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<br /> ' 1 � TOGETHER YYITH ail the improvements now or herea.`ter erected an the propeAy. and aD easements. appurtenances. and __ _
<br /> fixtures now or hereafter a pat[o!the prope�ly.A11 reptacemertts end additio.�s shaU also be covered by this Secusriy Inst�vment < '
<br /> � All 01 the toregoing is reteaed tG in this SectiirRy Instrument as the'Properry.' , ` ,
<br /> � ' BORROVYER COYENANTS that Borrowm. �s t5wtulty seized o1 the estate nereby conveyed and has the nght to grant aad �
<br /> ' � convey the Properly and that the Froperty is unencumbered. except for encumbrances ot record. Borrower wartants and wat , ti. •
<br /> . , � detend genea0y the title to the Propert�r agai�st eA daims end dema�ds,s+�biect to any encumbrances ot[ecord. ; ..
<br /> . � TH{S SECURITY INSTRUMENT comhinps undorm coyenants tcr national use and non-undorm eovenant� with Wr.�ted
<br /> vanations by�unsdictio�to constitute a uni'o�n sawrity instrument oovenng real property. � ;
<br /> UhiiFORM COVEyANTS. Borrower and Lender covenant and agree as to�ows. � � , ..r
<br /> , . -� 1. P'dymont of PrinNpal anit (n4,�re8� �►epaymettt end Late Chargss.eortower shali promptly paY when , — - _ -
<br /> � due the prtncipal ot and mterest on the d�t evidenced 6y the Hote and any prepayment and tate charges due under the Note. � `"
<br /> � 2. Funds tor Taxes and Insueanae.Sutr�ecl ta applicab�e iaw or to a wntten wanrer by Lender. Bortower shall pay �
<br /> to Lender on the day monthty payments are Que under tAe[Yote. until trie Note is paid in luil. a sum ('Funds') for (a)yearry
<br /> _. � taxes and assessments which may attain pciacity ovsr this Securfty tnsbument as a fien on the Propary (�1 yParty leasehold �
<br /> --- -,- paym�►ts or ground rents on the Property. i!any: (a) Year1Y hazard or propeny�nsurance premiums: l� Yearryf Rood msurance - - .. , • --- - -- .-
<br /> • premvms.A any:(e)yeady maRgage insuranpe premtilms.rt any:and (Q any sums payable by 8ortower to Lender in accordance •
<br /> � with the prav�sions ot paragraGh 8. �n lieu ot.the payment of moRgage insurance premEums. These dems are called 'Escraw � ,
<br /> ' Items' Lender may, at eny time, colfect and ho{d Funds m an amount not to exceed the maximum amount a�ender for a �
<br /> , � fedeialty related mortgage toan may requve ttn,Borrq�ver's esaow account under the federal Reat Estate Setriement Procedures ` � .
<br /> ' j Act ot 1974 as amended from time to time.t2 EJ.S.C.�26U1 et seq. ('RESPA'). u�tess another �aw that app�ies to me Funds ..
<br /> seis a Iesser amount. It so, tender may,at ang dme. coltect and hola Funds in an amount not to exceed the lesser amounL • �
<br /> . Lender may estlmate the amoutrt of Funds due on the basis ot curtent data and reasonable estimates ot expertditures ot fuwre
<br /> ' Escrow Items or otherwise in accordance►�bh appfcable taw. � . -
<br /> The funds sha0 be hetd in an insti[uti�whose deposits are insured by a federal agency.i�sUumentaGly. or erttity(Indad'a�g , '
<br /> � � Lender. if Lender is sucb an institution) ov in arry Federal Homa Loan Bank Lender shall appty the Funds to pay the Escrow � :
<br /> � Itens. Lender may not cherqe Borcower far haid'mg and appying the Funds,annually analyz�g the escrow accoun� or vai(ying . „�.'',
<br />� the Escrow Items, unless Lender pays 8osrower irtt�est on the Funds and appfica6le Iaw permits Lender to make such a ,, :� _
<br /> charge. However. Lender may require 8orrowar to pa� a on�Ume char�e tor an independent real estate t�reportireg service f,r;'�f• "
<br /> . used hy Lender in eonnection with th€� taan, unless appGcabte Iaw pmvides otherwise. Unless an agreem�t is mada cc '^�{{
<br /> � Ura6le law re uUes intereat to be p�i�9..Lmxter shafl not be requi:Q3 to pay Borrower an interest or eemings on the Furtds ;��'''�7��� '�
<br /> apP• q Y ;i:?�:r-; . ;c
<br /> • � Bortower and Lender may agree in wr�g. hmvever. that interest s�i be paid on the Funds. Lender shall give to Borrow�. �.s���l� : , - •T.�: ,..:
<br /> , - wiqwut charge,an annual accaunting nt.the Runds. shawing cred�s a�d debits to the Funds and?'�e purpose fus which each r,,`� � �. :-.�'<. � �
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<br /> debit ta the Fuads was made. The Funds are pledqe3 as additional security tor all sums secured by the Securit}t r.r�ument. ,,;n,...;__.�::.--.
