HomeMy WebLinkAbout2284 UtiIFC~R~1 Cc~vt:`A'~ i~ BorruHrr an:1 1-en~ier cu~~.?~ant and agrrr a. t~,llu~~ti:
1. Payment uf Yrincipal and Interest; Prepa~ment and I.ate Ch~rRes. I3~~rru~~rr ~hall ~n~m~tl~ {~ay ~~h~r~ ~iu~
the pnnripal of and intcrest on the drbt e~ idenred by the Note and an~• ~re~a~ ment and I.~tr ~tiarg~, ~1ur undrr th~ ti~~tr.
2. Funds for Taxes and Insuranee. Subject to applicable law• or to a w nuen Hai~cr b~ l.~nd~r. Rurm~~~r tihall E,:i}
to Lender on the day monthly pa}•ments are due under the Note, until the Not~ is paid iii full, a~um ("f=und,") ryual t~~
une-twelfth of: (a) ~~early taxc~ and assessments which may attain priarit} ~~er thi. Sr.;unt~ tn~irum~nt; tb) >r:irly
leasehold pa~~ments or ground rents on the Yroperty, if an~; (c) }early h:~zar~i intiurance premium~; an~ Id) ~carl~
mortg3ge ~nsurance prenziums, if any. These items are called "escrow~ iteml." Lender ma}~ r~timate the Fun~iti dur c,n thr
basis of current data and reasonable estimates of future escrow• items.
The Funds shall be held in an institution the de}~?osits or acro~nts of ~~hich are imure~+ or ~u:lr:intr~d b~ a feeieral ur
state agenry (~ncluding Lender if Lender is such an institution). Lender shall apply the Fund, tc~ ~a~ the ~~cm~ti item,. ;
Lender may~ nut charge for holding and applying the Funds, analyzing the account ur ~erif}'~ng the r.:~ru« it~mti, unle~ti
Lender pays Aorrow~er interest on the Funds and applicable laa~ permits 1_ender to make such a charEr. 6<~rroHrr :ind
Lender may agree in w riting that ~nterest shall be paid on the Funds. ttnless an agreement is madr ur ~ppGrahle la~~
requires interest to tx paid, Lender sh:~ll not be requirrd to pa}~ Borruw~er any intrrrtit ur earnings ur. th~ Fun~1~. Lender
shall give to Borrow~er, withu~t charge, an annual accounting of the Funds sho~~ ing credit~ and drhits tu thr Ftu~d> sn~i thr
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F)UI t/ll.tl, t\)1 hlll\.11 l{1~.I1 UI.VII lV l~ltt ! UIIU1 Hll.l III~lUI. l ~tl l UItUJ tl~~. ~l~lU~tU ai~l alUUlltl~t:atl ~l1~U111 ~ I\ry ilt~ .iu~.tl
this Security Instrument.
If the amount of the Funds held by Lender, together with the future monthl} pa~~me~~u of Fundti pa}~able ~ri~~r to
the due datc~s of the escrow~ items, shal) exceed the amount required to pa~• the escrow items w hen due, thr ~x~c~~ tihall be,
at Borrower's option, either promptl~ repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
amount of the Funds held b}~ Lender is not suffirient to pay the escrow• items w~hen due, Borruwer sh~ll pay~ to Lrndrr an}•
amount necessary to make up the deficiency in one or more payments as required by Lender.
UFx~n pa}~ment in full of all sums secured by~ this Security Instrument, Lender shall promptl~ refunc; t~~ Bc~rrc;~~er ,
any Fun~is held by I_ender. lf under paragraph 19 the Property is sold or acquired by Lender, Lender tihall :~~~1}~, ni~ later ,
than immediately prior ta the sale of the Property or its acquisition by Lender, an~ Funds held b~~ Lencicr at the time of
application :~s a credit against the sum1 secured by this Se::urity lnstrument. .
3. Applieation of Payments. Unless applicable law providc~s otherw•ise, all pa}~ments received b} L~neier i~nder
paragraphs 1 and 2 shall t~ applied: first, to iatz charges due under the Note; second, to prepa}~ment charg~s dur under the
Note; third, to amounts pay~able under paragraph 2; fourth, to interest ciue; and last, to princiral due.
4. Charges; I.iens. Borrower shall pay all tases, assessments, charges, fines and impositic~ns 3ttributsble t~~ the
Yrupert} w•hich ma}~ attain priority over this Security Instrument, and leasehold pa~~ment~ or ground rents, if an~.
BorroH~er tihall pay these obfigations in the manner provided in paragraph 2, or if not ~aid in that manner, Bc~rrc»~~r ~ha!!
pa}~ them un time directly to the ~rson owed payment. Borrower shall promptl}~ furnish to Lender al1 ncnic~. ~~f ame~unts
to be paid under this paragraph. If Borro~ver maketi these pa}~mrnts directl}~, Borrower shall pre~mptl~ furnitih t~~ Lrndrr
receipts e~ ideiicing the payment,.
