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Home My WebLink About1676 l~u uk~t C~ t~:~~ t~ H~,rruHer and l-~n~1rr c~~~rnant en~l :i~rr~ .i, l~~ll~~~„ Ya>ment uf Principa) and Interest; 1'repsyment and Latc ('harkes. 13t~rruurr .h,ill ~rum~tl~ ~:i~ ~~hrn ~1u~ thr ~nn~ir~l ui an~1 intrrr~t un the drbt c~ ~~rniec! h~ the Nutr and any ~r~~~.~~ ment :in~1 latr ~ h.«~;~, u~~~i<< ~n~• 2. Funds for Taxes and Insurance. SubJrrt t~~ ap~li~;~bir I~w ur tc~ a~rut~n ~~a~~cr h~ L~n~irr, 13urr~~~~rr,h;?II ~~:1~ tu l.rnd~r un thr ~la~ munthly pa~mrnt~ :~re duc undrr the Nute, unhl the ?~ute iti ~a~~1 in full, a,um ("Fun~l~") ryu:il t~+ ~,nr-tHrlfth c~t~: (a) ~rariy taxe~ and a~~e»mrnts w~hi~h may auain pnunt~ u~er thi~ Sc~ur~i~ In,trumrnt; Ih) ~~ari~ Iraxhuld p~~ment, ur ground rrnt~ on the Proprrty, if :~ny: }rarl~ harar~i imuranre prrmium~: an~i t~l) ~~arl~ murtgagr inwr~~ire prrmium~, if an}. Thetie items are ralled "r~rmH iternti." l.rn~irr m,i~ r,timate ihe Fund, eiur e,n the ba~i~ ~~f rurrent data ~nd reationable rstim;~teti ~~f futurr rsrrow• ~tem~. The Funcis tihall he he~d in an in,tiwtion the ~leposits ~x srrounts of v?hirh are insured or guar~nt~ed b~ a te~fer;~l ~~r .tat~ ~genr~~ (in~luding Len~ter if Lender i~ such an intititutionl. L~nu.r ,h:~ll appl~ the FunJs tu p3y the ~.rrow items. Len~ler m;~~ nut rharge fur holding and spplying the FunJs, an3lyzing the :~rrount or verifying the e~croH~ itrms, unle,s L~n~er pa}, Borruw~er ~nterest on the Funds an~ applic~ble law pe:rmits Lender to make such a rharge. A charge assessed b~ Len~ler in cunnertion with Burrower's entering into this Serurity Instrum~.nt to pay the cost af an independent tax report- ing ~en~ice ~halt not tx: charge fur the purp~nes of the preceding sentenre. Borrower and Len~ier may agree in H~riting that interest shall be paid un the Funds. Unless :tn ~greement is made or applicable laH~ requires interest to bc: paid, Lender ,hall nut h~: reyuired to pay Borruw•er any interest or earnings on the Funds. Lender shall Kive to &~rrawer, without charge, an annual ~ccuunting of the Funds showing credits and debils to the Funds and the purp~~tie for which each debit to th~ Funds w~. made. The Funds are pleJged as udditional serurity for the sums secured by this Security lnstrument. If the amou~it of the Funds held by Lender, together with the (uture monthly pa}~ments of Funds pa~ablc Prior tu the due dates of the escrow~ items, shall exceed the amount required to pay the c~crow~ items w•hen due, the exre,s tihall be, at Borrow~er's option, either promptly repaid to Borrow•er or credited to Sorrower on munthly pa}~ments of Funds. If the amount of the Funds held by Lender is not suti'icient to pay the escrow items w~hen due, Borrower thall pa~• to Lender an}~ amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in ful! of all sumt secured by this Security Instrument, Lender shall promptly~ refund to E3orrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall appl~~, no later than immediately prior to the sale af the Property or its a~quisition by Lender, any Funds hrld by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Pa~~ments. Unless applicable law provides otherwise, all payments received b~• Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Nore; third, to amounts payable under paragraph 2; fourth, to interest due; and iast, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and im~sitions attributable to the Property which may attain priority over this Security lnstrument, and leasehold payments or ground rents, if any. Borrower 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 nutires of amounts ' to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptlp furnish ro Lender receipts evidencing the payments. Borrower shalt promptly discharge any iien w•hich has priority over this Security Instrument unless Borrow~er. (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in gcx>d i faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opin~on 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 determires that an}• part of the Property is subject to a lien which may attain pnority aver this Security Instrument, Lender may gi~~e Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth abo~~e within 10 day~s ~ of the giving of notice. i S. Hazard Insurance. E3orrower shall keep the improvements now~ existing or hereaRer erected on the Property ! ins~~red against loss by fire, hazards included within the term "eatended coverage" and any other hazards for w~hich Lender ; requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The s insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be C unreasonably withheld. z All insurance policies and renewals shall be acceptable to Lender and shail include a standard mortgage clause. ~ Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptlp give to Lender all 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 promptly by Borrower. ~ Llnless Lender and Borrower otherwise agree in wn[in~, insurance proceeds shalD 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 to the sums secured by this Security Instrument, whether or not then due. with any excess ~?aid to Borrow~er. If ~ Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ; oftered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore K the Property or to pa} sums secured by this Security In~trument, whether or not then due. The 30-day period will begin ~ when the notice is giver~. Unless Lender and Borrower otherwise agree in writing, any application 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 Lender, Borrower's right to any insurance policies and pra eeds resulting s from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums sec~red b~~ this Serurit~• ~ Instrument immediately prior to the acquisition. ` 6. Freservation and Maintenance ot Property; Leaseholds. Borrower shall nat destroy, damagc or substantiall}~ ehange the P:openy, allow the Property to deter~orate or commit waste. If this Security Instrument is an a Ieasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee titie to the Property, the leasehold and fee title shall not merge unless Le~der agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower 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 oc to enforce laws or regulations), then Lender may do and pay for whatever is necessary• to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priorit~~ over this Security ~ tnstrument, appearing in court, paying reasonable attorneys' fees and entering on the Peopert}• to make repairs. Although ~ Lender may take action under this paragraph 7, Lender dces not have to do so. ~ Any amounts disbursed by Lender under this paragraph 7 shall become additional aebt of Borrower secured by this ~ Security lnstrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest (rom t the date of disbursement at the Note rate and shafl be payable, with interest, upon notice from Lender to Bnrrower requesting payment. ~ go~x675 ~M~E1676 ~ ~ : _ ~.r ~ _ _ v~~ ~ ~