88104750 - Laserfiche WebLink

Browse

88- 1 UNIFORM COVENANTS Borrower and Lender covenant and agree os follows: 0475 0 I. Paymnl of PriDelpal and Interal; Prepayment and Late Chal'Jl'" Borrower shall promptly pay when due the principal orand interest on the debr evidencM by the Note and any prepayment and Jate charges due under the Note. :l. FlI.... for r........d I..urance. Subject to applicable law or to a wriUen w....r by Lender. Borrower shall pay to Lender on the day monlhly payments are due under the Note. untillhe Note is paid in full. a sum ("Funds") equal 10 one-twelfth of: (a) yearly takes and assessments which may auain priority over this Security Instrument; (b) yearly leasehold paymenlS or Bround rents on Ihe Property, if any; (c) yearly hazard insurance premiums; and (d) yearly monpae insurance premiums. if any. These items arc called "escrow items." Lender may estimate the Funds due on the basis oreurrent data and reasonable estimates of future escrow items. The Funds shaD be held in an institution the deposits or accounts of which are insured or guaranteed by B federal or state ~cy (includinB Lender if Lender is such an inSlitution), Lender shall apply the Funds to pay the escrow items, Lender may not chl'gl: for holding and applying the Funds, analyzing the account or \lerifying the escrow hems, 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. wilhoUl charge, an annual accounting crlhe Funds showmg 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 Securily Instrumenl. If Ihe amount of the Funds held by Lender. loselher with Ihe fUlurc monthly payments of Funds payable prior to the due dates ofthe escrow items. shall exceed the amounl required to pay the escrow items when due, the excess shall be, al Borrowcr's option. either promptl}' repaid to Borrower or credited 10 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 paymentlD 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 Propeny is sold or acquired by Lender. Lender shall apply. no later than immcdis:tely prior to the sale of the Propeny or its acquisition by L~nder. any Funds held by lender at the time of applicalion lIS a credit against the sums secured by this Security Instrument 3. AppUratioD or PaymeDb. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first, to Iale charges due under the Note: second. to prepayment charges due under the Note; third. to amounts payable under paragraph 2; founh. to interest due; and lasl. to principal due. 4. Claqa; Ueu. Borrower shall pay all taxes. assessments, charges, fines and impositions attributable: to the Property which may attain priority o\ler this Security Instrument, and leasehold payments or ground rents. if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly.ao the person owed payment. Borrower shall promplly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish to Lender receipts e....idencing the payments. Borrower shan promptly discharge any lien which has pnori1y o\ler thiS SecurilY Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable 10 Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedmgs which In the Lender's opinion operate 10 pre\lent the enforcemenl of the lien or forfeiture of any pan of the Propeny; or (c) secures from Ihe holder of the lien an agreement SAtisfactory 10 Lender subordinating the lien 10 this Security Instrument. If Lender determines thai any pan of the Propeny is subject 10 a lien which may attam priorilY over this Secunty Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set fonh above within 10 days of the giving of notice. S, Huard Insurance. Borrower shall k.eep Ihe impro\lemenl!li now ~usllng or hereafter erected on the Property insured apinstloss by fire. hazards mcluded wilhin the lenn "extended co\'~rage" and any other hazards for which lender requires insurance. This insurance shall be: mainlamed m Ihe- IImounU and for Ihe periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower ~ubJecl 10 under's approval which shall nol be un_ably wilhheld, AU insurance poliCIes and renewals shall be acceptable 10 Lender Ilnd shallmclude a standard mongage clause. Lender shall 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 noliccs. In the e\lenl of los!!. Borrower shaJJ give prompt notice to the insurance carrier and Lender. Lender may make proofofloss irnot made promplly by Borrower. Unless Lender and Borrower olherwise agree in wnllng, IDsurance 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 nol lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, Ihe insurance proceeds shall be applied to the IiUms secured by this Security Instrument, whether or nol then due, with any exce.'iS paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a nor ice from Lender that the insurance carrier has offered to settle a claim, tben Lender may collect Ihe Insurance proceeds. lender may use the proceeds to repair or restore the Propcny or to pay sums secured by this Security Instrumenl, whether or nol then due. The 3O-day period will begin when Ihe notice is given. Unle55 Lender and Borrower otherwise agree 10 writing, any apphcatlon of proceeds to principal shall not cJuend or postpone the due date of the monthly payments referred to lD paragraph!. I and 2 or change Ihe amount ofrhe payments. If under parqrapb 19 the Properly is aC{(uired by Lender. Borrower's right 10 any lOsurance policies and proceeds resulting from damage to the Propeny prior to the aC{(uisition shaH pass 10 Lender to the ex.tent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Praenalion and Malat........ of Properw; Leuebolda. Borrower shall not destroy. damaBe or subslanhally chanae the Propeny, allow the Propeny to deteriorate or commit waste. If thiS Secunl)' Instrument IS on a leasehold, Borrower shan comply with Ihe provisions of the lease. and if Borrower acquires fee tille to the Propeny. the leasehold and fee title Iball not merge unless Lender agfCCS to thc merger in writing. 7. Protection of Leader'. Rip.. in lbe Propert)'j Mortgqe Insurance. If Borrower fails to perform the COVenaJlls and agreements contained in Ihis Security instrument. or there 15 a legal proceeding Ihal may sIgni6canlly affect Lender's rights in the Propen.y (such as a proceeding in bankruptcy, probale, for condemnallon or to enforce law... or regulations), then Lender may do and pay for whatever is necessary to protectlhe "alue of the Propen)' and Lender's nghcs in lhe Property. Lender's actions may mc1ude paying any sums secured by a hen which has pnont)' over Ihls Securll)' Instrument. appearing In coun, paymg reasonable attorneys' fees and entenng on the Pro~rt)' 10 make repal~. Although Lender DlIIY take action under thiS paragraph 1. Lender dDe5 n01 ha\ie 10 do ~o Any amounts dlsbun.cd by lender under chiS paragraph" shall become nddlllOnal debt of Borrower secured b)' Ihl!t Secunty I",trome-nt Unless Borrower and Lender l!Igra: 10 olher terms of pa)'mc:nt. thoe amounr~ ..hall bear Inlerr-\l frnm the date of d"bunemcnl II the" Nore ra.le and sh.1l be; payable. wuh anre"rC'1t. upon n~lcr from lender 10 Hnrw-.rr rcqurstln. pa)mrnl