The URL can be used to link to this page

Home My WebLink About2553 , i~f : l~lt u1t~t I~ Hurruwrr and t rndrr ru~~nant and agrrr a, (ullu~~,: f. PA~ment uf PrincipAl and Interest; Preps}ment And I.Ate ('hargex. Hurru~?rr.hall pr~~mptl~ pa~ N hrn Jur thr pnnripal ot and intrrrst on the debt e~ idenced b~• the Note and any prepa~ ment an:i late rhargr, dur undrr thr 1~~te. 2. F unds for Tsxes and Insurance. Subject t~~ applicablr IaH or to a H ritten w ai~ rr b~~ l.ender, Burro~?er shall pa~ t~~ I.ender ~~n thr da~ monthh~ ~,ayments are due under the tiote, until thc \ute i, paid in full, a~um ~"Funds") eyual to une-twrlfth oi: (a) ~'earl~ taxes and a,sessments Hhirh ma~~ attain priorit~• ~~~er this Securit~ In,trument; (b1 ~rarl~ Ira~ehuld pa~ments or ground rents un the Pruperty, if am; (c) yearl~ haiard in~urance premiumti; and (d1 ~earh murtgage in,urance premium,, ~f an~~. I hrsr itrms are called "escruN itrm.." l.endrr may r~timate the Funds due un thr b:~~i, ol current data and rra~onable estimate~ of luwrr e;craw item~. l he Funds shall be held in an in.titutian thc depu~its ~~r accounn of ~ hich are imured or guaranterd b~ frderal .~r,tate agency (including l_ender if Lender is such an insti+utionl. l.ender .hall appl~~ thr Funds to pa}~ the e~croH itrms. l.rnder ma~ not charge fur holding and appl~ ing the Funds, anal}ring the account or ~erifying the escrow items, unle.~ Lender pa~s BorroHer interest un thr Funds and applicable IaN permits Lender to make;uch a charge. Burre[uer anc! I.znder mat• agree in w riting that interest ,hall be paid on the Funds. Unless an agreement is made ar applicabl~ reyuires intcrrst to be paid, Lender shall not br reyuired to pa~~ Borrower an~~ interest or earnings on the Funds. Lender shall gi~ e tn Rnrrnurr ~?it6n~~t rh~rn~• on ~nn~~~l ~rr~~nn~~nn n~th.~ Fu~/1c chnuina rr~~litc ar+r~ r1~F~i~c tn fhr~ F~unilc an~ Ihc m~rn~~c~~ - - - _.---••a - ---c - : - ~ ' - fc~r which each debit to the Funds ~as made. The Funds are pledged as additional security for the sums secured b~ this Sccurit~• Instrument. If the amount of thr f=unds held b~ Lender, togrther with the future monthh~ pa~•ments of Funds pa~~able pri~~r to ; the due dates of the escroH items, shal! exceed the amount reyuired ta pa~~ the escroN items ~ hen due, the ~xces~ shall be, at Borro~er's option, either prpm~tly repaid to Borrouer or credited to Borrower an monthly payments of Fund~. If the amuunt of thr Funds held b~• (.ender is not sufficient to pay the escrow items H hen due, Borrower shall pa~~ to Lender an~ amount necessarr to make up the def~cienc~~ in one or more pa}~ments as reyuired b~• l.ender. ' Upon pa~~ment in full af all sums secured b~• this Security Instrument, Lender shall prompth~ refund to Borrower ~ . am~ F~ands held b~~ Lender. If under paragraph 19 the Propert~~ is sold or acyuired b}• Lender, an~~ Funds held b~ Lender at the timr of application as a credit against the sums secured by this Securit~~ Instrument. . 3. Application oi Pnyments. Unless applicable IaH pro~ides otherwise, all pa}~menis recei~ed b~~ t.endrr under paragraphs t and 2 shall be applied: first, to late charges due under the Nate: second, to prepa}~ment charges due under . the 1ote; third, to amounts pa~•able under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, ~ines an~ impositions attributable to the Pmpert}~ which ma~~ attain priority over this Securit~~ Instrument, and leasehold payments or ground rents, if an~•. Borro~er shall pa~~ these obligations in the manner pro~~ided in paragraph 2, or if not paid in that manner, Borrower shall pa~~ them on time directly ta the person o~~ed pa}~ment_ Barrower shall promptl~~ furnish to Lender a11 notices o(amounts to be paid under this paragraph. If Borrower makes these payments directl}~, Borroµer shall promptl}~ futnish to l.ender receipts e~idencing the pa}~ments. Borrower shall prompth• discharge an} lien W hich has priorit~~ o~er this Scccurit~~ Instrument unless BorroHer. (a) agrres in writing to the pa}~ment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in goud faith the lien b~•, 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 an}~ part of the Propert~~; or (c) secures from the holder of the lien an agreement satisfactor~~ to lender subordinating the lien to this Securit~~ Instrument. If Lender determines that - am part o( the Propert~~ is subject to a lien which ma~~ attain ~?riorit~~ o~er this Securit~ Instrument, l.ender ma~~ gi~e BorroHer a notice identify~ing the lien. Borrower shall satisf} the lien or take one or mure o(the actians,et forth abo~e ~~ithin 10 da}s of thc gi~ing af notice. 