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<br /> . � ' 99 1.07347
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<br /> TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's note dated
<br /> ' and extensions and renewals thereof(herein "Note"), in the principal sum of U.S.
<br /> , with interest thereon, providing for monthly installments of principal and interest, with the
<br /> balance of the indebtedness, if not sooner paid, due and payable on • the payment of all
<br /> other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust;
<br /> and the performance of the covenants and agreements of Borrower herein contained.
<br /> Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to
<br /> grant and convey the Property, and that the Property is unencumbered except for encumbrances of record except
<br /> for alien granted by Borrower to Contractor and hereby assigned by Contractor to Lender. Borrower covenants
<br /> that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject
<br /> to encumbrances of record.
<br /> UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br /> 1. Payment oF Principal and Interest. Borrower shall promptly pay when due the principal and
<br /> interest indebtedness evidenced by the Note and late charges as provided in the Note.
<br /> 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower
<br /> shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the
<br /> Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including
<br /> condominium and planned unit development assessments , if any) which may attain priority over this Deed of
<br /> Trust, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard
<br /> insurance, plus one-twelfth of yeazly premium installments for mortgage insurance, if any, all as reasonably
<br /> estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates
<br /> thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower
<br /> makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
<br /> If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of
<br /> which are insured or guazanteed by a federal or state'agency (including Lender if Lender is such an institution).
<br /> Lender shall apply the Funds to pay said taxes, assessments, msurance premiums and ground rents. Lender may
<br /> not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said
<br /> assessments and bills, unless Lender pays Borrower interest on the Funds applicable law permits Lender to make
<br /> such a charge. Bonower and Lender may agree in writing at the time of execution of this Deed of Trust that
<br /> interest on the Funds shall be paid to Borrower, and unless such agreement :s 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 �'unds was made. The Funds are pledged as additional
<br /> security for the sums secured by this Deed of Trust.
<br /> If the amount of the Funds held by the Lender, together with the future monthly installments of Funds
<br /> payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the
<br /> amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess
<br /> shall be, at Bonower's option, either promptly repaid to Bonower or credited to Borrower on monthly
<br /> installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes,
<br /> assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount
<br /> necessary to make up the deficiency in one or more payments as Lender may require.
<br /> Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to
<br /> Borrower any Funds held by Lender. If under paragraph 17 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
<br /> its acquisition by Lender, any funds held by Lender at the time of application as a credit against the sums secured
<br /> by this Deed of Trust.
<br /> 3. Application of Payments. Unless applicable law provides otherwise, all payments received by
<br /> Lender under the Note 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, then to mterest payable on the Note, and then to the
<br /> principal of the Note.
<br /> 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's
<br /> obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this
<br /> Deed of Trust, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be
<br /> paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a
<br /> priority over this Deed of Trust, and leasehold payments or ground rents, if any.
<br /> App�{
<br /> Initials: I�,�1 Initials: Initials: Initials:
<br /> . -Second Mortgage- 1/80- FNMA/FHLMC UNIFORM INSTRUMENT- Form 3834 (Page 2 of 6)
<br /> Management Systems Development,Inc. (800) 984-6060 Loan Energizer!'" .DEED Copyright(c) 1994
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