88106442 - Laserfiche WebLink

Browse

88- 106442 UNIFORM COVENANTS Borrower Bnd Lender covenant and agree U!i fnllow!.: I. Payment of Principal and Interesr; Prepayment and Late Chnrgcli. Borrower shall prnmplly PU) when due the principal oran~ interest on the debt evidenced by Ihe Nole llnd any prepaymenl and lute charges due under the Nolc. 2. Funds for Taxes and Insurance. Subject to applicable law or 10 II WTilteD \;,'uiver by Lender, Borrower shall pay to Lender on the day monthly payments ure due under the NOle. unlil the Nole is paid in full. a sum ("Funds") equullo one-lweJrth of: (a) yearly taxes and assessments which may attain priori!}' over this Security Inslrumcnl: (h) yearly leasehold payments or ground rents on the Properly, if uny; (e) yearly hazard insurance premiums: and (d) yearl}' mongage insurance premiums, ifany, These items arc called "escrow items," lender may estimate Ihe Funds due on the bllSis of current data and reasonable estimates offuture escrow items, The Funds shall be held in an institution the deposits or accounls 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 ilems. Lender may nol charge for holding and applying the Funds. analyzing Ihe accDunl or verifying the escrow items. unless Lender pays Borrower intere:'il on the Funds and applicable Inw permits lender to make such a charge. Borrower and Lender may agree in wfiting Ihat interest shall be paid on the Funds, Unless an agreement is made or applicable law requires inlerest to be paid. Lender shall not be required to pay Borrower any inlerest or earnings on the Funds. lender shall give to Borrower. "'ilhout charge. an annual accounting of Ihe Funds showing credits and debits to the Funds and the purpose for which each debit to Ihe Funds was made, The Funds are nledged as additional securily for the sums secured by this Security Instrumenl, If the amounl of the Funds held by Lender. together with the future monthly payments ('If Funds payable prior 10 the due date.'i of the escrow items, shall exceed the amount required to pay the escrow items when due. the excess shaJl be. at B "\rrower's option. eilher promptly repaid to Borrower or credited to Borrower on monthly paymenls of Funds. If the amount of the Funds held by lender is not sufficient to pay the escrow irems 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 Inslrument. lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph I q the Property is sold or acquired by lender. Lender shall apply. no later than immediately prior 10 the sale of the Property or its acquisilion hy Lender. any Funds held by Lender at the time of application ll.'i a credit against the sums secured hy Ihi~ Security Instrument. 3. Application of Payments. Unless applicable law r"O\"d~ otherwise. all paymenls received by Lender under paragraphs I and 2 shall be applied: first. 10 late charges due under I he Note; second. to prepayment charges due under the Note: third. to amounts payable under paragraph 2: fourth. to interest due: and last. to principal due. 4. Charges; Uens. Borrower shall pay all taxes. assessments. charges. fines and impositions attributable to the Propeny which may attam 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 if not paid in that manner, Borrower shall pay them 011 time directly to the person owed payment Borrower shall promptly furnish to lender all notices of amounts to be paid under Ihis paragraph. If Borrower makes the.'ie payments directly. Borrower shall promplly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which ha\ pnonty O\'er Ihi!. Security Instrument unless Borrower: (a) agrees in writing 10 the paymenl of the obligation secured by lhe hen 10 a manner acceplable 10 lender: (b) contests in good faith the lien by. or defends against enforcement orthe lien m.legal proceedings which in the Lender's opinion operate to prevenl the enforcement of the lien or forfeiture of any pari of the Property; or ee) st.."Cures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to thl' Sccurit}' In!'.trument. If Lender de[ennines that any pan of the Propeny 15 subject 10 a lien which may attain prionty over Ihl" Security Instrument. Lender ma}' give Borrower a notice identifying the lien, Borrower shall satisfy the hen or lake Clne or more nflhe: acl1on~ sel fonh abcl\'e within 10 days of the giving ofnOlice. 