<br /> • If the Funds held by Lender exceed the amourtts �ermitted to be held by appGCable law. Lender sha11 2r�vn::'� Borrower �': � ' _ _
<br /> �� ( .
<br /> for the excess Funds in accoMance �+r�th the rrtqueex�-s of appGca6le taw.If the amount ot th�Funds he"r1�xr, I��der at any f ,� ;.-_'. ;:
<br /> '�-� ti m e i s n o t s u f f i c i e n t t o p a y t M e E s c r o w t t m n a w h en a:e. Lender ma y so no ti t y Bortower in writing.and.in such case Borrower f ' . ��4:+�; ;
<br /> ,��- shall pay to Lender the amaunt�ecessary tn make up the defiaency. Bortower shall make up the defiaency in no more than � � ' ��� ��:s:';��
<br /> . . ,..,wt. .
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<br /> �,•��;��!, tweive mantfily payments.at Gender's sa;a disaietion. i. ".:`"�"�"%"'',;:��`
<br /> , :' 7:;'°�S U on a P PuY Y �Ir.�.... '
<br /> � r, p p yment in tull ot a11 sums secured by this Security Inswmerrt. Lender shall rom refund to Borrower an Funds :
<br /> ' � �``� ''• hetd b Lender. N. under potagraph 21. Lender sh�iQ acquire or sell ffie Property. �.ar�er.prior to the acquisition or sale of the Ija,'; �, =
<br /> r ��f �;;:�;f�!;f Properiy. shati aPPN a�Y Funds hefd by Lender at the time of acquisi�on or saF3 �s a cred'A against the sums secured by this !%'��{ft;�. j • � :�
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<br /> • . s:;`.,.�t?{ Searity InsUUment. �}?ti�� �`
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<br /> • .. 3. Application Of RByfA�ctS� Unless applicab�e law P:�c��s othenvise. aU paymen� received by Lender unda �';.'�.;.,;_ :;����;t-i.'
<br /> ' • ' paragraphs 1 and 2 shall 6e applisd: fi�st, ta any prepayment cha 3es�ue under the Not� seco:d. to amounts payable unda � � ; i;.±��,�•;,;;�`:f�
<br /> • paragraph 2:third.ta interest due:foarth.ta princ�pal due:and last.to any tate charges due under the Note. �._+fi, ;'. -�t��,i�..•�,�
<br />.°`.; , 4. Charges; Lie�[S. Borrower sha11 pay aC� raxes, assessments. cham,es. fines and Impositions atu�trutabte to the };.:., . ;.;.,.:
<br /> =,.. . �,i Propecry wblcn may atta:�n prioriry over this aecurfly t�s-�ment, and leasehold pay.:.�ts or ground rents.'rf anp f3�rrower shall �},.; �' 'F:%��i
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<br /> pay these obligaUons in tha maener pm.i�e0 in para�aph 2, ar if not patd in that manner. Bortower shall pa�ihem on time .r,y`•
<br /> , �;•'•�:�' directty to the person owc�paymenY. 8mrawer shag promptty fumish to Lender all notices o1 amounts to be paid under th(s ._�. .. - � -
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<br /> . paragraph. If 8ortower makes these p�mants directly. Borrower shall prompUy fumish to Lender recelpts evtdencfig the !�
<br /> : • . paymenta. . ,
<br /> .; � Borrawer sha0 promptty discharge any tesn which has pdo►ity over this Security Instrument untess Barrower. (a) agrees in • � ��'
<br /> ' • writing to the payment of ths obtigation se�ured by the lien in a manner acceptable to Lender, (b) contests in goad faith the .. � �;��':
<br /> t:`� , Iten by. or defends against entorcement of_the lien in. legal proceedings whlch in the Lender s opinion operate to prevent Ihe r ?'��'''',
<br /> •�'� � enforcement of the lisn:or(c) secures irom�the holder ot tAe lien an agreement satistactory to Lender subordinating the lien to �. � . ,
<br /> � " � �"� this Seeurily Instrumenl H Lender dete:mnas that any paA of the Properly ls subjecl to a lien whlch may attain prforfty over ffii� „ • �
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<br /> .:�, ..�,'� . Security Instrument, Ler:der may giva Bartower a notice identilyh�g the Iien. Borrowet shatl satisty the lien or take one o►more cf� .
