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Home My WebLink About2220 1 l.''~IFC~R~1 Cc»'F`.~~ Is BurroHrr and lxndrr c~~~cnant and :~grrr a~ fc~llu~~~ 1. Payment of Principal and Interest; Prepaymcnt and l.atc Charges. Hurr~~wrr ~hall prum~tl~ ~~a~ Hhr~i ~iu~ the pr~ncipal of and interetit un the debt e~ idenccd by the tiute ar~d ;~n~ prrpa~ mrnt and latr ~ h:irK~, dur undrr the tiutr 2. Funds for Taxes and insurance. Sub~ert to appl~rable I~w ur tu a wnttrn H a~~ rr h~ l.cn~irr, t3urruH rr ~hall 4»~ ta Lender on the day monthly paymentti are due under the Note, untii the Note ~ti pa~d in full, ~~um ("Funds") ryual tu one-twelflh of: (a) yearly taxc~ and a~~etsments H•hich may atta~n priority~ o~er thi. Serunt~ Inurumrnt; (b> ~rarl~ leasehold payments or ground rents on the Propert}•, if any; (r) yearly harard in~ur;~nrr prcmiumL; :~nd (d) ~rarly mortgage insurance premiums, if any. These ~tems are ralled "escrow• itemti." l.rnder ma~ r.umate thr Funds due e~n the basis of current data and reasonable estimates of (uture e~crow items. lhe Funds shall be hrld in an in~titution the deposits or account~ ol ~chich ar~ imured ur guarant~ed b~ a(e~ieral ur .tate agenr~~ (including Lender if Lender i. such an imtitution?. Lender shall appl~~ the t=unds to pa~ theesrru~~ item,. Len~ier ma}~ not rhargr ti~r holding and apph•ing the Fund., an:ih•iing the arcu~nt ur ~rrif~•ing the e.cro~~ itrmti, unle., l.ender p~~~ Burrower interest on the Funds and applicable I~H pc:rmits Lender to make surh a charge. A charge a~,e"rJ h~• l.cnder in runnc~tion ~~ith &~rru~ers' entering into this kxurit}~ Instrument to pa~~ the ru~t of an ir.de~endent ta~ rrporting ~enicr .hall nut be a charge fur purp~~.r. of the prc~:eding,entcnre. E3urroHer and l.ender ma~ agree in ~~nting that intere~t +hall be paid un the E~unds. Unless an agreemem is madc ur applirable la~~ reyuirc~ intcrr.t to be paiJ, I.rn~er shall not tk rryuired ti~ pa~~ Borro~~er an~~ interest or earnings on the F-~und~. I.ender ~hall gi~e tu f3l~rruNrr, Nithuut rharge, :~n an~~~:;~1 acc~~ijnting ~~f the F~unds shu~~ing credits and drbits tu ~hr Fund. and the purpu,e for Hhich each drbit to the t=und~ ~~a, made. lhe 1=und. are pledged as addiuonal sec~nt~• tor the sum~ ,ecured b~~ thi~ tircurit~ Instrumrnt. ~ If the amount of the Fur,ds held by Lender, rogether with the future monthly~ pa}•ments Funds pa}~able prior to the due dates of the escrow• ~tems, shall exceed the amount reyuired to pay the esrrow~ items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrow~er or cred~ted to Borrower on monthly payments of Funds. If the amaunt of the Funds heltl by Lender is not sufficeent to pay the escrow• items when due, Borrow~er shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required b}~ Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptl~~ refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender sl~all apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, an~~ Funds held by Lender at the time of application as a credit against the sums secured bp this Security Instrument. 3. Application of Payments. Unless applicable law pro~~ides otherwise, all payments recei~~ed by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Nate; 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. Borrow•er shall pay all taxn, assessments, charges, fines and impositions attributable to the Froperty which may attain priority over this Serurity Instrument, 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, R~rr~w•er shal! pay them on time directly to the person ow•ed payment. Borrow-er shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, BorroK~er shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien w~hiih has priority~ o~•er this Security Instrument unless Borrower: (a) agrees in writing to the paymeni of the obligation s~rured by the lien in a manner acceptable 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 che enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfacrory to Lender sutardinating the Gen to this Security Instrument. If Lender determines that any part of the Froperty i~ subject to a lien which may attain prioritp cn~er this Securit~~ Instrument, Lender ma}• gi~•e Borrower a notice identifying the lien. Borrower shall satisf}~ the lien or take onr or more ~~f the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrow~er shall keep the improver7ents n~w~ existing or herea(ter erected on the Property~ insured against loss b} fire, hazards included within the term "extended roverage" and any other hazards for N~hich Lender ~ requires insurance. This insuranre shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen b~~ Bo~rower s~b;ect to Lender's appro~~al w~hich shall not be ~ unreasonably withheld. ~ Al) insurance policies and renewals shall be acceptable ro Le~~der and tihall include a standard mortgage clause. ~ Lender shall have the right to hofd the policies and renew~als. If Lender requires. Borrow•er shall promptly~ give to Lender all receipts of paid premiums and renewal notices. In the event o( loss, Borrower shall gi~e prompt notice to the insurance carrier and Lender. Lender may make prciof of los~ ~f not made promptly b}~ Borrow~er. Uniess Lender and Borrower otherw•ise agree in wnhng, insurance proceeds shall be applied to resroration 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 re~air is not economically feasibfe or Lender's security would be lessened, the insurance proceeds shall be ~ applied to the sums secured by this Security [nstrument, whether or not then due, with any excess paid to Borrower. If ; Borrower abandons the Property, or dces not answer within 30 day~s a notice from Lender that the insurance carrier has ! offered to settle a claim, then Lender may collect the insurance proceeds. Ler.der ma~ use the proceeds to repair or restore ~ the Property or to Pay sums secured by this Security Instrument, a~hether or not then due. The 30-da~~ period will begin ~ when the notice is given. e Unless Lender and Borrow~er otherwise agree in writing, any application of proceeds to prine~pal 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 L.ender, Borrower's right to any insurance policies and proceeds resulting ° from damage to the Property prior te the acguisition shall pass to Lender to the extent c~f the sums secured by this Security ~ Instrument immediately prior to the acquisition. ; 6. Preservation and Maintensnce of Property; I,easeh4lds. Sorrower shall not destroy, damage or substantiall}~ r change the Property, ailow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, 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; Mortgage Insurance. If Borrc~wer fails to perform the covenants and agreements contained in this Security insirument, or there is a legal proceeding that ma}• significantl~~ af~ect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulatiuns), then I_ender may do and pay for whatever is necessary to protect the value of tne Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasflnable attorneys' fees and entering on the Property ro make repairs. Although ' Lender may take action under this paragraph 7, Lender does not have to do so. ' Any amounts disbursed by Lender under this paragraph 7 shal) become additional debt of B~rrower secured by this ~ Security Instrument. Uniess Borrower and Lender agree to other terms of payment, thece amounts shall bear interest from ~ the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. ~ - BGOK 6?5 PAGE~~F.+V - - ~-s;t; _ ~ _ - ~ ~ ~