201007097 - Laserfiche WebLink

Browse

201007097 BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of retard, Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMEN'T' combines uniform Covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property Borrower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of.. and interest an, the debt evidenced by the Note and late charges due under the Nate. 2. \Tonthly Payment of Taxes. Insurance, and Other Charges, Borrower shall include in each monthly payment, together with the principal and interest asset forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property. (b) leasehold payments or ground rents on the Property, and (c) premiums for insurance required under Faragraph 4. In any year in which the Lender must pay a mortgage insurance premium to the Secretary of Housing and Urban Development ("Sxretar~'). or in any year in which such premium would have been required rf Leader still held the Security Instrument. each monthly payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary, ar (ii) a monthly charge instead of a mortgage insurance premium if this 5ecurtty Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary, Except for the monthly charge by the Secretary, these items are Called "Escrow Items" and the sums paid to Lander arc called "Escrow Funds." Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. ~ 2bOl ,r,,L, cam,, and implementing regulations. 24 CFR Part 3500. as they maybe amended from time to time ("131:SPA"), except that the cushion or reserve permitted by RESPA for unanticipated disburscrnents or disbursements before the Borrower's payments arc available in the account may not be basod on amounts due for the mortgage insurance premium. if the amounts held by Lender for Escrow Items exceed the amounts pervutted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. The Escrow Funds are pledged as additional atCurity for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining far all installment items (a), (b), and (c) and anyy mortgage insurance premium installment that Lender has not become obligated to pay tq the Secretary, and Lender shall promptly refund any excess funds to Borrower. immediately prior to a foreclosure sale of the Proircrty or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for alt rnstalhnents for items (a), (b), and (c). 3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: First. W the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly taortgago insurance premium: . Second, to any taxes, special assessments, leasehold paymarts or ground rentx, and fire, t]aad and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to amortization pf the principal of the Note; and Flith, to late charges due under the Note, 4. FIre, Flnad and Other Aazard Insurance. Borrower shall insure all improvements an the Property, whether now in existence or subsequently erected; against any hazards, casualties, and eontrngcncies, including Gre, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Leader requires. Iiarrowcr shall also insure all improvements on the tPhropS~, whether now in existence ar subsequently erected, against loss by floods to the extent required by Cary. All insurance shall be carried with companies approved by Lender. The insurance polities and aay renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of las,~, Harrower shall ~ive Lender immediate notice by mail, Lender may make proof of loss if not made promptly by Borrower: ach insurance company concerned is herby authorized and directed to make ~aymeat for ouch loss directly to Lender. instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be appplied by Lender, at its option. either (a) to the reduction of the indebtedness under the Note and this Security [nstrument, first to an delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal. or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not extend ar postpone the duo date of the monthly payments which arc referred a in Paragraph 2. or change the amount of such payments. Any excess insurance proceeds over an amount required to pay ell outstanding indebtedness under the Notc and this Security Instrument shall be paid to the entity Icgally entitled thereto. In the event of foreclosure of this Security Instrument or ocher transfer of title to We Property that extinguishes the indebtedness, all right, title and ruttiest of Borrower in and to insurance polities in force shall pass tv the purchaser. 5. Occupancy, Preservation, 1•Iaintenaace sad Prutectlan of the Property; Borrower's Loan Ap~lieacion; ILeasehalds. Borrower shall occupy, establish, and use the Property as~Borrowet's principal residenct within sixty days after the execution of this Security Instrument (ar within sixty days of a later sale ar transfer of the Property) and shall cmrtinue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determiacs .that requirement will cause undue hardship for Borrower, ar unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not eammit waste or destroy, damages or substantial)y change the Propert~r or allow the Property to deteriorate, reasonable wear and scar exccecppted. Lender may inspect the Property rf the Property is vacant or abandoned or the loan Is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in defaultrf Borrower, during the loan application process, have materially false or inaccurate information or statements to Lender (vr Failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concentin Borrower's occupancy of the Property as a principal residence. If this Security lnstrumcat ix on a lcasehal~ FttA Nebrodu (fed orT~w[ MEaS Ib236.CV(Itlg7) 420(1631 PaRc2orS OOTg004d0aS 1)