds paygble prior to the due dates ot the ' escrow items, shaA exceed, the amouni required to pay the escrow ftems when due, the excess shaq be, at Borrower's option, either promptry repaid to Borrower or cxedited to Borrower on monthly payments of Funds. If the amo~:nt oi the Funds held by Lender is not suffiaent to pay the escxow items when due, Borrower shaM pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in tud of eN sums secured by this Security InsUument, Lender shaN promptly retund to Borrower a.ny Funds held by Lender. If undet paragraph 19 the Property is sold or acquMed by Lender, Lender sha~ apply, no leter than immediatey prior to the sale of the Property or its acquisition by Lender, any Funds held by Le~der at the time ot applicetion as a cxedit aga~st the sums secured by this Security I n strument. 3. Application of Payments. Uniess appNcable law provides othx~wise, aM payments received by Lender under paragraphs 1 and 2 shail be appfied: first, to late charges due under the Note; second, to prepayme~t charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and lest, to prinapal due. 4. ChergAS; Uen8. Borrower shaN pay aN taxes, assessments, charges, fines and impositions attr~utable to the PropeRy which may attain priority over this Security Instrument, and leasehold peyments or ground rents, if any. Borrower shaM pay these obligations in the manner provided in paragraph 2, or if not paid ~ that manner, Borrowex shaM pay them on time dxectly to the person owed payment. Borrower shall promptly fumish to Lender aM notices of amounts to be under this h. If Borrower makes these ~ Pefd peregrap peyments dKecty, Borrower shall ~ prompty tumish to Lender receipts evide~ang the payrt~ents. Borrower shaM promptty discharge any 6en which has priority over thls Security Instrument unless Borrower: (a) agrees in writing to the pay- ~ I ent ot the obligation secured by the 5en in a manner accepteble to Lender; (b) contests M good faith the Gen by, or detends against eniorce- ~,~~i of ihe li~ in, legal pr~ceedings which ~n the Le~der's opinion operate to prevent enforcement of the Gen or (orfeiture ot any part oi the Property; or (c) secures trom the holder oi the 6en an agrednent satisfadory to lender subordinating the tien ta this Security Instrument. tf = Lender determines that any part oi the PropeRy is subject to a ien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shaN satisty the Nen or take one or more of the actions set forth above wi~hin 1U days of the ~ giving of noUce. 5. Hazard InsurellCe. Borrower shaU keep the improvements now existing or hereaRer erected on the Property insured against loss by fire, hazards induded within the term "extended coverage" end any other hazards for which Lender requires insurance. This insurance shal! be maintained in the amounts end for the periods that Le~der requlres. The insurance carrier providng the insurance shaN be chosen by Borower subject to Lender's approvat which shaB not be unreasonably withheld. All insurance polides and renewals shaN be acceptab{e to Lender and shep hdude a standard mortgage dause. lender shall have the right to hold the polides and renewals. ff Lender requi~es, Barower shatl promptly give to Lender aN recei~ts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the Insurance carrier and Lendef. Lender may make proof oi loss 'rf not made ~ ' promptly by BoROwer. ~ Unless Lender and Borrower otherwise agree in writing, insurence proceeds shaN be applied to restoration or repair of the ProQerty damaged, > ~f the restoration or repair is economicaNy feasible and Lender's security is not lesse~ed. If the restoration or repair is noi economically feasible or Le~der's security would be lessened, the insurance proceeds shall be appqecf to the sums secured by this Security InsWment, whether or ` not then due, with any excess paid to BoROwer. fi Borrower abandons the Property, or does not answef within 30 days a notice frorri Lender i e ;hat the insurance carrier has offered to settle a daim, then lender may collect the insurance proceeds. Lender may use proceeds to repair ~ or restore the Property or to pay sums secured by this Security Instrument, whethtx or not then due. The 30-day period w~11 begin when the rotice is given. ~ ~ UMess Lender and Borrower otherwise agree in writing, any appbcation ot proceeds to princtipal shaq not extend or postpone tha due date ~ of the monihfy payments referred to in paragraphs 1 end 2 or chenge the amount oi the payments. If under paragraph 18 the Property is ~cquked by Lender, BoROwer's right to sr~y Insurance poticies and proceeds resulting hom damege to the Property prior to the acquisition k shall pass to Lender to the extent oi the sums secured by this Securiiy Instrument irtxnediately prior to the acquisition. 's 6. Preservation and Maintenance of Property; Lesseholds. Borrower shaN not destroy, damage or substantialty change i ~ the Property, allow the Property to deteriorate or commit waste. If thls Sea~rity InsUurnent is on a leasehold, Borrower shaq compy with the ~ ~ prorisions of the {~se, and ii Borrower acquires fee tiUe to the Property, the leasehald and tee title shaq not merge unless lender agrees to ! the merger in writing. ~ ~ 7. Protection of Lender's Rtghts in the Property; Mortgage Insurance. n Borrower taas to Perrorm the covenants and agreements contained in this Security Instrument, or there is e legal proceading that may significantty af(ect Lender's rights in the property (such as a proceeding in bankruptcy, probate, for condemnation or to entorce laws or reguletions), then Lender may do and pay ior whatever is necessary to protect the value of the Property and lender's rights in the Property. Lendes's ections may indude paying any sums secured by a lien which has priority over this Security Instrument, appeering in court, peyk?g reasoneble attomeys' fees end entering on the Prope~ty to make repairs. Atthough Lender rnay take ectlon under this peragraph 7. Lender does not have to do so. My amounts disbursed by Lender under this paregraph 7 shaM become edditional debt of Borrower secured by this Security Instrument. Unlass Bonower end Lender agree to other tertns of payment, these amounts shaN bear interest irom the date of disbursement at the Note rate and shall be payable, with interest, upon noGce from Lender to Borrower requesting peyment. ~ ~ € ` ;06,'89) ~6 Pa~e 2 of 4 C V~ ~-tj ~ ~o~K 6?'S ~A~E1427 ' , r ~ _ - ~ ~ ,F..~~ - ~:~~~:.~.~~M,-~~~.,.~M~~.