87101788 - Laserfiche WebLink

Browse

UN,'IFORN4C0VENAN'1S. Borrower and Lender covenant and agree as foll"w': 87-101 1 788 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pa,. �N hen Joe the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due tinder �he Note. . n wai%er by Lender. Borrower shall pay 2. Funds for Taxes and Insurance. Subject to applicable latN or toa writte to Lender on t1te day monthly payments are due under the Note. u . ntil the Note is paid in full. a sum (Funds) equal to one-twelfth of: (a) yearly taxes and a�se%srnents which ma) attain priority over this Security Instrument: (b) yearly the Property. if any: (c) yearly hazard insurance.prermums: and (d) yearly lea-schold payments or ground rents on mortgage insurance premiums, ifany. These itemsarecalled -escrow- items. Lender may estimate the Funds ducon the basisofcurrent data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts ofwhich are insured or guaranteed b% a federal or state agency (including Lender if Lender is such an institution), Lender %hall ariPly the Funds to pay the escr,,%% items. escrow item-, unless Lender may not charge for holding and applying the Funds, analyzing the account or verifN ing the 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 he paid on the Funds. Un!ess an agreement is made or applicable law requires interest to be paid. Lender shall not 6e reZlui�ca to pay Borrower any interest or earnings on the Funds. Lender shafl give to Borrower, without charge. an annual accounting ofthe Funds showing credits and debits to the Funds and the purpose fort; hich each debit to the Funds was made. The Funds are pledged as additional rity for the sums secured b% thisSecurit) Instrument. ith the future monthly payments of Funds payable prior to If the amount of the Funds held b% Lender. together w the excess shall be- the due dates of the escroA items, shall exceed the amount required to pay the escrou items when due, at Borrower', 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 not sufficient to pay the escrow items when due. Borrower shall pay to Lender an% ount necessary to make up the deficiency in one or more payment.% as reWred by Leader- am rrower Upon payment in full of all sums secured by this Security Instrument. Lender shall promptly refund to Bo any Funds held by Lender. If tinder paragraph 19 the Property IN soW or acquired by Lender. Lender shall apply. no later thiin immediately prior to thesale of the Prorert� or its acquisition by Leader. any Funds held by Lender at the time (-if application as a credit against the sum,. secured by this Security Instrument- 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs I and 2 shall tx- applied! fir%t. to late charge% due under theNote: second. to prepayment charges due under the Note, third. to amounts payable under paragraph 2: fourth. to interest due: and last. to principal due, attributable to the 4. Charges:Liens. Borrower shall pay all ta--es. assessments. chargm fines and impositions Property which may attain pnorny c%er this Security Instrument. and leasehold payments or ground rent& if any. I manner. Borrower shall Borrower shall pa� these obligations m the mannerpro%ided in par-agra-,iii 2,orifnot paid in tha I notices of amount, pay them on timedirectly to the person owed payment. Bcvrouershall prognpitty furnish to Lenderal rower make% these payment, ch-rec-tv- Borrower shall promptly furnish to Lender to be paid under this paragraph. If BoT receipts evidencing the paNments, -urav Instrument unless Borrower (a) Borrower shall promptly discharge an% lien which ba� priont- ver thi- SeL - good agrees in writing to the payment of the obligation secured h-* the 6m in a manner acceptable to Lender: (b) contests in _ faith the lien by. or defends against eriftrcement of the hen it, legal proceedings which in the Lendefs opffatort opiewe to prevent the enforcement (if the lien or forfeture of any par- of t&e Property: or (ci, secures from the holder of the lien an agreement satisffactor% to Lender subordinating the 'ien to this Security Instrurnent. If Lender determines that any ran of the Properti, is subject to a lien which may attai n prionty over this ��ty Instrument. Lender may give Borrower 3 i -ithin 10 days notice identifying the lien. Borrow er shall satisfy the lien or take xie cw more ofthe actnons, set forth above w of the giving 4 notice. writs -w- ex s I hereafter er ted on the Property S. Hazard Insurance. Borrov%er shall keep the impirk-err tic it�t ng or cc insured against loss by fire, hazards included within the term -extended -overage7 and any other hazards for which L.-mder perwas -nder requires- The requires insurance- ihis insurance shall be maintained in the arnk ants arid for the that 1,e insurance carrier providing the insurance shall be chosen bN Borrowcr subject to Lendees approval which shall nm be unreasonably withheld- All insurance policies and renewals ;hall be acceNable to Lender and sW include a standard mortgage clause. Lender shaIl have the right to hold the policies and renc%aN. If Lender requires. Borrower shall promptly give to Lender all receipts ofpaid premiums and renewal notice& In the event oflo� Boffower shall give prompt notice to the insurance carrierznd Lender- Lender may make proof'ofloss ifnot madeprLmitiptly by Borrower- Unk�ss Leader and Borrower otherwise agree inwraing. insurance pro.-eeclsshall beapplied to restoration or repair ofthe Property damaged, ifthe restoration or repair is economicallN feasible- and Lendefs security is not kNsened. Ifithe -e -%-ee& shall be -mld be lesisened he uranL restor-ation or repair is not eco-cinaicaBy feasible or Lender's security wo - t ins Pro applied to the sums secured by this Security instrument, A hether or not then due- with any excess paid to Borrower- If Borrower abandons the Property. or does not answer within 10 days a notice from. Leader that the insurance carrier has offered to settle a claim. then Lender may collect the insurance proceeds- Lender may use the proceeds to repair or restore the properiN or to pay sums secured by this -Security Instrument. whether or not then due, The _3 O-day period will begin when the notice is g ,i% en- Unless Lender and Borrower otherwise agree in w riting. any application of pru�ee& to principal shall not extend or postfs-,ne the due date of the mont My payments referred to in paragraphs I and 2 or change the amount ofthe payments- If under paragraph I q the Property is acquired bN Lender, Boffo%%ers right to any insurance policies and proceeds resulting from damage I,-, the Property prior to the acquisition shall pass to Lender to the exient ofthe surris secured by this Security Instrument immediately prior to the acquisition- 6. Preservation and %Wntenance of Property- ,Leaseholds. Borrower shall not destroy. damage or substantially change the Property, allow the Property to deteriorate or cornnut waste. If In's 'Ts-Tru- u Borrower shall compl % %it It I lie provisions of the lease. and if Borrower acquire, fee title to the Property. the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Leader's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may -significantly affect Lendees rights in the Property (such as a procetaing in bankruptcy. probate. for ccmdemnation or to enforce laws or regulations). then Lender may do and pay for whate% er is necessary to protect 'the % alue Ofthe Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attomcvs'fec% and entering on the Property to make repairs- Although L Lender ma� takeaction underthis paragraph 7. Lenderdoe% not havetodoso. Ank arnouni� disbursed by Lender under this paragraph 7 shall becomeadditional debt ofBornmer secured by this Securit% 111%trument Unle%s Borrower and Lender agree to other terms ofpa�ment. the-,e ariioum� shall bear mterea from the dat c of dishurwment at the Note rate and ,hall he pa�ahle. %%11h Int'.'TC11. upon notice from tender to Borrower requesting payment