89101778 - Laserfiche WebLink

Browse

z 89. :1017778 UNiMRMCUVENAM& Borrower and Lender covenant and agree as follows: 9. room O lriaeipal std Inw o-, Propsysi eat aai lase Cl arps. Borrower shall promptly pay when due thepsitscipsl ofand interest on the debt evidene W by the Note and any prepayment and late charges due under the Note. L Fit AOwTurs ask Iamusion. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Leader on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Fusels") equal to o w.twdhb of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly iraWMW payments or ground rents on the Property, if any; (c) yearly hazard insurance prremiumsr and (d) yearly asoAlagla issuraatce premiums. if any. These items are called "eacr+oty items.— Lender may estimate the Funds due on the bask• of cwreat duo ad man ooabk estimate of future escrow items. The Fwwb shall be held in an institution the de positsor accounts of which are insured or guaranteed by a federal or start sa cy (including Lender if Leader is such an iipstitution). Lender shaft apply the Funds to pay the escrow items. Lot Wes assay not cMW for holding and applying the Funds. analyzing the account m vvdfying the escrow items, unless L Wer pays Borrower interest on the Funds and applicable law permits Lender to make such a charge Borrower and tAnda my ague in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law r"Wres interest to be paid. Lender sisall not be required to pay Borrower any interest or earnings on the Funds. Lender rMail S"to Borrower. without charge, an annuai accounting of the Funds showing credits and debits to the Funds and the purport for which each debit to the Funds was made. The Funds are pledged asadditional security for the sus "ssecurvii by tlwsectsrity Intmenetst. If the amount of the Funds held by Lender. together with the future tnvmthly payments of Fu r& payra'b?e prior to the due dates of the escrow items, shall exceed the amount required to pay theercrow imirss when dire, tier excessshall be- at Borrower's option, either promptly repaid to Borrower or credited to Bmmt er oar mmthly payments of Funds, if for annount of the Funds held by Lender is not wf6cient to pay the escrow items ohm due„ Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more paymenuas reruned by Lender. Upon payment in full of all suns secured by this Security Instru menu Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or a>cquc red by Lender, lender shalt 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 applies! ion asa credit against the sums secured by this Security Instrument. 3. Apollatlrn of Paysesats. Unless applicable law provides otherwise, all payments received by Lender under paragraphs l and 2 shall be applied: first, to late charges due under the Note, second. to prepayment charges dine under the Note; third. to amounts payable under paragraph 2; fourth. to interest due; and last, to principal due. d. Charge, Bras. Borrower shall pay all taxm assessments. charges. Roes and impositions attributable to the Property which may attain priority. over this Security fnstrunsant, aced leasehold payments or ground rents' if any. Borrower shall pay these obligsdons in the manner provided in paragraph 2, or if not pond in that manner, Borrower sw pay thews on tinge drrecdy to tie person owed payment. Borrows sbal) promptly fi trash to Lender all notka of announu to be paid under this paragraph. If Borrows makes these payments dirxaly� Borrower shall promptly furnish to iend'ei receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over ft Secu6ny Instrument unless Bonmower: (a) agrees in writing to the payment of the obligation mused by the lien in a manna acceptable to Lender; (b) contests in good faith the lien by. or defends against enforcement of the lien in. legal proceedimp which in the Lender's, opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; of (c) secures from the Tiolder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part ©f The Property is subject to a lien which may attain priority over this Security lnstrumert, Lerida may give Boxrowtr a notice identifying the lien. Borrows shall satisfy the lien or take one or more of the acticrss set faith above within ItS dabs of the giving of notice. S. Hawd iasmuce. Borrower shall keep t he improvements now existing or hereafter erected on the Property insured against loss by fin. 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 shall be chosen by Borrower subject to lender's approval wh:ch shill not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Leader ds11 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 give prompt notice to the insurance carrier and lender. Lender may make proofof Ices if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in westing. 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 economically feasble or Lender's swunty would be lessened, the insurance proceeds shall be applied to the sutras secured by this Security Instrument. whether or not then due, with any excess paid to Bocrawer. if Borrower abandons the Property. or don not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim. then Lender may collect the insurance proceeds. Lender may 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 when the notice is given. Unkaa Lcnduer and Borrower otherwise agree in waling. any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to to paragraphs 1 and 2 or change the amount of the payments. if under paragraph 19 the Property a acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the a.,yutman shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition i. P uairiatioa aid Maistensice of Pro"; IRawboils. Norrower shall not destroy, damage or substantially change the Property, allow the Pco►perty to deteroorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall comply with the proitstons of the tease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees if the merger in writing. T• Pretectk m of I *ss/er's Rights fa Ilse Prapsrty; Motsigir intatsrow. if Borrower fails to perform the covenants and agreements contantteod in this Security Inurutnent, or there m s legal proceeding that may significantly affect Carrier's rights in the Property (such as a preaceedtng to bankruptcy. probate, for condemnation or to enforce laws or miudatiossy, then Under may do and pay inr umitewr is necessary to protect the vatue of the Property and Leader's nghts in the Property. Lender's actions may sac lode paying any sums secured by a lien which has priority over this Security Instrument, appeanng in court. paying reasonable attr+rin s' fets and entering on the Property to make repairs. Although Leander may rake action under this paragraph 7. !.ruder dies nos haveto do so Any amounts disbursed by 1 ender under thisparogtaph 7 shall became additional debt of borrower secured by this Security Instrument Unless Borrower and Leader agree uo otither term of payment, these amounts shall hear Interest from the date of disbursement at the Note rate anon iholl he payahle, with interest, uprin notice fro -, Linder rn Narrower requesting payment :. fri -= ti r ti .