93110895 - Laserfiche WebLink

Browse

Form 3028 9/90 TOGETHER WITH all the improvements now or hereafter erected on the property, and ~~~mel~ag~~~ces. and fixtures now or hereafter a part of the property. All replacements and additions shall also be covereJ by this Security I Instrument. All of the foregoing is referred to in this Security Instrume<nt as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the righttC' grant and convey the Property and that the Property is unencumbered. except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against an claims and demar.ds. sunject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifoon security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Latc Chargee;. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for T",xes and Insurance. Subject to applicable Jawor to a written waiver by Lender. Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full. a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly haz.ard or property insurance premiums; (d) yearly flood insurance premiums. if any; (e) yearly mortgage insurance premiums, if any; and (t) any sums payable by Borrower to Lender. in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgagt: loan may require for Borrower's escrow account under the federal Real Estate SelllementProcedures Act of 1974 as am~nded from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA "). unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency. instrumentality, or entity (including Lender. if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analp:ing the escrow lItcount. or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However. Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requi res interest to be paid, Lender shall not be required to pay Borrower any interesl or earnings on the Fund'i. Borrower and Lender may agree in writing, however. that interest shall be paid on the Funds. Lender shall give to Borf(lwcr. without charge, an annual accounting of the Funds, showing cnxlits and debit, to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by 'his Security Instrument. If the Funds held by Lender exceed the amounts permitted to be he'd by applicable law, Lender shall account to Borrower for the exces~ Funds in accordance with the requirements of applicable law. !f the amount of the Funds held by Lender at allY time is not sufficient to pay the Escrow Items when due, Lender may so not:fy Borrower in writing. and. in sllch case Borrower ~li:!.i1 pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more Ihan lwC:ve monthly j'J'lyments, at Lender's sole discretion. Upon payment in full of all Sllms secured by this Security Instrument. Lender shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21. Lender shall acquire or sell the Property. Lender, prior :0 the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit agai;lst the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under para~raphs I and 2 shall be applied: first, to any prepayment charges due under the Note; second. to amounts payable under paragraph 2; third, 10 interest due; fourth, to principal due; and last. to any late charges due under the Note. 4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable h, the Property which may attain priority over this Security Instrument. and leasel1l'ld payments or ground rents. if uny. Borrower shull pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall puy them on time directly to the pers:.:.m owed payment. Borrower shall promptly furnish to Lender all nOlices of amounts to be paid under Ihis parngraph. If Borrower makes these payments directly, Borrower shall promptly furnish 10 Lender receipts evidencing the payments. Borrower shall promptly discharge a'ly lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends again~,t enforcement of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; 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 u notice identifying the lien. Borrow~r shail satisfy the lien or take olle or more of the action~ set forth above within 10 days of the giving of notice. rag@ 2 of -: