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HomeMy WebLinkAbout2871 l~~~t~~k~~ Ce?~'F:~ ~ti7s Horrc+~~•rr und l.ender co~enant and agree a~ foll~~~~~: l. Payment of Principal and Interesh, Prepayment and I.ate Charges. Burn~Hrr tih,?11 rrumptl~ ~a~ ~~hrn ~iu~ rl~.. nr~n.-irval ..P~~ni1 int.~rwt Illl ~~P I~PF~I PVIl~Pfl!`PII I1V }IlP T~1nrn onri anv nrs•n~~a•mNr~t anrl lalr~ ~•h:~ro~~~ tlur~ ~In~~t•~ I~lt• ~~llt' . _t...~..._.._ _ o. 2. Funds for Taxes and Insurance. Subject to applicable iaw~ or to a written u~ai+er b~~ Len~ier, f3urro~~ rr tihall pa~ . to Lender on the day monthly payments are due under the Note, until the Note is paid in Puli, a sum ("Funds") eyu~l tu une-twelRh e~f: (a) yearly taxes and assessments which may attain priority~ orer this Securit}~ In~trumenr, (h) yrarl~ leasehold payments or ground rents on the Property, if any; (c) yearly hazard insuranre premiums; and (d) ~~rarl~ mortgage insurance premiums, if any. These items are calleci "escrow items." Lender may estimate the Fund~ due on the basis of current data and reasonable estimates of fuWre escrow items. The Funds shall be held in an instiwtion the de~sits or accounts of which are insured or guaranteed b} a federal or state agency (including Lender iP Lender is such an institution). Lender shall appl} the Funds tc~ pay the e~cruw~ item.. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the esrrow~ items, unlrtiti Lender pa}•s Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrow~er and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applirable law reyuires interest to be paid, Lender shall not be required to pay BorroN~er any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annua! accounting of'the Funds shov?~ing credits and debits to the Funds and the pur~se for which each debit to the Funds was made. The Funds are pledged as additional security for the sums sc~ured by this Security Instrument. If the amount of the Funds held by 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 Borrow~r on monthly payments of Funds. If the am~unt of the Funds held by Lender is not sufficient to pay the escrow items when due, Sorrow~er shall pay to Lender an}~ am~~~i ncccssa:y~ ic make ~p th~ deficiency in ane or ~r~or~ ~aymenis as reguircd 5y L.: :dcr. Upon payment in full of all 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 shalt apply, n~~ !ater 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 against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides utherwise, all payments received by I.eoder 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, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions auributable to the Property a~hich may attain prioriiy over this Security~ Instrument, and leasehold payments or ground rents, if any. ! Borrow•er 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 owed 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 Instrument unless Borrower: (a) ; agrees in writing to the payment of the obligatian secured by the lien in a manner acceptable to Lender; (b) contests in good I faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to f prevent the enforcement of the 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 I 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 shal! satisfy the lien or take one or more of the actions set forth above within !0 days i of the giving of notice. ~ 5. Hazard Insurance. Borrower shall keep the improvements now exisiing or hereafter erect2d on the Propert~~ I insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender ~ requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The ~ insurance carrier providing the insurance shali be chosen by Barrower subjeci to Lender's approval which shall not be ; unreasonably withheld. ~ All insurance policies and renewals shall be acceptable to Lender and shall include a standard mongage clause. ! Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender ~ all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall gi~~e prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherw•ise agree in writing, insurance proceeds shall be applied to restoration or repa~r of the Property damaged, if the restoration or repair is ec;onomically feasible and Lender's security is not lessened. If the ~ restoration or repxir is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ~ applied t~ the sums secured by this Security Instrument, whether or not then due, with any eacess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ~ of~ered to settle a claim, then I,ender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Propeny or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period w~ill begin , wnrn ure uviicr i~ givrn. , Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~stpc~ne the due date of the monthly paymeats referred to in paragraphs I and 2 or change the amount of the pa}~ments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to an~~ insurance policies and prc?ceeds resulting ' from damage to the Property prior to the acquisition shall pass ro Lender to the extent of the sums secured b}~ this Securit}~ ; Instrument immediately prior to the acquisition. 6. Preservation and Msintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantiall} change the Property, a~low the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply w~ith the provisions of the lease, and if Borrow~er acquires fee titie to the Yroperty, the leas.hold and fee title shall not merge unless Lender agrees ro the merger in writing. 7. Protection uf Lender's Rights in the Property; titortgage Insurance. Ii Borrow~er fails to perform the covenants and agreements contained in this Security [nstrument, or there is a legal proceeding that ma} significantl}~ affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, ior condemnation or to enforce law~ti or regutations), then Lender may do and pay for whatever is necessary to protect the vslue of the Propert}~ and Lender's rightti in the Property. Lender's actions may include paying any sums secured b}• a lien w~hich has priorit}~ o~er this Securit~~ Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Propert}~ to make rep~irs. Alth~ugh 1 Nnrirr ma~~ t?kP a~tinn ~~nriPr thie naraoranh 7 1?n~Pr rinPC nnr h~yP en r1n en. r---o--r_. . Any amaunts disburced b}~ Lender under this paragraph 7 shall become additional de:~t oiB~rrower ~ecured b~~ this Securit}~ [nstrument. L3nless Borrower and Lender agree to other terms of pa~ rnent, these amounts shall Eiear interett frum € the date of disburtemeni at the Note rate and shall be payable, w~ith interest, up~n n~tice fr~m Lender to Be~rrc,wer requesting pa~~ment. eoo~615 FacE2~71 - _ _ ~v~ ~r~~:~,..