|
200400653
<br />TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights,
<br />appurtenances and fixtures, all of which shall be deemed to be and remain a part of the property covered by this
<br />Security Instrument; and all of the foregoing, together with said property (or the leasehold estate if this Security
<br />Instrument is on a leasehold) are hereinafter referred to as the "Property ".
<br />Complete if applicable:
<br />This Property is part of a condominium project known as
<br />This Property includes Borrower's unit and all Borrower's rights in the common elements of the
<br />condominium project.
<br />This Property is in a Planned Unit Development known as
<br />Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant
<br />and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower
<br />warrants and will defend generally the title to the Property against all claims and demands, subject to
<br />encumbrances of record.
<br />Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Finance Charges and Other Charges. Borrower shall promptly pay when due all
<br />amounts borrowed under the Credit Agreement, all finance charges and applicable other charges and collection
<br />costs as provided in the Credit Agreement.
<br />2. Funds for Taxes and Insurance. Subject to applicable law, Lender, at Lender's option, may require
<br />Borrower to pay to Lender on the day monthly payments of principal and finance charges are payable under the
<br />Credit Agreement, until all sums secured by this Security Instrument are paid in full, a sum (herein "Funds ") equal
<br />to one - twelfth of the yearly taxes and assessments (including condominium and planned unit development
<br />assessments, if any) which may attain priority over this Security Instrument, and ground rents on the Property, if
<br />any, plus one - twelfth of yearly premium installments for hazard insurance and flood insurance, if applicable, all as
<br />reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and
<br />reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the
<br />extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an
<br />institutional Lender.
<br />If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which
<br />are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender
<br />shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not
<br />charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments
<br />and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a
<br />charge. Borrower and Lender may agree in writing at the time of execution of this Security Instrument that
<br />interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires
<br />such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds.
<br />Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to
<br />the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional
<br />security for the sums secured by this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable
<br />prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount
<br />required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall
<br />be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of
<br />Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance
<br />premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the
<br />deficiency in one or more payments as Lender may require.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
<br />Borrower any Funds held by Lender. If under paragraph 22 hereof the Property is sold or the Property is
<br />otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its
<br />acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by
<br />this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender
<br />under the Credit Agreement and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts
<br />payable to Lender by Borrower under paragraph 2 hereof, second, (in the order Lender chooses) to any finance
<br />charges, other charges and collection costs owing, and third, to the principal balance under the Credit Agreement.
<br />4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations
<br />under any mortgage, deed of trust or other security agreement with a lien which has priority over this Security
<br />Instrument, including Borrower's covenants to make payments when due. Except to the extent that any such
<br />charges or impositions are to be paid to Lender under paragraph 2, Borrower shall pay or cause to be paid all
<br />taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a
<br />priority over this Security Instrument, and leasehold payments or ground rents, if any. Within five days after any
<br />demand by Lender, Borrower shall exhibit to Lender receipts showing that all amounts due under this paragraph
<br />have been paid when due.
<br />ENE995 (LASER) 6849LL Revised 10/2061
<br />
|