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<br /> ��:' BORROWER�OVENANTS that Borrower I�:lawfully seized of the estate hereby conveyed end has the rl�ht to grattt
<br /> " ��' ' and convey the Property and that the Property is unencumbered,except for encumbrances of record. Borrower warranta and
<br /> - . . . ,a�
<br /> will defend generally the dde eo the Property a�ainst all clairn.g and demands,subject to any encumbrances of record.
<br /> � '' UI�IIFORM COVENANTS.
<br /> ' l. Payment of Prindpal,Intetest and Late Charge. Borrower shall pay when due the principal of.and interest on.
<br /> - � .�'` `•. the debt evldenced by the Note and late cherges due under the Note.
<br /> � Z. Moallily Payment of Taxea,Insurance,end Otlier Chnrges. Borrower shall include in each monthly payment,
<br /> ��.` ' ��,^ �' togethes witb tke prL►cIpal and faterest as set forth )n ttte Notc and any late charges,a sum for (a) taxes and special
<br /> � assessmenta levied or w be levied agaiast the Property, (b) leasehold paymenta or ground rents on the Property. and
<br /> ,� (c)premiums for insutance required under Paragraph 4. In any year in whIch the I.ender must pay a mortgage insurancs �
<br /> premium to the Se�+etary of Houslns and Urban DeveloD�ent("Secretary"),or in any year In whIch such premium would
<br /> � .'��,� have been requi�+ed if L.ender stW heTd the Securlty Inst:vment,each moqthly payment shell also include elther.(s)a sum tor
<br />-- the annual mort$age inaurance premium w be paid by I.ender w the Secretary.or(il)a monthly charge instead of a mongage
<br /> m
<br /> � � insuraace premtum if this Sec,urity Instrument ls held by tbe Secretary, in a reasonable amount to be determiaed by the
<br /> � Secretery. Except for the monthly cherge by the Secretary,these items ere called"Escrow Items"and the suras paid to Lender
<br />-rt, :.,-:� i�•� are called"Fscrow Ftutds:'
<br />:;:;; '� . * Lender may,et eny dme.collect and hold amounts for Escrow Items in en aggregate antount not to exc�ed the maxImum
<br /> - ::!,:€�,' araount that may be requtred for Borrowe�s escrow account under the Real Estate Settlement Procedw�es Act of 1974, ]2
<br /> U.S.C.� 2601 et �seo. aad implement�ng neguladons, ?A CFR Pert 3500. as they may be amended from diue w dtne
<br /> � - ..,:' .;�� - ("RESPA"),except that the cus h ion or reserve pernvttcd by RESPA for unapticlp a t e d d is b u csements or d i s bursemenis b e fore
<br /> the Borrower's payments arc available In the accouat may aot be based on amounts due for the mortgage ins�rance premlium.
<br /> �``''r'����� If the eneounts held by L.ender for Escrow Items excecd tbe amounts permittecl to bc held by RESPA,I.ender shall deul
<br /> with the excess funds as requlred by RESPA. If the emounts of funds held by Lender at any dme are not sufticient to pay the
<br />-<su.+:;e�.. .� Escrow Items whea due.Lender mny notify the Borrower and require Borrower w raake up the shortage or deficIency as
<br /> ,_ ' �• � permitted by RESPA.
<br /> 'Ihe Escrow Funds are pledged as addidonal security for all sums secured by this Security Iasmament If Borro�ver
<br /> ;.�:,�. •: oenders to I.ender dte full paynaent of all such sums,Bonuwets atcount shall be credited with the balance remaining for aU
<br />' !:,��� instaUment items(a),(b),aad(c)and any mortgage lnsurence premium installment that LeQder hes not become obligated to
<br /> pay to the Secretery,end Lencler sheU�Sromptly refuncl any exc�ess funds to Borrower. Iinmediately prlor to a fom.closure sale -
<br />=-��'�� �1 of tlte Property or itsacqulsiaon by L,ender. Borrowe�s ac�ount sheU be credited with eny balance remaiaing for all
<br />�^�._,� '�'� instailments for lterns(a)�b).and(c).
<br />-.-;,=�,*=;;� ` 3. Appl�caflon of 1�ayraeata. All payments under Paragcapds i and 2 ehall be applled by Lender as follows:
<br />_:_�.�:,�f:� F��.ta the saozlgege ir.s�grQmittm 4o be pai$ by Lt���m the.Cqxr+emry cu tn the mcmthly charge by
<br /> the Se�retary instead of the montWy mortgage insurance premium;
<br /> �`'-:� '.,'.,` HCOND• to any taxes, specIal assessments. leasebold payments or ground renta,and fire. flood and other
<br /> ,��•'-�.,'�v<�= hazard insuranoa preariums.asrequired;
<br /> -�'�}� �I D,W interest due under the Note;
<br /> .�'`i�i4 T���
<br /> = J�,to amortizaflon of the princIpal of the Notc;
<br />�•.:.-��,��: �,to Iate charges due under the Note.
<br /> _�;=�{�� 4. Ffre,Flood and OWer Ha7ard Iasuranoe. Horrower shall insure all Improve:nents on tke Property.whether now
<br />__,,,�_�� in existence or sabsequendy erectei, ageinst any hazarda, casualties. and cuntingencles,including fire. for which Leuder
<br /> � ceqvir�.w inaurauce. Tl�ia insurauce shell 6e maintained ln the aznounts and for the periods that Lender c�eguines. Bornower
<br />�'-��'T' � shall also insure all vementa on the Property.whether now in existence or subsequently erected.against loss by floads
<br /> �--"''"u'°"�' to the exoent mquired�ytD:e Secretary. All insurance shull be c�rried wIth companies approved by Lender. 'I7ie lnsurance
<br /> ___---_- policles and any renewals shaU be held by Lender and s&all include loss payable clauses In favor of,and in a forai ecceptable
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