HomeMy WebLinkAbout2976 1
UN11=ORM COVf:NANTti. Hurruwrr .~nd l.en.lrr ruven.~nt .~n~f ,?~;rrr as fuUuNs
l. Paymenc of Principal and Inceresc; Prepaymenc and late Charges. Hurruw~rr shall prumpel~• pay whrn ~iur ~hr
princ~p.~l uf ~n~i interrst un the drbc evidenre~l by the Nu~e an~l ~ny prrpa~•mrnt and late ihar~;rs.lur un~lrr th~ Nucr. 3
2. Funds for 1'axes and Insurance. Subiecc eo 3pplicable l3w ur cu a wriccen w•aiver b~• I.rn.lrr, Burruwrr shall p.?p ~u ~
I.rn~er u~ the ~1ay mun[hly p.~ymrnts are due under che Nuce, until che Nu~e is paid in fuil, a sum ~"Fun~ts") rqu~l cu
une-cwrifeh u(: (a) ye~rly t~xes and :~ssessmrnts whirh may attain priuricy ~rver chis Srcurity lnsirumenr, lb? yearl~~ Ir.?sehul~l ~
paymenes ur gruund ren~s ~~n che Pruperty, if any; lc) yearly h:~zard insuranie premiums; and (d) }'rarl~~ murc~;a~;e insursnrc ~
prrmiums, if any. These items are called "esrn~w itcros." l.endrr may escima~r ~he Eunds due ~~n ~he basis uf rurrenc ~ata anJ ~
rras~,nable escima~es uf fu~ure escruw icrms. ~
Thr Funds shall be held in an institutiiin the drpusits ur accuunts ~?f which :~rr in~urrd ~,r Kuar~nterd b}~ a fr.lrral ur
scace ~Kenc~~ t including I_ender if 1_ender is such an institutiun Lender shall apply ehe Fun.1s ui pa~• the esrruw icems. Lender ~
m=?y~ nut rharge fur huldinK and applying the Funds, analyzin~; the arcc~unt ur verifJ~inR che esrruw irems, unless I.ender paps ~
Burruwrr incerest un the Funds and applicablr I~w permits Ixnder n~ makr such a chsrge. Burruwer and Lrnder ma}' ugrrr in
w~riting that i~cerest shall be paid un che FunJs. Unless an aKreement is ma.1e ur appli~:?blr I~w rrquires inceresc n? be p:~id,
LenJer shall n~~t br required cu p~y Bc~rruwer any interest or rarnin~s un thr hunds. Lender sh~ll Kive ct~ Burruwer, wichuuc ~
charKe,.~n annual accuunti~k of the Funds she~wing rredits and debits tu the Funds ~nd che pur~~se fur which rach ~lebit tu thr
Funds w~as made. The 4~unds are pledked as addiciunal se~~ricy f~~r che sums srrure~i by this Securie~• Instrument. ~
If che amuunc ~~f che Funds held by Lender, tugether with che future munthl}~ paymen[s e~f Funds psyable priur cu the
Jue ~fates uf the esrruw items, shaU rxreed the ~muunt reyuired u? pay che euruw icems when due, the rxcrss shall be, ac "
B~:rruwrr's upciun, either prumptly repsid tu Borrower ~~r credited a> Burruwer un munthl}~ payments uf Fun~1s. If thr 7
amuunc uf the Funds held by l.ender is nut sufficienc co pay the esrruw irems when ~lue, Burruw~er sh~ll pa~• cu Len~ier ~ny j
~muun~ necessary tu make up che deficien~y in ~ne ur mure payments as required by Lender. '
Upun payment in full ~~f all sums serured by chis Serurit}~ Instrument, I.ender shall prumpcl}' refunJ tu Burruw~er 1n}• ~
Funds held by Lender. If under p:~r;~graph 1~) che Prupercy is suld ur acyuired b~• l.en~ier, I.ender shall apply, nu lacrr than s
immrdiarely priur cu che sale uf the Pruper[y or its acquisitiun by~ l.ender, any Funds held by Lrnder ~t the time uf ~pplicatiun ~
as a credit .~Rainst the sums secured b~~ chis Securitp lnstrument. ;
