HomeMy WebLinkAbout2865 l,'tiIFURM CO~'F:vAtiTS Hurrowrr dnd Lender ruv~narn ~nd agr~~c a, fulluH..
1. Payment of Princip~l and lnterest; Prepayment and I.ate Charges. BorruHrr tihall ~rum~t!~ ra~ Khrn due
the prinripal of and inter~st on the debt evidencrd by the tiote and any~ prrp~y mrnt and laie: harge, dur under ~he ti~~tr
2. Funds for Taxes s?nd Insurance. Sub~ect to anDlicabie law ~r to a wntten wa~~er h. I c`nclt~r. Rnrrnwrr ~hall
to Lender on the day monthly payments are due under the N~te, unti! the Nate ~s paid ~n fufl, a wm ("Fund~") equal to
one-twelfth of: (a) yearly taxes and assessments which ma~• attain ~riority o~er this Securit~ Inurument; (b) }~ea~l~•
leasehold payments or ground rents on the Property, if any: y~a~~y~ hazard intiuranre pr~m~ums; and (d) }rarly
mortgage insurance premiums, if any. These ~tems are ralled "escrow items." Lender may eti~in~ate ihe Fund~ due on the
basis of current data and reasonable esumates of f uture escrow items.
'Ilie Hunds shall be held in an i~.titution the deposits or aca~untti oi ~~hirh are in.ured or guarantced b~ a federal ur
,tate agenc~~ (including l.ender if Lender is such an institutiun). l.ender sh~ll appl~~ the F~unds to pay therscrow items. Lender
ma~~ not charge for holding a~d appl}~ing the Funds, anal~~~ing the account or ~crii~~ing the eun~w items, unless t_ender pa}~+
~~rro~er interest an the Funcis and applicable law~ Fx;rmits t.ender to make such a charge. A charge assessed b}~ Lender in
conneLtion ~~ith BorroH~ers' entering imo thi~ ~urit~~ ln~trument to pa}~ the cost of an independent tax reporting ~nire
,hall not be a charge for purpous of the prccc,~iling untence. f3~irroµcr and Lender ma~~ agree in Hriting thai interest shall tx:
paid on the Fii~ds. Unless an agreement is made or applicable fau~ reyuirc-~ intere+t to he paid, Lender ~hall not tx: reyuired to
pa~ &~rroHer any interest or earnings on the Funds. Ixnder shall gi~e to &~rruHer, ~ ithout charge, an annu:~l aca~unting of
the Funds shoHing creditti and debits to the Funds and the purpo~e for Hhich each debit tu the Fund~ was made. Ihe Funds
are ptedged as additional u~curity for the sum+ sc:cured b~ this Serurit~~ lnstrument.
If the amount of the Funds held by Lender, together with the future monthl~~ pa~~ments of Funds payable prior to
the due dates of the escrow items, shall exceed the amount required :o pay the escrow items when due, the excess shall be.
at Borrower's option, either promptly repaid to Borrower o~ credited to Borrov~~er on monthly payments of Funds. If the
amount of the Punds held by Lender is not sufficient to pay theescrow items when due, Borrower shall pay to Lender any
amount necessary to rnske up the defszicncy~ in one or more pay+~~rnt~ aa rryuireci by Lender.
Upon payment in fult of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
any Funds held by Lendec. If under paragraph 19 the Propeny is sald or acquired by Lender. Lender shall apply, no later
than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
application as a credit aRainst the sums secured by this Security Instrument.
3. Application of Payments. Unless applicable law provides otherwise, al) payrnents received by Lender under
paragraphs 1 and 2 sha11 be appiied: first, to late charges due under the Note; second, to prepayment charges due under the
Note: third, to amounts payable under paragraph 2; fourtfi, to interest due; and last, to principal due.
4. Charges; Liens. Borrower shall Qay 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 in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
pay them on time directly to the person ow~rd payment. Borrower shall promptly furnish to Lender all 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.
Borrower shall promptly discharge any lien which has priority over this Security lnstrument uniess Borrower. (a)
agrees in writing to the payment of the obligation secured by the I~en ~n a manner acceptable to Lender; (b) contests in good
faith the lien by, or defends against enforcement of the lien in, legal prcxeedings which in the Lender's opinion operate ta
prevent the enforcement of tftie 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, Lender may give Borrower a
! notice identifying the lien. Borrower shafl satisfy the lien or take one or mcre of the actions set forth above within 10 days
of the giving oF notice.
I S. Nazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
~ insured against loss by fire, hazards included within the term "extended coverage" and any olher hazards for which [.ender
~ requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The
; insurance carrier providing the insurance shall'be chosen by Bo~rower subject to Lender's approval which shall not be
{ unreasonably withheld.
~ All insurance policies and renewais shall be acceptable to Lender and shall include a standard mortgage clause.
~ Lender shall have the right to hold the policies and renew~als. If Lender requires, Borrower shall promptly give to Lender
~ all rece~pts of paid premiums and renewa! notices. In the e~ent of loss, Borrower shat! give prompt nohce to the insurance
~ carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
Unless l.ender and Borrow~er otherwise agree in w~riting, 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 economicaliy 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, with any excess paid to Borrower. If
p Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has
; offered to settle a claim, then Lender may coflect the insurance proceeds. Lender maf use the proceeds to repair or restore
~ the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin
s when the notice is g+ven.
E Unless Lender and Borrower ocherwise agree in writing, any application of proceeds to principal sha{1 not extend or
' postpone the due datr of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. [f
; under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
~ from damage to the Froperty prior to the acquisition shail pass to Lender to the extent of the sums secured by ~his Security
! Instrument immediately prior to the acquisition.
€ 6. Preservation ~d Maintenance ef Property; Leaseholds. Bosrower shall not desiroy, damage or substantiaily
change the Property, allaw the Property to deteriorate or commit waste. If this Security Instrument is on a leaset~old,
Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and
fec title shat! not merge unless I.ender agrees to the merger in writing.
7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the
co~enants and agreements contained in this Security Instrument, or there is a legaf proceeding that may significantfy affect
Lcnder's rights in the Property (such as a proceeding in bankruQtcy, probate, for condemnation or to enforce laws or
regulations), then L,ender may do and pay for whatever is necessary to protect the value of tne Property and Lender's rights
in the Property. L,ender's actions may include paying any sums secured by a lien which has priority over this Security
Instrument, appearing in court, paying reasonable atiorneys' fees and entering on the Property to make repairs. Although
Lender may take action under this paragraph 7, Lender dces not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from
~ tht date of disbursement at the Nott rate and shall br payable, with interest, upon notice from Lender to Borrower
` requasting payment. ,
aooK675 FAGE2~65
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