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HomeMy WebLinkAbout2524 l'~it c?K~~ Cc~~ t.~atirs ~3arruw~cr and Ixnder a~venant and agree as full~>H~. 1. Ya~•ment of Principa! and Interest; Prepayment and I_ate Charges. Borrow•rr .haU rr~~mptl~ ra~ ~?hrn dur thr pn~~ripal uf and interest on the debt evidenred hy the Note and any prepayment and late charge~ due u~idrr the ti~»e. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written w•ai~~er by 1_endrr, Borru~~ er shall pa~ tu Lender on the da}~ manthly payments are due under the Note, u~~til the Note is paid in full, a sum ("Fund~") eyual to ~ one-twelfth of: (a) }•eari~~ taxes and assessments w~hich may att~~n ~riority o~~er this Securit~~ Instrument; (b) ~earl~ leasehold payments or ground rents on the Property, if any; (c) y~early hazard insuranre premiums; and (d) yearl~ mortgage insurance ~remiums, if any. These items are called "escrow items." Lender may rstimate the Funds duc on ihe basis of current data and reasonable estima[es of future escrow items. ' The Funds shall be heid in an institution the deposits or accow~ts of w~hich are insured or guar~nteed by~ a federal or ~ state a¢ency (including Lender if Lender is such an institution). Lender shall apply the Fund~ t~ pay the esrrow~ items. a Lerder may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unles~ ~ Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrow~er and ; Lender may agree in writing that interest shall be paid on the Funds.•Unless an agreement is made or applic~ble laN• requires interest to be paid, Lender shall not be required to pay Borrow•er an}• interest or earnings on the Funds. Lender shal! give to Borrow~er, w•ithout charge, an annual acrounting of the Funds showing credits and debits to the Funds and the , purpose for w•hich each debit to the Funds was made. The Funds are pledged as additional securit~• for the sums secured hy ' this Security [nstrument. ; lf the amount of the Funds held by Lender, together with the future monthly payments of Funds p~yable prior 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 monthl~~ payments of Funds. If the ~ am~unt of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shafl pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrow•er any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall appiy, no later ~ than immediately prior to the sale of the Property 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 received by Lender under paragraphs 1 and 2 shall be appliecl: first, to late charges due under the Note; second, to prepayment charges due under the tiute; third, to amounts payab;e under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessmeitits, charges, fines and impasitions attributable to the , Property w~hich may attain priority over this Security Instrument, and leasehold payments or ground rents, if an}•. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall pa~~ them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all 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 Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in geod faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion 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 satisfactory to Lender subordinating the fien to this Security Instrument. If Lender determines that any part of th~ Pro~rrty is subject to a lien which may attain priority over this Security Instrument, Lender may gi~~e Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth aEiove w~ithin 10 days of the giving of notice. ; 5. Hazard Insurance. Borrower shall 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 ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The j insurance carrier providing the insurance shali be chosen by Barrower subject to Lender's approval which shall not l~ ~ unreasonably withheld. ~ A!! insurance policies and renewals sfiall be acceptabl~ to Lender and shall include a standard mortgage clause. ; Lender shall have the right ro hold the policies and renewals. If Lender requires, Borrower shail promptly gi~~e t~ Lender E ail receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make.pronf of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shal! be apptied to rest~ration or repair j of the Property damaged, if the restoration r~r repair is economicaliy feasible and 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 e Borrower abandons the Property, or does not answer within 30 da}~s a nosice From Lender that the insurance carrier has ~ offereci to settle a claim, then Lender may~ collect the insurance proceeds. Lender ma}~ use the proceeds ro repair or restore s the Propert}~ or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will bcgin E w~hen the notice is given. ~ Unless Lender and Borrower otherw~ise agree in writing, any appliration of proceeds to principal shal! not extend or ' ~stpone the due date of the manthly payments referred to in paragraphs 1 and 2 or change the amount of the pa~•ments. If ' under paragraph 19 the Property is acyuired by Lender, Borrow•er's right to any insuranre policies and proceeds resulting ~ fmm damage to the Property prior to the acquisition shall pass to Len~er ro the extent of the sums secured b} this Securit}~ ~ Instrument immediately prior to ihe acquisition. ~ 6. Preservation and 1~iaintenance of Property; Leaseholds. Borrc~w~er st~all not destro}, damage or substantialf} change the Property, allow the Property to deteriorate or commit w~aste. If this Securit}~ Instrumrnt is on a leasehold. f;!~r~r~u~e~ sha!! cornp;}~ u~ith !he pro~~isions of the !ease, and if Borro~cer acquires fee title to tFe Propert}~, 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; ~iortgage Insurance. If Borrc~wer fails to perf~~rm the ce~cenants and agreements rontained in this Serurit~~ Instrument, or there is a legal proceeding that ma~~ signifiran,l} affc:ct Lender's rights in the Property (such as a proceeding in bankruptcy, probate, far condemnation or t~ enforce la~tis e,r reguiations), then Lender may do and Ray for whate~~er is necessar}• to protect the ~~alue of the Propert~ and Lender't right. in the Propert}~. Lender's actions may include paying any sums secured b}~ a lien «~hich has ~riorit}~ c~cer this Securit~~ Instrument, appearin~ in caurt, ~ay~ing reasonable attorneys' fees and entering on the Propert}~ tc~ make repain. Alth~ugh Lender ma~~ take action under this paragraph 7, Lender does not ha~~e to do so. " An}~ amount~ disbursed b}• Lender under this paragraph 7 shall bec~me additional debt of E3<,rrc~wer tiecured bi~ this 5 = Securit}~ Instrument. Unless 8~rro~~er and Lender agree to other terms of pacment, thesc: amountti shall hear intereu fmm ~ the date of disbursement at the Vote rate and shall be ~a}able, with interest, upon n~tire from Lrnder to Borru«cr ~ reyuesting pa}~ment. ' ~ BOOK U7~ PAGE~SZ~ ¢ ~ - _ _ . _ - _ ~ ~ :~~~'..~-~~-~u:z~~ a~~.~;:=~°°~~~~"