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<br /> TO(3E'fHEft WITH ull thc improvemcnts now on c�reaftcr erected on the property,and ull c xementti, appurtcnances,und
<br /> fixtures now or hereafter u part of the property• All repincements and addttions shull ul+o be covered by this Sccurity
<br /> Inctrumcnt. All of thc forcgoins is refcrred to in this Sccurity Instru�nent us thc"Praperty."
<br /> BORROWBR COVENANTS that Borrower is lawfully sciscd of thc r,tute hereby a�nvcycd and has thc right t��grunt:�nd ..
<br /> convey the Property and that the Property iti unencumbered. except for encumbrunces of recard. Borrower wurrants und will
<br /> defend genernlly the title to the Propeny ugainst all cluims and demands,subject to any encumbrances of record.
<br /> THIS SECURITY [(VSTRUMENT cambines unifomi covenants for natianal use and non-unifarm covenants with limited
<br /> variations by jurisdiction to constitute a uniform security instntment covering reul propecty.
<br /> UNIFORM COVENANTS.Borrowerand I.enderment and LaterCli rges.�Borrowcr shall promptly pay when duc the
<br /> 1. Psyment ot Principal and Interest; Prepuy
<br /> princippl of und interest on the debt evidenced by the Note and uny prepaymcnt nnd late charges due under the Note.
<br /> 2. Fbnds tor Taxes and Insurance. Subject to applicable luw or to a written waiver by Lendcr. Borrowcr shull pay to
<br /> Lender on the day monthly payments are due under the Note,until the Note is paid in full,a sum("Funds")for: (a)yesuly taxes
<br /> and ossessments which may attain priority over this Security Instrument as a lien on the Property:(b)yearly Ieosehold payments
<br /> or ground rents on the Property,if any;(c)yearly hazard or property insurence premiums; (d)yearly flood insu��nce premiums,
<br />- if any; (e)yeutly mortgnge insur�nce premiums, if any;and(�any su►ns payable by Borrower to Lender, in accordence with
<br /> the provisions of paragraph 8, in lieu of the payment of mortgage insurancc premiums.These items are called "Escrow Items."
<br /> Lender may, at any time, collect and hold Funds in an amount not to excecd the maximum amount a lender for a federally
<br /> �elatea! mortgage loan may require f�,r Borrower's escrow account under the federal Reaa Estate Settlement Procedures Act of
<br /> 197���nmended from time to timc, l2 U.S.C. Section 2601 er seq. ("RESPA"),unless anather law that applies to ihe Funds
<br /> sets a 1�.�.cer amount. If so, Lender may, n[any time, collect and hald Funds in an amonnt not to exceed the lesser nmount.
<br /> Lender may estimnte the amount of Funds due on the basis of current d:�ta.and reasonnblc estimates o1 expenditures of ftiture
<br /> Escrow Items or other�vise in accordance with applicable luw.
<br /> T�e Funds shall be held in an insdtution whose deposiGt are lnsured by a federal a�cncy. instrumentality. or enttty
<br /> (inctucliq,a Lender,if Lender is such an institution)or in any Federal Home Loan Bank.Lender shell apply ehe Funds ta pay the
<br /> Escrow Items.Lender may nut charge Borrowar for holding and applying the Punds.annually unalyzing the escrow account,or
<br /> �?rif;ing the Eccron•8tems,unless Lender pays Bonower interest on the Funds and Applicable law permits Lender to make such
<br /> a chtuge. However,Lender may require Borrower to pay a one-ttme charge for an independent reai estuce ia�e rc�xiia3�g x�i:�:
<br /> used by Lender in wnnection with this loan, unless applicable law provides othenvlse. Unless an agreement is made or
<br /> Applicable Iaw requires interest to bc pald,Lender shall not be required to pay Borrower any interest or eamings on the Funds.
<br /> Borrower and Lender may agree in writing, however, that intcrest shall be patd on the Funds. I.cnder shall give to Borrower.
<br /> without charge, an xnnual accounting of the Funds, showing crediGs and debits to the Funds and the purpase for which each
<br /> debit to the Funds wus made.The Funds are pledged as additiorwl security for all sums secured by thls Security Instcument.
<br /> If the Funds held by L.ender exceed thc amcwnts permitted ta bc held by npplicable luw. Lendcr shull eccount to Borrower
<br /> far thc exccss Funds in nccordance with the requiremcnts of upplicable law. if the amount of the Funds held by Lendcr at any
<br /> time is not sufficient to pay the Escrow Items when due,Lender may so notify Borrower in wdting,and,in such cxse Bc�rrower
<br /> shall pay tn Lender the amount necessary to makc up thc dcficiency.Borrower shall malce up the deticirncy in no mnre than
<br /> twelve monthly payrtxnts,at Lender s sole discretion.
<br /> Upon payment in full of all sums secured by this Security Instniment. L.ender shall promptly refund to Borrower any
<br /> Hunds held by Lender.If.under paragrnph 2l.Lender shall ucquire or sell the Propeity.Lender.prior to the acquisition or sale
<br /> of the Property. �hall upply any Funds held by Lender at the time of acquisition or sale as a crcdit agalnst the sums secured by
<br /> this Security Instrumcnt.
<br /> 3.Applkation of Payment�.Unlass applicable law provides otherwise,al1 payments receivod by Lender under paragraphs
<br /> 1 and 2 shai!be applied: first,to any prepayment charges due under the Notr;second.to amounts p�yable under paragraph 2:
<br /> third.to interest due:fourth,to principal due;and lust,to any late charges due under the Note.
<br /> 4.Charges;Lie�.Borrower shali pay all taxcs,assessments,churges.fines and impositions attributable to the Propaty
<br /> which may attain priority over this Security Instniment. and leasehold puyments or ground rents, if any. Borrower ahal!pay
<br /> these obligations in the manner provided in paragraph 2,or if not paid in that manner.Borrower shall pay them on time directly
<br /> to the person owed payment.Borrbwer shall promptly fumish to L.ender all notices of amounts to be paid under this paragraph. ,
<br /> If Borrower makes these payments directly,Borrower shail pmmptly furnish to Lender receipts evideneing the payme�ts•
<br /> Borrower shall promptly discharge any lien which has priority over this Security instcu►nent unless Borrower: (a)agnes in
<br /> writtng to the payment of the obligatton secured by the lien in a manner aoceptuble to Lender;(b)contests in good faith the lien
<br /> by, or defends egainst enforcement of the lien in, legal proccodings which in the Lender's apinion operate to prevent the
<br /> enforcement of the lien;or(c)secure+from the holder of the lien an agreement satisfactory to Lender subordinating the lien to
<br /> this Security Instrument. If Lender determincs that any pArt of the Property is sabject to a lien which may attain priority over
<br /> this Security Instrum�ent. Lender may give Borrower a notice identiFying the lien.Borrower shall satisfy the lien or take one or
<br /> more of the actions set forth above within 10 days of thc giving of notice.
<br /> Fom,ao2e 9r90
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