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HomeMy WebLinkAbout0951 UNIFOR~1 COYF:~Ati I S Rz~rroHrr and Lcnde~ rc~~•cnant and agr« a~ lidlu~~ti. 1. Payment of Principal and I~tcrest; Prepayment and l.ate Cha~kcs. l3urm~~rr ~h:~n ~~~~~nr~t~~ ~~he~i dur the pnncipal of and interest on the debt e~~id~nred by the Note .~~~~i ~~~ra~mriu and latr rlr+rge~ dur under thr N~~tr 2. Funds fo~ Taxes and Insurance. Suhjrct to appticabte law~ e?r t<i a N•ntten w~ai~rr hy !_endrr, Ilorr~~w•er ~h~li pa~ to Lender on the day monthly payments are duc undcr tne Note, unlil Ihe Note raid in full, a~um ("Fundc") cyua) to one-twelfth of: (a) yearly taxes and ~issetismentti which may at~ain priorily over ihis Securit~• Imlrument; (b) )'earl~• leasehold payments or ground rents on ihe Property, if any; (c) ycarl~~ hazard in~urancr premiums; and (d) ycarlS ' mortgage insurance premiums, if any. Thesc items are ralled "escro~~~ itemti." Lendci ~~~,~j r;ci~:atc the F~w~ds due on ihe ~ basis of current data and reasonable estimates nf future escrow items. ~ "Ihe F=unds shall tx t~eld in an institution the deposits or accounts o1 ~~~hich am insured or guaranteed by a federal or ~ ,tatr agenry (includinb Lender if l.cnder is such an institution). Ixnder shali apply the Funds to pa~~ thecscro~~~ items. !.cnder ~ n~a~• not chargc for holding~and appl~~ing thc Funds, analy~ing thc account or ~~crif~•ing thc escro~~~ itcros, unlcss I xndcr pa~•~ Borro~+rr interest on the f~unds and applieable la~v pennits I.ender to make such a charge. A charge ~~ssetsed by I.ender in ronncction ~~~ith Borro~~~cn' rntering inta this ~xurit~~ Instrumcnt to pa~~ the cost of an indcpendcr,t iax rrporting scn~icc ,hall not be u charge for purposcs of the preceding sentencc. B~~rroN~er and I_endrr ma)• agree in ~~~nting ti~ai interetit shall be •ti~, I lnless an akrcement is madc or applicaMr law• rc~~uires intere,t to he paid. I.ender shall not tx rcyuired t~~ ~ . . _ _ i pa~• BormH~er an~• interest or earnings an the 1•unds. l_encier ~i~aii ~i~c iu i;ar::~Her, ~~•ithout charge, an annual accountin~ u( the t=unds sho~~~inF credits and debits t~~ thr Fands and the purpotic Ior which rach dcbit t~? the I~unds «~as nride. ~17~~ 1=unds ' t are plydged as additional securit~~ (or Ihe sum. s~cund by this tircurit~~ Instrurneni. [f the amount of the Funds held by Lender, together w~ith the future monthly papments 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 be, at F3orrower's option, either promptl}• repaid to f3orrower ar credited to I3orrower on monthly payments of Funds. If the amoun! of ihe Funds held by Lender is not sufficient ta pay the escrow items when due. Borrower shall pay to Lender an}~ amount necessary to make up the deficiency in one or more payments as reyuired by Lender. Upon payment in full oP all sums secured by this Security Instrument, Lender shal! promptly rei~und to F3orrower any Funds held by Lender. If under paragraph 19 the 1'roperry is sold or acquired by Lender, Lender shall apply, ~io :ater than immediately prior to the sale of the Propert}~ 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 Inctrument. 3. Application of Payments. Unless applicable laa~ provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the Nate; second, to prepayment charges due under the ?`ote; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shal! pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority o~~er this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obGgations in the manner provided in paragraph 2, or ii'not paid in that manner, Borcower sha!) pay them on time directly~ to the person owed payment. f3orrower shall pr~mptly furnish to Lender all notices of amounts to be paid under this paragraph. If E3orrower makes these payrnents directly, f3orrawer shaU promptly furnish to Lender receipts evidencing the payments. Aorrower sha11 promptlp discharge an~~ lien which has priority over this Security Instrument unless Botrower. (a) agrees in writing to the payment of the obligation se~_ured by the