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�� � 1�00�36 LOAN ID# 5560010619
<br /> BORROWER COVEN�+NTS that Borrower is lawfvily seised of the estate hereby conveyed and has �he righc to grant and
<br /> convey the Properry and that the Properry is unencumbercd, exccpt for encumbrances of record. Bottower warrants anci will
<br /> deferxf generally the tide ro the Proprrty against all claims and dtmands, subject to any e�umbr3rtces of record.
<br /> THIS SECURITY INSTRiJMENT combines uniform covenartis for national use and non-unifortn covenancs with limited
<br /> �ariations by jurisdictie� to constitute a uniform securiry instrument covering real pmpem.
<br /> UNIFORM COVENANTS. Borrower and Lender covenant a�. abree as follows:
<br /> i.Paymeat oS�`rir►c6pa! and Interest;Prepayment and Late Charges. Borrower shall promptly pay when due the principa!' of
<br /> and interest on th� debt evidenced by the Note and arry_preFayment and late charges due under the Nate.
<br /> 2.Funds f�r Taxes and Insurance. Subject to applicable law or �to a written waiver by Ler+cttr, Borrower shall, pay to Lender ,_
<br /> on the day moncnly paym;.nts are �ue under the Note, until thc Note is �aid in fnll, a sum ("Funds") for. (a) yea�taxes an:7
<br /> assessmenu which may attain priority over this Sccurity Inswment as a lien on the�Properey; (b) yearly leaseir�ld ments or
<br /> ground re-•� on the Preperty, if any; (c) year(y hazard or Property insurance premiums; (d) yearly flood insurance premiums, if
<br /> any; (e) yeacly mcrtgage insurance premiums, �f any; and {� any sums payable by Bottower ta Lender, in accordance with the
<br /> provisions of paragraph 8, in lieu of the pa,yment of mortgage insurance premiums. These it.^.ms are called "Escrow Items".
<br /> Lender may, at any time, collect and hold Funds in an amount not ro exceed Uie maximum amount a Lencler for a federally
<br /> related mortgage loan may r°quire for Borcower's escrow account under the fedenl Real Estate Settlenient Procedures Act of -
<br /> 1974 as amended from time to time, 12 U.S.C. §2601 et seq. ("RESPA"}, unless another law that applies to the Funds se�� a '
<br /> lesser amour,c. If;o, L.end��r may, at any time, collect and hold Funds in an amount not ro exceed the lesse� amount. Lender
<br /> may estimate th� :imount of FunGs due on the ba�is of current data anci reasonable estimares of expenditures of furore Escrow
<br /> Items or �therwise in accordance with applicable law.
<br /> The Funds sholt be he1.d in an institution whose deposits are insurczi by a federa! agency, instrumtntality, or entiry
<br /> (including Lendcr, �f Lender is such an institution) or �n any Federal Home Loan Bank. L.ender shall apply the Funds !o pay
<br /> the Escrow Items. L.ender may not charge Borrower for holding .arx! applyiag the Funds, annnally ana;yzir,b ;t�e escrow account,
<br /> or verifying the Escrow items, untrss Lender pays Borrower ir,tertst on the Funds aru.1 app{:,�c�: ia:� �+e�:���;., ie��der ;o make
<br /> such a charge. However, Lender may require Borrower to pay a one-tirne charge for an inu��endent e:•:! �rate tax reportit:g
<br /> _ service used by L,ender in connection with this loan, unless applicable law provides otherwise. Unless an ag:eement �s made or
<br /> applicable la�v requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds.
<br /> Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower,
<br /> withoat charge, an annual accouniing of the Fu�s, showing crediu ancl debits to the Funds and the purpose for w•hich each
<br /> debit to tlie Funds was made. The Funds are pledged as ad�itional securiry Por all sums secured by this Security lnstrument.
<br /> If the Fut;ds held by Lender excecd the amounts permitted ro bc he�d by applicable law, I,ender shall account to Borrower
<br /> for die exeess Funds in accordance with the requirements of applicable taw. If the amount of the Funds held by I.ender at any
<br /> time is no: sufficient to pay the Bscrow I�ems when due, Lender may so notify Borrower irt writing, and, in such case Borrower
<br /> stiall pay te Ixnder the amount necessary to make up the deficiency. Borrower shafl make up die deficiency in no more than
<br /> twelve monthl}� payrr.ents, at Lender's sole discreuon.