3. Applecation of Payments. Unless applicable law pruvides ucherwise, all p:t)'ments rerei~•ed by Lender undrr ~
p.~raKr~phs 1 and 2 shall be applied: first, cu late charkes due under the Nute; secund, cu prepayment charkes due unJer the ~
Nure; chird, tu amuunts paqable under parzgraph f~~urch, w incerest due; and iast, cu principa) due. ~
Charges; Liens. Burn~wer sh:~ll pay all taxes, assessments, charKes, fines and imp~~sitiuns atcributablr ct> che ~
Pru~rcy which may att;~in pri~~rity uver this Securicy lnstrument, and le.?sehuld payments ur t;ruund rents, if an~~. Burruaer ;
sh;~ll pay these ~~bligatiuns in the manner pn~vided in para~raph 2,or if nut paid in tha~ manner, Burruw•er shall pay them un
timedireccly cu ehe persun ~~wed payment. B~nruwer sh~ll prumpcly furnish cu Lender a!I nutires uf amuuncs tu be paid ander x
chis paraKraph. If B~~rruwer makes chese payments dirertly, Burruwer shall pr«mptl~~ furnish tu l.en~ler receipes e~~idencin~; ~
~ ~ht payments. ~a
~ Burruwer sh:~ll prc~mpcly dischar~e an}~ lien a•hich h.~s priuritp uver this Security Inserumenc unless Burruw•er: ~ai ~
~ ~};rees in wri~in~; cu the payment uf the ubliKatiun secured by che lien in a manner acreptable cu Lender, ~ bi a>ntescs in K~Kx1 ~
f.?ich the lien by, ur defends againsc enfurcement ~~f the lien in, IeK:~I prcxeedings which in thc l.en~ler~s upiniun uprrate tu ~
~ pre~•ent ehr enf~~rcement uf the lien ~~r furfeiture uf any parc of the Prupercy; ur Ic) secures frum the hulder ~~f che lien an
aKreement satisf:~ctory ~u Lender subur~linacing ehe lien to this Security instrument. lf l.enderderermines th~t any part ~~f che
E Yruperty is subject w a lien which may attain priurity uver this Seturiry Inscrument, Lender may~ Ki~~e Hurruwer a nueicr
~ idrntify~in~ che lien. Burr~?~ver shalt satisfy the lien e~r take une ur mure uf che acciuns see Eureh abin~e w•ithin 10 da}~s uf the
~ Ki~•ing ~~f rtutice.
I 5. Hazard Insurance. Burruwer shall keep ~he ~mpru~~ements nuw exiscinK ur here:~fter crected un the Yruperc}•
~ insured against luss by fire, hazards included within the rerm "excended cuverrge" and an~~ ucher hazards for which l.ender
E requires insurance. This insurance shall be m:~incained in the amuuncs and fur ~he periixfs ~hac Lender requires. The ~
~ insurance carrier pn>viding che insurance shall be chusen by Be~rre~wer subjerc w I_ender's ~ppru~~al w•hirh shall nue be :
~ unreasunably withheld. ~
€ All insurance p~~lirirs :~nd renewals shall be accepeable eo l.ender and shall include a standard murcxaKe clause. I.ender
~ ,hall have the right tu h~~ld the pulicies and renewals. If I.ender requires, Burruw•er shall prumptl}' Ki~'r tu Lender all receipts
! uf paid premiums and renewal niuices. In the even~ of luss, H~>rruwer shall give prumpt nu~ire tu che insurance iar: ier sn~1
~ Ixnder. Lender may make pruuf uf loss if nut made pr~~mptly~ by Born>wer. '
` Unlcss Lender and Burruwer utherwise agree in writinK, insurance pnxeeds shall be applied tu resturatiun ur repair ~
