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<br /> TOGETHBR W ITH all the Improvements now or hereafter ereccod on the property,and all casements, appunenences, and
<br /> fixturea now or lxrr.afler � put of the property, All replaccments and additions shall also bc covercd by this Security
<br /> In�tn►ment. All of the foregoing is referred to in this Securi[y Inscrumeat u che"Property,"
<br /> BORROW F.R COVB�IANT5 lhat Borrower is lawfully seised of the estate hereby convcyed and has thc right to grant And
<br /> convey the Property and thAt the Property is unencumberod, eacept for encumbrences of raord. Bonower warrant�and wll!
<br /> defend generally the title to tha Ptoperty�gainst all cltlm�and demands,�ubject to any encumbrances of record.
<br /> THIS SECURITY INSTRUMEIVT canbines uniform covenants for national use and non-uniform covenants with limited
<br /> variations by Jurisdlction to constitute a uniform security instniment coverin�rcal propeny.
<br /> UNIFORM COVBNANTS,Borrower and Lender covenant and agra as follow9:
<br /> 1. Payment o[ Prtncipd ond Interesh PreppYment And I.Ate Ch�rges. Bonower shall promptly pay when due the
<br /> principal of�nd interest on the debt evidenced by che Note and any prepayment and late charges due under the Note.
<br /> Z. Funda for Taxea pnd Insuronce. Subject to applicable law or to a written walver by Lendcr, Bonower shall pay ro
<br /> Lender on the day monthly payments are due under the Note,until the Note ie paid in full, ss sum("Funds")for: (a)ycarly ta�c�s
<br /> and assessments which may attain priority over this Security Instrument�+a lien on the Froperty; �b)yeurly ltasehold payments
<br /> or ground renta on the Property,if any;(c)yearly hazard or propeity insura�ice premiums; (d)yearly flood insurance premii►ms.
<br />- if any; (e)yearly mortg�ge insurunce pnmlums, if an�; and(�any sum�payable by Borrower to Lender, in accord�nct with
<br /> 1he provi�lons of paragraph 8,in lieu of tt!e paymcnt of mortgage insurance premiums.These items are called"Esemw Itenu."
<br /> Let�der msy, at any tlme, collxt and hold Funds in an amount not co excad the maximum amount a londa for a federally
<br /> related mortgage loan may cequire for Bonower's escrow account under the federal Real Estate Settlement Procedures Act of
<br /> 1974 as Amendcd 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. tf so, Lender may, at any time, collect and hold l�unds in an amount not to exceod the lesser amuunt.
<br /> Lender may estimate the amount of Funds due on the basis of cuncnt data and nasonable estimates of cxpendituns of future
<br /> Escrow Ittma or otherwise in accorduia with applicable law.
<br />- The Funds shall be held in an institution �vhou deposits are insurtd by a federal agency, inst�umentality, or entity
<br /> • (including Lender,if Lendcr is such an Institution)or in any Federal Home Loan Banlc.Lendcr ahall apply the Funds to pay the
<br />-� Escrow Itema. Lender may not chazge Borrower for holding and applying the Funds, annually analyzing the escrow account,or
<br /> � verifying the Escrow Items,unless Lender pays Borrower iuterest on the Funds ax►d applicable law permits l.ender to make such
<br /> a chuge. However, I..ender cnay require Bonower to pay a one-time chuge for an independent rcal estate taa reporting service
<br />- used by I.ender ln connxtion with this loan, unless applicable law provides otherwise. Unless an agroement is made or
<br /> applicable ltw requins intereat to be paid,Lender shall not be required to pay Bonower any interest or earnings on the Fwxls.
<br /> Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borcower,
<br /> without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the pucpose for wl►ich e�ch
<br /> — debit to the Fund�waa made.The Funds are pledged as additionat securiry for aII sums sccurai by ti�ic:Socurity Inst�urant.
<br /> If the Funds held by l.ender exceed the amounts pertnitted to be held by applicable law,Lender shAll account to Borrower
<br /> for the excess Funds in�ccordance with the nquinments of applicable law.If the amount of the Funds held by Lecxier at any
<br /> time ia not sufficient to pay the Escrow Items when due, Lender may so notify Bonower in writing,and,in such case Bonower
<br /> _ shall pay to Lender the amount necessary to make up the deficiency. Bonower shall make up the deficicncy in no more than
<br /> twelve monthly p�yments,at Lender's sole discretion.
<br /> Upon payment in full of all sums secund by this Security lnstmmcnt, Lender shall promptly refund t4 Bonower any
<br /> Eunds held by Lender.If.under puagraph 21,L.ander shall acqulre ar ull the Pmperty,Lender, prior to the acquisition or sale
<br /> of the Property,shall�pply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by
<br /> thia Security Instn:ment.
<br /> 3.Applteatlon ot Fxyments.Unless applicable law provides oth�nvise,all payments received by Lender under paragrApha
<br /> 1 and 2 sh�ll be�plied: first,to any prepayment chazges due under the Note; second,to emounts payable under puag►yph 2;
<br /> third,to interest due;fourth.to principal due;and lest,to any late charges due under the Note.
<br /> 4.Chargb;Lia►s. Borrower shall pay ail taxes,assessments, ctiuges, fines and impositions attribut�ble to the Property
<br /> whfch cn�y attain �v�r�his Security Instrument, and leasehold payments or groimd rents, if any. Borrower shall pay
<br /> these obligations i�er provided in pazagraph 2,or if not paid in that manner,Borrower shall pay them on time diroctly
<br /> ta the person owed payment.Bonower shall promptly furnish to Lender all notias of amounts to be paid under thls paragraph,
<br /> If Borrower makes these payments directly, Borrower shall promptly fumish to Lender receipts evidoncing the payments.
<br /> Borrower shall promptly discharge any licn which ha.a priority over this 5eci►rity Instcument unl�ss Borrower: (a)agras in
<br /> writing to the payment of the obligation secured by the lien in a manner acceptable to Lender;(b)contests in good faith the lien
<br /> by, ar defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
<br /> enforament of the lien; or(c)secures from the holder of the Ilea an agreement satisfactory to Lender subordinating the lien to
<br /> this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over
<br /> this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or
<br /> - more of the actions set fnnh above withln 10 days of the giving of notia.
<br />—_ Fwm 3028 9/90
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