HomeMy WebLinkAbout2545 l'tilFC~k`t C~~~'f ~~~ti ~s Burrower and Lender ruvenant and agree as fc~llu~c~:
l. Payment of Principal and lnterest; Yrepayment and l.ate Chsrges. Burru~rr tihall ~rumptl~ ~a~ ~~h~~n ~iur
the ~rincip~l c~f and interest on the debt e~ idenred by the Note and an~• prepayrnent and late rh:~rgr~ dur uneirr the \~,t~.
2. Funds fnr Taxes and Insurance. SubJect to appficabie law• or to a w ritten w ai~ er by Lender, f3urruti~r ~haii ~~a~ ~
tu Lender on the day monthly payments are due under the Note, unti) the Note is paid in full, a sum ("Funds") eyu~il t~~
une-tH~elfth of: (a) ~~early taxes and assessments w-hirh may attain priority over ihis Securit~~ In~trument; (b) }earl~ !
Ira~eh~ld pa}~ments or ground rents on the Property~, if any; (c) yearly h~zard insurance premiums; and (d) yrarl~ 1
mortgage insurance premiums, if any. Thc~e items are called "escrow items." 1_ender may estimate the funds due un the
basis oicurrent data and reasonable estimatc~ of future escraw items.
The Funds shail be held in an institution the deposits or accountti of which are in~ured or gu3ranteed b~~ a federal or ;
st~te agency (incl~ding Lender if l.ender is such an institutton). LPnder ~hall ~pply the Funds to pay~ the escrow items. ~
Lender may not charge for holding and applying the Funds, anaiyzing the account or verif~~ing the escrow~ items, unlest
Lender pays Borrawer interest on the Funds and applicable laK~ permits Lender to make such a charge. Borrow~er and j
Lender may agree in a~riting that interest shaU be paid on the Funds. Unless an agreement is made or app{icable IaH•
requires interest to be paid, Lender shalf not be required to pay Borrow~er an}~ interest or earnings on the Funds. Lender '
sh~ll gi~~e to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the ~
nurcx~se f~r which each dehit t~ thP Fim~ic wa~ mat~v ThP F~~n~c arP nlvrlovr~ ac arl~ifinna) cPr~~ritv Fnr f1~.• cnmc cNi~~~rs~r1 h~•
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this Security Instrument. ~
If the amount of the Funds held by Lender, tosether with the future monthly payments of Funds ~a~~able prior ro
the due dates of the escrow items, shall exceed the amount required to pay the escrow items w•hen due, the e!cress shall be,
at Borrower's option, either promptty repaid to Borrower or credited to Borrower on monthly payments of Funds. [f the
amo~nt of the Funds held by Lender is not sufficient to pay the escrow items when d~e, Borrower shall pay to Lender an}•
amount necessary to make up the deficiency in one or more payments as required by Lender.
Upon payment in ful! of all sums secured by this Security Instrument, Lender shall promptly refund to BorroH~er
any Funds held by Lender. If under paragraph 19 the Propeny is sold or acquired by Lender, Lender shall appl}~, no later ii
[han immediately prior to the sale ot the Propeny or its acquisition by Lender, any Funds held by Lender at the time of i
application as a credit against the sums secured by this Security Instrument. ~
3. Application of Payments. Unless applicable law provides otherwise, all paym~nts received by Lender under I
paragraphs i and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the ~I
Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principai due.
4. Charges; Liens. Borrower shall 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 any. I
Borrowrr shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrow~er shail
pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts
ta be paid under this paragraph. If Borrow~r makes these payments directly, Borrower shall promptlp furnish to Lender
j receipts evidencing the payments.
Borrower shall promptly discharge any lien whicfi has priority over this Security Instrument unlc~s Borrow~er: (a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in goai
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 part 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, I.ender may give Borrower a
notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set (orth above w•ithin 10 day~s
~ of the giving of notice.
S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property~
I i~isured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender
i requires insurance. This insurance shall be maintained in the amoun[s and far the periods that Lender requires. The
j insurance carrier providing the insurance shall be chosen by Borrower subject to Lenc3er's approval which shall not be
~ unreasonably withheld.
; All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
' Lender shall have the right to hold ihe policies and renewals. U Lender requires, Borrower shall promptl}~ gi~~e to Lender
~ all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice ro the insurance
E ca~rier and Lender. I.ender may make proof of loss if not made promptly by Borrower.
CJnless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
~ of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
` restoration or repair is not economicaily 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, w~ith any excess paid to Borrower. If
~ Borrower abandons the Property, or does not answer within 30 da}•s a notice from I_ender that the insurance carrier has
~ offered to settle a claim, then Lender may collect the insurance prcx:eeds. Lender may use the proceeds to repair or restore
( the Propeny or to pay~ sums secured by this Security Instrument, whether or not then due. The 30-da~- period w~ill begin
@ w hen the notice is gi~•en.
~ Unless Lender and Borrow~er otherwise agree in writing, any application of proceeds to principal shall not extznd or
p~st~ne the due date of the monthl}• pa~~ments referred to in paragraphs 1 and 2 or change the amount of the pa~~ments. If
~ under paragrapi~ 19 the Property is acquired by Lender, Bormwer's right to any insuranre ~mGcies and ~roceeds resulting
from damage to the Propert~~ prior to the acquisition shall pass to Lender to the extent of th~e sums serured b~~ this Securit}~
~ instrum~nt immediatel}~ prioi to the acquisition.
~ 6. Preservation and Mainienance of Property; Leaseholds. Borrow~er shall not destro}~, damage ~r substantiall~
~ change the Property, allow the Propert}~ to deteriorate or ~ommii waste. If this Securit~~ Instrument is ~~n a leaseh~ld.
Be~rrower shall com~ I~~ with the provisions of the lease, and if Borrow~er acauires fee title to the Propert}~, the leasehold and
fee title shall not merge unless Ler.der agrees to the merger in writing.
7. Protection of I.ender's Rights in ihe Property; ~iortgage Insurance. If BorroH~er fails to perform the
co~enants and agreements contained in this Serurity [nstrument, or there iti a legal prcxeeding that ma}~ significantl} affert
Lender's rights in the Property {such as a proceeding in bankruptcy~, probate, for condem~ation ~r ta enforce law~~ or
regulations), ther Lender ma}~ do and pay~ for whate~er is necessar}• to protect the ~~alue of tne Prupert} an~ Lender'~ right~
in the Propert~~. Lender's actions may include pa~~ing an}- sums secured b}~ a lien w~hich has priorit~~ c~~~er this Securit~
Instrumeni, appearing in court, pa}~ing reasonable attorne}~s' fees and entering on the Propert~~ to make repairs. Althc~u~h
Lender ma} take action under this paragraph 7, Lender does not ha~~e to do so.
~ An; amounts disbursed b}~ Lender under this paragraph 7 shall become additional debt of Borrower serured h~~ shis
~ Serurit} Instrumeni. Lnlesti E3orrow~er and Lender agree t<~ other terms of pa} ment, these amou~tti shall bear interest frc~m
^ the date of dishunement at the tic,te rate and shail be ~a~able, with interest, u~+~n n~tice frc~m Lender t~~ I3e,rrc~~rer
~ rey~etiting pa} ment.
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