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<br /> �� . � ` TOGE'fHHR WITH all the Improvements now or hereafter erected on the property, and all easements, appurtenances,ar►d
<br /> , �� fixtures naw or hereAher a part of the property, All replacemen[s and additions shall also be covend by this Security
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<br /> . � lnstrument. All of the foregolrig le refcrred to in this Sccurity Instrumant as thc'Property."
<br />_ , . ,�, BORROWER CoYENANTS that Borrower is lawfully scised af thc cstate hcreby conveyccl and has the right to grant and ..
<br /> , ,�� convey the Pm�eny und that the f'roperty is unencumbered, except for encumbranees of record. Borrower warrants and will -
<br /> ;; defend generally the title to the Property agalnst all claims and demands, subJect t�any encumbrances of record.
<br /> THIS SBCURCTY INSTRUMENT combincs uniform covenants for aational use and non-uniform covcnants with limited
<br /> ' , variatia�s by jurisdiction to con�titute a uniform security instn►ment covering real property.
<br /> . ,�, UNIFORM COV@PIANTS,Dorrower and I.endcr covenant and agree as follows: .
<br />� .4 �; 1, P�yment ot Prletclpal and Inter�st; Prcpayment and L�te Ci�arges. Barrower shall promptly pay when duc thc _
<br /> ;�='�'' ' princlpal of and intereat on the debt evidensed by thc Note and any prepayment and latc charges due under the Notc.
<br />-�q�' 2. Eund.v [or 1'axes And Insurance. Subject to applicable law or to a written walver by Lender, 13orrower shall pay to
<br />_� � Lender on thc day monthly payrnents are duc undcr thc Note,until the IVote is paid in full,a sum("Funds"}for: (a)yearly taxes
<br /> ' snd assessments which may attain priority over this Security Instrument as a lien on the Property; (b)ycarly leasehold payments
<br /> - � or ground rents on the Propeny,if any; (c)yeazly ha�ard or propeny insurance premiums;(d)yearly flood insurancr,premiums,
<br />_' " if any; (e)yoarly mortgage insurance premiums, if any; and(fl any sums payable by Aorrower to I.ender, in accor�ance with
<br />{�";'` the provisions of paragraph 8, in lieu of the payment of mortgage insurancc prcmiums. Thesc items arc called "Escro�H Items.'
<br />- ° l.ender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally
<br /> , relatai mongage loan may require for Borrower's escrow account under the federal Real Estate Settlement Yroadures Act of
<br />��`;, 197�1 as amendod from tirne to time, 12 U.S.C. Section 2601 et seq. ("RBSPA'), unless another law that applies to the Hund9
<br /> sets a lesser amount. If so,I..ender may. at any timc, wllect and hold Funde in an amount not to eacexd the lesser amount.
<br /> . I.ender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future
<br /> �-: . Bsc:row Items or othetwise in accordaner with applicable law.
<br /> Y�: ",�;':-' The Funds shall be held in an institution whese deposits are insurr,d by a federal agency, lnstcumen[ality, or entity
<br /> '' �� (includin�Lcnder,if I.ender is such an institution)or in any Fecieral Horne L.oan Bank.I.ender sl�all apply the Funds to pay the
<br />�ri�:r:��;: � Escrow It�ms. L,ender may not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, ar
<br />' verifying the Escrow Items,unless L.ender pays IIorrower interest on the Funds uid a�plicable law permits Lender to mske such
<br />-������ a chazge. However, Lender may require Borrower to pay a one-time chazge for an independent real estate twc reporting service
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<br /> _:T�..*�:� used by Lender in connection with this loan, unless applicable law provides othenvise. Unless an agrccment is made or
<br /> r'�i3�,�* 4 • applicable law requires interest to be paid, Lender shall not be requirai to pay Borrower any interest or eamings on the Funds.
<br />-=�'.9" „' Bonower and Lender may agra in writing, h�wever, that interest shall be pald on the Funds. I.ender shall give to Bonower,
<br /> ��x=�'i�!'� without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the pur{wse for which each
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<br /> - - debit to thc Funds was made.'I'he Funds azc pledged as additlon�l security for all sums sceured by this Securiry Instrument.
<br />—_-='==::'r�y�j> If the Funds held by Lender r;xceed the amounts permitted to be held by applieabie law,Lender spall account co Borrower
<br /> �'�`��'`�' for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by l..ender at any
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<br /> -- �� time is not sufficient to pay the Escrow Items when due, Leuder may so notify Borrower in writing,and, in such case Borrower
<br /> _.�R�.� shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no nx�re than
<br />��;�,�� twelve monthly payments.at L.ender's sole discretion.
<br /> �������:� Upon payment in full of ell sums secured by this Security Instrument, i.ender shall promptly refunel to Borrower any
<br /> ;^Y��� Funds held by Lender.l€,under pazagraph 21, Lender shall acquire or seA the Pro�erty,Lender,prior to the acquisitlon or sale
<br /> ��`:�.,�� of the Propeny, shull apply sny Funds held by Lender at the time of acquisition or sale as a credit agalnst the sums secured by
<br />� this Security Instrument.
<br />�_�� 3.ApplicAtlon of Pnyments. Unless applicable law providcs otherwlse. all payments r�ived by Lender under paragraph�
<br />�,,,�,_, 1 and 2 shall be applied: first. to any prepayment charges due under the Note;second, to amounts payable under pazagraph 2;
<br />— _�°@°°� third,to interest due;fourth,to principal due;and last,to any late charges due under the Note.
<br />�'`�`�� 4.Charg�s;Lia►9. Borrower shall pay all taxes, asscssments, charges. fines and impositions attr�butable to the Property
<br />�..�.�y which may attain priori[y over this Security Instrument, and leasehold payments or ground rents, if any. Bonower shall pay
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<br /> - :M.•�i these obligations in the manner provided in paragraph 2,or if nat paid in that manner, Borrower shall pay them on cime directly
<br /> '�`-��,r.r.c' to the person owed payment. Sorcower shall promptly furnish to Lcnder all notices of amounts to be paid under this paragraph.
<br /> �sJ�y; If Bonower makes these payments directly,Bonower shall promptly furnish to Lender receipts evidencing the payments.
<br /> -� '.�+�:>'' ' Borrower shall rorn A dischar e an llcn which has riorit over this Securit instrument wiless Borrower:(a)agrees in
<br /> �;; P PY B Y P Y Y
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<br />-� writing to the payment of the obligation secureci by the lien in a manner acceptable to Lender;(b)contests in gaxl faith the lien
<br />�,,,,_-�fi-'� by, or defends against enforcement of the lien in, legal proceedings which in the I.ender's opinion operate to prevent the
<br />--=:•:��~� : enforcement of the lien; or(c)sxures from the holder of the lien ar�agreement satisfactory to Lender subordinating the lien to
<br />�`.,"'^�°� thi�Security Instntment. If L.ender determines that any part of the Property is subjcct to a lien which may attain priority over
<br />�: • �:°. � '���� this Security Instrument. Lender may give Borrower a notice islentifying thc lien. i3onower shall satisfy the lien or talce pne or
<br /> �°� '�� more of the actions set foxth above within 10 days of thc giving of notice.
<br /> = Fwm 3028 9/90
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