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HomeMy WebLinkAbout2443 • ' ' , . ~ l~ I I~~k ~1('c t~~~ ~ 1~ B~~rm~~ er ~nd Le~?der cu~ enant and .?gree a~ fc~ll~,~~.: 1. 1'a}mcnt uf PrinciRal and Interest; Yrepayment and I.ate CharKes. f3urni~~rr tihall rr~m~~tl~ E~:?~ ~~hrn ciur thr ~r~nci~~al uf an~i intrrr,t on Ihr drbt r~ i~ienrrd by thr tiote and ~?ny pr~pa~ ment anJ latr ~ har~,r, ~Jur un~lrr th~ \~nr. 2. Funds for TaYes and Insurance. Subject !o applirahlr law ur tu ~ H ritten ~~ai~er hy~ 1_rnder, R~~rru~?rr.hall ~.i~ ; t~~ i_ender ~~n the day monthl~• payment~ are due under the Note, until the Note i~ pa~d in full, a,um ("Pund.") ryucil tu j unc-t~~rlfth of: (a) }earl~~ taxes and a~sessments which may attain priorit~ u~er this Security lntitrumrnt; (b) yrarl~ ~ lea~ehold pa~~ments ur ground rent~ on the Propert~~, if any; {c) ~early hazard intiuran~e prrmium~; and (d) ~r,?rl} ; murtgage insurance prrmiums, if an}~. These items are calleci "e~rruw itemti." I_rndrr m:~y e.t~mate the Fund~ due cm thr ~ b:~tii, uf current data and reasonable estimate~ of future esrrow~ items. ! The Fundti shall tx held in an institution the de~sits c~r arcounts of ~~~hirh are i~itiured or guaranterd by a federal ~~r ; ~~ate agenry (including Lender if l.ender is surh an institution). Lender shail appf} the Fundti to p.i}~ the escro~~ item~. ' Lender may not charge for holding and applying the Funds, analyzing the account or ~rrif~•ing the escrcnv items, unle~ti l.ender pay~s Burrow~er interest on the Funds and applicable law permits !_ender to make surh a charge. Borrower and L.ender may agree in writing that interest shall be paid an the Funds. LJnless an agreement is made ur applicable la~~~ reyuires interetit tu be paid, Lender shall not be required to pay BorroNer an~~ interest or earnings on the Funds. Lender shall give to Borrow~er, without charge, an annual accounting of the Fur.ds show ing rredits and debi!s t~ the Funds ~ind the ' purpotie fiir w~hich each debit to the Funds w~as made. The Fu~ds are pledged as additional tiecurity for the ~ums sccured b~ ihis Securily In~irumrni. If the amaunt of the Funds held by Lender, together with the future rrzonthly paymentti of Funds ~a}~able prior t~ the due datc~ of the escrow~ items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at BorroH~er's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If thr amount uf the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to Lender an} am~~wn necessary to make up the deficiency in one or more payments as required by Lender. U~n pa}~ment in full of all sums secured by this Security Instrument, Lender shall promptly refund t~ Borrow•er an~~ 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 of the Property or its acyuisition by Lender, any Funds held by Lender at the timr of application as a credit against the sums secured by this Security Instcument. 3. Application of Payments. Unless applicable laa• provides otherH~ise, all payments received by I.ender under p;~ragraphs 1 and 2 shail be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragrap:~ 2; fourth, to interest due; and last, ro principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to ihe Nropert~~ which may attain priority over this Security Instrument, and leasehold payments or ground rents, if an}~. Borrower shall pay these obligatians in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directl}~ to the ~rson owed payment. Borrower shall promptly furnish to Lender all noticr, oi a~nuunt, to be paid under this paragraph. If Borrower makes these pa~~ments directl~~, Borrower shall promptly furnish to Lender re~eipts e~•idencing the payments. Borrow~er shall promptl}~ discharge any lien w~hich has priority over this Securit~~ Instrument unless Borrower: (a) agrees in w~riting to the payment of the obligztion secured 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 Lend~r's apinion operate to