|
201309447
<br /> Unless an agreement is made in writing or applicable law requires interest to be paid on the Funds,
<br /> Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender and
<br /> Borrower can agree in writing, however, that interest shall be paid on the Funds. Lender shall
<br /> provide Borrower, without charge, an annual accounting of the Funds as required by RESPA.
<br /> If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
<br /> Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in
<br /> escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and
<br /> Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with
<br /> RESPA but generally in no more than 12 monthly payments, but Lender may in its sole discretion
<br /> allow Borrower to make up the initial shortage at the time of the execution of this Agreement in no
<br /> more than 60 monthly payments. If there is a deficiency of Funds held in escrow, as defined under
<br /> RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the
<br /> amount necessary to make up the deficiency in accordance with RESPA, but generally in no more
<br /> than 12 monthly payments, but Lender may in its sole discretion allow Borrower to make up the
<br /> initial deficiency at the time of the execution of this Agreement in no more than 60 monthly
<br /> payments.
<br /> Upon payment in full of all sums secured by the Loan Documents, Lender shall promptly refund to
<br /> Borrower any Funds held by Lender.
<br /> 5. Application of Payments. All payments will be applied in the following order: (a) other charges
<br /> provided in the Loan Documents or otherwise allowed by law; (b) late charges; (c) any past due
<br /> credit insurance premiums billed on a monthly basis; (d) any charges for Escrow Items due; (e) any
<br /> past due loan payment(s); (f) currently due credit insurance premiums that are billed on a monthly
<br /> basis; and (g) currently due loan payments. When applying payments to past and currently due
<br /> loan payments, monies will be applied first to accrued interest, with the remainder, if any, being
<br /> applied to unpaid Principal. Because interest on Borrower's loan is earned daily, early payments
<br /> will decrease the amount Borrower owes, and late payments will increase that amount. The
<br /> payment schedule assumes that Borrower will make each payment on the day it is due; therefore,
<br /> Borrower's final payment will be adjusted as appropriate to reflect any variation in the actual dates
<br /> Borrower's payments are received by the Lender. If any unpaid amounts remain due to Lender
<br /> after Borrower's final scheduled payment due date, Borrower agrees to pay Interest on these
<br /> unpaid amounts, computed at the interest rate as provided in the Loan Document (or if a loan
<br /> modification agreement is executed, at the interest rate(s) provided in the loan modification
<br /> agreement), until paid in full, to the extent permitted by applicable law.
<br /> 6. If all or any part of the Property or any interest in the Property is sold or transferred (or if Borrower
<br /> is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's
<br /> prior written consent, Lender may require immediate payment in full of all sums secured by the
<br /> Security Instrument.
<br /> If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall
<br /> provide a period of not less than 30 days from the date the notice is delivered or mailed within
<br /> which Borrower must pay all sums secured by the Security Instrument. If Borrower fails to pay
<br /> these sums prior to the expiration of this period, Lender may invoke any remedies permitted by the
<br /> Security Instrument without further notice or demand on Borrower.
<br /> 7. Borrower also will comply with all other covenants, agreements, and requirements of the Security
<br /> Instrument, including without limitation, Borrower's covenants and agreements to make all
<br /> payments of taxes, insurance premiums, assessments, escrow items, impounds, and all other
<br /> payments that Borrower is obligated to make under the Security Instrument; however, the following
<br /> terms and provisions are forever canceled, null and void, as of the date of this Agreement:
<br /> (a) All terms and provisions of the Note and Security Instrument (if any) providing for,
<br /> implementing, or relating to, any change or adjustment in the rate of interest payable
<br /> under the Note; and
<br /> UNMA44 (04-17-11) C.E. 1.B. Modification Agreement Page 4 of 6
<br />
|