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Home My WebLink About2560 L`IFl)IL~1 CUVE\A\l~. F3orroMer nnd l.ender co~~enant ~nd agrct as tolluws: ' i } 1. Pa~ment of Principal and interesh Prepayment and late Charges. l3ortuw•tr shall prompUy pay when due the principal of and intcrest on ~he debt e~identtd ; ihe \~te and any prepayment and late chargu due under the tiote. ' 2. Funds tor Taxes and Insurante. Subjcct to applicablc law or to a writtcn wai~~er by l.cnder, E3orrowYr shall pay to Lender on the day monthl}' paymc~ts are ~ ~ .1 uc under thc \ute, until the Note is paid in full, a sum ('Funds') eyual to ono-tw•elfth of: (a) yearly ta~cs and asscssmcnts which may attain prionty over [his 5ccurity ~ i n,irument; (b) yearly IeasehoSd payments or ground rents on thc Property, if any; (c) yearly hazard insurance prcmiums; and (d) yeady mortgage insurance prcmiums, ~ ~t .~n~•. "Ihcu items are callcd 'escrow itcrtu.' Lender may utimate tAc Funds due on the basis of current data and reas.~nable cstimates ot futurc cscrow itcnu. ~ Ihe Fumis shall be held in an institution the depoaits or accounts of which are insured or guaranteed by a federal or state agenty (including Lender i[ l.ender ~ , s~: h an institution). i.ender shall apply the Funds to pay the curow items. Lender may not charge for hoWing an~ applying the Funds, anal}ling the account or ~ ~~nfying the esc[ow items, unless applicable law permits Lender to malce such a charge. E3orrower and Lender may agree in writing that intercst shall be paid on ~ ; . . • ' ....:a ~ _..n~. ~~>u n.. ...,~,t.,~.f ~n „ao Rr.r~,rwrr anv imercct or earnines on i :..uw. ......c,,...... ab:'c...c.......-..~..' arr:._a_"'_- ._y_..__ . ~ . , ~ l ~h: Funds. Lender shall give to [3ornrver, without charge, an annual accounting of the Funds showing crcdits and debits to the Funcis and the purpose [or which :e.h dcbit to the 1~unds was made. 11~e Funcis are pledged as additional security [or the sums secured by this Sccurity instrument. ~ f( thc amount ot the Funds he{d by Lender, together with the future monihly payments of Funds payablc prior to the due datu of the eurow items, shali cxcecd ;ttc amount reyuired to pay the escrow itenu when due, the excess shall be, at E3orrow•ers option, either promptly repaid to F3orrower or crcJited to Burro~+er on m,~n~ hly paymcnts of Funds. If the amourtt o[ the Funds held by Lender is not sufficicnt to pay [he cscr~w itcros when due, Borrower shall pay to Lcnder any amount nr.essary to make up the dc~ciency in one or more payments as required by Ltndec. l;pon paym~nt in full of atl sums secured by this Security I~strument, L.ender shatl promptly rctund to Borrower any Funds hcld by Lender. lf undcr paragraph i'~ ~ne Property is sold or acquircd by Leedcr, Lender shall apply, no latcr than immcdiately prior to the sale of the Property or iu acquisition by Lcnder, any Funds r.rlJ by l.endcr at the time of application as a credit against ihe sums securcd by this Security Instrument. 3. Appl'uation ot Payme~ts Unlcss applicable ~aw protiides othcewise, ail payments received by Lender under paragraphi 1 and 2 shall be applied: fint, to late .harges due under the \ate; second, to prcpayment charges due under the ;~otr, third, to amounts payablt under pangraph 2; fourth, to interest due; and last, to ;~nncipal due. Charges; Liens Borra.~er shall pay all taues, assessments, chargu, fincs and impositions attributable to the Property which may attain priority over this Suurity Ir::trument, anJ leasehold paymcnts or ground rents, if any. Borrower shall pay these obligations in the manner pro~~ded in paragraph 2, or if not paid in that manner, Is.,rn.w~er shall pay thcm on time direclly to the pason owtid payment. Borrowtir shall promptly tumish to l,ender all notices of amounts to be paid under this }~.+ra~raph. lf t3orro+ver makcs these payments directiy, Borroaer shall promptly fumish to l,ender rcceipts evidencing the payments. i 13orrowcr shall prompUy dischargc any licn wfiich has priority over this Security Instrument unless Borrower. (a) agrccs in writing to the payment of thc obligation ~ ~.•:ured by the lien in a manner acceptable to I,ender, (b) contuts in good (aith the licn by, or defends against enforrement of tht lien in, legal procecding~ which :a the L.enJer's opinion operate to pre~•ent the enforcement of the lien or lorieiture of any part of the property, or (c) secures from the holder of the lien an ~~rccment satisfactory to Lender subordinating the lien to this Security Instrument. lf I.ender determines that any part of the Property is subject to a lien which may- s~c~~n prionty o~~er this Security Instrument, l.cnder may give f3orrow~er a notire identifying the lien. E3orrower shall satisfy the lien or take onc or more of thc actiorts j >~c fonh above within 10 days of the gi4ing of notice. i 5. Hazard Insurancr. E3orrower shall kccp the improvemen!s now existing or hercaftcr ercctcd on the Property insured against loss by fire, hazarcfs induded within ~ ~erm 'extended coverage' and any other ha7ards [or which lxnder requires insurance. "Il~is insurance shall be mainiained in the amounts and for the periods ' •,hst Lcnder reyuin:s. 