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' . J�N.z5.1999 11�24AM N RMERICAN MT6 5TL 9 9 1 0 s 5 9� N0.060 P.24
<br /> TQCrETHER WTTH all the improvetnet�ts ndw or hereafter erected an ihe property, at�d. all essements,
<br /> appurtenstxcez,a,ud fixtures now or hereaftier a gart aP the property.A11 replacez�etits and additione staall also be covered
<br /> � bp tliis Security iustrument.All of the foregoi�is referred to ia this Security Tnetrument as the"Froperty."
<br /> ; BORROWER COVENAN'TS that Borrower ia lawiFuuy ec;iscd o�the estate hereby caottvoyed and has the�i�ht ta
<br /> ; graat and canvep the Froperty and tlxat the Pmperty is unencnzxi,berad, except !or encumbre�nces af record. Bormwer
<br /> , w'srr�tnts and wi11 defend ges�erally the t�tle to the Froperty agei�st all claims and de�sads,subjdct to any encuz�brauces
<br /> , of record.
<br /> ' THIS SECURITY XN'STRUMENT combines uni�orzn cavenants for natiotisa uae sud flon-uuiform cavenants with
<br /> limi�ted variations by juxx�diction t�conscitute a unifo�rm�ecurity instrument covexing real property,
<br /> IJIJIFORM COV'ENANTS.Bormwcr and Lender cavez��t and agree a�follow�:
<br /> 1.Paymcnt of�tix�eipal snd Interest;l�repay,n4pnt and Late Cherges, Borrower ek�alt pramptly gay when due
<br /> the principal of and iaterest ore the debt etridencad by the Note and any prepayment aind late charges due under t,�c Note.
<br /> 2. Funds for Tsaes �,d Insurance. Subject to applicable lam or to a written waivex by Lender, Bormwe�slt�ll �
<br /> ey to Lender oa tb,e d�y monthly paymcats axe due under the Note,until tb,a Note is paid in fu11,e eum ("Pvnda")for:
<br /> (�a) yearly taxes and asses�men#s which map attain prio�it�r pver thie Sacuritp Instru�ent as a lien on the Propa�ty; {b)
<br /> yearly leasehold paymenm or grou,nd reuts on the Property,if any; (c) yearly hazsrd ar propert�'insurance prem.iums;
<br /> (d)yearly flood msurance premiume,if a�P; (e)�earlp mortgagc in�ursnce premiums,if any;and(f)any'sums payabla
<br /> by Botrower to I.eadcr,in accordance w�t,�,the prov�isions of pax�ag�aph S,ia 1Keu of the pay�meut pf mort�age insurance
<br /> premiwm,s,'�'k�e�e items are called "Esesow X�tns." Lender may,at any ti:ne,collect and hold�'u�ds in a,n amount not
<br /> to exCced ihe magimum amousxt e lender for a fedcraIiy related mortgage loan may require for Borrawer's oscrow
<br /> aocount under the federai Rcal Estate Sattlement Procedures A,ct of 1974 as amended f1�om time to time, 12 U.S.C.
<br /> Sec.�t�ion 2b01 et seq. ("RESPA"},ut�lass a�lother law that spplies to the Funds sefis a lesser a�m,ount.If ao, Lendsr xn�p,
<br /> et aay ti�xo,eolleot and hold Funde ia ar�,amount not to eacxd the lcs�cx azno�ant.Lender may e�timate the amount of
<br /> F�ds due on the buaia of current dsta and reasoxxable estimates of eapenc3itus�es of future Bscrow Itcros or otherwiae in
<br /> accordance with applicable lsw.
