HomeMy WebLinkAbout2240 l;\ft~UR:~t Ct)VENA\1_ti. t3urr~wer and 1.cnJrr c~nenant .,nd ag:ee a~s folicw.a:
1. Payment ot Principai and lntrrr~l; YrrQapmrM and latr l'har~s. liorrowar shall prompt4y pay when duc the pr~ncipal of and incere~t un tht dcht tvidcnccd
~hc \ote and any pnpayTnrnt and la[c ~h~rgrs Jut under the \ure.
2. Funds for Ta~es and Insurance. 5ub~rct w app6cablc law ur to a wntttn waivcr by L.enJcr, l3ornr+er sh~ll pa~ to Lender on the da}' munthlp paymcnu are
~fur under the Note. ~ntil the \ute n Euid ~n (ull, a~um ('Funds'y ryual [o one-twel(th oL• (a) yearly taaes and aasessm~n~~ which may atta~n pnunty cw~er this Sccuriry
ln~trument; (b) yeariy IeasehoW ~yments ur gruunJ rcnts on thc F'rupcrty, if any, (c) ~~early hazanl insurance premiums; and (d) yrarly murtgage msuranre premiums,
.~ny. "[l~ese items are called 'cscruw items.' i.ender may osumatr che i'vncit due on the basis of curnnt ~ata ~nd reasonabk utimates of future eurow ilems.
('he Funds shall tx held in an msuw?iun the d~posns or accuunu oi which are insurcd or guarantced by ~ tederal or s[ate agency (mclud~ng Lender if Lendcr
.;u.h an institution). Lender stall apply the Funds to Qay the eacruw items. Lender may not cfiargc tor holding and applying the Funds, anaiy-ung the account or
.rnfying [he esCrCw ittms, unless applicablr law pCrm~ts I.ender tu mal-e such a charge. I3orr~~cr a~d l.endcr may egree in ~vciting that inicrest shall be paid on
lht Funds. Unless an aereemen~ i. made nr a~+nli_rw_hlt law r.n'_'-- .n.~.~. 1.. ~ ~;w ~ - - - • „ ;,,,,;,,L'-y-, vu
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,he Funcis. l.ender shall give to l3urrower, Kithout charge, an annual acroun[ing of the Funds showing crcdits and debits to the Funds and the purpose for which
r~.h debit to the Funeis was made. ~Ilie Hun~ arc pltdged s additional security for tne sums sccu[ed by thu Security Instrument.
ff thc amount of the Funds held by ixnder, togcther w~th thc iuture monthly payTncnts of Funds payablc prior to thc due dates of the eurow• itcros, shall excecd
;h~ amount required to pay the escrow ~tems w~hen due, the exces~ shal{ be, a~ Borro~vers opuon, e~ther Qrom~tly rcpa~d to Borrou~er or credited to Borrower on
n:rnthly payments of Funds. lf the amaunt uf thr I~unJs held by !::ndcr is not sutficient w pay lhc cscn~w ncm~ Nh~n due. Borrower shall ~y tu Lendcr any amount
~c:~~sary to make up the deticicncr ~n onc ur mure ~~ments as reyu~red by Lendet-
l.pon payment in full of all sums ucured by this Securi[y InstrumGnt, Lender shall prompUy retund to l3orruwcr an} Funds held bp Lender. If under garagraph
che Property is soW or acquired by Lender, Lendrr shall app{y, no later than immediatdy pnor to the sale u( the Pro~:ny or its acyu~siiwn hy Ixndcr. any I'vrtds
l:~l~ by l.ender at the time of applicatiun as a cre:dn aga~rut the wnu secured by this Security Instrument.
3. Applec~tion ot Payment~. L'nless applicable law provides utherwise. all payments recerved by Lender under paragrephs 1 and 2 shall tx applied: first, to late
.h~rges due under the l~ote; sccund, to prcpayment charges due undtr the \ott; third, to amounts pay~able under paragraph 2; fourth, to interut due; and last, to
E~nncipal due.