'IT~e insurance carrier providing the insurance shalt be chosen by Borrower subject to I.ender's approval which shall not he unreasonably ~thheld. ' :~II insurancc policies and renewals shall be acceptable to Lender and shall include a standard morYgagc clause. Lender shall ha~2 the right to hold the policics y rcnewals. !f [,ender requires, Borroaer shall prompUy gi~~e to Lender afl receipts of paid premiums and rencwal notices. In the e~~ent of loss, Borrower shall j .c prompt notice tu the insurance carrier and Lendcr. Lender may makc ptoof of loss if not made promptly by Borrower. ! t; nlcss I.endcr and Borrowcr otherwis~ agree in writing, insurance procecds shall be applied to restoration or npair of the Property damagcd, if the restoration l ~ r rcpair is economically feasible and Lender s security is not Iessened. (f the restoration or repair is not economicalty feasible or Lender's ucurity wrould be Iesxned, ~ ! ie ~r,surance proceeds shall be applied to the sums secured by this Security Instrument, wfiether or not then dut, with any excess paid to Sorrower. If Borrower ~ _`~zndons the Property, or does not answer within 30 days a notice from [.ender that the insurance carrier has offcred to setUc a claim, then L,ender may collect the n,urance proceeds. L.ender may use the proceeds to repair or restorc the Property or to pay sums secured by this Security lnstrument, whether or not then due. f ! he 30-day period wil! begin when the notice is given. l;nless l,ender and Borrower otherwise agtec ie writmg, any application of proceeds to principa! shall not extend or postpone the duc date o( the monthly ~ ~ ~•:~;n;ents referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrowers right to ~ ,n~ insurance policies and praeeds resulting fmm damage to the Propcrty prior to the acquisition shall pass to Lcnder to the cxtent of thc sums sccured by this ~~=,unty Instrumcnt immediatcly prior to the acquisition. ~ 5 6, Presen~ation and Maintenance ot Property; Leaseholds Borroa~er shall not dutroy, damage or substantialty change the Properiy, allow the Property to ~ renorate or commit waste. If this Security Instrument is on a Ir.asehold, [3orrower shall cemply with the provisions o[ the lease, and if Borro.~~er acyuires [ee title ~he property. the Ir.asehold and fee title shall not merge unless Lender agrees to the merger in writing. ~ Protection of Lertder's Rights in the Property; Atortgage Insuronce. If Borrower fails ro perform the crn•enants and agrecments contained in this Security ~ l:sirument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptty, proUate, tor mndemnation ~ ~ to enforce laws or regulations), then Lender may do and pay for whatever is necessary- to protut thc value of the Propcrty and Lender s rights in the Property. ~ I~ nder s actions may include paying any surrs serured by a 6en w•hich has pnonty wer this Security Instrument, appcanng in c~urt, paying reasonabie attorncys' lees ~ ~nJ cntcnng on the PropeRy to make rcpairs. Although Lendcr ma}• take action under this paragraph 7, l.cndcr docs not hav= to do so. ~~ny amounts disbursed by l.ender under this pacagraph 7 shall beceme additional debt of Borrower secured by this Security lnstrument. l:nless F3orrower and : ender agree to other terms o( pay~nent, these amo~nts shall bear interest from the date of disburxment at the \ore rate and shail be pa}~able, wi!h interest, upon ,t,~c from [.ender to E3orro.~~er requuting payment. If L.ender rcqwred mongage insurance as a condition ef making thc loan secured by this Security Instrument, E3orrow~er shall pay the prcmiums rcquired to r?aintain the insurance in e([ect until such time as the requirement for the insurance terminates in accordance with Borrowers and l.enders written agreement or , pficahie law. 8. Inspection. C.ender or its agcnt may make rcasonablc cntrics upon anci inspcctions of the Propcrty. Lender shalt give [3orrower not~ce at the time of or prior ` ~ an inspcction specifying reuonablc cause for the inspcction. € 9. Comiemroatiow The prcxecds of any awrard or rlaim for damagcs, direct or consequcntial, in conncctian with any condemnation or other tal:ing of any part ; f the Property, or tor coaveyance in lieu of condemnation, are hereby assigned and sha(I be paid to Lcnder. ~ In the event of a total taiung o[ tht PropcRy, the proceeds shall be applied to thc sums setured by this Stcunty lnstrvmcnt, whether or not then duc, wit6 any ~ ~~..css paid to Borrower. In the ~~ent of a partial taking o[ the Property, unless Borrvwer and Lender othecwi~e agrce in writing, the sums secured by this Security ; !nstrumcnt shal{ be rcd:u~d by the amount of the proceeds multiplicd by the tollowing fraction: (a) the total amount of the sums sccured immcdiatcly beforc the ~aking, divided by (b) the fair markct value of the Ptvperty immediatcly beforc the :aking. Any bafance shall ix paid to Borrower. If the Property is abandoned by Borrexves, or if, a(tGr notice by Lender to Bormwer that the condemnor ofkts to make an award or settle a claim for damages, i l.()itIDA-Single FamiliiyF\1iA/E'tIL~1C I,TiIFOR~t I:rSTRL~fE\T ~j~~ P~i~E~~~ BO~K ` > ~ ~ ~ ; ~ ~ _