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<br /> 94-1,D471.2
<br /> "I'C)(7YF"L'11I, R WITH all the improvements now or hereafter eteeteta on the proprrty, and all easements, appurtenance;'.
<br /> and fro=s now or hCreaftcr a part of the property. All replacements and ;additions shall also be covered by this Security
<br /> !,wrt,lment. All of the foregoing is referred to in this Security Instrument as th° "Property."
<br /> F?f7lo'.RC)WER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant
<br /> and convey the l:'rc.}perry and that the Property is uneneun:,?cxcept for ericurri mnces of record. Borrower warrants and
<br /> -ill defend generally the title to !he '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 w"'
<br /> limited variations by jurisdiction to constitute a uniform security instrument covering real property.
<br /> UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows-
<br /> L Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the
<br /> principal of and interest on the debt evidenced by the Note and any prepayment and late charge-, due under the. Note.
<br /> 2, Fund: for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to
<br /> Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) yearly
<br /> taxes and tassessrnents which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold
<br /> payments or ground rents on the Property, if any,. (c) yearly hazard or property insurance premiums; (d) yearly flood
<br /> insurince premiums, if anv; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to
<br /> Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance, premiums. These
<br /> items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum
<br /> amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real
<br /> Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. § 2601 et seq. ("R SPA"), unless another
<br /> lave that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to
<br /> exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable
<br /> estimates of expenditures of future Escrow items or otherwise in accordance with applicable law. '
<br /> The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity
<br /> (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay
<br /> the Escrow Items. Leader may not charge Borrower for holding and applying the Funds, annually analyzing that escrow
<br /> account, or verifying the Escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits
<br /> Lender to make such a charge. Ho• :ver, Lender may require Borrower to pay a one-time charge for an independent real
<br /> estate tax reporting service used 1,y Lender in connection with This loan, unless applicable law provides otherwise. Unless an
<br /> agreerr;crt is made or applicable law requires interest to be paid, Lender shall riot be required to pay Borrower any interest or
<br /> earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall he paid on the Funds. Lender
<br /> :,hail give to Borrower. without charge. an annual accounting, of the f=unds, showing credits and debits to the Fun& and the
<br /> purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by
<br /> this Securitv lnstrvnient
<br /> If the. Funds held by Lender exceed the amounts permitted to be held by wpplicabic law, Lender shall :recount to
<br /> Borrower for the excess funds in accordance with the r^quirements of applicable law. If the amount of the Funds held by
<br /> Lender at any a'iliC is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in
<br /> such case Bo: shall pay to Lender the amount necessary to make tip the deficiency. Borrower shall make up the
<br /> deticiency in ar,ore than t%velvc monthly payments, at Lenders sole dircre.tion.
<br /> Upon pt,, ..,cr,, in full of all stn v; secured by this Security Instrument, Lender shall promptly refund to Borrower any
<br /> Funds belt! by Leader. If, under paragraph 21, Lender shall acquire or self the Property, Lender, prior to the acquisition sir
<br /> sale of the Pronerty, shall apply any Funds held by Lender at the rirne of acquisition or sale as a credit against the sums
<br /> secured by this. Security Instrument.
<br /> 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
<br /> paragraphs I and 2 stall be applied: first, to any prepayment charges dire under the. Note; second. to amounts payable under
<br /> paragraph 2; third, to interest due; fourth, to principal due; and last, to any ]rte charges due under the Note.
<br /> 4. Charoest Liens. Borrower shall pay all taxes, asscssrne.nts, charges, fines and impositions attributable to the
<br /> Praamny which may attain priority over this Security Instrument. and icasehold payments or ground rents, if any. Borrower
<br /> shalt pay these obligations in the manner provided in paragraph 2, or if riot paid in that manner; Borrower shall pay them on
<br /> tine directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under
<br /> this paragraph. 11 Borrower makes these payments directly, Borrower shod promptly furnish to Lendcr receipts evidencing
<br /> the payments.
<br /> Borrower shall promptly discharge any lien which has priority over this Security instrument unless Burrower: (a) agrees
<br /> in writing to the payinent of Uhe obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith (lie
<br /> vent the
<br /> ',ten by, or defends against enforcement of the lien in, legal proceedinUs which in the Lenders opinion operate to pre
<br /> enfor,ernent of- the lien; or (c) secures horn the holder -of the lien an agreement satisfactory to Lender subordinating the lien
<br /> to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority
<br /> over this Sect.rity Instrument, Lender tray give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take
<br /> orie or more of the actions set forth above %vithin 10 days of the giving of notice.
<br /> 5. Hazard or Property Insurance. Borrower shall keep the n-nprovements now existing or hereafter erected on the
<br /> Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, iecluding
<br /> flouts or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the
<br /> Form 3028 9/90 (page 2 ofd 1aages)
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