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<br />• • BORROWER COVENANTS thut Borrower ix Inwfuily reized af the estate hereby conveyed nnd hux thc r�ght to�rnnt
<br /> •� '' y ' and convey the Praperty and that the Praperty is unencumbered.except for encumbranec.c of record. 8arrower warnntv and
<br />_i.����_.,�,,,� will defend genesally the ufle to the Property agninst aU cinima und demunds.subject to uny encumbrances of record. _
<br /> • - lJI4RFORM COVENAN7'S.
<br /> 3;�,���.:� �� .;�a l. Pnyment oi PrindpW,Interest and Late Charge. Borrowar shull pay whcn duc the prfncipnl of.und interest on,
<br /> the debt evidenced by ttle Note a�td lata char�cw due under the Nate.
<br /> �t�� ' Z. Maathly Poymeat oi Taxes,Lisurance,and Otder Charges, Borrower sY�all includr in each monthly payment, =
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<br />; � together wlth the principal and interest as set forth in the Note end any late charges. a sum for (a) taxes and special _
<br /> y usr,essments levied or to be levIed a ainst the Property. tb) leasehold payments or ground rents on the Property. and
<br />'��, - (c)premiuma for insurance required under Para�aph 4. In any year in which the I.ender must pay a mortgage insurance -
<br /> ' � premium w the Secretary of Houslag and Uifiun Development("Secretery").or in any year in which such pr�miwa would
<br /> , .._.." . huve beea required if L.ender stiU held the Securlty Insuumen�each monthly payment shell also include elther:(i)a sum for -
<br />�" `''��-� �'� , y the annual mort�age inRUrance premium to be paid by I.ender to the Secreuuy.or(ii)a monthl ch -
<br /> _ t., y arge instead af a martgage
<br />- �" � � - . inaurance prem[um �f thls Securlry Iastcument Is held by the Secretary,in a r+easonable amouat to be determinod by the
<br /> •`=•-��-�• » Secretary. E xcapt for t he monthly charge by the Secre t a ry.these items are called"Fscrow Items"and the sums paid to Lender
<br /> �'��,� , �' �.� are culled"Fscrow Funds."
<br />=_��;,.`•r� `• �� ��'� Lender may,at any time.ooUec[and hold amounts for Escrow Items in an a�g�egate amouat not to exceed the meximum
<br /> ��z�.+��,._. `� amount that may be required for Bormwer's escrow account under the Renl Estate Settlement Procedures Act of 1974, 12
<br /> U.S.C.$ 2 6 0 1 e t r,�w. a n d i m plementln� rc g u lutions. 24 CFR Part 3500, aq they may be amended fc+om time W tiate
<br /> >��=.,�4l��� ("RESPA").excepi that the cuabion or reserve permitted by RESPA for unanticIpated ctisbursemeal�or disbursemeuts befo�
<br /> -���;z•� � the Bomnwe�s pnyments are available ui the accoune muy nui i,c Lis�t on amounts duc far thc ina aga insura�ce prr�nm.
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<br />-'``°T =�'�,x'� If the amounts held by l.ender for Escrow Items eaoeed the aznounta pemdtud to be held by PA.Lendrr ahaU deal
<br />:,�_.�;���„ wltb dte excess funds os reyuired by RESPA. If the amounta of furtds held by l.ender at any tlme are not sufFclent to pay the
<br />------ �-. Escrow Items when due,Lender may notify the Borrower end require Bonower w make up the shortage or deficteacy as
<br /> .,i ,-:�'�:i '�
<br />;:�,�:+�3� peYmitted by RESPA.
<br /> � The Hscrow Funds at+e pledgecl es uddidonal security for all sums secured by this Securiry Inshument Yf Bomnwer
<br /> `>,.�r;�,�, 1CQfICIB t0 LEAfICf H18 fU�I(1IIyI�Q�Of aII bUC}l SUI11S.Boirowc�s uccount shall be crc�dited wIth the balance remaining for all
<br /> _�=�}.:r_ .�, instalLnent items(a),(b)�and(c)aad any mortguge insurance premium installment that I.ender has not become obllgate.d to
<br />-;,;1e,,,.z � pay W tho Secremry.and Lender ahnll pmmptly refund any eacess funds W Bo�rower. ImmedIately prIor to a for�closure sale
<br /> �,;;ti�;T . �;, of the Property or ita aoquis[don by Lender, Bomnwea's uccount ahaU be cr+edited wltls uny baleacc remaining for all
<br /> ' ,� insmlLr�nts for items(a)Sb).and(c).
<br /> "�;::'r� + 3. Applk�tton of Paymenta AU payraents under Paragraphs 1 and 2 shall be applled by Leader as follows:
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<br /> �$,t�►tha � - age t�stttan��St�r�sfsu�t ta bs gaid!s, Leasler so the 5�retery or t4 st�mnnshly r.barge by
<br />-.Y°�:''.-�k the Seecetciry ins�of the montWy mortgage iasurance prem[um;
<br /> ;�S}: �O�, to any�a�ces, speclal asse.ssments,leasehold payments or ground �+ents. and fu+e, flood and other
<br />_�;���C3 h�erard�3nswanoe pnmiums.asrequired;
<br /> --�.v=�:µ : �+to interest due undet the Note: _
<br /> 1.�_. - g�jlg�,to emorti�aflon of the priacipal of the Note;
<br />�"=�=d`�_'�: �tn inte charges due uader the Note.
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