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�� ' �V��''2� LOAN ID# 55GOOl0o'19
<br /> BORROWER COVENANtS that Rorrowcr is lawfully seised of the estate herrby conveyed and has the right to grant and
<br /> convcy the Pro�scrty and that the Pr�perty is unencumbercd, exccpt for cncumbrances of record. Borrowcr werrants and �will
<br /> defertti gencraliy the tidc to the Properry agains: all claims and demands, subjeci to any encumbrances of record.
<br /> THi3 SECURI'TY INSTRUMEN'I' combines uniform covenants for nationai use and non-unifo:m covenants with ii;nited
<br /> variations by jurisdiction to constiate a uniform securicy instrument covering rcal property.
<br /> UNIFORM COVEKAh'TS. Borrower and L,ender covenant and, agree as foliows: �
<br /> i.Payme�E uF Principal and Interest;Prepayment and Late Chsvges. Borrower shall prompdy pay when due the principal' of
<br /> and intercst on the deht evidenced hy the Note and any.prcpayment and latc charges due undcr ehe Note.
<br /> 2. Funds for Taxes and Ins-lrance. Subject to applicable law or to a wrinen waiver by L.ender, Borrower shall pay to Lery3er
<br /> on the day manthly paymcnu are due under Ux Note, until the Note is paid in fnll, a sum ("Funds"} for. (a) yearly tazes and
<br /> assessmenu which may anain prioriry over this Security Inswment u a lien on the�Properry; (b) yearly leasehold r:ayments or
<br /> ground rents on thr Property, if any; (c) yearly hazard or Praperry insarnce premiums; (d) yearly flood insurance premiums, if
<br /> ar.y; {e) yearly mortgage insuraix;e premiums, �f any; and (� any sums payable by Borcawer to Lender, in accordar,ce with the
<br /> provisions of paragraph 8, in iiea of the payrnent of mortgage insi;rance prcmiums. These items are ^.aliM "Escraw Irems".
<br /> Lender may, at any time, col(ect and hold Furnis in ai amount not to cxceed the mazimum amasnt a Lender for a federally�
<br /> refated mortgage foan may require t'or Borcower's escrow account u:ider the federal Rea! F.;rz,e Settlement Proccdures Act of -
<br /> 1974 as amended from time to time, 12 U.S.C. 4 2601 et seq. ("RESPA"), unlr�s anothcs law that applies to the Funds sets a
<br /> tesser amount. If so, Lender may, at any Iime, callect and hold Funds �, an amr�nt; no! to exceed the lesser aniount. J:��der
<br /> may estimate the amount of Funds due on the basis of current da!a a�xl r.asonable estimates of expenditures of F�ture Escrow
<br /> Irems or othenvise in accordance with ap�tikbl� law.
<br /> 'i'te Funds sha11 1>e nPld �n an inctitution r�:�es•, dc�si�i ar_ i�sured by a federa! agency, instrumentaliry, or entiry
<br /> .°-v:md;r�g iender, ir Ler�er i� such an 'vstindio.) or in �;ry Federal Home Loan Bank. I.ender ;hall apply the Funds to pay
<br /> .,e Esrrcw Items. Len�er may nat char�e isorcou�er for holding .a�+�' ;,pplying the Funds, annually artalyzing the escmw account,
<br /> or vrnfying th! Escrow :tcros, un;ess irn�er r:ys Borrower interest on the Funds and applicable law permits Lxnder to make
<br /> sueh a charge. However, Ler�!�r may ren,cire Borrower to pay a ene-time charge for an independent real e.state tax reperting
<br /> service used by Lender ?:� connrctio� with this loan, unless applicable !aw provides otherwise. Unless an agreement is rr�de or
<br /> applicable taw reqL'.res i�,ere�! to be paid, Lender shall not be required to pay Borrower any interest or tarr.ings on the Funds.
<br /> Borrnwer and Lendzr m�y agree in writing, however, that inierest shal! be paid on the Funds. I.ender sh:�ll give to Borcower,
<br /> without chargz, an annual acc�unting of the Funds, showing credits and debits to the Funds and Lhe purpose for which each
<br /> debit to ttie Funds was riade. 'The Funds are pledged as additional secarity for all sums secur:d by this Security Instrument.
