|
��- 1(14636
<br /> TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and
<br /> fixtures now or hereafter a part of the propeny. All replacements and additions shall also be covered by this Security
<br /> Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
<br /> BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and
<br /> convey the Propert}� and that the Property is unencumbered, ezcept for encumbrances of record. Borrower warrants and will
<br /> defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.
<br /> THIS SECURITY II��STRUMENT combines uniform covenants for national use and non-uniform covenants with limited
<br /> variations b}�jurisdiction to constitute a uniform security instrument covering real property.
<br /> UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br /> 1. Pa�•ment of Principal and Interest; Prepayment and Late Charges. Bonower shall promptly pay when due the
<br /> principa] of and interest on the debt evidenced b}� the Note and any prepayment and late charges due under the Note.
<br /> 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver b}� Lender, Borrower shal] pay to
<br /> Lender on the day monthl}� payments ue due under the Note, until the Note is paid in full, a sum ("Funds") for: (a)yeazly taxes
<br /> and assessments which may attain priorit}� over this Securit�� Instrument as a lien on the Propert��; (b) yearl�� leasehold payments
<br /> or ground rents on the Propert}�, if any; (c) }�early hazard or property insurance premiums; (d) yearly flood insurance premiums,
<br /> if any; (e) yearly mortgage insurance premiums, if any; and (� any sums payable by Borrower to I.ender, in accordance with
<br /> the provisions of paragraph 8, in lieu of the payment of�mortgage insurance premiums. These items are called "Escrow Items."
<br /> Lender may, at an}� time, collect and hold Funds in an amount not to exceed the mazimum amount a lender for a federally
<br /> related mortgage loan ma�� require for Bonower's escrow account under the federal Real Estate Settlement Procedures Act of
<br /> 1974 as amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless another law that applies to the Funds
<br /> sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to ezceed the lesser amount.
<br /> Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of ezpenditures of future
<br /> Escrow Items or otherwise in accordance with applicable law.
<br /> The Funds shall be held in an institution whose deposits are insured by a federal agencti�, instrumentality, or entit��
<br /> (including I.ender, if L.ender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the
<br /> Escrow Items. Lender mav not charge Borrower for holding and applying the Funds, annuallv analyzing the escrow� account, or
<br /> verifying the Escrow� Items, unless Lender pays Bonower interest on the Funds and applicable law permits Lender to make such
<br /> a chuge. However, Lender may require Borrower to pa}� a one-time charge for an independent real estate tar, reporting service
<br /> used b}� Lender in connection with this loan, unless applicable la�� provides otherwise. Unless an agreement is made or
<br /> applicable law requires interest to be paid, Lender shall not be required to pa�� Bonower an�� interest or earnings on the Funds.
<br /> Borrower and Lender ma�� agree in writing, however, that interest shal] be paid on the Funds. Lender shall give to Borrower,
<br /> without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each
<br /> debit to the Funds u�as made. The Funds are pledged as additional securit�� for all sums secured b�� this Securit�� lns[rument.
<br /> If the Funds held b}� Lender exceed the amounts permitted to be held b�� applicable law�. Lender shall account to Borrower
<br /> for the ezcess Funds in accordance with the requirements of applicable la��. If the amount of the Funds held b}� Lender at an��
<br /> time is not sufficient to pa}� the Escro�� Items when due, Ixnder ma�� so notifi� Borrower in writing, and, in such case Borrower
<br /> shall pa}� to Lender the amount necessar�� to make up the deficiency. Borrower shal] ma}:e up the deficienc}� in no more than
<br /> twelve monthl�• payments, at Lender's sole discretion.
<br /> Upon payment in ful] of all sums secured b}� this Securit�� Instrument, Lender shall prompU�� refund to Borrower an}� �
<br /> Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Propem�, Lender, prior to the acquisition or sale
<br /> of the Propem�, shall appl}� any Funds held b�� Lender at the time of acquisition or sale as a credit against the sums secured b��
<br /> this Securit}� Instrument.
<br /> 3. Application of Payments. Unless applicable law provides otherwise, all payments received b}� Lender under paragraphs
<br /> l and 2 shall be applied: first, to an�� prepayment charges due under the Note; second, to amounts payable under paragraph 2;
<br /> third, to interest due: fourth, to principal due; and last, to an�• late charges due under ihe Note.
<br /> 4. Charges; Liens. Borrower shall pa�• all taxes, assessments, chazges, fines and impositions attributable to the Propem�
<br /> which ma}� attain priorit�� over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pa�•
<br /> these obligations in the manner provided in paragraph '_', or if not paid in that manner, Borrower shall pa}� them on time directl��
<br /> to the person owed payment. Borrower shall promptl}� furnish to Lender all notices of amounts to be paid under this paragraph.
<br /> If Borrower mal:es these payments directh�, Borrower shall promptl�� furnish to Lender receipts evidencing the payments.
<br /> Borrower shall prompth� discharge am� lien which has priorin� over this Securit�� lnstrument unless Borrower: (aj agrees in
<br /> ��riting to the payment of the obligation secured b�� the lien in a manner acceptable to Lender; (b) contests in good faith the lien
<br /> b}•, or defends against enforcement of the lien in, legal proceedings K�hich in the I.ender's opinion operate to prevent the
<br /> enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfacton• to Lender subordinating the lien to
<br /> this Securin� Instrument. If Lender determines that am� part of the Propem• is subject to a lien which ma�• attain priorit�• over
<br /> this Securin• Instrument. L.ender ma�� give Borrower a notice identifj�ing the lien. Borrower shall satisfi� the lien or tal:e one or
<br /> more of the actions set forth above within 10 days of the giving of notice.
<br /> ��6R(NE) iszizi.oz Form 3028 9/90
<br /> Pape 2 of 6
<br /> Irnhels:
<br />
|