200213488 - Laserfiche WebLink

Browse

200213488 Leader in,, at easy time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may he required for Bonowcr's escrow account under the Real Estate Settlement Procedures Act of 1994, 12 11S.C. § 2601 g{ a, and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ( " RESPA "), except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be basal on amounts due for the mortgage insurance premiuma . If the amounts held by Lender for Escrow Items exceed the amounts permitted to he held by RESPA, Lender shall deal with the excess funds as required by RESPA. if the amounts of funds held by Lender at any time are not sufficient to pay the Escrow Items when due, Lender may Fairly the Borrower aad require Borrower to make up the shortage or deficiency as permitted by RESPA. Tile Escrow Funds are pledged as additional security far all sums secured by this Security Instrument. If Burrower tenders to Lender the full payment of all such sums, Borrower s account shall be credited with the balance remaining for all installment items (a), (b), aad (c) said any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for items (al, (h), and (c). 3. Application of Puymenls. All payments under paragraphs I and shall he applied by Lender as follows: First to the mortgage insurance premium to be paid by Lender to the .Secretary or to the monthly charge by the Secretary instead of the monthly mortgage in,u ante premium; Second, to any taxes special assessments, leasehold payments or ground rants, and fire. Flood and other heizand insurance pmnuums, as required; Third, to Interest due ,adenhe Note; Fourth, to amortization of the principal of the Note; Fifth, to late charges due under the Note. 4. Fire, Flood and Otter hazard Insurance Borrower shall insure all impmvmncnts on the Property, whether now In existence or subsequently erected against any hazards, casualties, and contingencies, including tire. for which Lender requires insurance_ This insurance ,hall be maintained in the amounts and for the periods that Lender requires. Bouowcr shall also insure all improvements on the Property. whether now iF existence or subsequently erected, against Ines by hoods to the extent wired by the Secretary. All insurance shall be carried with companies approved by Lender The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor oL sand in a form acceptable to, Lender_ In the event of loss, Borrower shall give Iznder immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of m Borrower and to Lenderjointly- All or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument. first to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restoraton or repair of the damaged Property- Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which arc entered to in Paragraph 2, or change the amount of such payments- Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Not, and this Security Instrument shall he paid to the entity legally entitled therein. In the event of foreclosure of this Security Instrument or other nanser of title to the Property that extinguishes the indebtedness, all right, title land Interest of Borrower in and to insurance politics in force shall puss to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Properly; Bor'rower's Loan Application; Leaseholds. Borrower ,hall occupy, estaloh,h, and use the Property as Borrowers principal residence within sixty days alter the execution of this Security Instrument end shall continue to occupy the Property as Bnrtowin, principal ec,ldence for at least one year after the date of occupancy, unless the Secretary determines this requirement will cause undue hardship for Borrowers or unless extenuating circumstances exist which are beyond Borrowers Central. Borrower shall notify Lenders of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default Lender may take reasonable action to Protect and preserve such vacant or abandoned Property. Burrower shall also be in default if Borrower, during the loan upphi todr process, gave materially false or inaccurate Information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of We Property as a principal residence - If this Security Instrument is on a Ica,chold. Borrower shall comply with the provisions of the Icase. If Burrower acquires fee title to the Property, the leasehold and lee title shall riot be merged unless Lender agrees to the merger in writing, 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation. are hereby assigned and shall be paid to Lender to the cxtcnt of the fell amount of the indebtedness that remains unpaid under the Note and this Security Instrument Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in Paragraph 3. and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change tine amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 9. Charges to Borrower and Protection of Lender's Rights in the Properly. Borrower shall pay all governmental or municipal charges. fines and impositions that are not included in Paragraph 2, Borrower shall pay these obligations on time directly to the entity which is owed the payment If failure to pay would adversely affect Leader's interest in the Property, upon Lender's request Borrower shall promptly furtlsh to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perform any other covenants and agreements confined to this S,ourity, Instrument, or there Is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, forceademratimr ur to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender', rights in the Property. Including payment of taxes, hazing insurance and other items mentioned in Paragraph 2. P",2d5 1101 c "o) 16198]3 cmixacoscam