5. Hazard Insurance. Borrower ~hall keep the Imprnwment!'! now c1I.l!'!lmg or hereafter erected on the Propcny insured against Joss by fire, hazards included within the tc:rm "clltendcd cn\'l'Tagc" and any othcr haz.ards for which Lender requires insurance. This Insurance .,hall be mam1:lIned In 1hc amnunh and for thc pennd" that Lender requires, The insurance carrier providing the insurance ,hall he chtl'lcn hy Ullrrnwcr "UhJl'CI 10 Lender'... approval which sha.JI nOI ~e unreasonably withheld, All insurance policies and renewals ...hall he accepluhle to Lender and ...hall mclude a !'.Iandard mongage dause, Lender shall have the righl to hold the pohcle!'! und rencwnb" If lendcr reqUlfe.... Borrower ...hall prnmptly give 10 Lender all receipts afpaid premiums and rcnewal nut ICe!'! IlIlhe c\'cnl of Ius!'!. Bnrrower !'!hall gl\'C prom pI notlce to Ihe m!-urance carner and Lender, Lender may make pmof nfln....lfnul made promplly by Borrowcr. Unlcss Lender and BorrowC'r ntheT"\\'''e 3!trCC lT1 wnlmg. m!'!UTlJl1ce proceed!! ...hall he npplied 10 n..oslOnuinn or repair of the Propeny damaged. if the rotnrallO:1 tit repun I" CL'''110mlcall)' fc.a!;ible and lender.... ..ecurily is nmlessened, If the rCSloralion or repair i~ not el'ollomlcnlll fe.aMblc I'f Lcnder'.. !.ccurity would be I~sened. Ihe insurance proceeds !thnll he applied to the sums !.ecured by 11m. Securily InMrunu:nl. whclhcr or not Ihen due. with any eJl.cess THlid to Borro"'cr_ If Borrower abandons the Prnpen}, or do~ nnl an!'l\H'f Wlthm 30 day!. a notice from Lender lhal (he insurance currier has offered 10 seule a claim. then Lender mll)' (,(ll1C:Cllhc: lO...urunce proceeds. lender muy u...e the proceeds (0 repair Of reslorc the Propeny or 10 pay ..urns secured hy Ihl... Set'unl)' Imlrum~nl. whelher Ilr nnt Ihcn duc. The ](}"d:JY J1~riod \\Ijll began when the nOlice is gi\'cn, UnlC5s Lender and Borrower ulherwl"e a!;rcc 10 writing. any applicallon ufpmccl"lls to principal !.hall not eXlend or postpone Ihe due dal,e of the monthl)' pn}'mcnt!. referred 10 in paragraph!\ I and 2 or l.'hange the amounl oflhe payments, If under paragraph lq the Property is Ilcquired by Lender. Borwwer's right tn Iln)' Imurance poliCies nod proceeds r~uhing from damage 10 the Propeny pnor 10 the acqUlS1ll0n !'!hall pas...w lender In the eAtenl nfthe "iums sl"Cured by thl'" Secunty Instrument immediately prior 10 Ihe acqui...itlon. 6. Preservation and Maintenance of Properfl; Leaseholds. Borrowcr ...hall nol destro). dama!;e or ..uhslanliall) change the Propen)', allow Ihe Propeny to deleriorate or commil was Ie. If thi, SecuTlly fn...trumenl I... on a lea...ehuld. Borrower shall compJy with Ihe prOVisions oflhe lease, and if Borrower ucqulrt...... fee I1lle In the Property. the leasehold and fee: litle shall not merge unle!'o!- Lender agrees 10 the merger in writing. 7. Protection of Lender's RtKhlS in the Property; !\Iortga~e Insurnnce. If Ht,rfllwer fat I!'. tn perform the covenants and agreements conlained in Ihi... Secunty Instrumenl. or there" a legal pfllcceding Ihal may ..igntlkanlly affl'Ct Lender'" rights In Ihe Property (sueh as a proceeding in bankruptcy. prohate. for condcnmatlon or 10 enforce la\\'!\ or regulallons), then lender ma)' do and pay for whatever is necessary w protel.:t Ihe \-alul' oflhe PTtlpcrly .md Ll'tu.Jer\ right!- m Ihe Propeny. Lender's actions may include paying any !.UUl!. 'iecun:d h~ a hen Wllll.'h hll' pntlf!IY mcr Ihl!\ SCl.'unty Instrument. nppcanng in coun. paying rC1l!'!onable anorne}'s' fcC!\ and Clllerlllg. (10 Ihe PrupC'TI\ In make repalr"i Although under may lake acllOn under Ihi~ par<lgraph 7. Lender docs nnl ha\e Il' dl) '11 Any amount!. dis,bursed \1)' lender under Ihis paragraph "7 ..hall \1Cl,.',lmt' llddlllOl\ll1 dc.'hlllf B(lrnl\\Cr "'cl.'ured h) Ihl!. Secunty Inslrument, Unless. Borrowcr llnd lender agree III tllher term!\ I)fpaymcnl. Ihl....C allll)lllll.. ..hall bl.'ar inlcrc,1 fn)m Ihe dale of dl..hur..emcnl al Ihe ~('Ie raIl' and ...hall he pa)ahlt., wllh II1lt'rl"1. IIpnll llI\IIl.'C frnm I.ender III Btlrrp\\er requC\llIl~ ra~'menl