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HomeMy WebLinkAbout0990 UNIFc~Ri1 COYI:NAN IS t3orrower and I.er~der cuvenant and .~grre as follo~v~ l. Naymeot of Yrincipal and Interest; Prepayment and l.ate Charges. Horroa•er tihall {~rcm~~ptl~~ pay w•hrn ~1u~ the ~?rincipal of and interest on the debt e~~idenced by the Note and any prepayment and late chargeti due under the N~~te 2, Funds for Taxes and lnsurance. Subject to applicable law or to a written wai~~er by I.ender, Rorrow•er shall ~a~~ to t.ender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal tcr one-tweiRh of: ~a) yearly taxes and assessments which may aUain priority over this Security Instrument; (b) yearl~~ 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." l.ender may estimate the Funds due un the basis of current data and reasonable estimates of future escrow items. The Funds shal( be held in an institution the de~sits or accounts of which are insured ar guaranteed b~~ a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow• items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow~ items, uniess Lender pays Borrower interest on the Funds and applicable law perniits Lender to make such a charge. ~3orrower and Lender may agree in writing that interest shall be paid on the Funds. Untess an agreement is made or applicable la~ti• reyuires interest to be paid, Lender shalt not be required to pay Borrower any interest or earnings on the Funds. Lender ~hall 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 secured by this Security Instrumznt. . !f 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, shalt exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the I'unds held by Lender is not sufficient to pay the escrow items when due, Barrower 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 shal) promptly~ refund to I3orrow~er any f unds held by Lender. If under paragraph 19 the Property is sold or acquired by l.ender, 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 bp 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; fourih, to interest due; and last, to principal due. 4. Charges; Liens. I3orrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Yroperty which may attain priority over this Security Instrument, and leas~hpld payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Horrower shall pay them on time directly to the person owed payment. E3orrower shaH promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borroa~er shafl promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lie?i which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the fien in a manner acceptabte to Lender; (b) contests in good faith the lien by, or defends against enforcement of the iien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture ot any part of the Property; or (c) secures from the holder of the lien an agr~ement satisFactory to L~nder subordinating the lien to this Security Instrument. If Lender determines that any part of the Yrogerty is suhject to a lien which may attain priority over this Security Instrument, 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. 5. Hazard I~surance. 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 Cor which 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 Lender's approval which shall not be unreasonably withheld. Alt insarance policies and renewals shalt be acceptable to Lender and shall include a standard mortgage clause. L~nder shall have the right to hold the policies and renewals. If Lender require~, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. t.ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower othervvise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not ee;onomically 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 abandpns the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has ofi'ered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Froperty 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 Lender and Borrower other~•ise 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 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 ~licies and proceeds resulting from damage to the Properiy prior to ihe acquisition shall pass to Lender to the extent of the sums secured by this Securit}• Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall n~t destroy, damage or substantialty change the Property, allow the Propeny 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 arquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender'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 I.ender's rights in the Property (such as 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. Lender's actions may include paying any sums secured by a lien which has priority over this Security ~ Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although ~ Lender may take action under this paragraph 7, Lender does not have to do so. ' Any amounts disbursed by Lender under this paragraph 7 shall become additiona! debt of $orrower secured by this O 5ecurity Instrument. Unless Sorrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender ta Borrawer ~ requesting payment. . ~ O ia., L.~ ~ ~ , U7 N ~ O ~c