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<br /> -.y,_ RE•RECORDED . ��
<br /> . . . ,:�, g8=�:�i�y. . . • =:
<br /> . 98�- ����� R
<br /> `I'OfaBTHG'R WITI� all the im�rovements now or hercafter erectect on the proQeny. and all casements, _
<br /> ' � ' appunenances, and Cixtures now or hereafter a part of tl�e property. All replacements and add�tim�s shall ulso lx:covercd =
<br /> by this Security [nstrument. All af the for�going is referred to in this Security Instrument ns the "Property.' a
<br /> , � AoRKOwE:k Covr:HnNTS that Borrower is lawfully sclsed of the estate hereby conveyed and has thc right to grant and �
<br /> convey the Aropeny and that the Propeny is une��umbered, except for encu�tiarances of record. Borrower warrants anc� �,.
<br /> will defend generally tlu title to the Property against all claims and demands,subject to any encumbrances of record. _
<br /> N� TIiIS SI:CURII'Y iNSrRUMGN'r combtnes u[uform covenants for national use and non-uniform covenants with limited
<br /> _ variations by jurisdiction to constimte a uniform security instrument cavering real property, , ��
<br /> Un�r•oHM Covr:Nenrs. Borrower and L,ender covenent and agree as follows:
<br /> ..r�wa+�,� 1. Payment o[Prtncipal and lnterest; Prepwyment and Ls►kc Cha�gea. Borrower shall promptly pay when due
<br /> �•.++��' the principal of and interest on the debt evidenced by the Note and any prepayment and'ate charges due under the Note.
<br /> �� ' � 2, �nds tor Taxes and Insurance.Subject to applicable law or ta a written v:aiver by I.ender,Borrower shall pay _
<br /> to l.ender�n the dsy monthly payments are due under the Note, until the Note is paid in full, a sum("Funds") for: (a)
<br /> � yearly tax . afld��sa4�nts which may attain priority over this Security Instrument as a Ilen'on the prop�rty� (b)Yearly
<br /> 7 leasehold payments or ground rents on the Property, if any;(c)yearly hazurd or propeny insurance premiums; (d)y y
<br /> ," tlood insurance premiums, if any;(c) yearly mortgage insurance premiums, if any;and(�any sums payable b�Borrower -
<br /> to Lender, in accordance with the provisions of paragraph 8, in lieu of the Payment of mortgage Insurance premiums.
<br /> • These ite�ns are called "Escrow Items."Lender may,at any tin�e, collect and hold Funds in an amount not to exceed the
<br /> maximum amaunt a lender for a federally reluted mongage loan u�ay require for Borrower's escrow account under the
<br /> federal Real Estate Settler►xnt Procedures Act of 1974 as amended from dme to time, 12 l�.S.C. § 2601 et seq.
<br /> ("RESPA"),unless another law thet appli�s to the Funds sets a lesser amount. If so, I.ender may,at any time,collect and
<br />� � + hold Funds in an amount not to exceed Qie lesser amount. Lender may estimate the amount of Fundc due on the basis of
<br />� current data azid reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable
<br /> • law.
<br />� ' . The Funds shall be held in an institution whose deposits are insured by a federal agency,instmmtntality,or entity -
<br /> ' (including Lender, if L,ender is such an institution) or in any Federal Home Lc�an Bank. Lender shall apply the Funds to
<br /> �� pay the �scrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing the
<br /> • -r escrow account, or verifying the Escrow Items, unless L.ender pays Borrower interest on the Funds and applicable law
<br />-- ' • pemuts L.ender to make such a charge: However, l,ender may reyuirs Bonower to pay a one-time charge for an _
<br />-z, ,. � independent real estate tax reporting service used by L.ender in connection with this loan, un�css appl{cable law provides
<br /> , otherw�se. Unless an agreement �s made or applicable law requires interest to be paid, Lender shall not bc required to pay
<br /> �`. Borrower any interest or earnings on thc Funds.Borrower and Lender may agree in writing,however,that interest shall be
<br />- �,, � paid on the Funds.L.ender shall give to Borrower,without charge, an annual accounting of the Fun�s,ehowing credits and
<br /> debits to tfie Funds and the purpose for which each debit to the Funds was made. The Funds ere pledged as additional
<br />:," � . security for all sums secured by thie Security Instrument.
