86100011 - Laserfiche WebLink

Browse

$6 - 100011 l tiJMR!ct COVENANTS Borrower and Lender covenant and agree as foil Bnnawer shall tom tiv ay when due I pa)"Mt of Principal and Interest, Prepayment and Late Charges- Note P P P' the principal of and interest on the debt evidenced ixt the p icable law or to a written and by Lender. Borrower hall pay 2. Faads for Taxes and IASarasm bj PP to Lender on the day monthly payments are due under the Note until the Note e paid in full. a sum t"Fund ')equal to txratwelitlt of: (a yearly taxes and assessments which may attain priority over this Scs urin instrument: (h) yearly hazard insurance premiums: a kasehold payments or ground rents on the Property. if any: (c) yearly d fed) yearh tntxtgagt insurance premiums. if any T'tiese items art called "escrow' items." Lender may estimate the Funds due on the bates of currena data acrd reasonable esiamates of future ekcrtyyy items. The Funds shall be held in an institutitan the deposits or accounts of which are insured or guaranteed by a federal or start aga+cy (including Lendu ii Lender is snch an institutitm)- Linder all apply the Funds to pay the escrow items. items. unless account or vetiVing the iettder may not charge fur holding and apply utg the F amble law y �rmib Lender 10 make f such a charge. Borrower and Lessder pays Borrower interest On the Funds and app ix Leridtr may agree in writing that iriterestshall be paid on the Funds. Unless an agreement is made he applicable lave requires interest to be paid. Lender shall not be required so pay Borrower any interest or earnings on the Funds. Lender shall 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. Tate Funds are pledged as additional security for the sums serurec by this Security Instrument. If the amount of the Funds y. held b Lender, together with the future monthly payments of Funds payable' pm s to the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the -excess shall be. at Borrowers Option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. 1f 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 bf 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 steall 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 o! paytweats. 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. m prepayment charges due under it. at d, to amounts payable under paragraph 2: fourth. to interest due: and last. to principal due. 4 Car'ges; 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 payzttents or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph ?. or if not paid in that manner. Borrower steal] 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 Secunty Instrument unless Borrower (al 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 in 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 Secunty Instrumen t. If Lender determines that any pan of the Property is subject to a lien which may attain prionty over this Secunty lnstrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. $ r r Hazard Immance, Borrower shall keen the improvements now existing Or hereafter erected on the Pmpem insured against loss by fire, hazards included within the term "extende ' cm erage" and any other hazards for which Linder requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall he chosen by Borrower subject to Lender's approval which shall not he unreasonably withheld. Ali 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 to Lender AD reCCipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if aot made promptly by Borrower. Uniess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of tke Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened_ If the restoration or repair is not economically feasible or Lender's security 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 abando the Proprty, or does not answer within 30 days a notice from Lender that the insurance carrier has ns e offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore by this Security Instrument, whether or not Bien due. The 30 -day period will begin the Property or to pay sums secured when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs l 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 Secunty instrument immediately prior to the acquisition. preat�vatiaa wend Maiateaaoce of property; Leaseholds. Borrower shall not destroy. damage or substantially 6. 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 acquires fee title to the property, the leasehold and fee title shall not merge unless lender agrees to the merger in writing. t;e Insurance if Borrower fails to perform the 7. Protection of header's Rights in the Property: covenants and agreements contained in this Security instrument. or there is all legal rr proceeding that mrytog nif can affec t Lenders rights in the Property (such as a proceeding in bankruptcy, p reguiatitmi.). then Lender may d and pay for whatever is necessary to protect the value of the Prnpem and Lender's rights in the property. Lender's actions may include paying any sums secured by a lien which has priorin over this Secun;v Instrument, appearing in court. paying reasonable attorneys' fees and entering nn the Properly to mar r repairs. Although Lander may take action under this paragraph'. Lender does not have to do se Am atrtounti disbursed by Lender under this paragraph' shall hecomc additional debt of Borrower secured by this Secunty Instrument Unless tk-Wrrower and Lender agree to other tetms of payment. ihew anu,unts sh ill bear mierest from " flit date• of dishut anent at lite Noie rate and shall tx payahlc. with interest. noble from l ;ndcr tr B�•rt�rwc °r requcim .g paynieni