HomeMy WebLinkAbout1871 l~U ~~tt~~ t?,~~ I~ li~irru~~cr an~1 Lrncirr ~c~~r~?:enl an~l :igrrr a~ li~ll~~~~,.
I. 1'a}ment uf t'rincipal and lnterest; F'repx}ment and l.ate ('hargrs, tiurru~+,r ,hall ~uuni~~tl~ ~~h~u ~iu~
thr ~,nnrip~l ~~i~a~?~i int~rr~t un thr debt r~~denrrd b} thr Nutr and ~?n~ pr~pa~ mrnt :in~1 latr:har~;r, ~lur ?jn.lrr ~h~ \,~t~
2. FundsforTaxesand tnsurance. Subjrrt t~~applirablr IaH ~?rtua wnitrn ~:ii~rr h~ l.~n~irr, I~urr~~~~rr,h.,il
~u Lrn~lrr un 1hr ~la~ mcmthly ~uymrnta .irr ~lur un~lrr ~hr N~~tr, w~til thr Nutr i~ ~~.uJ i~: lull. u~um 1"Fun~1,") cyu;~l
unr-tHrll~h iil~: (a) }r.irl~ tuxr` and a~ti~~~mrntti w~hich may attain priunt~ u~rr Ihi> >r~unt~ Imtrumrnt: Ih) yrarl~
Ira~chul~l p.iymrnh ~~r gruund rrnt~ ein the Pnipert~, if any~: (r) ~~~rl~ h~~ani u~tiura~~~e {~rciniun~~; ai~J l~ll )r:irl~
murtg~igr in,uran~e prrmiums, ~f ;~ny. Thr~r ~tcros ;~rr rallyd "rscruH i~rms." l.rn~irr m~~ r~uniatr thr f~unJ, ~iur un thr
ha,i~ uf ~urrent ~l~ta and re~wnahle esumatr~ uf futurr rsrn~H i1em~.
"I hr Fund~,hall hr held in an institulion the depositti ur ~rc~~unt~ uf w hirh .irr in,urr~1 ur kuaran~rr~i h~ a ti~irral ~~r
titate :~grnr~ (inrlud~ng Lender if l.ender is such ;~n instiwtion). l.endrr ,hall appl~ thr Fun~l~ tu pa~ thr c.rru~~ iir~n,.
l.rsi~irr ma} n~~t rharge fur holding ;~nd 3pplying the Funds, analyzing ~hr arcount ~~r ~rnf}ing thr r~rri~w itrm., unlrti,
Ixn~irr p;~y+ Barrowrr interest on !he Funds and applir:~ble law permits Lrndrr tu make ~u~h a ch3rgr. Bi~rru«rr an~i
Lrn~irr ma} agrrr in writing thst interc~t shall be paid on the Funds Unlrsti an :igrrrmrn~ i. madr ur appli~ahlr I;t~~
rryuirr~ intrrr~t to tx: paid, Lender shall not be reyuirrd to pay f3urmNrr any~ intrre~t ur rarning~ ~m th~ fur~l~. Lrn:lrr
,hall gi~e t~~ Burruwrr, withuut rharge, an annual acrounting of the Fu~~dti tihuwuig ~red~t~ and ~irh~tti t~~ the f=unei. and thr
purputir f~~r w~hich earh debit to the Funds w:~ti madt. The Fund~ are pledged ati additiuna) ~rrurity fur thr,um~,rcurrd h~
this Security lnstrument.
If the amount of ihe Funds held by Lender, t~~gether with thr future m~?nthl} pa}•ments of T~und~ ~a~ahlr rnur t~~
the dur dates of the e~croa• items, shall exceed the amount reyuired to p~y !hr r~crow• ilrnu w~hen dur, thr e~cr~, ~hall h~,
at Borrow~er's option, either promptly rep~id to Borrow~er or credited to Borrowrr on munthl} paymrnt, ~~f Fundti. If thr
am~~unt of the Funds held by Lender is not sufTicient to pay the escrow items when due, Hc~rroHer shall pay tc~ lxneler :tnt
~m~>unt neceti~ary to make up the deficiency in one or more payments as required by Lender.
Upon paymrnt in full of all sums secured by this Security In~trument, Lender shall prumptl}~ rrfund to Nc~rrc~wrr
an} Funds held b~~ Lender. If under paragraph 19 the Pro~erty is so;d or aryuired b.~ Lender, l.rnder,h;~ll apph, nu I.itrr
th:~n immediately prior to the sale of thr Yroperty or its acquisition by~ Lendrr, any E=und~, held b} Lendrr :~t the time uf
applir•~tion as a credit against the sums serured by this Sc~urity Instrument.
3. Application of Paymcnts. Unlc~s applicable law provides otherwise, all ~ayments rereived b~ Lrndrr uncirr
~sragraphs ! and 2 shall be applied: first, to late charges due under the Nute; serond, te~ prrpayment ch~rges ~1ur un~lrr thr
ti~~te; third, to amoums payable under paragraph 2; fourth, to intere$t due; and l:~st, to prinripal due.
