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01/31/2001 13:02 HOMEOWNERS LOAN 4 14024619553
<br />200101541
<br />NO.205 P009
<br />TOGETHER WITH all the improvements now or hereafter erected on the propertyl and all easements, appurtenances,
<br />and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
<br />Instrument. All of the foregoing is referred to in this Security Instrument as the "Propert}."
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
<br />mortgage, grant and convey the Property and that the Property is unencumbered, e�cept for encumbrances of record.
<br />Borrower warrants and will defend generally the title to the Property against all ciiims and demands, subject to any
<br />encumbrances of record_
<br />THIS SECURM INSTRUMENT combines uniform covenants for national usq and non - uniform covenants with
<br />limited variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and interest; Prepayment and Late Charges. Borrowe
<br />principal of and interest on the debt evidenced by the Note and any prepayment and late
<br />2. Funds for Taxes and Lusuranee. Subject to applicable law or to a written waiv
<br />Lender on the day monthly payments are due under the Note, until the Note is paid in 1
<br />taxes and assessments which may attain priority over this Security Instrument as a lien c
<br />payments or ground rents on the Property, if any; (c) yearly hazard or property ins
<br />insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f)
<br />Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of rr
<br />items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an
<br />amount a lender for a federally related mortgage loan may require for Borrower's esc
<br />Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C.
<br />another law that applies to the Funds sets a lesser amount_ If so, Lender may, at any
<br />amount not to exceed the lesser amount_ Lender may estimate the amount of Funds d
<br />reasonable estimates of expenditures of future Escrow Items or otherwise in accordance i
<br />The Funds shall be held in an institution whose deposits are insured by a federi
<br />(including Lender, if Lender is such an institution) or in any Federal Home Loan Bank.
<br />the Escrow Items. Lender may not charge Borrower for holding and applying the Fu
<br />account, or verifying the Escrow Items, unless Lender pays Borrower interest on th(
<br />Lender to make such a charge. However, Lender may require Borrower to pay a one-
<br />estate tax reporting service used by Lender in connection with this loan, unless applicabl
<br />agreement is made or applicable law requires interest to be paid, Lender shall not be re
<br />or earnings on the Funds. Borrower and Lender may agree in writing, however, that
<br />Lender shall give to Borrower, without charge, an annual accounting of the Funds, sho
<br />and the purpose for which each debit to the Funds was made. The Funds are pledge(
<br />secured by this Security lostrument.
<br />If the Funds held by Lender exceed •the amounts permitted to be held by appli
<br />Borrower for the excess Funds in accordance with the requirements of applicable law.
<br />Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so
<br />such case Borrower shall pay to Lender the amount necessary to make up the defic
<br />deficiency in no more than twelve monthly payments, at Lender's sole discretion.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shi
<br />Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Propeit)
<br />sale of the Property, shall apply any funds held by Lender at the time of acquisition
<br />secured by this Security Instrument_
<br />3. Application of Payments. Unless applicable law provides otherwise, all p
<br />paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Not
<br />paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines
<br />Property which may attain priority over this Security Instrument, and leasehold paymen
<br />shall pay these obligations in the manner provided in paragraph 2, or if not paid in that
<br />time directly to the person owed payment. Borrower shall promptly furnish to Lender at
<br />this paragraph_ If Borrower makes these payments directly, Borrower shall promptly t
<br />the payments.
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<br />ANMA"
<br />Page 2 of 7
<br />- shall promptly pay when due the
<br />harges due under the Note,
<br />r by Lender, Borrower shall pay to
<br />ill, a sum ( "Funds ") for: (a) yearly
<br />i the Property; (b) yearly leasehold
<br />irance premiums; (d) yearly flood
<br />any sums payable by Borrower to
<br />)rtgage insurance premiums. These
<br />amount not to exceed the maximum
<br />ow account under the federal Real
<br />§ 2601 et seq. ( "RESPA. "), unless
<br />time, collect and hold Funds in an
<br />re on the basis of current data and
<br />,ith applicable law.
<br />agency, instrumentality, or entity
<br />Lender shall apply the funds to pay
<br />ids, annually analyzing the escrow
<br />Funds and applicable law permits
<br />ime charge for an independent real
<br />law provides otherwise. Unless an
<br />luired to pay Borrower any interest
<br />aterest shall be paid on the Funds.
<br />✓ing credits and debits to the Funds
<br />as additional security for all sums
<br />ale law, Lender shall account to
<br />the amount of the Funds held by
<br />tify Borrower in writing, and, in
<br />cy. Borrower shall make up the
<br />fl promptly refund to Borrower arty
<br />, Lender, prior to the acquisition or
<br />or sale as a credit against the sums
<br />�yments received by Lender under
<br />e; second, to amounts payable under
<br />!due under the Note.
<br />!and impositions attributable to the
<br />Es or ground rents, if any. Borrower
<br />manner, Borrower shall pay them on
<br />I notices of amounts to be paid under
<br />kir 'sh to Lender receipts evidencing
<br />Initials,
<br />
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