HomeMy WebLinkAbout2830 l'til~ ~?K~~ C~~~'t ~:~~Tti Horrower and 1_znder c~~~en3nt and agrer ati follu~~.:
1. Payment of Principal and lnterest; Prepayment and l.ate CharRes. I3c;rn~wrr .h;,ll pmm~tl~ ~:t~ whrn ciur
thr pnn~ipal of and interest on the deht evidenced h~• the N~~~:~~ci anv r,rNr,:~. n,P„~ :+„~i I:~~r ~•h:~~...•. ~i~~.• unrl~~r thr \ntr
2. Funds for Taxes a~~d Insurance. Subject to applicable law or to a~ ritten a ai~ er b~~ Lendrr, Hurru~~ cr ,hall ~a~
tu Lender on the day monthly payments are due under the Note, until the Note is paid in full, a.um ("Funds") eyual t~~
e~ne-t~ti~etfth of: (a) ~~early tases and assessments which may attain priarit~~ o~er this Sc~urit~ Intitrume~~t; (b) }carl}
leasehold pa~~ments or ground rents on the Propeny, if any; (c) ~~early~ hazard insurance rremiums; und (d) yearl~
mortgage insurance premiums, if any. These items are called "escrow~ items." Lendrr ma}~ e~timate the Fundti due e~n the
hesis of c~!rrent d~?.a ar.d reasonable estimates ~f future escrow~ items.
The Funds shall be held in an institution the deposits or accounts of w hirh are insured or guaranteed b}~ a federal or
state agency (including Lender if Lender is such an institution). Lender shall appl~~ the Fundti to pay~ thc e~crow items.
Lender ma}~ nat charge for holding and applying the Funds, analyzing the account or verifying the escrow~ items, unlesti
Lender pa}~s Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicabte la~•
requires interest to be paid, Lender shall not be required to pay BorroWer an~~ interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting otthe Fw:ds 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 fi~r the sums secured b~~
this Security Instrument.
if the amount of the Funds held b~~ Lender, together with the future monthly payments of Funds pa}•able 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 k3orrower on monthly pa}~ments of Funds. If the
amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrow~er shall pay~ to Lender any
amount nece~cary tn make the deficiency in one or !r_ere p~ysn~?~!s ?s reG~~i~~ Le.^.~±.r.
Upon payment in full of a!1 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 apply, no later
than immediately prior to the saie of the Property or its acquisition by Lender, any~ Funds held b}~ Lender ~t 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 I.ender under
paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
Note: third, to amounts payable under paragraph 2; fourth, ta interest due; and last, to principal due.
4. Charges; Liens. Borrower shall pay a11 taxes, assessments, charges, fines and impositions attributable to the
Property which may attain priority over this Security Instrument, and leasehold payments or graund rents, if an}~.
Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Barrower shall
f pay them on time directly to the person owed payment. Borrower shall promptly furnish tu Lender all notices of amoun,s
~ to be paid under this paragraph. If Borrower makes these payments directly, BorroN•er shall promptly furnish to Lender
receipts evidencing the payments.
Borrower shalf promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
i agrees in writing to the payment of the obligation secured by the lien in a manner acceptabie to Lender; (b) contests in good
j 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 fien an
f 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, Lender may give Borrower a
~ notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
~I of the giving of notice.
, S. Haz$rd Insurance. Borrower shail keep the improvements now existing or hereafter erected an the Property
~ insured against loss by fire, hazards included within the term "extended coverage" and an~• other hazards for which Lender
i reyuires insurance. This insurance shall be maintained in the smounts and for the periods that Lender requires. The
~ insurance carrier providing the insurance shall~ be chosen by Borrower subject to Lender's approval which shall not be
i unreasonably withheld.
` All insurance policies and renewais shall be acceptable to Ler.der and shall include a standard mortgage clause.
~ Lender shall have the right to hold the policies and renewals. If Lender requirrs, Borrower shalf promptly give to Lender
~ all 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 proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shal) be applied to restoration or repair
of ihe Property damaged, if the restoration or repair is economically feasible and Lender's security is not tessened. [f the
j restoration or repair is not economically feas~ble or Lender's security would be lessened, the insurance proceeds shall be
j 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 does not answer within 30 days a notice Prom Lender that the insurance carrier ha~
! offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or rest~re
the Propeny or to pay sums secured by this Security Instrument, whether er not then due. The 30-day period w~ill begin
~ u•hrn thr nnti~P;c oivP~
, c•
Unless Lender and Borrower otherwise agree in writing, any application of proreeds to principal shall not extend or
po~tpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the pa}~ments. If
? under paragraph 19 the Property is acguired by L,ender, Borrower's right to any insurance ~licies and proceeds resulting
! from damage to the Property prior to the acquisition shall pass ro Lender to the extent of the sums secured b}~ this Security~
~ Instrument immediately prior to the acquisition.
6. Preservation and Mzintenance of Property; Leaseholds. Borrow•er shall not destro~~. damage or substantiail}~
, change the Property, a!low the Property to deteriorate or commit ~~aste. If this Security Instrume~t is on a leaseh~~ld.
Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title ro the Propeny, the leasehold and
fee title sha11 not merge unless Lender agrees to the merger in writing.
7. Protection of Lender's Rights in the Property; ltortgage lnsurance. If Borrow•er fails to perform the
covenants and agreements contained in this Security Instrument, or there is a legal pr~eeding that ma}~ significantl}~ affect
Lender's rights in the Property (such as a proceeding in bankruptcy, ~*obate, for candemnation or to enforce law~s or
regulations), then Lender may do and pay for whatever is necessary to proiect the ~ alue of the Propert}~ and Lender's rights
in the Propert}•. [.ender's actions may include paying any sums secured b}~ a lien w~hich has priority~ aver this Securit}~
Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Propert~~ to make repairs. Although
Lender may take action under this paragraph 7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured b}~ this
Securit}' Instrurnent. Unless Borrower and Lender agree to other terms of pay~m~nt. these amounts shall tzear interest from
the date of disbursement at the Note rate and shall be pa}'able, with interest, upon noti,e from Lender to Bc~rroH•er
reyuesting pa} ment.
so~~s?5 FA~E~OJQ
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