HomeMy WebLinkAbout0593 UNII-OR11 C~)~~LtiAN~I-S. k3urrc~?~er and l_rnder covenai~t an~1 agrre as iullu~~s:
1. Pa~mrnl oF Principal and Inierest; Prepayment and l.ale CharKrs. t3urro~~rr ~half pr~~m~tl~ p,i~~ ~~h~n ~iue ,
the ~,rin~ipal ol and interest on the clebt e~~i~ienced by the.Note and ~ny prepa}•mrnt ~ncl latc ~harge, dt~e un~ier thr Note.
2. F'unds for Taxes and Insurance. Subje~t to applirable la~~• or to a~~•ritten ~~ai~er b~~ Len.ler, Borro~~er .hal!
~~a}~ to t.ender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("t=und,")
equal to one-twelfth of (a) yeari>• taxes and assessments ~~~hich may attain priorit~~ orer this Serurit~~ In~trument; (b)
y~early leasehold payments or ground rents on the Property, if any; (r) yearly hazard insurance premiums; and (d)
}~early mortga~e insurance premiums, if an}•. These items are called "escrow items." Lender may estimate the i=unds
due on the basis of currant data and reasonable estimates of' future escro~~• items.
The funds shall be held in an institution the deposits nr accounts of which are insured or guaranteed b~~ a federal
or state agency (including Lender if l.ender is such an institution). Lender shall apply the Funds to pay the esrro~~
items. Lender may~ not charge for holding and applying the Funds, analyzing the account or verifying the escro~v items
unless Lender pays Borro«~er interest on the Funds and applicable law permits 1_ender to make such a rhargc~! Borro~~~er
and Lender ma>~ aeree in writing that interest shall be paid on the Funds. Unless an agreement is made or applirable
la~~~ reguires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds.
Lender shall gi~~e to Borrow~er, without charge, an annual accounting of the Funds sho~•ing credits and debits to the
funds and the purpose for ~vhich each debit to the Funds ~~~as made. The Funds are pledged as additional serurity
for the sums secured by this Security Instrument.
If the amount of the Funds held by Lender, together w~ith the future monthly payments of Fun~.is payable prior
to the due dates of the escrow irems, shall exceed the amount required to pay the escrow items s~~hen due, the excess
shall be, at Borrower's option, either promptly repaid to Borrow•er or credited to BorroH~er on monthly pay~ments
of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escro~v items when due, Borrower
shall pa~~ 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 b~~ 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 annlicati~n as a rredit aeainsl sums secured bv this Securitv in.trument_
3. Applications of Payments. Unless applicable law provides otherwise, all payments received by Lender under
paragraphs 1 and 2 shall be apptied: first, to late charges due under the Note; second, to prepayment charges due
un~er the Note; third, to amounts payabte under paragraph 2; fourth, to interest due; and last, to principle due.
4. Charges; t.iens. Borrower shall pay all tares, assessments, charges, fines and impositions attributable to the
Property ~~~hich may attain priority c~ver this Security lnstrument, and leasehold 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, Borro~.•er
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 Borro~•er makes these payments directly, Borrow~er shall promptl~~
furnish to Lender receipts evidencing the payments.
Borrower shap promptly discharge any lien which has priority over this Securit}~ lnstrument unless Borrow~er:
(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, fegal proceedings which in the Lender's opinion
~perate 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 ~greement satisfactory to Lender subordinating the lien to this Security [nstrument. IF Lender determines
: that an}~ 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 (ien or take one or more of the actions set forth
~ above w~ithin 10 days of the giving of notice.
; 5. Nazard Insurance. Borrower shall keep the improvements now~ cxisting or hereafter erected on the Property
` insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for ~~hich
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~ Lender requires insurance. This insurance shall be maintained in the amounts and for tt-ie periods that Lender requires.
~ The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shali
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not be unreasonably withheld.
All insurance policies and renewais shall be acceptable to Lender and shall inrtude a standard mortgage clause.
; Lender shall have the right to hold the policies and renew2ls. If Lender requires, Borrower shall promptly give to
€ I_ender all recei ts of aid remiurns and renewal notices. In the event of loss, Borrower shall
~ p p p give 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 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.
~ f f the restoration or repair is not economically feasible and 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. !f Borrower abandons the Praperty, or does not answer within 30 days a notice from Lender that the insurance
~ carrier has offered to settle a daim, the Lender may collect the insurance proceeds. Lender may use the proceeds to
~ repair or restore the Property or to pay any sums secured by this Security Instrument, whether or not then due. The
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? 30-day period will begin 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 I 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 acquistion.
6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially
change the Property, allow the Property to deteri~rate 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.
~ 7. Protection of I,ender's Rights in the Property; Morigage Insurance. If Borrower fails to perform the covenants
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: and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's
~ rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or reguiations),
~ 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 s~ms secured by a lien which has priority over this Security
Instrument, appear~ng in court, paying reasonable attorney's fees and entering on the Property to make repairs. Although
Lender may take action under this paragraph 7, Lender dces not have to do so.
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* A CHARGE ASSESSED BY LENDEF2 IN CONNECTION WITH BORROWER'S ENTERING INTO
THIS SECURITY INSTRUMENT TO PAY THE COST OF AN INDEPENDENT TAX REPORTING
SER~~ICE SHAL.T., NOT BE A C~iARGE FOR PURPOSES OF THF PRECEDING SFidTENCE .
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