Borrow•er shall prom~tly diti~harge an}• lien w•hich has priorit~ o~er this Securit} [n~trument un[ess B~~r; ~.~er. l"a)
agrees in writing to the pa}~ment of the obligation .ecured by the lien in a manner acceptablr to Lr?idrr. (b) conte~ts in g~xxi
faith the lien hy~, or defendti agsinst enfarrement of the lien in, legal prc~eedings K~hirh in the Lender'~ ~~pinion ~~~erate tu
prevent the enforcement of the lien or fi~rfeiture of an~• part of the Pro}~rt}~; or (r) secures fmm the holder c~f the lien :?n
agreement ~atisfactor5~ to Lender subordinating the lien t~ this Securit~~ lntitrwnent. If Lender determines that an~ ~art of
the Property is subject tc~ a lien ~~hich ma}• attain priorit~~ over this Securit~~ Instrument, I_ender ma} gi~~ Borrc~~ser a
notice identif}~ing the lien. Borr~wer ~hall ~atisf~ the lien or take e-~ne or more of thr actions set fc~rth abcne ithin 10 da}~
of the gi~ ing of notice.
~ 5. Hazard Insurance. Borrower shall keep the i~np*a~ements n~w~ esisting or hereafter ere~teci ~~n the Prc~pert}~
intiured against los.s b}~ fire, hazards included within the term "extended ro~~er~ge" and an}' other hazards fur w hirh Lei?der
requires insurance. This insurance shall be maintained in the amounts and for the periocis that Lender require~. I he
insurance carrier pro~~iding the insurance shall be chosen by Bo~rower subject to Lender'ti appro~'al w hirh ~hall not be
; unreasonabl}' w~ithheld.
.All insurance policies and renew•als shall be acceptable to I_rnder and shall include a stand~~rd mortgage cisu~e.
Lender shall have the right t<~ he~ld the policies and renea~als. If Lender reyuires, Borru~er shall p~om~tl~ gi~e to Lender
al{ rereipts of paid premiums and renew•al notices. In the eveni of loss, Borrow~er shall gi~~e prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if not made ~romptly by Borrower.
Unless Lender and Borrower otherw~ise agree in writing, insurance proceeds shall be applied to restoration or repair
of the Yroperty~ damaged, if the restoration or repair is economically feasible and Lender's sec~rit}~ i~ not lessened. If the
restoration or repair is not economically feasible or Lender's security would be lessened, the insurance ~rcxeeds shall t~
applied to the sums secured by this Secunty Instrument, whether or not then due, with any excess paid to Borroa~er. If
Borrower abandons the Property, or does not answer wiihin 30 days a notice from Lender that the insurance carrier has
; offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or rc~tore
~ the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-da}~ period will begin
when the notice is given.
' C~nless Lender and Borrower otherwise agree in writing, an}~ application of proceeds to principai 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 pa}•ments. If
~ under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds rc~ulting
from damage ro the Propert}• prior to the acquisition shall pass to Lender t~ the extent of the sums secured b}~ this Secunt}~
` Instrument immediately prior to the acquisition.
~ 6. Preservation and 1laintenance of Property; Leaseholds. Borrow~er shall not destre~y~, damage or substantiall}~
change the Property, atlow the Property ro deteriorate or commit a~aste If this Security Instrument it on a leasehotd,
Burrower shall comply with the provisions of the lease, and if Borrow~er acquires fee title to the Propert~ , the leasehold and
iee title shall not merge unless Lender agrees to the merger in ~~riting.
7. Protection of L~ender's Rights in the Property; Mortgage Insurance. If Borro~?~er fails to perform the
covenants and agreements contained in this Security Instrument, or there is a legal proc~eding that may significant!} affeci
Lender's rights in the Property (such as a proceeding in bankruptcy~, probate, for condemnation or ta enforce law5 or
regulations), then Lender ma}• do and pay for whatever is necessary to protect the ~~alue of the Prnpert} and Lender's rights
in the Property. Lender's actions may include pa}~ing any sums secured by~ a lien w•hich has priorit~ u~er this Securit}~
Instrument, appearing in court, pa}~ing reasonable attorneys' fees and entering on the Propert~~ to make repa~rs Although
Lender may take action under this ~aragraph 7, Lender does not have to do so.
Ary amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower,ecured b}~ this
Security Instrument. Unless Borrow•er and Lender agree to other terms of pa}~ment, these amour.ts shall bear interest from
the date of disbursement at the Noie rate and shall be pa}~able, with interest, u~ni~ notice
fr~
m~Lender~ to Borrow~er
requesting payment. `
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