4. Charges; I.iens. Borrower shall pay all taxes, assessments, rharges, finc~ and im~~sitions attribut~blr t~~ the
Pmperty w•hirh may attain priority over this Security Instrument, and leasehold paymrnts or gruund rent~, if an~.
t3urrow~er sha11 pa}~ these obligations in the manner provided in paragraph 2, or if not paid in that manner, Barr~~w•rr ~hall
p~} them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all nutirrs ~~f am~~unt~
to be paid under this paragraph. If Borrow•er makes these payments directly, Borrciwer ~hall prom~tly furnitih t~~ Lendrr
receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priorit}~ over this Serurity Instrument unles~ B~irn+wrr. (a)
agrees in writing to the payment otthe obligation secured by the lien in a manner acceptable to Lender, (h) ronte~ts in g~~u~i
faith the lien b}~, or defends against entorcement of the lien in, legal prcxeedings which in the Lendrr's opintun operate t~1
prevrnt the enforcement of the lien or forfeiture of any part of the Property; or (c) serures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determinrs that any ~rart c~f
the Property is subject to a lien which may attain priority over this Securit}~ Instrument, Lender may give Borrower
notice identif}~ing the lien. ~rrower shall satisfy the lien or take one or more of the actions set forth atr:»e w ithin IU ~l~~ti
of the gi~~ng of n~tire.
; 5. Hazard Insurance. Borrower shall keep the improvements naw existing or herrafter erected un the Yruprrt~
I ~n~ured against loss by fire, hazards included within the term "extended coverage" and any ~~ther hazards for w hich Lrnder
~ reyuires insurance. This insurance shall be maintained in the amounts and for the periocis that l.ender requires. The
' ~nsurance carrier providing the insurance shall be chosen by Borrower subject ro Lender's approval whirh shall n~~t be
G unreasonably withheld.
` All insurance ~licies and renew~als shall be acceptable to Lender and shall include a standard murtgage clause.
~ Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly gi~e tc~ Lendrr
; ~li receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notire to the insurance
rarrier and Lender. Lender may make proofof loss if no~ made promptly by Borrower.
Urless Lender and Borrower etherwise agree in writing, insurance proceeds shall be applied to re~toration or re~air
~ uf the Pro~+erty damaged, if the restoration or repair is economically feasible and Lender's securit}~ is ~~ot le~sened. If the
~ restorauon or repair is not economically feasible or Lender's security would be lessened, the insurance pnxeeds tihall br
~ applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to E3orrc~wer. If
i Borrower abandons the Property, or does not answer within 30 days a notice from l.ender that the insurance c:~rrier has
C offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the prcxeeds te~ repair or re~tore
~ the Property or ro pay~ sums secured by this Security Instrument, whether ~r not then due. The 30-day ~erioci w ill hegin
¢ H hen the notice ~s given.
~ lJnlc~s I.ender and Borrower otherwise agree in w~riiing, any application of proceeds to principal shall nut extend ~~r
pustpone the due date of the monthly paymer~ts rei~erred to in paragraphs 1 a?id 2 or rhange the amount of the pa~ ments. If
~ under paragr:~ph 19 the Yr~perty is acyuired by Lender, Borrower's right to an~ insurance poGcier and prixeedti retiulting
from damage to the Property prior to the acquisition shall pass to Lender to the extent of ihe sumti tierured h} thiti Serurit}
~ Instrument immediately pnor to the acquisition.
} 6. Preservation and Maintenance of Property; Ixaseholds. Borrawer ~hall n«t drtitrc>>, ~iamagr ~~r,uh~t~ntiall~
~ ~hange the Propert}~, allow the Yrogerty to deteriorate or commit waste. If th~s Serurit} Imtrumrnt i, ~m a lea.ehul~i,
Burrc~µer shall rompl} with the provisions c;f the lease, and if E3orrower aryuireti fee litlc tu thr Prurert}, thr 1rn+~rh~~ld ~+~~~1
fer title ~hall not merge unless Lender agrers tc~ the mrrger in writing.
7. Prutection of I,ender's Rights in the Property; 1lortgage [nsurance. !i E;;~rrrn~er fail. ti~ ~erf~~rm thr
ru~en~~~tti and agreements contained in this Securitp Intitrument, or there iti a I~gal ~n~~eeding that ma~ ~ign~fi~antl} ~+tl~r~t
Lender's nghtti in the Yroperty (such as a prcxeeding in bankruptcy, prt~h~te, ti~r cundemnati~m ~~r tu enf~~rrr Ih~~, ~~r
regul~?tions), then Lender may do and pay for whatever is neces53ry tc~ protert the ~alue uf the E~~~,~<<?~ ~??~~i t.~?,d«'~ nght~
in thr Yroperty. Lender's actions may include paying any sums tiecured by a lirn whirh ha, ~n~~rit~ ~~~rr th~~ Sr~unt~
In~trument, appearing in rourt, paying reasunable attorneys' fees and entering un the Pru~ert~ t~~ m.~ke rr~air`. Alth~+u~;ti
Ixrider ma} t~l.e arti~m under this paragraph 7, Lender dues not have to do sc~.
~ An} amounts disbursed by Lender under this paragraph 7 shall berome a~f~iitinnal deht ul F3~~rru~crr ~rrurrd h~ th~,
s Secunt~ Ir~~trument. Unles~ Borruwer and Lender agree to other ternis of ~~i~ nirnt, thetie amc~untti ~h;~ll br~r intrrr~t fn,in
~ the datr uf ditibursemrnt ;~t the N~~~r rate and tihail be ~a}'ahle, with inlerrtit. ??~~in nc~nce fr~~m Lend~r t~~ f3~~rr~~~~~r
~
rcyuetiung pa}ment.
BOOK675 ~GE~O7~
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