87105186 - Laserfiche WebLink

Browse

a 87-- 105186 UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and tats Charges. Borrower shag promptly pay when duo the principal of and Interest an the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. ftb*A to applicable law or to a written waiver by Lander, Borrower shag pay to Lender on the day monthly payments are due under the Note, until the Nota Is paid in fug, a sum ( "Funds ") equal to one-two th of; (a) yearly pates and assessments which may attain priority over this Security Instrument; (b) yearly lessehold payments or ground rents on the Prop - wly. I any; (c) yearly hazard Insurance premiums; and (d) yearly mortgage Insurance premiums, If any, These Rena are raked "aacrow Ram." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow Rare. The Funds shag be held In an Institution the deposits or accounts of which are Insured or guaranteed by a federal or state agency (including Lender R Lander Is such an institution). Larder shag apply the Funds to pay the escrow hone. Lander may not charge for hold- ing and applying the Funds, analysing the account or verifying the escrow Items, unless Lander pays Borrower Interest on the Funds and applicable law permits Lander to make such a charge. Borrower and Lander may agree It writing that interest shag be paid on the Funds. Unless an agreement Is made or applicable law requires Interest to be pail, Lander shag not be required to pay Borrower any interest or awnings on the Fund. Lander shag 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 se- cured by this Security Instrument. R the amount of the Funds hold by Lender, together with the future monthly payments of Funds payabis'pdor to the due dates of the escrow Bans, shag exceed the amount "Wed to pay the escrow Reins when doe, the excess shag be, at Borrower's option, other promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. if the amount of the Funds hold by Lender is not sufficient to pay the escrow hems when due, Borrower shag pay to Lander any amount necessary to make up the deficiency in one or more payments as required by Lander. Upon payment in fug of all sums secured by this Security Instrument, Lender shag promptly refund to Borrower any Funds hold by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shag 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 of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shag be applied: fist, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to Interest clue; and last, to principal due. 4. Charges; Uens. Borrower shag pay all taxes, assessments, charges, fines and Impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or mound rents, R any. Borrower shag pay these obligations In the manner provided In paragraph 2, or R not paid in that manner, Borrower shag pay them on time directly to the person owed payment. Borrower shag promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments di- rectly, Borrower shag promptly furnish to Lender receipts evidencing the payments. -' Borrower shag promptly discharge any Ron which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender (b) contests In good faith the Rem by, or defends against enforcement of the lien In, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the Ron or for- feiture of any pat of the Property; or (c) secures from the holder of the Ran an agreement satisfactory to Lender subordinating the Hen to this Security instrument. B Lender dtemmi es that any part of the Property is subject to alien which may attain priority over this Security Instrument, Lender may give Borrower a notice Identifying the Ran. Borrower shag satisfy the Ran or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shag keep the Improvements now existing or hereafter erected on the Property Insured against loss by fie, hazards included within the tam "extended overage" and any other hazards for which Lender requires Insurance. This In- surance shelf be maintained In the amounts and for the pafods that Lender requires. The Insurance carrier providing the insurance shag be chosen by Borrower subject to Lander's approval which shag not be unreasonably withheld. AN insurance policies and renewals shelf be acceptable to Lender and shag Include a standard mortgage clause. Lender shag have the right to hold the policies and renewals. ti Lender requires, Borrower shy promptly give to Lender all receipts of paid premiums and re• 7r newai notices. in the event of lose, Borrower shag give prompt notice to the insurance carrier and Lender. Lender may make proof of loss � if not made promptly by Borrows. Unless Lander and Borrower otherwise agree In writing, insurance proceeds shag be applied to restoration or repair of the Property damaged, R the restoration or repay Is economically feasible and Lender's security is not lessened. If the restoration or repair Is not econ- onfically feasible or Lender's security would be lessened, the insurance proceeds shelf be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. R Borrower abandons the Property, or does not answer within 30 days a notice from Lander that the insurance carrier has offered to serg3 a claim, then Lender may cogect the Insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lander and Borrower otherwise agree in writing, any application of proceeds to principal shag not extend or postpone the due date of the monthly payments referred to In paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property Is acquired by Lender, Borrower's right to any Insurance policies and proceeds resulting from damage to the Property prior to the acquis- ition slag pass to Lander to the extent of the sums by this Security Instrument Immediately prior to the acquisition. S. Preeervstion and Maintenance of Property; Leaseholds. Borrower shag not destroy, damage or substantially change the Property, allow the property to deteriorate or commit waste. h this Security Instrument is on a leasehold, Borrower shag comply with the provisions of the base, and if Borrower acquires fee title to the Property, the leasehold and fee tide shag not merge until the Lender agrees to the merger In writing. _ 7. Protection of Lender's Rights in the Property; Mortgage Insurance. R Borrower fags to perform the covenants and agreements co ntairod in thb Security Instrument, or there is a km* proceeding that may significantly affect Lender's rights in the Prop- erty (such se a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever Is necessary to protect the value of the Property and Lender's rights in the Property. Lander's actions may include paying any sums secured by a Nan which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on Una Property to make repass, Although Lender may take action under paragraph 7, Lender does not have to do so. Any amounts disbursed by Lander under paragraph 7 shag become additional debt of Borrower secured by this Security instrument. Unless Borrower and Lender agree to other tams of payment, these amounts shag bear Interest from the date of disbursement at the Note rate and shag be payable, with Interest, upon notice from Lender to Borrower requesting payment. Page 2 of A 01116.7.Cfi (Cam) 210712640 ..