<br /> lf the Funds held by Lender excec�d the amounts pem�itted ta be,held by applicable law,L.ender shall account to
<br />�Y;,,:.,�.�,`�� - 3u,cow�r.or th:,cxc��Fur.ds in�c��r�anze w�th rhP�r;��iremencs of applicable law. If the amount of the Funds held by
<br />_� , . Lender at any time is not sufficient to pay the Escrow Items when due, [.ender may so notify Borrower in writing,and, in
<br />_��". ' '.'' ��*' such case Borrower shall pay to Lender the amoune neeessary to make up the deficieney. Bonower shell tnaice up the
<br /> �:q`;';;•,��,"' deficiency in no more than twelve monU�ly payments,at l.ender's sole discrenon.
<br /> ri.. ,F ,:-� Upnn payment in full of all surtu secureci by ehis Security Instrument, Lender shall promptly refund to Bormwer
<br />_-•`. ��:. r:.. any Funds held by I.cnder. If. under paragraph 21, Lender shall acquire or sell the Pro�ny,.Lender, prior to the
<br /> T�� ••�` ' ac uisition or sale of the Property, shall apply any Funds held by Lender at tlie time of acquisition qr sale as a credit
<br />�i`��•�``S.;s�� against the sums secured by this Security Instrument.
<br /> ;t-~'�= 3. A u�ao�or rp ments. Unless apNlicable law provides otherwise, all payments received by Lender under
<br /> ,i�:.. PP Y
<br />�•�:�•.�''���' paragraphs 1 and 2 sl�all be applied: first, to any prepayment charges due under the Note; second,to amounts payable
<br /> =�:�;-x. under paragraph 2;third, to interest due; fourth,to pnncipal due;and last,to any late charges due under theiNote.
<br /> '`�``'-'�T-���� 4. Chargrs; Lims. Bonower shall pay all taxes, assessments, charges, fines and impositions Attr.butable to the
<br /> 3`:�., +li,. .
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<br />��..T��; � Propeny which ma,y ettain priority over this Security Instrument, and leasehold payments or ground rents, any.
<br />—��°°f';?�_'�� Borrower shall pay these obligations m the manncr provided in paragraph 2,or if not paid in that rna�►ner,Borrower shall
<br />�,.^;�a�: pay than on time directly to the�erson owed payment. Borcower shall prompdy furnish to Lender all noNces of amounts
<br />�.:,.;,��:��tt to be paid under this paragraph. If Borrowcr makes these nayments direcdy, Bonower shall promptly furnish to L.cnder
<br /> -'�.:�.�--=.� receipts evidencing tlie paymencs.
<br />�ti.; ; • Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Bonower: (a)
<br /> -° `;�• agrces in writin�to the payment of the obliganon secured by the lien in u manner acceptable to Lcnder; (b) contests in
<br /> -'°-' �-• good faith the lien by, or defends against enforcement of the Iten in, legal proceedings which in Ihe I.ender's opinion
<br /> y-.•" �4' , operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to _
<br />� � � Lender subordinating�he lien to this Sccuriry Instrume►i�. lf L,ender detemunes that any p.1rt of the Property is subject to a -
<br /> ���� lien which may attain priority over this Securtty Instrurnent, Lender may give Bonower a notice identifying ehe lien.
<br />; :,,y,�„ Borrower shall satisfy the lien or teke one or nwre of the actions sct forth above within 10 daYs of the giving of notice.
<br /> -r-��n S. Hazard or Property�nsurance. Borrower shall keep the improvements now exishng or hereafter erected on the
<br /> 3+; .�•r•.
<br />"""• ^�r• • Property insured against loss by Rre, h�tzards inchided within tlie term "extended coveragc" and any other hazards,
<br />_ . Form 3026 9/90 fpe�l
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<br /> BANKERS SYSTEMS.INC,ST.GLOUD.MN G6302(1•B00•397•23411 FOFiM MD•1•NE 2/6191 _,[�i!�
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