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<br /> TOGETHEFi WITH all the impY�ovemen�s now or here�fter ereated o� �,_
<br /> the property, inaluding any welis, pumps and motors, and all •--_
<br /> easemants, rights, appurtenanaea, rents, royalties, mineral, oil �_
<br />-`u end ga� rights and protits, walter riqhts and stoak and all Pixtureg -
<br /> nov or he�et�£tex e part of the propertX. All replaae�menke and e
<br /> a8ditions shell also be aover�d by this Seaurity Inatrument. Ail —
<br /> of Che Poregoing is referred to in �hi� seaurity Tnstruiaent as the =
<br /> '�Property". -
<br />- BORROi�tER COVENANTS that 8orrower is lawfully seised of the _
<br /> ee�tate hereby aonveyed and has the right to grant and convey the �
<br /> Property and that the Property is unenoun�bersd, eaccept for
<br />= encumbranaea of reaorc�. Horrower warrants ar►d will dePend
<br />- q�nerally �he title to the Property against ali ala�.ms and deman�s, _
<br /> :�
<br /> subject to any enaumbranaes o� record.
<br /> ' COVENANTS. Borrower and Lenders aovenant and agree as
<br />�_.� Pollows: -
<br />_ 1. Payyaent of Principal and Interest; Prepayment and Late �
<br /> - Chargsa. Horrower sh�xll promptly pay when due the prinesipal af and -
<br />,= interest on the debt evidenaed by the Nate and any prepayment aad
<br />: late aharqes due under the Note.
<br /> 2. Funds for Taxea and Insurance. 3ubject to applicable law
<br /> y or to a written waiver by Lenders, Horrower shall pay tu Lenders on
<br /> ; the date payment is due under the Note, until tt�e Note 3.s paid in
<br />;�.;� Eull, a sum ("Funds"� equal tos (a� yearly taxes and assessments
<br /> - Whiah a�ay �tt�3n griorfty oysr this 9e���rity Tnatrumettti 4b? Yearly .
<br /> � hazard insuranae pre�aiumsp and (a) yearly mortgage insurance
<br /> ��� preiaiums, if any. Th�ae items are aalled "escrow ite�ms", Lenders
<br /> _° may estimate the Funds due on the baeis of aurrent data and
<br />.�� reasonable estimates of future escrow items.
<br /> ThQ Punds shall be held in an institution, the depos3ta of
<br /> -- whia�a are inaured or guaranteed by a federai or stcate agency.
<br /> — Lende�s shall apply ttze Funds to gay the esarow itexas. Lenders may
<br /> not charge for holding and applying the Funda, analyzinq the
<br /> � aaaount or verifying the escrow items. Lendera sh�li not bg
<br /> required to pay Borrower any interast or earnings on the Fwnds.
<br /> — Lenders shall qive to Borrower, without charge, an aauival aaaount
<br /> - of the Funds showing credits and debits �o the Fands and the
<br /> - purpose for which each debit to the funds was made. The Funds are
<br /> pledged as addi.tional secusity for the suans seaured by tHis
<br /> = security instrument.
<br /> '- Tf the amount of the Funds held by Lenders, tog�sther with �he
<br /> -� Puture yearly payments of Funds payable prioz to the due dates of
<br /> -J the esarow ite�ts, shall exceeal the amount requ ired �o �ay f:T�ie� �
<br /> __ escrow items when dus, the exaess shall be, at �orrower�s option,
<br /> ;�•:;= oither promptly repaid to Borrowc3r or credited to Sorrower an
<br /> i= year].y payments og Funds. If the an�aunt of the Funde held by
<br /> - Lenders is not suff icient to pay the escrow iten�a when due,
<br /> -- Borrower shall pay ta Lenders any amount neoessary to make up the
<br /> _- dePiaiency in one or more paymer�t� as required by Lenders.
<br />- ���` Upon paymemt in full of all aums secured by this Securi�y
<br /> ��,= Inatsutaent, Lenders �hall promptly refund to Borrower any Funda
<br />:_� heid by Lenders. If under paragraph 19 the Property is eoid or
<br />;;� acquired by Lenders, Lenders shall apply, no later than immediately
<br />��;:'�� prior to the sale oP the Property or its acquisition by Lsndara,
<br /> �''`��� any Futrds held by Lenders at the time nP applicatior► as a aredit
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<br /> ..`�'� �2.��i LL� ..�A L.0 �hi e Qen»r.��ai TweF�tnnfet�f* _.
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<br /> - � 3. Applicatfon of Payments. All payments received by Lenders
<br />"' ��� tuider paragraphs 1 and 2 shall be applied: first, to late ahargea
<br />.=��'� due under the Nota; second, to prepayment chargea due under the
<br />_ „ Notef third, to amounta payable under paragraph 2j fourth, to
<br /> .. interest duep and, last, to pririaipal due.
<br /> 2
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