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Home My WebLink About1558 l'~if c~R~t Cc~~ E.~~~~TS BorroHrr and Lrnder covenant and agrre a, fe~llu~~,: 1. Pa~~mc~t of Principal and Interesh Prep:;y~me~t and l.ate Charges. H~~rruH~r ~h,~ll rr~~?nptl~ ~~a~ ~~hrn .lur inr prirzci~al af and intercst on the debt e~ idenced bf~ the Note and an~ prepa~ r.:~:~t a?~d late ~ har~c~ dtir u?~der t1~e \~~t~~ 2. Funds fur Taxes and I~suranee. Subjc~;t to applicable laH~ or to a w~ritten w;~i~ er by l.rndrr, Bc~rm~~ er ~hall t~~ Lrnder un the day monthly pa}~ments are due under the Note, unlil the Note iti paid in full, a,um t"Funds") eyual t~~ une-twelfth c~l: (a) yearly taxes and assessments which may~ attain priority o~~er this Securit}~ Instrument; (b) yeari~ leasehold payments or ground rents on the Property, if an}; (c) yearly hazard insurancr premiums; and (d) yrarl~ mortgage insurance premium1, iiany. Tfiese items are calied "escrow~ items." Lender may~ estimate thr Funds due on the b3si~ of current data and reasonable estimates of Future escrow items. The Funds shall be held in an institution the deposits or accounts of a•hirh are in~ured or guaranteed b~~ a federal ur state agency (including Lender if Lender is such an institution). Lender shal! apply~ the Funds to pa}~ the escrow items Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escroH~ itrms, unles~ Lender pays Borrower interest on the Funds and applicable law ~ermits Lender to make such a charge. Borrow•er and Lender may agree ir_ writing that interest shall be paid on the Funds. Unless an agreeinent is made or appiicable law~ requirrs interest to be paid, Lender shall not be required to pay Borrow•er any interest or earnings on the Funds. Lender ~ shall gi~e to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the pur~se for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured b}~ ~ this Security lnstrument. ~ If the amount of the Funds held by Lender, together with the future monthly pa~•ments of Funds pu}~able priar to % the due dates of the escrow items, shall exceed the amount required to pay th~ escrow• items when due, the excess sh~ll br, at Borrower's option, either promptiy 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 pa~~ the escrow items when due, Borrow•er shall pa}• to Lender an}~ # amount necessary to make up the deficiency in one or more pay~ments as required by Lender. Upon payment in full of ali sums secured by this Security Instrument, Lender shall promptly refund to Borrau~er ~ any Funds held by Lender. !f under paragraph 19 the Property is sold or acquired by Lender, l.ender shall apply~, no later ~ than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time at' ~ application as a credit against the sums secured by this Security Instrument. ~ 3. Applieation of Payments. Unless applicable law provides otherwise, all payments received by Lender under ~ paragrapfis 1 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 all taxes, assessments, charges, fines and impositions attributable to the ~ Yroperty which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. E3orrower 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 all notices of amounts ~ tc~ be paid under this paragraph. It' 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 Security Instrumenc unless Borrow~er: (a) ? agrees in writing to the payment of the obligation secured by the lien in a manner acceptabie to Lender; (b) contests in good 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 Instrument. If Lender determines that any part af the Yroperty is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower 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 ~f the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereaRer erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender I'; reyuires 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 to Lender's approval w~hich shall not be ~ unreasonabiy withheld. ~ All insurance policies and renewals shall be acceptable to Lender and shall include a standard mQrtgage clause. Lender shali have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly gi~~e to Lender all rec:eipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. I.ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower oiherwise agree in writing, insurance proceeds shell be applied to restoration or repair ~ of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lesseraed. [f the ~ restoration or repair is not economically feasible or Lender's ser.urity would be lessened, the insurance proceeds shali be ,~pplied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrow~er. [f ~ Borrower abandons the Property, or does not answer within 30 days a notice f'rom Lender that the insurance carrier has ~ offered to sett!e a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore ~ the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day }~eriod will begin € when the notice is given. ~ Unless Lender and Borrower otherwise agree in writing, any application of prcceeds to principal shall nat extend or t postpone the due date of the monthly 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, Borrower's right to any insurance policie; 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 a ~ !n;trument immediately prior to the acquisitian. ~ 6. Preservation and Maintenance of Property; Leaseholds. Borrow~er shall not destroy~, damage or substan!iall~~ ~ change the Property, allow the Property to deteriorate or commit waste. If this Securit}• Instrument is on a leasehold, Borrow~er shall compl}~ with th~ provisions of the lease, and if Borrower acquires fee title to the Propert}~, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; :~iortgage Insurance. if BorroH~er fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that ma}~ significantly~ affec: Lender's rights in the Pro}~erty (such as a proceeding in bankruptcy, probate, for condemnation or t~ enforce la~s ar ~ egulations), then Lender may do and pay for whatever is necessar~• to protect the value of the Propert}~ and Lender's rights in the Propert~~. Lender's actions may include paying any sums secured by~ a lien which has priorit~~ over this Securit~~ ; Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property~ to make re~airs. Although = Lender may take actian under this paragraph 7, Lender daes not have to do so. ~ An}• amounts disbursed b}• Lender under this paragraph 7 shall become additional debt of Borroa~er secured b~~ thi~ ~ Security Instrument. Unless Borrow~er and Lender agree to other terms of payment, the~e amounts shall bear intere~t from ~ the date of disbursement at the Note rate and shall be pay~ab!e. w~ith interest, up~n notice fr~m Lender tc~ Burrc~wer ~ reyuesting payment. ~ ~ ~ ~ ea~~675 Pa~Ei558 t ~ ~ s: y: ~ ~ ksz, . - ' - - .F"e,C ,.rtr ~`r G. ~"~t+~u'S~.~i~~~~~~ss~