Charges; liens I3orrowtr shall pay all taxes, asseuments, chargu, finu and impositions aunbutable to the Pcopeny which may attain priority o+~er this Stcu:iry
in,u-ument, and Ieasehold paymcn~s or ground rcnts, i( anp. l3orroµer shall pa,y these obligations in the manncr provided in paragraph 2, or if not paid in that manner,
f i; ~rrower shall pay them on ume dirertlq to the pee~on cn.•ed pn}ment. Bc~rrower shall pmmpily f~~m+sh ~n I e~t~er all notices of ar.:~e.^.!s ~t paid ander this
~~.~ragraph. IC RorroNer makes thcse ~+ayments direcdy, E3orrow~er shall prompdy fumish to L.ender receipts e~idenci~g the paytnents.
Borrower shall prompUy dischargc any lien Nhich has priont}' ~r'~r this Security Instrument unless F3orrower. (a) agrces in writing to the payment of the obligation
~,:ured by Ihe lien m a manner acceptabfe tu Lender. (b) contests in good (aith the Len by, or defends against entorccment of the lien in. legal proceeding~ w~hich
~I:e lxnder's up~nion operate ,u pn:.ent the enfurcement of ~he lien or forfeitUre of any pan of the prupeny~ or (c) serures (rom thc holder of the lien an
~;;rcement satisfacrory to Lender sutwniinating ihe I~cn to this Sccunty Instrument, tf Lender determioes that any part uE the Property is snbjc.t to a lien wfiich may
;~t~~n ~ nority over this Secunty Instrumer.t, l,ender map give E3orrower a notice identifying the lien. t3orrun•cr shall sausfy the tien or take une or more ~t tRe actions
~ f.~rth abrn~e within 10 days oC the gi~ing of notice.
Ha~ard In.urance. 13orrvw~er shall kzep the i:nprcnements now existing or heroafter erected on the Property insund against loss by fire, haiarJs included within
r,,_ ~erm 'extended cwerage' and any other h:izanis for ahich Lcndcr rcquires insurance. 11iis insuranee shall be maintained in the amounts and for the periods
I.ender requires. 71ie insurancc carner pro~•iding the ir~surance shall Ue choatn by 13orrow'er subjcct to Ixnder's approval which shall not be unreasonably
~.~~;hheld.
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~ ~\II insuranee (wlicies and renewals ~hall be: arceptabk to l,ender a~d shall include a standard mortoage claux:. L.ender shal{ have the ri~ht to ho{d the poficies
! re~iewals. If L.encler rcyuires, Borrower shall prumpUy give [o I,ender all reeeiQts of paid premiums and rencw~al notices. In the ece~t u[ loss. [3orrow•er shall
.c ~rompt no:ice !o the insurance c~rner anJ I.cnJec Lender ma} make pruof of lo5s d nut made prumptl} bp ~3ur~uw'er.
f l.nless l.ender and [3vrrower otherwise agret in w~ntmg. insurente prcxceJs shall be applied to restoratiun vr rcpa~r uf the Property damaoeJ. ~f the restorauon
~ - repair is economically feasibie and l.ender's ucurity is not lessened. 1[ [he restoration or rcpair ~s not ecor.um:caUy feasible or I.ender's Lecunty would tx lesuned.
€ ,n~ msurance proceeds shall be a~plied ta the suros secured by this Sccunty Instrumcnt, whether or not then due, with any excess paid ro 13orroKer. If (3orro:~er
~ .`~,;nduns the Property. or dces not answcr within 3U days a nouce from Lender that the insurance ca;rier has utfered to setUe a ctaim, then I.enJer may collect [he
~~urance proceeds. l.ender may use the procecds to repair or restore the Pcoperty or to pay sums secured b~~ th~s Security [nstrument, w•hether or not then due.
i,•.r ~i.~ciay poriod w~ll begin whcn the nutice is given.