5. HAZard Insurance. Borrower shall keep the impro~~ements now existing or hereafter erected on the Propert} in,ured against loss b~• fire, ha~ards included uithin the term "extended co~erage" and am~ other haiards for which Lender reyuires insurance. This jnsurance shali be maintained in the amounts and for the periods that Lender reyuire,. Thr insurance carrier pro~ iding the insurance shall be chosen b}~ Borrower Subject to i.ender's appro~al w hich shail not be unreasonabl~~ withheld. All insurance policies and reneNals,hall be acceptablr to Lender and shali include a standard mortgage clause. i.rnder shall ha~e the right to hold the poiicies and renewais. If t_ender rey~ires, BorroNer shall prompth gi~e to Lender , all receipts of paid premiums and renewal notices. In the e~ ent of loss, Borrower shall gi~~e prompt notice to the insurance . ! carrier and Lender. Lender ma~~ make proof of lo~s if not made promptly b~~ Borrouer. ~ E Unless l.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or ~ repair of the Propert~~ damaged, if the restoration or repair is economicall}~ feasible and l.ender's securit~• is not lessened. ~ If the restoration or repair is not economicall}• feasible or Lender's securit}~ would be lessened, the insurance proceeds i ,hall be applied to thc sums secured b~~ this Security Instrument, Hhether or not then due, Nith an}~ excess paid to ~ Borrower. If i3orroHer abandons the Propert~, or does not an~wer ~ ithin 30 da~~s a notice from l.ender that the insurance ~ carrier ha~ offered to cettle a claim, then I.ender ma~~ collect the insurance proceeds. l.ender ma~~ use the procerds to ~ repair or restore the Propert~~ or to pa~~ ~ums secured b~~ this Securit~~ instrument, Nhether ~~r not then due. The 30-da~ peri~~d Hill begin ~~hen the notice is gi~en. ~ ['nless Lender a~d Bc~rro~~er otherw ise agree in ~+riting, an}~ application of proceeds to principal ,hall not extend ~ ~~r postpone the due date of the monthh~ pa~ments refcrred to in paragraphs I and 2 or change the amount of the ~ pa~mrnt,. If under paragraph 19 the Propest~ is acyuired b~~ Lcnder, Borro~?er's right to an~ insurance policieti and ~ nroceed, re,ulting frc~m damagc to the Propert~ prior to the acyuisition shall pass to Lender to the extent uf the sum~ ~ .ecured b~ thi, Securitc Instrument immec~iatel~• prior to the acyuisition. 6. Preser~~Ation and ti1aintenance of Property; I.easeholds. BorroHer shall not de~tro~. damage or sub,tantiall~ ~ ~ char~ge the Pri~perh, ailoH the Propert~ ta deteriorate or commit uatitr. If thi~ Securit~ Instrument i~ on a lea~ehold. ~ - B~~rrotier shall compl~ «iti~ ii~r pro~ isic~ns of thr lea~e, and if Borroaer acyuire, (ee title to the Propert~, th~ lea~eholo ~ ~ and fee titie tihalf not merge unlesti I.~nder agrecs to the merger in ~+riting. ~ 7. Protection of !_ender's Rights in the Property; ~tortga~e Insurance. If Borro~?er fails t~, pcrform the ~ ` cumenants and a~rerments rontained in thi~ Securit~ tnstrument, or there i~ a legal }~roceeding that ma~ ~ignificantl~ ~ k a((rct Lrnder', right~ in the Propert~~ (`uch a~ a proceeding in bankruptc~, probate, for condrmnation or to enforce la~~ ~ ~ k ~~r regulatic~nsl, th~n Lender ma~~ do and pa~~ for w hate~~er is necessan~ to protect the ~alue af the Properh and Lender', ~ ~ riKhts in the Propert~~. Lender's actions ma~ include pa}~ing an~~ sums secured b~ a lien which has priorit~ o~er thi, ~Q ~ ~ecurit~ Intitrument. appearing in court, pa} ing reasonable attorne~~s' fees and entering on the Propert~~ to make repairs. ~ ~ ;1lthough Lender ma~~ take action under this paragraph 7, l.ender does not ha~~e to do so. oo° ; ~ An}~ amounts ~isbursed b~ I.ender under paragraph 7 shall become additional debt of Borrower secured b~~ this i ~ Securit~~ In~trument. Unless Borr~~~er and l.ender agree to other terms of payment, these amount~ shall bear interest i ~ from the date of dishursement at the late rate and shall be pa~able, with interes~ upon notice from Lender to Borrower ~ ~ reyuesting pa~ment. , ~ ~ ~ ~ ~::.;,~a~ ~ri::: ~ ;r •r r; ; i~-iF: ~ i~i,F F= i~~ i-.i,i~r?E~: TTfIt~ ?~IITH T~i.}~~~;i1WE=~ E?~~ i E:k f t~l=, I~~! ' t l~ r_ r~~I i T l i~ I;t_I~~t i~~~1 r~1 ; c~Y I~i f i~,. i ill-~ ~ii~J It~!L~EF'~.~~T~E_~~ 1 I~sx F:{-~'L!(~:~I i;aG ~ i.r i ,~;r`~i_i_ r~;~t , ~>i:: FIf~E f ~F ?'!_'R~C): F,~' s?F ~rHF_ FF~:F~~F.T!a ~~lis ::E~~±TErl~l. - 3 ~ ~ - - - ~"'u