|
�t +s '=`wr.,,,.� .�,`'r�,.,����'� r3k^}; . . . . . . ^ � • .. .. .. . ,. . . . .
<br /> . , � � . . .. ._ ._ ..��.... ._ . . . � - � . .. . - . .. _.. ,r\
<br /> . . .. . _ . . . . . �„� �� .._.
<br /> �
<br /> X
<br /> TOG�THEk WTTH ail the impravements rr�w or hereafter crected on the propE,•ety, and al1 easements,appurtenances, aix3
<br /> fixtures now or hereafter a part of the property. All replacemenu and additions shall also be covered bv this Security
<br /> In.stniment. All of the for�going is referred to in this Securiry Instntment as the"Property."
<br /> Bi'iItROWER COV�IVANTS that Borrow�er is IawfuL`y seised of the estate hertby conve,yed and has the right to gran:and
<br /> convey the Pruperty a:�d that the Property is unencumbemd, ezcxpt for encumbrances of rxord. Borrower warrants and wil! ,
<br /> defend�enerally the title to!he Property against ait claims an8 demands,subjeci to any encumbrances of record. '
<br /> THIS SECIlRI"I'Y INSTRUMENT rnmbines u*uform cavenants �o*nationai use and non-uniform co�+enants with limited
<br /> variations by jurisdiction to constitute a uniform security instrument rnvering ral property. �
<br /> UNIFORM COVENANTS. Borro�ver and L.ender cavec�nt and ag�e Es follows;
<br /> 1. Paynnenf of PrincipaE $nd Interest; Prepayment and Lste Churges: Borrower shalt promptly pay when duo tho '�'
<br /> principal of and interest on the debt evi�encbd by the Note arid any pre�aymc;nt ar.d late ch�.�ges dut under the Note. ,
<br /> 2. Fands for Taxes and Insurar,,ce. Subject to applicable 1aw or to a wrir,en waiver by Lender, Bo*rower shall pay to �
<br /> I.encier on the day monthly paynaents are duc under thz*Iote,until the Plote is paid in full,a sum("Funds")for: (a)yearly taxes �
<br /> and assessments which may attain priority over ihis Savrity I�utrument as a tien on tlit Property; (�)yearly leasehold pa}�ments �
<br /> or groand rents on the Property, if any; (c)yearly ha7s�.rd or property insurance premi�ms; (d)yeariy flood insurance premiums, �
<br /> if any: (e) yearly mor:gage insurance premiums, if any; and (� any sums payable by Born,wEr to L.ender, in accordance with �
<br /> the�rovisions of paragraph 8, in lieu uf the payment of mortgage insu:ance premiums. These itraru are calleci "Escmw Iterts:."
<br /> Lcnder may, at any time, caliect and hold Furds in art amaunt not to ezeced fhe maximum amnunt a iender for a federally
<br /> related mortgage Ioan may require for Borrower's escrow accaunt under the federat Real Fstate Setdement P:ocedurts Act of
<br /> 1974 as amended from time to time, 12 U.S.C. Section 2601 �t seq, ("P.E.S°A"), unless another law that Appliec to tne F�nds
<br /> sets a lesser amounc. If so, Ixnder may, at any iitr�, collect and hold Funds in an amount not to exceed the lesser a�r:;,:lnt.
