200602366 - Laserfiche WebLink

Browse

" 200602366 If the amounts held by Lendet for Escrow Items exceed the amounts permitted to be held by RESPA, Lender sbaH account to Borrower for the I;!~CI;!5S funds as required by RBSP A. If the liImounts of fund::l )1eld by Lender at any time arc not sufficient to pay the Escrow Items when due. Lender may notify the Borrower <lod require Borrower to make up the sbortage as pcnnitted by RBSIJA. The Escrow Funds ate pledged as additiormJ security for all Sums secured by thiill Security Instrument. If Borrower tenders to Lender the full payrntm of all such sums. Borrower's account shaU be I;reditcd with the balance remaining for all installment hems (a), (b), and (c) and any mOl1gage in5\lrance premium installment that lender has not become obligated to pay [0 the Secretary, and Let:lder shall promptly refund any excess funds to Borrower, Immediately prior to a foreclosure sale of thl;i ProperlY or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installment!; for items (a), (b). and (c). 3. ApplitD.tioo or Payments. All payments under pilra,grapbs 1 and 2 shall be applied by Lender as follow$: First, tl) tne mortgage in$urallce premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium; Second, to any taxes, special <Issessments. leasehold payments or ground rents, and fire. flood and other hazard insurance premhnns, as required; Third, to interest due under the Note; Fourth, to amoni::!:ation of the principal of the Note; and Fifth. to late charges due under the Note. 4. JAre, Flood and Other Hazard Insurance. Borrower ::lhall insure all improvl'Jmems on the Property. whether now in e:x.is~ellce or subsequently erected, again8t !lilY hazards, casualties, and continttrtcies, iocluding fire, for which Lender requires insurance. This insurance $hal1 be maintained in the amounts and for the periods that Lender requirE:$_ Borrower shall also insure all improvements on the Property. whether now in existence or subsequently crtGted, against loss by floods to the cxtent required by the Sec<<'ltal1'. All insurance shall be carried with companies <Ipproved by u:nder. TIle inSUfMce policies and any renewals shall be held by Lender and shall inclUde loss payable clauses in favor of, and in ~ form acceptabl~ to, Lender. In the event of loss, Borrower sban give Lender immediate notice by mail. Lend,er may make proof of loss if not made promptly by Borrower. EllCh insurance company concerned is hereby authorized and directed to make payment for such loSs directly to Lender, instead of to Borrower and to Lender jointly. 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 Instrnment. first to any delinquent amounts "PtJlied in the order in paragraph 3, and then to prepayment of prindpal. or, (b) to t~e restoration or replilir of the damaged Property, Any application of the ptQC~ljs to the principal shall not extend or postpone the due O<lte of the monthly payments which are referred (0 in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all (1l.1lstanding indebllMness under lhe Note and this Security Instrument shall be paid to the entity legally entitled thertlo. III the event of foreclosure of thiS S(!cl.Irity Instnltnl!:nt or other transfer of title to the Property that extinguisbC:5 the indcbtec;lJ;\es5. all right, title and interest of 8orrower in and to insurance policies in force shall p~ss to the purchaser. 5. Occupancy, I'reservatio... Maintenance and Prottction of the Property; Borrower's Loan Application; Leaseholds. BQITOWer shall Occupy. establish, and U5e the Property a$ Borrower's principal residenc,c within sixty days after the ~ecution of this Security Instroment (or within $i)[ty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year aIte,; the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, Of unl~ss extenu3ling cir<;umstances exist which are beyond Borrower's control. Borrower shall notify Letlder of any extenuating circumstances. Borrower shall DO[ commit waste or dcstroy. damage or substantially change the Property or allow the Property to deteriorate, reaso/1~ble wear and tear excepted. Lender may inspect the Property if the Property is vacant Or abanr;loned or the loan is in default. Lender may take reasonable action to protect and p~etve such vacant or .-4RINEII~GOll CSI PRgR $ oUI '~ltInl,: F- b , 03/15/2006 8:43AM (GMT-06:00)