pre~~ent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfaitory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender ma~~ gi~~e Borrow~er a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above w•ithin 10 da}~~ of the giving of notice. I; 5. Hazard Insurance. Borrower shall keep the improvements now~ existing or hereafter erected on the Propert~~ ! insured against loss b}• 6re, hazards included within the term "extended co~~eragz" and any other hazards for w~hich Lender ~ reyuires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's appro~~al which shall not be ~ unreasonabl}~ withheld. ; All ins~rance ~licies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. ~ Lender shall ha~~e the right to hold the policies and renewals. If Lender requires, Borrow•er shall promptl~~ give to Lender ; all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall gi~e prampt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration ar repair ~~f the Propert~• damaged, if the restoration or repair is economically feasible and Lender's securit}~ is not lessened. If the z restoration or repair is not economically feasihle or Lender's security would be lessened, the insurance proceeds shail be ; applied ta the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrow~er. If ~ Borrow~er abandons the Property, or does not answer w~ithin 30 days a notice from Lender that the insurance carrier has i ~ffered to settle a claim, then Lender may collect the insurance procreds. Lender ma}• use the proceeds to repair or retitc~re ~ the Pro~.erty or to pa~~ sums secured b}~ this Security Instrument, whether or not then due. The ?0-da}~ period H~il1 begin w hen the notice is gi~~en. ~ Unless Lender and Borrow~er otherw~ise agree in µ~riting, an}• application of proceeds to principal shall not extend c~r }~ostpone the due date of the monthl}~ payments referred to in paragraphc 1 and 2 or change the amount of the pa}~ments. If ~ under paragraph 14 the Property~ is acquired by Lender. Borrower's right to an}~ in~urance ~olicies and prcxeed~ resulting ~ frc~m damage to the Propert}~ prior to the acquisition shal! pass to Lender t~~ the extent c~f the sum~ se~ured b~~ this Securih~ a Instrument irnmediatelj~ prior to the acquisition. ~ 6. Preservation and ~laintenance of Property; Leaseholds. Borrower sha{I not destrc~}, damage or sub~tantiall~ ~ change the Property, allow~ the Property~ to deteriorate or commit a~aste. If this Securit~~ Instrument is on a leasehold. [3orrc~~cer shall comply with ihe provisions of the lease, and if Borrow~er acquires fee title tc~ the Pro~ert~, the leasrhe~ld and fee title shall not merge unless Lender agrees to the merger in w~riting. 7. Protection of Lender's Rights in the Property; ~tortgage Insuranc~. If B~rrower fails to perfcrrm the c~nenantti and agreements contained in this Securit}~ In~trument, or there is a legal ~rckeeding that nza~~ significar.tl~ affect Le7der's rights in the Propert}~ (such as a proceeding in bankruptcy, probate, for enndemnation or to enforce laHS c~r regulcitions), then Lender ma}~ do and pay for whateti•er is necessar}~ to protect the ~~alue of th~ Propert~~ and Lender's rightti - in the Pro~ert~. Lender's acrans ma~~ include paying any sums secured b~ a lien which has ~riorit}~ o~~er thi, Securit~~ [nttrument. ap~aring in court, pa~~ing reasonabte attarz~eys' fees and entering on the Pr~pert} t~ make repairs. Althc~ugh ~ Lender ma}~ take action under this paragraph 7, Lender dc~s not have tc~ do :o. An~~ am~~unts disbursed by~ Lea~der under this paragraph 7 shall become additic~nal debt ~~f Borrouer ~ecured b~ thi~ ; Securit~ Instrument. l'nl~:s B~~rrc~w~er and Lender agree to other terms af pa} ment, these amountti shall bear interctit fr<~m ~ the date c~f di~burseme~t at ;he tiote rate and shall he ~a~~able. ~ith interest, u~+~~n nntire frc~m Lender t~~ B~~rm«cr ~ reyuest~ng ~a~ ment. > 600K V7~ PACE~~4~ ~ ~ _ _ . , _ - - - - - ~ - - - ~ , , ~ ~~,~~a~;- ~ ~ - ~ '