uf the Pruperty dam:~Ke~1, if che resturation ~~r repair is ecunumically~ feasible 3n~i Lender's securiey~ is n~>t lessene~. If ehe
( resturatiun ur repair is noc ecunumically feasible e~r I.ender's security w•i~uld be lessened, the insurance prc,ieeds shali br ±
5 applied tu che sums secured by chis Security Instrumenc, whether i~r n~.~t then due, with any excess paid t~> Burruw•er. If ~
€
~ Hurruwer abanduns the Pruperty, i>r dues nut answer wichin i0 days a nucice frum l.ender that the insurance carrier has
ufferetl w se~cle a rlaim, then Lender may cc~llect the insurance pnxeeds. I.ender m~}• use the pr~xeeds cu rep~ir <~r resce~re the
E ~'rupercy ur te~ ps}• sums secured by this Se~unty Instrumene, whecher e~r nc>e chen due. The 30-d:~~~ periud wiU be~;in when thc
` nutice is ~iven. ~
~ Unless 1_ender :~n~l H<~rruwer utherw~ise agree in writinK, an~~ applic3tion e~f pnxeeds eu principal shall nu~ exeend i~r
~~scfx~ne the due dace ~~f the m~~nchly~ paymencs referred n~ in par~graphs I and '<~r chan~{r the amuunt uf the paqments. If
~ under para~;raph l~) the Pruperty is acyuired by Lender, Burr~~wer's tiKht tu an}• inwrance pulicies ~nd pnxeeds resulcin~;
~ frum damage n~ the Pre~perty priur n~ che acquisitiun shall p~ss ru Lender tu the rxtent uf the sums secured b}~ chis Seruricy~
~
# Inserumcnt immediacely pri~~r tu the arquisitiun.
~ G. Preservation and Maintenance of Property; Leaseholds. Burruw•er sh:~ll nut :festruy~, d~maKe c~r substantiall}~
change che Properry, alluw the Pruperty co deteriorace ur cummit waste. If this Securitq lnstrument is un a leasehuld,
` Burruwer shall cumply wich che provisiuns ~>f the lease, and if Hurruwer acquires fee cicle r~ the ~'n~perc}~, the Irasehuld and
Fee title sha11 nut merKe unless l.ender agrees cu the merger in writin~;.
7. Protection of Lender's Rights in the Property; Mortgage Insurance. ;t Burruw•rr fails tu perf<~rm the ru~enantti
an~1 aKreemcnts a~ncained in this Securicy Instrument, ~~r th.re i, a le~;al pnxeedinK that ma}' siKnificantly affect [.rn:~er's
rikhes in che Prupercy ( such ~s a pr~xeedin~ in bankrupccy, prubaee, f~~r ce>ndemnsciun ur tuenfe>rce I.~ws ur re~;ula~iuns then
Lender may do and p:~y fur whacever is necessary te> prutect che value isf the Prupercy and I.ender's ri~;hts in the Pre~perey~.
Ixnder's acti~~ns ma}' include paying any- sums secured by a lien which has pri~~ric~~ uver ehis Security~ lnstrument, appearinK in
ruurt, payin~ reas~~nable atcurneys' fees and enterin~; un the Pruperty tc~ make repairs. Althuu~;h l.ender may cake utiun
under this paraxraph 7, Lee~ier di>es nut hav~ w di~ su.
Any :~muunts disbursed by (.ender under chis paragraph ? shall becume acjdicic~nal de5t ~?f Borruw~er securrd bJ this
Security lnstrument. tlnless Born>wer and Lender ag:ee c~~ ucher terms uf pay~ment, chese amuunts shall txar ~nrerest frum
the dare e~f disbursement at the N~~ce rate and shall be payable, wich interest, ~pe~n notice from Lender tu Burn>wer requescin~
payment.
BOOK U~~ PAGi 29~6
- ~ F:
.~~~~,~~~r