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89104094
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Last modified
10/20/2011 6:56:31 AM
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10/20/2005 9:50:18 PM
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DEEDS
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89104094
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89-= 404094 <br />UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: <br />1. Payment of Principal and interest; Prepayment and Late Charps. Borrower shall promptly pay when due <br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. <br />2, Btstatla for Taxes and Insureace. Subject to applicable law or to a written waiver by Lender, Borrower shall pay <br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds") equal to <br />one - twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly <br />loemeboid payments or ground rents on the 'Property, if any; (c) yearly hazard insurance premiums; and (d) yearly <br />mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the <br />basis occurrent data and reasonable estimates of future escrow items. <br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or <br />:isle agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. <br />I.ender may not charge for holding and applying the Funds. analyzing the account or verifying the escrow items, unless <br />Lender pays Borrower interest on the Funds and applicable law permits Leander to make such a charge. Borrower and <br />Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law <br />requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Leader <br />sbsll gave to Bonnwer, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the <br />pwpow for which each debit to the Funds was made. The Funds are pledged as additional security for the s9w.(b secured by <br />tMSecurity Instrument. <br />If the amount of the Funds held by Lender, together with the future monthly payments. rrf Funds payable prior to <br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, <br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on wentlt(y payments of Funds. If the <br />amount of the Fonds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay td Lender any <br />amount necessary to make up the deficiency in one or more payments as required by Lender. <br />Upm payment in full of all sums secured by this Security instrument. Lender shall promptly refund to Borrower <br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply. no later <br />than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of <br />appiicati in as a credit against the sums secured by this Security -Instrument. <br />& Applicatloa of Pa_r�ts. Unless applicable law'provides otherwise. all payments received by Lender under <br />paragraphs 1 and 2 shall be applied: first. to late charges due uacler the Note; second, to prepayment charges due under the <br />Note; third. to amounts payable under paragraph 2; fourth, to interest due; and last, to principal duc. <br />4. Clhargta; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the <br />Property which may attain priority. over this Security Instrument. and leasehold payments or ground rents, if any. <br />Borrower shall pay these obligation in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall <br />pay tbpn on time directly to the person owed payment:. Borrower shall promptly furnish to Leader all notices of amounts <br />to be paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish to Lender <br />duo pay maii3. <br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) <br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good <br />faith the lien by. or defends. xosinst enforcement of the lien in, le+pl proceedings which in the Lender's opinion o p mte to i_- <br />prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an <br />agreement: satisfactory to Lender subordinating the lien to: this Security Instrument. If Lender determines that any part of <br />the Property is subject to a lien which may attain priority ever this Security Instrument, Lender may give Borrower a <br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days <br />of the giving of notice. <br />S. Haz" Inanrattice. Borrower shall keep the improvements now existing or hereafter erected on the Property <br />insured apinst loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender <br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The <br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be <br />unreasonably withheld. <br />Ail insurance policies and renewals shall be acceptable to Lender and shall include r stsadard mortgage clause. <br />Lender shall have the right to hold the policies and renewals. If Lender requires, Bornzwvx shall promptly give to Lender <br />all receipt t of paid premiums and renewal notices. In the event of loss. Borrower shall give pipaqX notice to the insurance <br />carrier and :Lender. Lender may make proof of loss if not made promptly by Borrower. — <br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall Lie applied, to restoration or repair <br />of the Property damagrd; if the restoration or repair is economically feasible and L=dees security is not lessened. If the <br />restoration ar repai>; is trot economically feasible or Lender`s. security would be le sseaLtL the insurance proceeds shall be <br />i applied to the sums sxicured by this Security Instrument, whether or not then due:, wish any excess paid to Borrower. If <br />Borrower abandons 'ihj , Property, or does not answer within 30 days a notice from Lender that the insurance carrier has <br />offered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore <br />'the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin <br />when the notice is given. <br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or <br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If <br />under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting <br />from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security <br />instrument immediately prior to the acquisition. <br />5. Pmarvatkm aced Maintenance of Properp, Loasebolde. Borrower shall not destroy, damage or substantially <br />change the Property. allow the Property to deteriorate or commit waste. if this Security instrument is on a leasehold, - _ — <br />Borrower shall comply with the provisions of the lease. and if Borrower acquires fee title to the Property, the leasehold and <br />fee title shall not merge unless Lender agrees to the merger in writing. <br />7. Protection of Leader's Rigkts in the Property; MortsW insurance. if Borrower fails to perform the <br />covenants and agreements contained in this Security instrument, or there is a legal proceeding that may significantly affect <br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or <br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights <br />in the Property. Lender's actions may include paying any sums secured by a hen which has pnonty over this Security <br />L instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although <br />Lender may takeaction under thi! paragraph 7. I tndet does not have to do so. <br />Any amounts disbursed by Linder under this paragraph 7 shall become additional debt of Borrower secured by this <br />Security Instrument Unte.s [kimmer and i rnder agree to other terms of payment. these amount, .hall hear interest from <br />the date of di.hursement at the Note rate and shall he payahle. with interesi upim notice from tender to liiirrower y ` <br />requesting payment r. <br />
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