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Home My WebLink About1552 l'~IFC~R~t Cc~vF~:~~TS Borrower and Lender co~enant snd ~igree a~ 1~~11.~H~: 1. Pa~•ment uf Principal and Interest; Prepa~~ment and I.s~te Charges. tic~rruwer ~hall ~n~tnptl~ pa~ ~~hrn clur thr ~nn~~pal «f and interest un the debt tt~idenccd by the Not. and any prepa}~mer~t :snd late e•harge~ duc undrr th~ tiotr. 2. i~'unds for Taxes artd Insursnce. Subject to applicable law~ or to a written w~~i~~er b~• l.end~r, f3orruw~er ~hall ra~ tu Lender un the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") eyu;~l t~~ une-twelfth of: (a) }•early taxes and assessments which may attain priority over this Security Intitrument; (b) ~~rarl~ leaschold payments or ground rents on the Property, if any; (c) ~•early hazard insurance premium~; and (d) }~earl} mortgage insurance prem?ums, if any. These items are called "escrow items." Lender ma~~ rstimate the Funds due on the basis otrurrent ~ata and reasonable estirtzates of future escrow items. The Funds shall be held in an institution the deposits or accounts af whirh are insured ur guaranteed b}~ a federal or .tate agency (includi~g Lender if Lender is such an institution). Lender shall a~±ply the Funds ro pay the escruw ~tems. Lender may not eharge for h~iding and applying tfie Funds, analyzing the account or verifying the escrow~ items, uniess Lender pa}~s Borrower interest on the Funds and applicable taw permits Lender to make such a charge. Bcxrower ar2d Lender may agree in w~riting that interest shall be paid on the Funds. Unless an agreement is made or applicable law• rc~c{uires intere~t tc~ be paid, Lender shall not be required to pay Borrow•er an~• interest or earnings on the Funds. I_ender shall give to Borrower, aithout charge, an annual accaunting of the Funds shov~~ing credits and debits to the Funds and the pur~xne for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Secunty Instrumerit. If the amount of the Funds helci by Lender, together with the future monthly pa}~ments of Funds pa~~able 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 Borro~~er's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shalt pay to Lender an}• amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in tull of all sums secured by this Security Instrument, Lender shall promptfy refund to Borrow~er an}~ Funds held b~~ Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall ap~ly, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of a~plication as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherw•ise, ati payments received by Lender under ~araRraphs 1 and 2 shall be appiied: fitst, to late charges due under t~e Note; second, to prepayrtient charges due under the \~~te; third, ta amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impasitions attributable to the Yropert~~ w•hich may attain prioriry over this Securiry Instrument, and leasehold payments or ground rents, if an}~. Aorro~~er 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 person owed payment. Borrower shall promptly furnish to Lender a!i nohces of amounts ;e~ he paid under this paragraph. If Borrow~er makes these pay~ments directl~~, Borrower shalf promptly furnish to Lender receipts evidencing the payments. Borrower shall promptiy discharge any lien w~hich has priority over this Security Instrument unless Borrower. (a) agrees in writing to the payment of the obligation secuted by the lien in a manner acceptabte to Lender, (b} ~ontests in good faith the lien by, or defends against enforcement of the lien in, Iegal proceedings which in the Lender's apinion vperate to ~revent the entorcement of the lie~ 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 Instrument. If Lender determines that an}~ part of the Property is subject to a lien which may attain priority o~~er this Securit}• Instrument, Lender may give Borrow~er a n~tice identifying the lien. Borrower shall satisfy~ the lien or take one or more of the actions set forth atx~~~e w•ithin 10 da}~s .