E lnless i.ender and Borrow~er othcr.+~ise a~,ree in wTiting. an~~ applicatien of procecds =o principal shall not extend or pe~stpone the due date of the monthly
~ :.m~nts re(erred to in paragraphs 1 and 2 or rhanec the amoun: ~f the payments. If under paragraph 19 the Property is acquired by l.cnder, I3orrower's right to
~ u. insurance policics and procceds rcsulting from damage to Ihe Yroperty prior to the acquisiUOn shall pacs to L.ender to the extent of the sums secured by this
unt}' Instrument immediatdy pnor to thc acyuisition.
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E 6. Prescnation and ~Saintenanre ot Properi~; t.easeholds. 13orra+cr shall not destroy. damage or substannally change the Property, allrn+~ the Property to
~ ;_~cnocate or eomm~t waste. {f this Secunty lnstrument is on a kau:hold, Ciorrow'er shali comply with the prov~siuns uf ~he lease, and if Rorraw~er acyu~res fee title
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~ !he property. the Icasehold and fee tidc shaU not merge unleu l,cnder agrees to the merget in wming.
i. Protection of Lender's FtiRhts in the Prupert}; ~lortgage Inwrance. If [ior[ower fails to perform the co~~enants and agr~ements comained in this Secutity
;-~trument, or there is a Iegal proceeJing that may signifieandy af(ect 1.ender's rights in the Property (such as a FroceeJing in bankruptcy. grol~ate. Cor condemnation
~ r~u cnforee laws or regulations), then Lender m:,y do and pay for :+hatever is necessary to protect the value o[ the Yrupcrty and Ixndcr's nghts ~n ~he Property.
~ r,~er s actions may include pa}ing any sums secured by a lien w~fiich has priority over this Security lnstrument, appeanng in court, pay~ng reasonable atsorneys' feu
~ ;.l entenng on the Property to makc repairs. Although L.cnder may take action under this paragraph 7, lxnder does not have ro do so.
s :\ny amounts disnur~ca oy Lcnacr unaer th~s ~ragrapn 7 snau become aJdluonal debt of k3orrower ~tcurrd by th~s Security Instrument. Unless I3orrc~wer and
~_~;~cr agree to other terms of pa}ment, thex amounts shafl bcar mtereat froni the date of d~sbursement at thc \utc rate and shall be pa}abfc, with interest. upon
~•.c from l,ender to Borrower reyucs~ing Qapmc~t.
1( l.ender reyuired mortgage insurence as a cond~tion of maf.ing ti~e loan secured by this Secunt} lnstrument. f3orrower shall pa}~ the premiums required to
•:.untam the insurance in effect until sueh t~me as the reqwre;ment ior the insuranee term~nares in accordance with l3orruwer's and Lerder's wntten agreement or
' t li.able law.
, R. Inspectan l,ender or rts agent may meke reasonable cntncs uEwn and inspechons of the Propcny. l~:r.dcr shall gi~~e E3orrower nourc at the nme of or pnor
,:n inspection speci(ying reasonable causc for ~he ~nspection.
9. Co~~demnatic~n. Tht proceeds of any award ur claim ior damages, dircct or cansequcntial, in connect~on w~th any~ condemnation or other taking of any part
<<ne Property, os for con~Tyance sn lieu of eundemrauon, are hereby assigned and sha11 be pa~d to Lender.
; In the eve~t o( a total tak~ng uf the Yropert}~. the proceeds she11 be appl~ed to ihe sums secured by this Secunty Instrum:nt, whcther ur not then due, with any
~ ~ce~s Faid to Borrorver. In Ihe event o( a partial tak~rtg o( the Prupcrty, uolcss Sorrov:er and (,endes otherw~se agree in writing, tht sums :>ecvre~ by this Security
~ L,.trument shall be reduced by the amount of ~hc proceeds muluplicd by the totlowirtg fraction: (a) the total amount of the sums ucuced immcdiate{y before the
:~.~n;. Ji~i~ed by (b) the fair ma~Ket ~a!uc of thc Yroperty immediaiely bcforc ihe taking. Any balance shall be paid to Botrower.
If the Property is abandoned by [3orro..cr, or ~f. after notice by- Lcnder to E3orrow~er that the condemnor of(ers t9 make an award or settle a daim (ar damagu,
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