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HomeMy WebLinkAbout2810 ~ TOGETHER WITH all the improvements now or hereafter erected n the ~rope~ty, and all easements, rights, appurtenances, , " n1c ol~.nn nl .1 n...~ ..?.1n ..I:~w wr.t.. ...i n1....1, ..11 ~ ..~1.. ...a A 1~ ~ r~~, m.r~e~. ~ ' ~.....v.u., v~~ u~~v yu,~s ~~y~.w u~~u v..w. :iu.vi T:y~~wu~~u ~.v..~. u~... u~. ~.n.u~~,a ~~v.. v. ~wiuu~.ci o jiu~ ~ v~ u+c fl~ V'/c~ ~y. n~~ ' feplacements and additions shall also be covered by this Security I~strument AU of the foregoing ~s referred to in this Secunty Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seiseri ot the estate he~eby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warranis and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUAAEhT combines uniform covenants for national use and non-uniform covenants with limited var~ations by ~unsdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payments of PHnclpal and Inte~est; Prapaym~nt ind Lat~ Char~es. Borrower shall promptly pay when due the pnncipal of and ~nterest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Fu~ds for Taxss and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note +s paid in full, a sum ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument: (b) yea~ly leasehold payments of ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mQrtgage insurance premiums, ii any. These items are called "escrow ~tems." Lender may estimate the Funds due on the basis of current data and reasonable estimates of tuture escrow items. The Funds shal! be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency ~ ~ncluding Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analy2ing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charqe. Borrower and Lender may agrc~ in writing th~t interect ch~,il h~ ~,~i~ on the Funds. Unless an agreement is made or applicable law requires interest tobe paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shall exceed the amount requ+red 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. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to lender any amo~nt 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 Borrower and Funds held by ~ Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior ta the safe 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. Appiicatlon of Payments. Unless applicable law pravides othervvise,afl payments received by L+ender under paragraphs t ard 2 ' shall be applied: first, to late charges due under the fdote; second, to prepayment charges due under the Note; third, to amounts ~ payable under paragraph 2; fourth, to interest due; and last, to principal due. I 4. Charges; Liens. Borrower shali 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. Borrower shall pay these obligations i ~n 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 promptly fumish to Lender alI 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. E Borrower shall promptly discharge any lien which has priority over this Security Instrument unlessBorrower: (a) agrees in writing I to the payment of the obligation secured by the lien in a manner acceptable to ~ender; (b) contests in good faith the lien by, or defends f against enforcement of the lien in, legal proceedi~gs which in the Lender's opinion operate to prevent the enforcement of the lien or ~ forteiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the i ~ en to this Security Instrument. lf Lender determines that any part of the Property is subject to a lien which may attain priority over this ! S~curity Instrument, Lender may give Borrower a~otice identifying the lien. Borrower shall satisfy the tien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep ihe improvements now existing or hereafter erected on the Prope~ty insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This ~ nsurance shall be maintained in the amounts and for the periods that Lender req~ires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. ' All insurance policies and renewals shall be acceptable to Lender and shall include a siandard mortgage clause. Lender shall have i ~he rlght to holdthe policiesand renewals. If Lender requires, Borrowershall promptlygiveto Lenderall receiptsof paid premiums and renewal notices. I n the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. ~ender may make proof of !oss if not made promptly by Borrower. Unless Lender and Borrower otherwise aqree in writina. insurance oroceeds shall be a~alied to restoration ~r ren~ir nf thP Property damaged, if the restoration or repa~r is economically feasible and Lender's security is not lessened. If the restoration or repair i; not economically feasible or Lender's security would be lessened, the insurance proceeds shalf 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 Property, or daes not ~ answer within 30 days of notice from Lender that the insurance carrier has offered to settle a claim, then Lender may coll$ct the ~ nsurance proceeds. Lender may use the proceeds to repair or restore the Property or io pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree inwriting, any application of proceeds to principal shall not extend or postpone the d ue date of ihe monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by ~ender, Borrower's right to any insurance policies and proceeds resulting from damage to the PraRsrty prior to the acquisition shall pass to Ler~er to the extent of tha sums secured by this Security Instrument imme~iately prior to the acquisition. 6. Presrrvatlon end Malntenance of ~raQerty; L~aasehotds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. li this Securiry Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agr~s to the merger in writing. 7. Protection of Lender's Rl~ht fn the Property; Mort~aye lnsurance. If Borrower fails to perform the covenants and agreements contained in this Security fnstrument, or there is a legal proceedinq that may significantly affect Lender's right in the Property (such as a proceeding ~n bankruptcy, probate, for condemnation or to enforce laws or regulations), then lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a ~ien v~rhich has priority over this Security Instrument, appearing incourt, paying reasonable attorneys' fees and entering on the Property to make repairs. Aithough Lender may take action under this paragraph 7, Lender does not have to dc so. BOUK PAGE2Q~0 PsQ~ 2 of 1 - FLOi110A-SMpN f~r-F117AAiiHlilC UNIfOi1M iMSrnw~eiT , ~ ~ GF F150025-8 6-8! Fo~m 3010 12/83 - -