|
�1 f•�:'6ld.N'l�.fn..a�.y„tr . . ' __ - ' ._ .._ __._. _____...,_......�......�w...
<br /> -___. _.
<br /> .... .._. .. ._ . . ._ .. .:
<br /> 98- �ssx7o4
<br /> TO(3ETHER WITH all the improvementa now or hereafier ercctod on the property,and sll easements,sppurtenanccs,and
<br /> fixturef naw or hereafcer s part of the praperty. All replecements uxi rdditions shal! also be coveral by this Security
<br /> Instrument,All of the foregoing i�s nferral to in this Security Instn►rxnt as thc"Propeny."
<br /> BORROWC:R COVENANTS that Bonower is lawfully seised of thc estate hereby conveycd and has the right ta grant arM
<br /> convey the Pro�xrty and that the Property is unencumbered, except far encumbrances of record. Borrower warrants and wlll
<br /> defend generally the title to the Property a�ainst all claims snd demands,subject to any encumbrances of record.
<br /> THIS SECURITY INSTRUMENT cornbines uniform covenants for national use and non-uniform covenants�vith limited
<br /> variations by jurisdiction to constitute a uniform security instrunxnt covering real praperty.
<br /> UNIFORM CQVENANTS. Borrower and Lender cavenant end agree as follows;
<br /> 1. PAyuie��t of I'rincipal And Iutcrest; Ph•epuyment und Late Charges� Aorrower shnll promptly pay wf�en due thc
<br /> principal of and interest on the debt cvidenc�d by tha Notc ar�d any prcpayment and latc charges due under the Note.
<br /> 2, Funda for Taxea�nd InaurAnce. Subject to applicable law or to a writtcn waiver by I.ender, Bonower shall 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)yearly taxes
<br /> and assessments which may attain priority over this Security Instrument as a lien on the Propeny;(b)yearly leasehold payments
<br /> or gruund rents on the Property, if any;(c)yearly hazard or property insurance premiums;(d)yearly flood insurance premiums,
<br /> if any; (e)yearly mortgage insurance premiums, if any; a�►d (�any sums payable by Borrawer to Lr.nder, in accordance with
<br /> the provisions of paragraph 8,in lieu of the payment of mortgagc insurance premiums. These items are called "Escrow Items."
<br /> L,ender may, at any time, collxt and hold Funds in an amount nut to excad the maximum amount a lender for a federally
<br /> nlatod mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedums Act nf
<br /> 1974 as umended from timc to time, 12 U.S.C. Sa;tion 2601 et seq. ("RESPA"), unless another law that applies to the Funds
<br /> sets a lesscr amount. If so, I.ender may, at any time, collect und hold Funds in an amount not to exceed the lesser amount.
<br /> L,ender may estimate the amaunt of Fund�due on the basis of cunent data and reasonablc estimates of expenditures of future
<br /> Escrow Items or otherwise in accordance witU applicable law.
<br /> The Funds shall 6e heid in en institution whose deposits are insured by a federal agency, iasuvmentality, or entity
<br /> (including I.ender, if L.ender is such an instituti�n)or in any Federal Home Loan Hank. Lender shall apply the Funds to pay the
<br /> Escrow Items. I.ender may nat charge Bonower for holding and applying the Funds,annually analyzing the escrow account,or
<br /> verifyinE the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such
<br /> a charge. However, i..ender may require Borrower to pay a one••time charge for an independent real estate tax reporting servicc
<br /> used by I.endcr in connection �vith this loan, unless epplicable Iaw provides otherwisc. Unless an agrament is made or
<br /> applicable law requires intcrest to be paid, Lencler shall not be required to pay Borrower any interest or eamings on the Funds.
<br /> Borrower�nd Lender may agrx in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower,
<br /> withaut charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purEwse for which cach
<br /> debit to the Funds was made.Th�Funds are plaiged as additional security for all sums sceured by this Security Instrument.
<br /> if the Funds held by Ler�er exceea the en�ounts prmiiiirS iu i�liciu �iy d�Nlla',a�Jie�aw,i.:,rwcr oh�l:;.r;,aur,:to Bor.a���r
<br /> for the excess Funds in accordana with the requirements of applicable law.If the amount of the Funcls held by Lender at eny
<br /> time is not sufficient to pay the Escrow Items when due,L,ender n�ay so notify Borrower in writing, and, in such case Borrower
<br /> shall pay to Lender the amount nocessary to make up the dcficiency. Borrower shall make up the deficiency in no more than
<br /> twelve monthly payments,at Lender's sole discretion.
<br /> Upon payment in full of all sums secural by this Security Instrument, I.onder shalt pramptly refund to Borrower any
<br /> Funds held by Lender.If,under pazagraph 21, Lendor shall acquire or sell the Property,I,ender,prior to the scquisition or sale
<br /> of the Property, shall apply any Funds held by L.cnder at the time of acquisition or sale as a credit�gainst the sums securai by
<br /> this Security Instrument.
<br /> 3.Applicxtion o[Payments.Unless applicable law provides otherwise,ali payments received by Lender undor perugraphs
<br /> 1 nns12 shali be nppliod; first, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2;
<br /> third,to inttrest due;fourth,to principal due;and last,to any late charges due under tl�e Note.
<br /> 4. Charges; Liens.Borrower shall pay all taxes,assessments, chargcs, fines and impositians uttributable to the Property
<br /> which may attxin priority over this Security Instrument, and le:uehold payments or ground rents, if any. Borrower shaU pay
<br /> these obligations in the manner provided In paragraph 2,or if not paid in chat manner,Borrower shall pay them on time directly
<br /> to the person owod payment.Borrower shall promptly furnish to I,ender all notices of amounts to be paid under this paragraph.
<br /> If Borrower makcs these payments directly, Borrower sh�Jl promptly furnish to Lcnder receipts evidencing the payments.
<br /> Horrower shall pramptly discharge any lien whicti has priority over this Security Jnstrument unless Borrower: (a)agms in
<br /> writing to the payment of the abligation secured by the lien in a manner acceptable to L.ender;(b)contests in good faith the lien
<br /> by, or defends against enforce�nent of the lien in, legal proceedings which in the L.ender's opinion operate to prevent thc
<br /> enforcement of the lien; or(c)secures from the tiolder of thc lien an agreement sa:isfactory to Lender subordinating the lien to
<br /> this Security Instrument. If Lcnder 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 shull satisfy the lien or takc onc or
<br /> more of the actions set forth abovc within 10 days of thc giving of notice.
<br /> Fam 3028 9/90
<br /> r.�zoie
<br /> —
<br />
|