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.,99 , 1Q9015 � .
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<br /> "rOGF.THF.R W[TH all the improvements now or hereafter erected on the property, and all easements, appurtenances, anc�
<br /> tixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
<br /> Instrument. All of the foregoing is referred to in this Security Instrument as the "Properry."
<br /> BORROVI�'ER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and •
<br /> convey the Nroperty and that the Property is unencumbered, except,for encumbrances of record. Borrower warrants and will
<br /> .,
<br /> defend generally lhe 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. Borrower and Lender covenant and agree as f'ollows
<br /> 1. Payment of Principal and Interest; Prepayment and Late Charges. E3crrpw,er,sl�all p�;o�nptly pay when duc the
<br /> principal of and interest on the debt evidenced by the Note and any prepayment and fate'chargeti due�un'der the Note. .
<br /> 2. Funds for Taxes and Insuranee. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to
<br /> Lender on the day mout}�ly payments are due under the Note, until the Note is paid in full, a sum ("Funds") fo►•: (a) yearly taxes
<br /> and assessments wl�icll may attain priority over this Security Insh•ument as a lien on the Property; (b) yearly leasehold payments
<br /> or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums,
<br /> if any; (e) yearly inortgage insurance premiums, if any; and (� any sums payable by Borrower to Lender, in accordance with
<br /> the provisions of paragraph 8, in lieu of the payment of moi•tgage insurance premiums. These items are called "Escrow Items."
<br /> Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally
<br /> related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of
<br /> 1974 as amended from time to time, 12 U.S.C. Section 2601 et seg. ("RESPA"), unless another law that applies to tlle Funds
<br /> sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed tlie lesser amount.
<br /> Lender tnay estimate the amount of Funds due on the basis of current data and reasonable estim�tes of espenditures of future
<br /> Escrow Items or otherwise in accordance w�rh spplicable law.
<br /> The Funds shall be held in an 1: ��.:�s�: ��� ���i�ose deposits are insured by a federal agency, insh�umentality, or entity
<br /> (including Lender, if Lender is such �. � ; :����.�,��+ ��- in any Federal Home Loan Bank. L,ender shall apply the Fw�ds to pay the
<br /> Escrow Itern�� Lender may not charge ��r:�,���;�r ` ���-hol�iiqg �ud,app�y,�ng the Func(s, a��»ually;analy�ing the.escrow,,accouut, or
<br /> verifying the Escrow Items, unless LenU�.r ;�.�;�- 3;orrower interest on the Funds and applicable ]aw�permits Lender�to make such
<br /> a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service
<br /> used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or
<br /> applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earniugs on the Funds.
<br /> Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower,
<br /> without charge, an annual accounting of the Funds, sho��ing credits and debits to the Funds and the purpose for which each
<br /> debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Insti•ument.
<br /> If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower
<br /> for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by 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 Borrower
<br /> shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than
<br /> twelve monthly payments, at Lender's sole discretion.
<br /> Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly t-efund to Borrower any
<br /> Funds held by Lender. If, under paragraph 2l, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale
<br /> of the Property, shall apply any Funds held by L,ender at the time of acquisition or sale as a credit against the sums secured by
<br /> this Security Instruineiit.
<br /> 3. Application of Pa,yments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs
<br /> l and 2 sliall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under �aragraph 2;
<br /> third, to interest due; fourth, to principal due; and last, to,�tiy late char�;es due under the Note.
<br /> 4. Charges; Liens. Borrower shall��pay all.taxes, asse�sments, charges, tines and impositions attributable to the Property
<br /> which may attain p1�i�ritx'ou�r,this>.Sec,w'�t,y �nstruinent;,and, 1eas�ltold,,paysnents,or g.�'ca��d�rent�s i,�,an�,-,�Qi��o�ue�, �+haAll.p�,y
<br /> these obligations in the manner provided in paragraph 2, or if not paid in that mannei=, Borrow�er shall pay ttieni on time directly
<br /> to the person o�ved payment. Borrower shall promptly furnish to Lendei• all notices of amounts to be paid under this paragraph.
<br /> If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments.
<br /> Borrower shall promptly discharge any lien which has prioriCy over this Security Instrument unless Borrower: (a) agrees i»
<br /> writing to the payment of the obligation secured by the lien in a manner acceptable to Lende�; (b) contests in good faith the lien
<br /> by, or defends against enforcement of the lien in, ]egal proceedings which in the Lender's opinion operate to prevent the
<br /> enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to
<br /> this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority ovei•
<br /> this Security Instrument, Lender may give Borrower a notice identifying the lien. 13orrower shall satisfy the lien�or take one or
<br /> more of the actions set forth above within 10 days of the giving of notice.
<br /> Form 3028 9/90
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