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TOGETHER WITH ait the improvements now or hereafter erected on the property, and all easements, appurtenances, a�d
<br /> fixtures now or hereaCter a part of the property. All mplacernents and additinns shall also be covercxl by this Security
<br /> Inswment. Afl of thc (oregoinG is refeneci to in this Security Instn:ment as the "Property.'
<br /> BORROWER COVENANTS that Borrower is lawfufly seised of the estate hereby com•eyed and has the right to grant and
<br /> com�cy the Proper:y and that the Property is unencumbered, except for encumbrances of record. Borrower �varr�nts and wiil
<br /> defend gencraliy the title to the Property against all claims and demands, subject to any encumbrances of record.
<br /> THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited
<br /> variations by jurisdiction to constitute a uniform security instrument covering real property.
<br /> UNIFORM COVENANTS. Bonowcr and L.ender covenant an�i agree as follows:
<br /> 1. Pa�'ment of Principal and Interest; Prepayment and Late Charges. Bonower shall promptiy pay when clue thc �
<br /> prir.cipal of and interest on the debt evidenced by the Note and any prepayment and iate charges due under the Note. �
<br /> 2. Funds for Taxes and Insurance. Subjec:t to applicable law or to a written waiver by L,ender, Borrower shall pay to �
<br /> Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum("Funds") for: (a)yearly tvses
<br /> and assessments which may attain priority over this Security Instrument as 2 lien on the Property; (b) yearly leasehold payments
<br /> or ground rents on the Property, if any; (�)yearly hazard or property i�surance premiums; (d)yeariy flood insurance premiums, �\
<br /> if any; (e) yearly mortgage insurance prei7iums, if any; and (� any sums payat�le by Bortower to Lender, in accordance with �
<br /> ihe provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." �
<br /> L,ender may, at any time, collect and hold Funds in an amount not to exceed thc maximum amount a lender for a federaliy
<br /> related mortgage loan may eequire for Borrower's escrow account under the federai Real F_state SeEtlement Procedures Act o�` �
<br /> 1974 as amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESP,1"), un�ess another law that applies to the Funds
<br /> se[s a lesser amount. lf so, L.ender may, at any time, collect and hold Funds in an amount not to exceed the le�ser amo�nt.
<br /> Lender may estimate the amount af Funds due on the basis of current data and reasonahle estimates of expenditures of future
<br /> Escrow Items or otherwise in accordance with applicable law.
<br /> The Funds shall be held in an ir.stitution whose deposits are insured by a federa( agency, instrumentality, or entity
<br /> {including Lender, iF Lend�r is such an institutionl or in any Federai Home Loan Bank. Len:lcr shall apply the Funds to pay the
<br /> Escrow Items. Lendcr may not charge Borrower for ho;ding and applying the Fundt, �rnnually analy�ing the cscrciw accouni, ��r
<br /> verifyin�the Escrow ltems, unless Lender pays Borrower interest on the Funds anJ appficable law permits Lender to make sucti
<br /> a charge. However, Lender may require Barrower to pay a one-time charge for an independent real estate tax reporting service
<br /> used by Lender in connect�on with this loan, unless applicable law provides otherwise. Unless an agreement is nr�de or
<br /> applicable lativ rcyuires interest ro be paid, Lcnder shall not bc reyuired to �a}� Borrower any interest or earningt on the Funds.
<br /> Qorrower and Lender may agree in writing, however, that interest shall be paid cm the Funds. Lend�r shall give to Borrower,
<br /> without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the pur'�ose for which�earh
<br /> debit to the Funds was made. The Funds are pledfied as additional security for all sums secured by this S�cur�y Instrument. ,�.
<br /> If the Funds held by Lender exceed the amounts permitted to be held by applicable la�v, Lender shall a�C��unt to Borro��er
<br /> for the excess i�unds in accordunce with the requirements of applicable law. If the amount of the Funds held hy Lender at any
<br /> time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Bo�rower
<br /> shall pay to Lender the amount necessary to make up the deficiency. Borrewer shafl make un �he aeficienc}� in no more than
<br /> � twelve m�nthly payrnents, at Lender's sole discretion.
<br /> Upon payment in futl of a!I sums secured by this Security Instrument, Lender shall promptly refund to Borro��•er any
<br /> 4 Funds held by Lender. If, under pacagraph 21, [.ender shall acquire or sell the Property, Lencier, prior to the acquisition ur sale
<br /> of thc Property, shall apply any Funds held by Lender at die time of acquisition or sale as a credit against the sun�s secured by
<br /> this Security Instrument.
<br /> 3. Application of Payments. Unless applicable law provides otherNise, all payments received by Lender�nder Paragraphs
<br /> i and 2 shall be appliecl: first. ro any prepayment charges due under the Note; second, IO �11110UIllti �:lYable under paragraph 2;
<br /> third, m interest due: fourtls, to principal clue; and last, to anv late charges due under the Note.
<br /> 4. Char�es; l.iens. Borro�ver shall pa�� all taxes, assessments, charges, tines and impositions attrihutable to the Property
<br /> which may attain pric�r�ty over this Security Ins[rument, and leasehold payments or ground rents, if any. Borrower shall pay
<br /> t thcse obligations in the manncr provided in paragraph 2, or if not paid in that manner, B�rrower shall p•r.y thcm on time directly
<br /> to the person owed payment. Borrower shall promptly furnish to Lender a!1 notices of amounts to be paid undcr this Eiaragraph.
<br /> �` [f Borro:+�er makes these payments directly, B�rroa�cr shal! promptly f�mish t�l.er�der recei�ts evidencing the payment�.
<br /> �i'' .
<br /> �. Borrc,�ver shall promatly discharge any lien which has priority over this Security Instrumcn' unless Borrower. (a)a�rees in
<br /> :, writing !o the payment of the obli�ation secured by the licn in a manner acceptable to Lender, (b)contests in gc�od faitii the licn
<br /> * by, er defends against enforcement of the lien in, legal proceedings �vhich in the Lender's opinion c.perate te, prevent tL•e
<br /> '' enforcement uf the lien: or(c) sccures from the holder of ti�e lir.n an a��reement satisfactory to Lender subordinating !!te iien to •
<br /> this Security Instrumcnt. If Lender detennines that any part of the Property is sunject to a lien which may attain priority over
<br /> this Security Instrument, Lender may �ive [3orruwer a natice identifying the lien. Borrower�hall satisi'y the lien or take one or
<br /> more of the a�tions set forth above within 10 days of the giving of notice.
<br /> i,
<br /> Form 3028 9196
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