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<br /> � BORROWBR COVENANTS thut Barro�ver is luwfl�lly selsed of the estate hereby wnveyed and hos the tlght to �,���ri<
<br /> g r s n t a n d c o n�e y the Pro pe rt y tiud t6at the Propetty ls anencumbered, except for encumbrances of recArd. Borrowor ,�.�„_,;
<br /> a
<br /> ,. wnnaats and wtlldefend generally the tide to the Property against ail claims aad demande,a+ib Ject to aay encam b r a n c e a ,�,�.fi,.�
<br /> ���.t•'.;-
<br /> ' of record.
<br /> THIS S�CURITY 1NS7'RUMENT wmbines uniform cove�aaats for aetlanal use aad noa-uniform covenant� wlth .� �,.
<br /> limited variations by judsdiction to conadtute a unifomi security instnurient coverlag real propertY• ';°.�;;,,
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<br /> UNIFORM COVENANTS. Botrower and Lender covenant aud agree as follows: �z��
<br /> _.., 1. �Ayment of pr�a�c�pal, 1�� and Lnte Charge. Borrower shall pay when due the principal of,an�interest
<br /> �"'�"""'"'�' on,thc debt evideaced by the Note aad late charges due under the Note. ,:.'�.-
<br /> �� � ��"`4`' of Taxes,I�e. �d O�e�' ��• �0�'OWer shall lnclude in each monthly payment,
<br /> 2. Monthly Parym�.t ``"
<br /> together witb the principal ead Iaterest as set forth ia the Note and eay laze charges, a suni far(u) taxcs aad sPecial ��•_
<br /> assessmenta levied or to be levied against the Peoperry, (b)leusehold payments or pround reats on the Property, aad - _
<br /> . �� (c) Premiums for insurance requlred under paragraph 4. Ia sny year In wbich the Lender must pay a mortgage =-
<br /> i n s u r a ace premium to the Secretary of HouaW� end Urban Development ("Secretary"),or in any yeur ln v�+hl�h eucb
<br /> • :,Z prenaiwn would have been reyuimd if Lender s�ll held the Secur�ty Insuument. euc h mo n c h l y p a Y�n e p� s d a ll also �u:.
<br />�, �'. iaclude either: (i)a sum for the annual mortgage insurauce premium co be patd by Lender to the Seeretary,or (ll)a -_
<br /> • � montbly charge iastead of a mortgage insurance pm.miu�mx if thio Sthe monthty�cbar�e;by the Secretary,th�e�items
<br /> r •-� rensonab18 amount to be detercnineA by ttie Secre�tarY• �P
<br /> � are called "Escrow Items" aad the aums paid Yo I.ender ase caUed "Escrow Funda." a� ��t not to excced the -
<br /> .� �� Lender may.at aay du�e. collect and hofd Amauuta for Escrow Itenns in an aB@reg
<br /> maxiimcm amount that may bs required for Borrower's escrow accouat under the Real Estate Settleraent Procedures c.
<br /> ' "�'° Act of 1974�12 U.S.C.$2601 e,�,�.and implementing regulatioas. ?A CPR Part 3500�as they may be wnended fmm _
<br /> .;;:
<br /> " �� time to tirne ("RESPA")�except that the cushion or reserve pertaitted byRESPA for unanticipated dis ursements or -
<br /> diabursetaents tsefore the Honower's paya�ents are available in the aaouuc maY not he based oa amounte due for the ____
<br /> 1 � mortgage insurauce premium.
<br /> If the araouate held by Lender for Escrow Ytems exceed the atttounta peraal►ted to be held by R?�SPA,i.cnder shall
<br /> �� , �aot sufB ien to pay the Bscrow Itemsw hen d�ue.I e����Y nodfy thenBorrower�andreequite Borrower to make
<br />"� '� •' up�he shortage as pemiitte� by EtESPA. ��,,,P�e, if Borrower .
<br />�'`�`:G'��`�` 1ha Fscrow Fuade are pledged as addiuon� securicy for aii e�.�s s�.:�t:! hy this SECierlsY
<br /> �:• .,
<br /> _.�;_.���,.�.:. teadera W Lender the full payment of all such suma,Barrower's account shaU be credited wlth the balance mmninfng —
<br /> `.�.: ,.� for�1D flnstaUment items(a)�N)+end (�)and auy mortga�e insurance prerniurn fustaWnsnt tbat Lender 6aa not become
<br />�"� .',�'•'" obligated to pay to the Secrctary, t�nd Leader shall prompdy reflutd uny e�cc�sa t�ds �°aon'°wer. Immediately prlor
<br /> iIT.�'_S�� .�5
<br />_ ";��;?"'': to a foreclosure sele of the Property or its acqu�sidon by Lender,Borrewer's ac�ount shall be cc�edited with airy balaac�
<br /> -�� *:�,.,� remaWag for uU iastaUments for items (a),�),aad(c)• lied by Lender as followa:
<br />�' 3. Appliqdon oP Paymente. All pay�ueanls under paragraPhs 1 end 2 shall be ePP
<br />_�'.,-�;:�� �IRST. to the martgage iusurance premium w be patd by xxnder to tde Secretary or to th�monthly charBe bY tha
<br /> �„�,;�� Secretary instead of the monthly mortBage insurauce premtum;
<br />�•�`;°"� S�,FCOND� to rs►y ta�ces�special assessmra3a,lesisehold paymenta or gmund reats. and tita,Ao�and oWer flc�znrd
<br /> :'=+::�'`_` insurauce premlums. es re4uiredt
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