88101157 - Laserfiche WebLink

Browse

88- 101157 r UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. 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 Taxes and Insurance. Subject to applicable law or 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") equal 10 one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rellts on the Property, if any; (cl yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates offuture escflJw items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying' the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lendn. together with the future monthly payments of Funds payable prior to the due dates of the escrow items. shall exceed the amount required to pay the escrow items when due. the excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is nol sufficient to pay the escrow items when due. Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as reqUired by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall 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 af application as a credit against the sums secured by this Securily Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first. to late charges due under the ~ote: second. 10 prepaymenl charges due under the Note: third, 10 amounts payable under paragraph 2: fourth, to interest due: and last, 10 principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments. charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument. and leasehold payments or ground rents. if any. Borrower shall pay these obligations in the manner provided in paragraph 2. or ii not paid in that manner. Borrower shall pay them on time directly to the person owed paymenL Borrower shall promptly furnish to lender all notices of amount~ to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over thi~ Security Instrument unless Borrower: (a) agrees in writing to the paymehi of the obligation secured by the lien m a manner acceptable to Lender: (b) contests in good faith the lien by. or defends against enforcement of the hen in. legal procet.-dmgs which m the Lender'.. opinion ~)per.lte to prevent the enforcement of the hen or forfeiture of any part of the Property; or (c) secur~ from the holder of the lien an agreement satisfactory to Lender subordinating the lien to thiS Se;:urity Ins:rumenL If lender detemlin~ that any part of the Property is subject to a lien which may attain prionty mer thl~ Security Instrument. lender may glw Borrower a notice identifymg the lien. Borrower shall satisfy the lien or take one or more of the actJons sel fonh abow \\ Ilhlll JO days of the giving of nOlice. S. Hazard Insurance. Borrower shall keep the impro\'ements now existing or hereafter erectt'O on the Property insured against loss by /ire, hazards included wilhin the term "extended co,'erage" and any other hazards for which lender r(Quiro imUfilnC(. Thi:i imurnnc( :ihilll be milinlilincd in the ilmOUm:i ilnd for Ihe pcnod:i Ihill Lender rcquirn. The insurance carrier pro\.iding the in!.urance shall be chosen by Borrower !.ubJccl to lender!. ppnwal which shall nol be unreasonably withheld_ All insurance pohClc;, and renewals shall be acceptable 10 Lender and sballllldude a standard mortgage dausc. Lender shall have Ihe right to hold the poliCIes and renewals. If Lender requires.. Borrower ..hall promptly give 10 L.:nder all receipts of paid premiums and renewal notices. In Ihe nent of I~s. Borrower shall giw prompt Il<ltice to the insurance carrier and Lender. Lender may make proof ofloss If not made promplly by Borrower. Unless Lender and Borrower otherwise agree m wntmg, msurance procet.-ds shall be apph..-d 10 r..'S!Orallon or repuir of the Property damaged. if the restoration or repair IS econonucally feasible and Lender'.. s..~urlly IS not ....s~ened. If the restoration or repair IS not economically feaSible or Lender'~ ~~unty would be lessened. the insurance pro,...'(.'ds shall be applied to the sums secured by this Security Instrumenl, whether or not then due. wilh any exc..'Ss paid 10 Borrower. If Borrower abandons the Property. or does nOI answer within 30 day~ a notice from Lender thaI the m~urance carrier ha.. offered to settle a claim, then Lender may collect the IIlsurancc prO\:et.'ds. Lender may IIse Ihe prO\:..'(.-ds to repair or r..'Store the Property or to pay sums secured by this Security Instrument. whelher or not then due. The 30.day penod will begin when the notice is given. Unless Lender and Borrower otherwise agree m writing, any ;'pphcatlOn ofproce.:d~ to pnnClpal shall not extend or postpone the due date of the monthly payments referred to m paragraph.. I and 2 or change the amount oilhe payment~. If under paragraph 19 the Property is acquired by Lender, Borrower'.. right to any Insurance JX'hcl..... and pH~ecd~ resu!tmg from damage to the Properly prior to the acqUisition ~hall pa.... to Lender 10 the e:l.tcnt oithc ..ums ..,','urcd h~ 1111' Securlly Instrument immediately pnor to the acqUISItion. 6, Preservation and :\Iaintenance of Propert).; Leaseholds. Borrower ..hall not deslroy. damage or ..uh..tantially change the Property, allow the Property to deteriorate or commll waste. If thts S..-curity In..trumenl IS on 3 lea..ehold. Borrower shall comply with the pr<wision.. of the lea..e. and if Borrower acqUires fee IItle t(llhe Property. Ihc Iea..ehold and fee title shall not merge unle..s Lender agrees 10 the merger III writing. 7, Protection of Lender's Rights in the Propert).; :\tortgage Insurance. If Borrowcr falls t(l pcrform thc covenanls and agreements .:ontained in this Security Inslrument, or Ihere... a Icgal pH~eeding Ihal may "Iglllticantly affect Lender's rights in the Property (such as a proceeding III bankruplcy, probate, for condemnation or 10 enforce laws or regulations), then Lcnder may do and pay for whatever is ncceso;ary to protect the \alue of the Property and Lendcr', nghl" in the Property. Lender's actions may include paying 3ny sums secured hy a lien wludt has pnonty ,wer IIIIS Securll~ Instrumenl, appearing in court, paying reasonable attorneys' fees and entering on the Properly to make rel'3lr.. Althou~h Lender may take acllOn under this paragraph 7, Lender doc.. nOI ha\ e to do so Any amounls disbursed by Lender under ;llIs paragraph 7 ..hall be..:ome addlllOnal debt of Borrower '~'cured h~ 1111\ Securily Instrumenl. llnle.... Borrower and Lender agree to other terms (If payment. Ihe~c amoun.... ..hall heal Inl,'re..l from the date of di..bursement at lhe Note raIl' and ..hall be payahle. wllh mtneSI. 111',)1\ l\(lllce ff('1ll I endcr 1<, Bnrrnwcr requesting paymenl. L h