HomeMy WebLinkAbout2497 ~'~It~~R~1C'~>~t~~~~iti Hurrc,tierandLrriderr~~~enant~tnd:igreeatif~,ll«~~~:
1. Yayment of Yrincipal and lnterest; Prepay~ment and l.ate CharKes. Burm~rr ~hall ~rum~tl~ pa~ ~~hrn ~lur
thr ~nn~•ip~l ~~f~and interrst on the debi evidenred b~• the N~~te and any prepay ment and latr ch.ir~;rti dur uneicr th~ \ut~.
2, Funds for Taxes and Insurance. Subject to applirable law or tu a w ritten w ai~ er b}~ 1_endrr, E3~~rru~~ er .h311
tu Lender on the day monthly pa~•ments are due under the Note, until the Nate is ~aid in fuil, a ~um ("Funds") ryual t~,
une-tw~elfth of: (a) }~earl~~ tax~~ and asses~ments w•hi~h may attain priorit~~ o~er this Security~ In~trument; (t~) ~~;irl~
leasehold p~y~ments or ground rents on the Property, if any; (c) yearl}• haz:~rd insurance premiu?ns; and (d? }earl~
mortgage insurance premiums, if any. These items are called "escrc~w• items." Lrnder ma~ ~,timate the Funds due on thr
batii~ i~f current data and reasonable estimates of future escrow items.
The Funds shall Ue held in an institution the deposits or accuunts of ahirh are in~urrd ur gu~ranteed b} a federal or
state agene~• (including Lender if Lender is such an institution). l.ender shall apply the Fund. to pa~~ the escro~c itemti.
Lender may rtot charge fi~r holding and applying the Funds, anal~~zing the account ar verifying the e~crow~ items, unle~ti
Lender pays Borrow•er interest on the Funds and applicable law ~rmits l.ender to make such a rharge. 13orrow~zr and
Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable l~eH•
reyuires interc~t to be paid, Lender shall nol be reyuired to pa}• Borrower an~~ interest or earnings on the Funds. Lender
shati give to Borrow~er, without charge, an annual accounting of the Funds show~ir,g credits and debits to the Funds and the
pur~se for which earh debit to the Fun~is was made. The Funds are pledged as additional securit~~ for the sums secured b~
this Security Instrument. ~
If the amount of the Funds held by Lender, together with the future monthl}~ payments of Funds pa~~able priur to
the due dates of the escrow items, shall exceed the amount required to pay the escrow~ items when due, the excess shall be, ~
at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. lf the
amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall p~y to l.ender an~•
amount necessary to make up the deficiency in one or more payments as required b~~ Lender.
U~n payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
any Funds held by Ler.der. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later
than immediately prior to the sale of the Propecty or its acquisition by Lender, any Funds held by Lender at the time of
application as a credit against the sums secured by this Security Instrument. .
3. Application of Payments. Unless applicable law provides otherwise, all payments reczi~~ed b}~ Lender under
paragraphs I and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
Nute; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principa) due.
4. Charges; Liens. Borrower shalt pay all taxes, assessments, charges, fines and impositions attributable to the
Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if an~~.
Borrower shalt pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
pay them on time directly to the person owed payment. Borrower shall pramptly furnish to Lender aq notices of amounts ~
to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender
receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Securit~~ Instrument unless Borrower: (a)
agrees in writing to the payment of the ob(igation 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 Lender's opinion operate to
prevent the enforcement of the lien or forfeiture of any parc of the Property; or (c) secures from the holder of the lien an
agreement satisfactory 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 may give Borrower a
notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set fonh al~ve within 10 days
of the giving of notice.
~ 5. Hazard Insurance. Borrower shali keep the improvements now existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which 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 approva! which shall ~iot be
unreasonabl withheld.
Y
E All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
~ Lender shalt have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly gi~~e to Lender
; all receipts of paid premiums and renew~al notices. In the event of loss, Borrower shall give prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
Untess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
~ ~~f the Property damaged, if the restoration or repair is economically feasible an~ Lender's security is not lessened. If the
~ restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
` applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If
~ Borrower abandons the Propeny, or does not answer within 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 restore
~ the Property or to pay sums secured by this Security Instrument, whether or n~t then due. The 30-da}~ period will begin
( when the notice is given.
= Unless Lender and Borrower otherwise agree in writing, any application of proceeds ro princi~al shall not extend or
~ St ~ne the due date of the monthl
< {x y payments referred to in paragraphs 1 and 2 or change the amount of the payments. If
€ under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance ~licies and proceeds resulting
~ from damage to the Property prior ro the acquisition shall pass to Lender to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition.
~ 5. Preservation and :~iaintenance of Property; Leaseholds. Borrow~er shal) not destroy, damage or substantially
~ change the Property, allow the Propeny 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 Propeny, the leasehold and
fee title shall not merge unless Lender agrees to the merger in writing.
7. Protection Qf Lender's Rights in the Property; liorigage Insurance. If Borrower fails to perform the ;
covenants and agreements contained in this Security Instrument, or there is a legal proceeding that ma~~ significantly affect
[.ender's rights in the Property (such as a proceeding in bankruptc}~, probare, for condemnation or to enforce law~s or
regulations), then Lender may do and pay for whatever is necessary to protect the ~~alue of ihe Property and Lender's rights
in the Propert}~. Lender's actions may include paying any sums secured b}~ a]ien w•hich has priorit~~ o~~er this Securit}~ ~
Instrument, appearing in court, paying reasonable atrorneys' fees and entering on the Propert~~ to make repairs. Although ;
Lender may take action under this pa,-agraph 7, Lender docs not have to do so.
_ Any amounts disbursed by Lpnder under this paragraph 7 shall besome additional debt ~f Borrow~er secured b~~ this
_ Serurity Instrument. Unless Borrou~er and Lender agree to other terms of pay~ment, these amounts shall bear interest from
= the date of dishursement at the tiote rate and shall be pa}~able, w~ith interest. ~~pcm n~tire frc~m Lender to B~~rrc~wer ~
~ requesting pa}•ment. ~
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R 675 ~~acE 2497
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