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<br /> If the FunJs held by L.ender ezceed d�e amounFS permitted to be held by applicah!e taw, I�nder shali account to Borrower
<br /> for the excess Funds in accardance with the requireme�ts of applicable law. if�he amoun: of the Funds held by Ixnder at any
<br /> time is rro! sufficicnt to pzy the Escrow Items when due, L.ender may so n;,tify 3orccwer in writing, atx1, in such case Borrower
<br /> shall pay to Lender the amount necessary to make up the deficiency. IIorrowes shall make up the deficiency in no more than
<br /> twelve monthly payments, at Lender's sole discretion. �
<br /> Upon payment in full of all sums secared by this Securiry Insrr�ment, I,ender shall prompt(y rcfund to Bortbwer any Funds '-
<br /> held by Lender. if under paragraph 21, L.ender shaL' acyuirc or seli the Property, I,ender, prior to the acquisi:ion�or sale of the
<br /> Property, shall apply any Funds held by Lender at the !�me of acquisition or sale as a credit against ¢he sums seci�red by this
<br /> Security Tnswment.
<br /> 3. Applicatinn of Payments. Unless an;,iicable law provides otherwise, ail payments received by Lereder un�er paragraphs 1
<br /> and 2 shail be applied: first, to any F;epayment charges due u�der the Note; second, to amounts payab!e under paragraph 2;
<br /> third, to intere�t due; fourth, to principal due; and last, to any late, charges due under the Note.
<br /> 4.Charges; Liens. Borrower shall pa�y all taxes, assessments, charges, f nes and im,asitions attributable to the Property
<br /> which may attain prioriq� over this Securiry Instrument, and leasehoid payments or ground rents, if any. Borrov�er shall pay
<br /> these obligations in che man�er provided ia garagraph 2,or if not paid in that manner, Borrower shaU }�ay them on time
<br /> - direcdy ro the perscn owed payment. Borrower shall prompdy furnish to Lender all noticts of amounts to be paid under this
<br /> paragraoh. If Borrower makes these payments direcdy, Borcower shall promptly furnish to Lender receipcs evidencing the
<br /> payments.
<br /> Borrower shall promptly discharge any (ien which has priority over this Security Instrument unfess Borrower: (a) agrees in
<br /> writing to the payment of the obiigatian secured by the lien in a manner acceptable to Lender; (b} contests in good faith the
<br /> !ien by, or defends against enfurcement of the lien in, legal proceedings wfiich in the Leader's opinion operete to prevent the
<br /> enforcement of the iien; or (c) secures from the holder of the 19en an agreement sati;factory ro Lender subordinating tne lien to
<br /> this Securiry Instrumenc. If Lender determines that any part of the Property is subject to a lien which may attain priority pver
<br /> this Security Instrumen!, L,ettder may give Borrower a notice identifying the lirn. Borrower shall satisfy the lien or take one or
<br /> more of the actions set forth above within 10 days of the giving nf ncjtice.
<br /> 5.Nazard or Property Insurance. Borrower shall keep thc improvements now existing ar hereaRer erected on the Property
<br /> insur�d agairut loss by fire, hazards included within the term "extended coverage" an� any other hazards, including Flnocls or
<br /> Flooding, for which Len�er requires insurance. This insurance shall be maint�ined in the amounts and for the periods ehat
<br /> Lender requires. The insurance carcier �roviding the insurance shall be chosen by Borrower subjat to L.ender's approval which
<br /> shall not be unreaso��ably withheld. If Borrower fails to maintain coverage described above, Lender may, et L,endcr's optian,
<br /> obtain coverage to protect I,ender's rigl,ts in tht Property in accordance with paragraph 7.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage claus-. I,ender
<br /> shall have the right to hold the policies and renewals. If Lerxier requires, Borrower shall promptly give to I,cnder all receip:s uF
<br /> paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the ins�rance carrier and
<br /> L.ender. Lender may make proof of foss if not made promptly by Barrower.
<br /> linless L.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the
<br /> Property damaged, if the rcstoration or repair is economically 4'easible and Lendet's �ecuriry is not lessened. If the restoratinn
<br /> ; or rcpair is not cconomically kasible or L,ender's security would br lessened, the iiuurance proceeds shal! be applied to the
<br /> ,, sums secured by this 5ecuriry inswment, whtther or not then due, with any excess paid to Borrowtr. If Borrower abandons
<br /> �" . the Property, or docs not answer wit}�in 30 days a notice from [.ender that the insurance carcier has offercd ro setd.: a claim,
<br /> then Lcndr,r may collect the insurance proceeds, [,ender may use the prceeeds to repair or restore the Property or to pay sums
<br /> secured by this Security Instrument, whether or not then due. The 30-day period will t�egin when the notice is given.
<br /> �' � NECM2G•July 27,199A
<br /> � Pare 2 0!5 I1oc Prcp PIuY�[nc.
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