HomeMy WebLinkAbout0975 UNiI-uitM l.~vtNAtv f5. Bi~r7owcr iutci L.euuei ~utieii~~~~ a~d agr~c 3, f„!!~k•s:
1. Paymeat o[ P~iacipil and Ietereat; Prepayment and I.ate Charges. Borrow~er shal! promptly pay when due
the principai of and interest on the debt evid~nced by the Note and any prepayment and late charges due under the Nate.
2. Funds for Ta:es and Insuranee. Subject to applizable law or to a written waiver by Lender, Borrower shall pay
to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to
one-twelfth of: (a) yearly taxes and assessmrnts which may attain priority over this Security lnstrument; (b) yearly y
leasehold payments or ground rents on the Property, if any; (c1 yearly hazard insurance premiums; and (d) yearly ~
mortgage insurance premiums, if any. These items are called "escrow items." Ltnder niay estimate the Funds due on the ~
basis of current data and reasonable estimates of future escrow itcros. ~
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or ~
state agency (including L.ender if Lender is such an institution). L.ender shall apply the Funds to pay the escrow items. ~
Lender may not charge for holding and gpplying the Funds, analyzing the account or verifying the escrow items, unless ~
Ixnder pays Borrower interest on the Funds and applicable Iaw permits Lender to make such a charge.~Borrower and
L.ender may agree in writing that interest shall be paid on the Funds. Unless an agreement ~s made or applicable iaw ~
requires interest to be paid, L.ender shall not be required to pay Borrow~er 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. The Funds are pledged as additional security for the sums secured by '
this Security Instrument. ~
If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to i
the due dates of the escrow items, shall 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. !f the
amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay tc~ Lender any
amount necessary to make up the deficiency in one or more payments as required by L.ender.
Upon payment in full of 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 soid or acquired by Lender, Lender shalt apply, no later
than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by l.ender at the time of
application as a credit against the sums secured by this Security Instrument.
3. Applicatioo of Payments. Untess applicable law provides otherwise, all payments received by Lender under
paragraphs 1 and 2 shall be applied: first, to late eharges due under the Note; second, to prepayment charges due under the
Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, tQ principal due.
4. Charges; Liens. BorroW~er shail pay all taxes, assessments, charges, ~fines and impositions attributable to the
Property which may attain priority over this Security Instrument, 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, Borrower shall
pay them on time directiy to the person ow•ed payment. Borrower shall promptiy furnish to L,ender all notices of amounts
to be paid under this paragraph. If Borrower makes these payments directiy, Borrower shall promptly furnish to Lender
receipts evidencmg the payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
~ agrees in writing to the payment of the obligation secured by the lien in a manner a~ceptabfe to Ixnder; (b) contests in good
f ds a ainst en~orcement of the lien in le ai roc:eedin s which in ihz Lender's opin~on operate to
taith the lien b or de en . B
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prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures f'rom the hofder of the lien an
~ agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of
~ the Property is subject to a lien which may attain priority over this Security Instrument, l,ender may give Borrower a
~ notice identifying the lien. Bonower shall satisiy the lien or take one or more of the actions set forth above w~ithin 10 days
of the giving of notice.
~ S. Ha7srd Insurance. 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 an~ other hazards for which Lender
~ requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. 7'he
f insurance carrier providing the insurance shall be chosen by Borrower subject ro Lender's approval which shall not be
unreasonably withheld.
~ All insurance policies and renewals shall be acceptable to Lender and shalt 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
`I all reti:eipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
i carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
~ Unless Lender and Borcower 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. If the
restoration or repair is not economically feasible or Lender's security would be lessened, the iusurance proceeds shall be
; applied to the sums secured by this Security Instrument, whether ~r not then due, with any excess paid to Borrower. If
~ Bc>rrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has
~ oflered to settle a claim, then Lender may collect the insuran;x proceeds. Lender may use the proceeds to repair or restore
; the Property 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.
3 Unless I,ender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend ~r
~ postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amoun~ 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 Propeny prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
~ Instrument immediately prior to the acquisition.
6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially
~ change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold,
Borrower shalf comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the IeasChofd and
fee title shall not merge unless Lender agrees to the merger in writing.
7. Protection of Lender's Rights in t6e Property; Mortgage Insurance. If Borrower fails to perf~orm the
covenants 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
regulations), then Lender may do and ~ay for whatever i~ necessary to protect the value of the Property and Lender's rights
in the Property. Leneier's actions may include paying any sums secured by a lien which has priority over this Security
Instrument, appearing in court, payipg reasonable attorneys' 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.
~ Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
F Security lrstrument. Unless Borrower and L.ender 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 L,ender to Borrower
~ r uesting payment.
: ~
A charge assessed by Lender in connection with Borrav~r's entering into this
ity Instn.IIr~ent to pay the ~ost of an independent ta~c reporting service shaZl
not be a charge for puiposes of the preceding sentence."
goaK ~ 15 PAGE 975
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