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<br /> . B(SRk�WER CUVENANTS that Borrower is lawfully seir,ed of th� estate her�by conveyed and has the nA ri to E.Y
<br /> '��:.`; grant and convcy the Property and that the Property is unencumbered, except tbr encumbrances of record. Barrower w_
<br />'?'� warrants and wtll defend generally the title to the Propeny against all claims and demands, subJei:t io anY en�umbrances -
<br /> Y- ,"' t. of record. �._-
<br /> �"*���: TE31S SECURII'Y iNSTRUMENI' combines uniform covenants for nettonal use und non•uniform covenants with
<br />-�;=�.'��; � _
<br /> limited variations by}urisdiction to constin�te a uniform security instrument covering real propeny.
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<br />`':�__�_, UNIFORM COVBNANTS. Borrowcr and Lender wvenant and agrec as follows:
<br /> � 1. �� of p�i�� �� �d L�te G7urge, Bonower shall pay when due�the principal of,and interest
<br /> _ _�� on,the debt evidenced by the Nate and late charges due under the Nute,
<br /> 2. Moolhly paymeat of Taxa,Inauma. aod Olt�r C�uBa• B°rrower shall include in each monthly payment,
<br /> '•ri-. together with the principal and interest as sec forth in the Note and any late charges, a sum for(a) taxes and special
<br /> _ ;;:;;' assessrnrnts levied or to be levied against thc Property, (b) leasehold payments or ground rents on the Property, a�►d
<br />'-=;,� (c) premiurns for insurance requkod under paragraph 4, In any ye.ar in which the Lender must pay a mortgage
<br />-�-t�•��`= insurana premium to the Secretary of Housing and Urban Development ("Secretary"), or in any year in which such
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<br /> = premium would have been required if I.ender still held the Security Instrument, each monthly payment shall so
<br /> _};,;_��� include tither. (i) a sum for the annual mortgage insurance premlum ta be paid by Lender to the Sxretary, or(ii) a
<br /> ""°"''=�q monthly ctierge instead oF a mortgagc insurance premium if this Security Instrument is held by the Secretary, in a
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<br /> -�'v-� reason�ble amount to be determined by the Secretary. Except for che monthly charge by lhe Secretary, chese ttems
<br />=���?� azc call�d "Bsarow Icems" and the sums paid to Lender are called "Cscrow Funds." -
<br /> =``�'�" Lender may,at any cime, cc�llect and hold amounts for Bscrow Items in an aggcegate amount not to exceed che
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<br />;,.��;_f�� maxirinwn amount that may be required for Borrower's escrow eccc Za CFR Ptarc 3500,as they ma,y be arr�ended from
<br /> -- Act of 1974,12 U.S.C.§2601 et seg.and implementing reguladons,
<br /> w,°;�k�'�'_ time to tlrne("RESPA"). except that the cushion or reserve permitted by RESPA for unanticipated disbursements or
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<br /> disburuc►tients Ixfore the Bonower's payments are available in[he account may not be based on amounts due for the
<br /> -===-=��' mortgage insurance premlum.
<br />__;;�.,� If the amounts held by L,ender for Escrow Items exceed the amounts pern�itted to be held by RESPA, I.ender shall
<br />=:__;�� account to Boaowcr for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time
<br />-.`,� are noi sufficient to pay the Escrow Items when due, Lender may notify the Bonower and require Borcow�r to make
<br /> up ttze shortage as percnittai by RESPA.
<br /> :z_,�.��� The Escrow Funds are pledged as addi�ion�i �:azty far:1;�uzrs s'=�u*"'! hy rhic Security Instrument. If Boaower
<br /> -""�� tenden to I.ender the full payment af all such sums,Bonower's account shall be crMited witli the balance rem�uning
<br /> - -= for all'wstallment items (a), (b),end(c) and a�ly mortgage insurance premium installment thot l.ender has not becorne
<br /> - obligatcd to pay to the Secretary,and I.ender shall promptly refund any exccss funds to Borrower. Ir�ur►ediatety prior
<br /> ,,�,�;���,;.�� to a forcclosure sale of the Property or its acquisi tion b y I.e n d e r, E 3 o r r o w e r's a c c o u nt shall be credited with any balance
<br /> -==.;�;;�� remaiaing for all installments for�tems (a), (b), and (c).
<br /> ' - 3 ��� op pirymeate, All payments under paragraphs 1 and 2 shall be applied by L.ender as foUows:
<br /> ��� �`� FIRST,to the mortgage insurance premium to be paid by Lender to the Secretary or ta the monthly charge by the
<br /> -'��u� Socretery instead of the monthly mortgage insurance premium;
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