<br />= • • ihe acttons set foRh above withln 10 days of the gir�g o1 noUce.
<br /> �+;��'+;.� ' S. H8Z8fd ar P�ge�ly Insurance.Ear^s�ver shall keep the Improvements now exist(ng or hereafteE c<ected on ihe .. �' f' ��•
<br /> ''� Property insured against tass by Tire, hazerds inc.a:�d wilhln the term 'extendeC coverage" and any other t�ds, inGud'mg �
<br /> ��•' . ' " iloods or 400ding,for which Lender reql:ires insurance. This insurance shall be malntalned in the amounts an�tor the perlods � , �'�',
<br /> � , • . that Lende►requlres. The insurance aarrfer provlding the irr�urance shalt be chosen by Bonower subject to Lender's approval �
<br /> _ which sha11 not be unreasor.a�ty wttihef�. If Bortower fails to mafitain wverage described above. Lender may, at Lender's ' .
<br />�'�"?:;.`. • optlon,obtaln coverage ta protect Lenders dghts in the Property in accordance w"��3ragraph 7. . _ .
<br />_•'ij;�' . � All fnsurance pofiaes ar�d renewals shalt be accEptable to Lender and sha3 rdude a standard mortgzge clause. Lender � .
<br /> ' . shatl have the dght to r�td the polides end renewaSs. It Lender requires. Borrower shall promptty gtve to Lender atl recefpts o1 , .
<br /> pald pre:niums and renewal notloes. In the event of toss.8orrower sha11 give prompt notice to 4�e insutance cartier and Lender . .
<br /> �� � Lender rtr��make proot ot toas if no!mede prompUy by 8ortowec •.
<br /> � Unless Lender and Bortower oiherwise agree fi writfig. tns.�ra�•:�proceeds shali be app6ed to restoraUort ar repa"u cf��t
<br />„�,� � Property damaged,if the restoraUun or repair is ecenomicalqr te2s��e and Lender's sewrity Is not lessened. II�-e restoratic:� :�
<br />��?'� repalr Is not economic2Sy feasible or Lender's secunty wou�d be tessened, the insurance proceeds shatl be appbeC to the sums ,
<br />_--= . . secured by this Secur'y tnstrumen� whether or not t"en due. w.^.� any excess yaid to Borrower. II Borrow*�abandons the ..
<br /> ^�i�', , Property, or does no:aswer w(thin 30 days a notice 1rom LenC�:�at the inscrance cartier has oHered to sett:e a claim, t�c-rr �
<br /> ' Le�der m�� collect the msurance proceeds. Lender may use the x:ceeds to repair or restore the Property or to pay sas^s �
<br />":�:�i�� ' secured by this Sea�-y l.�strument,whether or not then due. The�:�ay pericC w:ll begln when the notice is glven. ' �
<br /> ' � Untess Lender a�C Bonovrer otherwlse acyee in wdtlng, �,r �;.pUca�c� :° proceeds to pdndpal sh2ll no1 extend cr
<br />-- postpone the due d:n:t the monthly paymenis re:c-r�ed to in pa*agaphs 1 ��2 or change the amount of tiie payments. If
<br /> ° � under para�aph 2t yse Property is acqulred by Ler.d�. 8ortower s right to ary .�surance palicles and pro� resutting hom t�;•"� �
<br /> dama e to the Pre e dor to the ae uisition sha�l pass to fxr.der to the extent of the sums by this Sec�:riry InsUumer.t �,':''
<br /> 9 F rtY P Q
<br /> �t ' immed`aie.y prior to the acquisition.
<br /> -}�.: . 6. Occupancy, Presenra4lmn, Malnfoa�anca an� Protection of the Property; BorrowePs L�co :
<br /> � • Applioation; L0838hOlde. Bortov�er shall occu�y. establish,and use ihe P►opeAy as Bortower's pdncipal residenee within
<br /> sixty days after the execWon o1 this Security Instru�ent and shall cantinue to occupy the Property as Bonower's pdnoipal •
<br /> , resldence for at least one year after the date of occupancy. unless Lertder othennrise agrees in wriUng,which consent shatl not � �
<br />• . be unreasonably withheld. or unless extenuating circumstances exist which are beyond Bortower's control. Borrower shall not f •
<br /> . � desVoy, damage or impalr the PropeAy. allovl Ihe?roperty to deteriorate. or commit waste on the Property. 8orrower shall be in
<br /> � 111 detault H any toAeiture actlon or prbceeding. whether civil or cNminal,is begun that in Lender's good lailh judgmeni could result €
<br /> I in forfelture of the Property or o:hervvise materialty impair ihe Nen created by th�s Secunty Instrument or Lendei s secunty fnteresi. ' • �
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