lien in a manner acceptable to Lender, (b) contests in goad faith the lien by, or defends agair.st enforcement of the lien in, legal proceedings u~hich in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Yroperty; or (c) securrs from the hotder of the lien an agreement satisfacrory to Lender subordinating the lien to this Securit~~ lnstrument. If I_ender determines that any part of the Property is subject to a lien ~~hich may attain priorit}~ u~•er this Security Instrumem, Lender ma~• give E3orrower a notice identify~ing the lien. Borrower shall satisfy tl~e lien e~r ~ake one or more of the actions set forth abo~~e within 10 days of the giving of notice. 5. Hazard [nsuranee. t3orrow•er shall keep the improvements now• existing or herrafter erected on the Property insured against toss by fire, hazards included within the term "exte~ded rn~~erage" and any other hazards for whirh Lender reguires insurance. This insurance shall be maintained in Ihe am~unts and for the periods that Lender reyuires. The insurance carrier providing the insurance shall be chosen by f3o~rower subjert to Lender's appro~~al which shall not be unreasonably withheld. All insurance p~licies and renewats chatl be acceptable to Le+ider and tihal! inrlude a standard rttortgage clause. 1 Lcnder shal! have the right to hold the ~licie5 and renewals. If Lender reyuire~. Horrnw~er shall promptly give to Lender I alt receipts of paid premiums and renewal notices. In Ihe event of loss, Borrow•er shall give prompt notire to the insurance carrier and Lender. Lender may make proof af ios~ if not made promptl}~ b}~ E~orrow~er. Unless Lender and E3orrow~er other~+~ise agrce in w~nting, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is eccmomically feasible and Lender's security is not lessened. [f the restoration or repair is not economically feasible or Lender's securit~~ w~ould be lessened, the insurance proceeds shall be applied to the sums secure~ by this Security In~trument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insurance carrier has ofTered to settle a claim, then Lender may collect the insurance proceeJs. Lender may use the proceeds to repair or restore i the Property or to pay sums secured by this Security instrument, whether or not then due. The 30-da}• ~eriod wif! begin when the notice is given. ~ Unless Lender ar~d Borrower othera~ise agree in w~riting, any~ application of prexeeds to principal shall not extend or ~ post~ne the due date of the monthly pa}•mentx 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 insuranre policies and proceeds resulting ~ from damage to the Property prior to thc acquisition shall pass to Lender to the extent of the sums secured by this Si.~curity i Instr~ment immediately prior to ttre acquisition. ~ b. Preservation and Maintenance of Property; I.easeholds. Borrow~er shall not destroy, damage or substantially ~ change the Property, altow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehotd, Borrower shall comply with the provisions of the lease, and if Borrou•er acquires fee title ta the Proprrty, the leasehold and fee titfe shall not merge unless Lender agrces to the merger in writing. 7. Protection of Lender's Rights in the Property; :~'Iortgage Insurance. If E3orrow•er fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal prcx:eeding that ma}• significantly afi'ect Lender's rights in the Property (such as a proceeding in bankruptcy~, probate, far condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to pr~tect the ~~a1ue of tne Property and Lender's rights in the Property. Lender s actions may include paying any sums secured b}~ 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 map 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 Borrower secureci by this i Security Instrument. Unless Borrow~er and Lender agree to other terms of pa}•ment, these amounts shal! bear interest from the date of disbursement at the Note rate and si~atl be payabte, with interest, upon notice from Lender to Borrower requesting payment. EooK 571 enr,E 950 _ . . ~ .