<br /> L'pon payment in full of aIl sums cecured by this Securiry Inswment, L.ender shall prom;�dy refund to Borcower any Funds
<br /> held by [,ender. I�under paragraph 21, Lender shall acquirr or sell the Property, Lender, prior to the acquisition or sale of the
<br /> Property, shall ap�ly any Funds held by Lender a! the time of acquisition or sale as a credit against the sums secured b�• this
<br /> Securi,ry Inswment.
<br /> ;.AppticAtion of Payments. Unless applicable iaw provides otherwise, all payments received by l.ender under paragraphs t
<br /> and 2 sha(l be applied: first, to any prepayment charges due under the Note; sec�nd,rso amounte pay�51- under paragraph 2;
<br /> third, to interest due; fourth, to principal due; a7d last, to any late charges due under the hete. ,
<br /> 4.Charges; Liens. Bor;ower shall pay all taxes, assessmenis, charges, fines and impositions attributable to the Pmpery
<br />' which may attain prioriry over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay
<br /> these obligations in the manner provided ii� paragraph 2,or if not paid in that manner, Borrower shall pay them on tim:
<br />� � directly to the person owed payment. Borrowcr shafl prompdy furnish to Lender all notices of amounts to be aid u
<br /> p nder this
<br /> paragraph. If Borrower makes th�se payments direcdy, Borrower shall promptly furnish to Lender receipts evidencing the
<br /> payments.
<br /> fiorrower shall prompdy discharge any lien which has priotity over this Security Instrument unless Borrower: (a) agrees in
<br /> writing to the payment of the obligation stcured by the lien in a manner acceptable to Lender; (b) contests in gocxl faith the
<br /> lien by, or defends against enforcemcnt of�hc lien in, legal proceedings which in the Lender's opinion uperate to prevent the
<br /> enforcement of rhe lien; or (cl secures from the holder of the lien an agreement satisfactory to Lender s::bordinating the lien to
<br /> thic_ Securiry Tnstrument. If I,ender determines that any part of the Propercy is subject to a lien which may attain priority over
<br /> this Securiry Instrur,�ent, iender may give Borrower a notice identifying the lien. Borrower shall salisfy thz iien or take one or
<br /> more of the actic�ns set forth a�„�ve ;�ithin ]0 days of the giving of notice.
<br /> 5.Hazard or Property Insurance. Borrower shail kc�p the improvements now existing or hereaRer erected on the Prop�rty
<br /> insured against loss by 1ire, hazards includcd within the terrn "extended coverage" and any other hazards, includipg flocxls or
<br /> tlooding, for which L.ender requires i�s+!*'!I1Ce. This insurance shall be maintained in the amounts and for tFc periocis that
<br /> Lencler requires. The insurance carrier N��;�ing the insurance shall bt chosen bv Borrower subject to I.ender's approval which
<br /> shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lcnder may, at Lencier s��ption,
<br /> obtain coverage to protect �ender's rights in the Property in accordance with paragraph 7.
<br /> All insurancc policies and renewals shall be a�ceptable to Lender and shall in:.lude a standard mortgage clause. L.ender
<br /> shall have fhc right to hold the policies and renewals. If I.ender requires, Borrower sf�all promptly give to I.tnder all receipu of
<br /> paid premiums and renewal notices. In the even! of loss, Borrower shall give prompt notice to the insurance carrier and
<br /> Lender. Lender may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower othenvise agree in writing, insurance proceeds sha11 be applied to restoration or repair of the
<br /> Properry damaged, if tfie restoration or repair is economically feasible and L.ender's securiry is not lessened. If the restorati�n
<br /> or repair is not economically feasiblc or Lender'.; securiry would be lessened, the insurance procoeds shall be applied to the
<br /> s��ms secured by this Securiry Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons
<br /> the Property, or does noc answer within 30 days a rrotice from L.ender that the insurance carcier has offered to settle a claim,
<br /> t►�en Lerxier may collect the insurance proceeds. I,ender may use the proceeds to repair or restore the Property or to pay sums
<br /> secured ny Lh�s Securiry I�istrumtnt, whccher or not then due. The 30-day period will begin whcn the rtotice is givcn.
<br /> IYECM2G•July 27,1944 Pagc 2 of S IMc Prep}'lus,loc.
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