<br /> Lender may estimate the amount of Funds due on the basis of curnrt data and reasonable estirtwtes o£ezpendit�res of future
<br /> Escrow Items or•otherwise in accordar�ce with applicable law. F
<br /> The Funds shail be held in an institution whose deposits are insured by a federtil agency, ins�rumentality, or entity
<br /> (including L,ender, if L.ender is such an institution)or in any Federal Hotn•;I�an Rank. I.ender shall apply the Funds to pHy the
<br /> Escrow Items. L.ender m.�y nat charge Bor:ower far holding and applying the Funds, annually analyzit��the escrow account, or
<br /> verifying the Fsc;ow�Items,unless Lender pays Borrower intr.rest on the Funds and appli�able law permits Lender to make such
<br /> a cha�De. However, Lender znay require Eorrower to pay a one-time charge 4'or an independent real estate taz reporting service
<br /> used by L.ender in connection with this loan, unless ap�alicabie law provides otherwise. Unfess an agreement is ma.;e or
<br /> app(icable law r�quires interrst to be paid, I.ender shall not be required to pay Borrower any interest or earnings on the Funds,
<br /> Borrower and L.ender mav agree in writing, however, that interest shall be paid on the Funds. Lender shal! give to Borrower,
<br /> without charge, an annua� accounting of th� Funds, showing crediGc and debi�s to the Funds and the purpose for wi�ich each
<br /> debit to the Fnnds wns madc.The Funds are pledged as additional security for all susns secured by this Security Instrument.
<br /> If the Funds held by Lender exceed the amounts permitted to be hr.ld by applicable law, L.endei�shall account tu Borrower
<br /> fer the excess Funds in accordance with the requirements of applicable faw�. If the amount of the Funds held by i.ender at any
<br /> r.ime is not sufficient to pay the Escrow Items when due, Lender may sa notify Borrower in writing, and, in such case Borrower
<br /> shall pay to Lender the amount necessary to make up u�e�eficiency. Borrowe;shall make up the deficiency in no more than
<br /> twe{ve mor.th(y payments, at Lender's x�le discretion.
<br /> Upon payment in full of all sums secured by this Security Instrument, L.ender sha!1 prompdy refund to Bor-ower any
<br /> Funds held by Lendpr. I6, under paragraph 21, I.ender shall acquire or sell thc Property, L,ender, prior to the acquisi�:on or salc�
<br /> of the Property, shall apply any Funds held by I.�ncicr at the time of acquisition o;salc as a credit against the sums secureci hy '
<br /> this Security Instrument. A �
<br /> 3. Application of F'ayments. Unless applicable!aw pravides otherwise,ali payments receoved by Lender uncier paragraphs
<br /> 1 and 2 sh311 be applied: first, to any prepayment charge.i due under the Note; s�cond, to amc�unts �ayable under paragraph 2;
<br /> third, to interest due; focrth,to principa!due;and last,to any late cF.arges due under the Note.
<br /> 4. Charges; d.iens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property
<br /> which may attain priority over this Sxuri:y Inst�ment, and leasehold payments or greund rents, if any. Bo►rower shall pay
<br /> these obligatians in the manner pmvided in paragraph 2,or if not paid in that manncr, Bnrrowcr shall pay them on time directly
<br /> ta the person owed payment. Borrower shall prompdy fumish to L.ender ail notices of;nsounts to be paid under this paragraph.
<br /> tf Borrowcr makes these pafinents directly,Borrower shali prompdy furnish to Lender receipts evidencing the payments.
<br /> Eorrower shal! premptly discharge any lien which has p;iority over this Securitv Instrarr�r.nt unless Borrower: (a)agrees in
<br /> �vriting to the payment of the obligation secured by t::�:ien in a manner accePtable to I.ender; (b)co�tests in�oad faich.he lien
<br /> by, or defends a�ainst enfarcement of the iien in, legal proceec;,ings which in the L,ender's opinion operate to prevent the
<br /> enforcement of the lien: or(c) sccures from th.°,h�lder of the iien an agreement satisfactary to Lender subordinating the lien to
<br /> this Security Insteum�nt. If Lender�etermines that any part of the Property is subject ro a lien which may attain peioriiy over
<br /> this Security Instrument, Lender may give Borrower a no �ce ide�tifying the lien. Barrower shall satisfy the iien or take ane or
<br /> more of the actions set forth above within 10 days of the giving of notice.
<br /> Form 3028 9/90
<br /> Peyc 2 0l 6
<br /> i
<br /> �
<br /> � . ,
<br /> . " �
<br />
|