<br /> Tha Funds shall be held in s�t1 iszstitution whose depo�its ate insured by a fedcral agency,inatrumentality,ar en�ity
<br /> (it�eludis�g Lerider,if Lender is such a�iza,stitution)or in any Pedesal Home Loan Bank.Lead�er sha11 apply tha P�adg ta
<br /> pay the Escrow Itema. Lender may not charge Borrower for b,pldinp and applying the Fusxds, annually analyzing tbe
<br /> e�crow acxouat, or verifying the�erow Ite�ms,unless Lender pays Horrower intereat on the Pu�ds and applicable law
<br /> permii,s �,ender to mslr�e such a eharge, However, Lender may re�uir� $orrower to pay a oma�ime charge for a�x
<br /> indepcndan,t real estate tayt reporting�erv�ice used by L,ender in co�,eetiodl q►ith this loen,unless applicable law provide�s
<br /> otherwise.Unless an agreament�s �R1ede ot epplicable 1aw requires interest to be paid,Lentier shall not be required to
<br /> pay Botrower a�isiterest or earni�age on the Funda.Borrawax a�d Lerider may agree i�writing,however, that interest
<br /> sha�l t�paid on the Funds.Lende�shall give to Borrower,without ehsr�e,an annual aocounl�of the Fund�,show�ing
<br /> cradita aad dobsts to tha Funds ead tJXe purpbse fvr which each debi�to the F�nds was mada.The Fvnds are p�edgecl as
<br /> eddibio�osl aecuritq for all suma aecuted by this Saurity I�unnent.
<br /> If t�ae Funds held by L,ender exc�ed the xmounts permitted to bd held by applicable la�ov, Lender ahall accovnt to
<br /> Borrower for the sacess Fuads in acco�d$�oce with the requiremeata oP applicable law, Tf t�d amount of the�ads held
<br /> by Lender at any time is�1ot sufficient to pay the Escrow Items when due, Lender may so notify$orro�ver in wrxt�Ae,
<br /> and, isi such case Borrowcr sha11 pay to Lender the smou�t necessary to make up tk�e deficieacy.Borrower�f�all make
<br /> up the doficier�cy iu no more thaa twelve maathly payments,at L�del's sole discretioa,
<br /> Upon payment ia fvll of all eums seoured b�+� this Security Ia�atrumenti,Lender stta]1 promptl�refund to Horrower
<br /> any Funds held by Lender. If, undcr paragraph 21, Lender shal� acquire or aell t1�e �'ropettty, I.,ender, prior Lo the
<br /> ac:quisition ar�ale of the Property, shall apply any.f�nd�held by Lender at tlxe time of acquisition or sale as a credit
<br /> aga3flst tha sums secvred by this Seourity Instrument.
<br /> 3. Application a�Payments. Unless applicable law provides otherwise, a11 pay'mente reaeived by I.ender undex
<br /> paragxaphs 1 aad 2 shall be applied: first,ta any prepay�ent charges due under the Note; aecot�d, to amounte gapabla
<br /> under pa�cagtaph 2;third,to interest due;fourth,to prixw�pel dtu;and last,to a�y late charges due ut�der the Nota.
<br /> 4. Chargea; Liena, Borrower sha11 pay all tax�a, a$sessments, chargee. l;iies and impoeitione attributable to thd
<br /> Prnperty w�vich may attai.n priority over this Sacurity �ument, and leaseholfl pa�'ments or ground renta, if any.
<br /> $ormwer shsli pay these obliEatione in the manner pro�rided x�,�r�ragraph 2, or if aot paid in that ma�er, Borrower
<br /> shall pay them o�time directIy to the per�pn owed payment.Horrower shati pror�pti�r furnieh to r,aader all noticee o#
<br /> amounts to be p�d u�der this paragraph, T#Borrower makes these pa�ments directly, Horrower sha11 proznptly furnish
<br /> to Le�de�receipts evidcnciag the p�pments.
<br /> Borrowet ehall promptly discl�arge azly lion which has priority over this�ecurity Instrumet�t unless Borrowe�e: (e}
<br /> agrees in writing to the payment of thc obligation aecured by the lian ia a manner accoptable to Leader; (b) contests in.
<br /> � gaod faith the licn by, ot defends agait:et�forCament of the�x�in, legal proceedir�which in the Lender's opinia�
<br /> operate to prevemt the enforcemen.t of the lien;or (c) secura� from the holdar o�the lien an, agreemant satisfactory to
<br /> L,ender subosdiaatit�g the lien to thia Security Instrumeat.If Lender determiaes that ar�y part of t$e Property is subject
<br /> to a liaa w�ich may attain prio;i#y ov4r this Sacurity It�stl'ument,Leader may girre Bormwet a notice identifyiag the
<br /> • lien. Bonowe�she11 �stisfp the liea or take one or more o£the actions sct forth xbo�e within 10 days of the giviu�of
<br /> notice.
<br /> � �
<br /> �-6HlNDcusoaxo� r�a. z.r e Form 3 •
<br /> InlSl�les
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