86105983 - Laserfiche WebLink

Browse

86- 10598-3 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 to one - twelfth of (a) yearly taxes and assessments which may attain priority over this Security Instrument: (b) yearly leasehold payments or ground rents on the Property, if any; (c) 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 of future escrow 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 (inclwdin tder i. Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not ch e p !ding and applyin the Funds, analyzing the account or verifying the escrow items. unless 7DOOi0QCjilf� xiBD applicable law permits Lender to make such a charge. Borrower and Lender may agre in writing at interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to paid, der shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrowe , ' ut 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 Lender, 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 he. 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 not 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 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 shall be applied: first, 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 due. and last. to 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 am 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 to the person owed payment. Borrower shall promptly 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 evidencing the payments. Borrower shall promptly discharge any lien 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 lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property: or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the hen or take one or more 0f the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for %%Inch Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lenders approeal which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give 10 Lender all receipts of paid premiums and renewal notices. In the event of Los.. Borrower shall gt%c prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds ,hal! be applied to restoration or repair of the Property damaged, if the restoration or repair is econormcalb% feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's securit would be lessened. the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from :ender 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 Property or to pay sums secured by this Security Instrument. whether or not then due. The ±0 -day period % %ill begin when the notice is given. Unless Lender and Borrower otherwise agree,.-. w riling.an. apj f pr ids i : pr,,,c; pal -`all no; citwnd or postpone the due date of the mottthly 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 acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy. damage or subaantialh change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall comply with the provisions of the lease, and if Borrower scgwre% fee title to the Propert, the leasehold and fee title shall not merge unless Lender agrees to the merger in w riling. 7. Protection of Leader's Rights in the Property; Mortgage Insurance. If Borrower falls no perfirm the covenants and agreement-, contained to this Security Instrument, or there is a legal pioccedmc that may signitikantly athect Lender's rights in the Property (such as a proceeding in bankruptc), probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to prok-0 the %slue of the Property and Lender's rghts in the Property. I ender's actions may include paying any sums secured b% a hen %%itch has priority over this sccurtt Instrument. appearing in court, paying reasonable attorneys' fees and entering on the Property to make repair. Although Lender may take action wider this paragraph 7. Lender does not have to do so Any amounts di%hur%cd by Lender under this paragraph ' shall become additional deht of Borr+%%cr secured by this Security Instrument Unless Borrower and Lender agree io other terms of pay rent. these amounts shall twai intcresi from the date of dishur%cment at the Note rate and shall he payable. with micre%t, upon noUcc fr,an I ender to Bo! rowel requesting payment