~f the gi~•ing of notice. ; 5. Hazard Insuranee. Borrower shail kee~ the impro~~ements now existing or hereafter erecred c~n the Propert}~ msured against loss b~~ fire, hazards included within the term "eztended coverage" and an}• other hazards for which Lender rrquirc~ insurance. This insurance shall be maintained in the amounts and for the pericxls ihat Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's appro~~al w~hich shall not be unreasonahl~~ w~ithheld. All insurance policies and renewals shali be acce~table to Lender and sha11 include a standard m~~rtgage clause. Lender shall have the nght io hold the policies and renewals. If Lender requires. Borrower shall promptl~~ gice M Lender all receints of paid premiums and renewal notices. In the event of loss, Borrou•er shall give prompt notice to the insuranre :arrier and Lender. Lender ma}• make proof of loss if not made promptly by Borrower. Unle~s Lender and Borrower otherwise agree in writing, insurance proceeds shatl be apptied to resroration or repair ' uf the Propect}~ damaged, if the restoration or repair is economicaHy feasible and Lender's secarity is n~t lessened. If thc restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall he .!pplied to the sums secured by this Security Instrument, whether or not then due, with an}• excess E~aid ro Aorrower. If Borr~w~er abandons the Propert}•, or does noi answer within 30 days a notice from Lender that the insurance carrier has ef~ered to settle a claim, then Lender may collect the insurance prcxeeds. Lender ma~~ use the proceeds to repair or restore the Property or to pa~~ sums secured by this Serurity Instrument, w~hether or nat then due. The 30-day period will begin w hen the notice is gi~ en. Unless Lender and Borrower otheru~ise agree in w~riting, an}~ appiicatic~n of proceeds to principal shall nut extend or pc~st~ne the due ~ate of the month(y payments re(erred to in paragraphs 1 and 2 or change the amount of'the pa}•ments. !f under paragraph 19 the Property is acyui;ed by L.ender, Borrow~er's right to any insurance ~licies and proceeds retiulting fr<~m damage to the Propert}~ priur to the acquisition shall ~ass to Lender to the extent of the sums secured b}~ thiti Security~ Intitrument immediatel}~ prior to the acquisition. 6. Preservation and ~isintenanre of Property; L+easeholds. Borroaer shall not destro}~, damage or subtitantiall} ~hangr the Propert~, allow thz Property to deteriorate or commit w•aste. tf this Securit}~ In~trument is on a ieasehold, E3orrc~~er sha:l compl}~ w~ith the proF~isions of the lease, a~d if Borrow~er acyuires fee title to the Propert~~, t~e leasehold and fee ntle shall not merge unless Lender agrees to the merger in w~riting. 7. Protection of I,ender's Rights in the PropertS~; 1lortgage Insurance. If Borrower fails to perform the co~enants and agreements contained in this Securit~~ Instrument, or there is a Jegal prckeeding that ma~~ significantl}~ aflect i.rnder's rightti in the Property {such as a proceedif~g in bankruptcy, probate, for condemnation or to enforce law~s or rrgufanun.), then Lender may do and pay for w~hatever is necessar}~ to protect the value of the Propert}~ and Lender's rights i~z the Prc~pert~. Lender's actions ma}• include paying any~ sums secured b~• a lien which has priority over this Securit~~ lntitrum~nt, ap~aring in ~ouri, pa}~ing reasonable attorneys' fees and entering on the Propert}~ to make repairs. Although Lrnder rna~ takr art~on under this paragraph 7, Lender does not have to do so. An} :~muur~tti disbursed by Lender under this paragraph 7 shail become additional debt of F3orrc~wer secured b~~ th~s 5r~unt} Intitrument. l;rilcs~ Borrciwrr aeid Lerder agree to other terms of pa} meni, thetie amountti ~hal! t>ear interetit frc~m ehe d;~te ~~f di~burti~mrnt at thr tic~te rate and ~hall be pa`able, with intere~l, u~~n notire from Lender t~, R~,rre,~~er r~:yur,ung ~a~n~ent ' 80GK6~~ PACf1552 . . . . . . . . _ _ 4c%3r~:a.-~ r '~."'~,5~~.-rs~ ~ +zlF`s,~a1~:.'#~s~~~