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<br />200609362
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<br />TOGETHER WITH alithe improvements now or hereafter e,ected on the: property, illd all easements, appurteu;mces, and
<br />fixtures now or herr:aftcr a part of the property_All replacements and additions shall also be coyen,;d by this Sec~trity
<br />Irmrument. An of tM foregoing is referred ro in th~s Security InstfUmellt as the "property."
<br />BORROWER COVENANTS that. BOD'ower is lawfully seised of the estate hereby conveyed illlJ has the right co grant and
<br />convey the Property and that the Propeny is unl;':llcwubered, except for encumbrances of record. Borrower warrilntS and will
<br />defend gerterally tbe dtle to the Property against all claims @d demands, subject to .any encuwbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covemultS for national use and non-unifonn covenants with limited
<br />variations by juriSdiction to constitute a uniform security instrument coveri11.g real property.
<br />llNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. puywel1t of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly plIY when due the
<br />principal of and interest OIl the debt evidenced by th~ Note and allY prepayment and late charges due under the Note.
<br />2. Funds for Taxes and Insurauce. Subject W applicable law or to a wrinen waiver by Lender, Borrower 1j!lall pay to
<br />Le.\1der on the day monthly payments are due under the Note, until the Note is paid in full. a ~um ("Funds") tor; (a) yearly raxes
<br />and asSessments which may attain priority over this Security InstlumenI as a lien on the Property; (b) yearly leasehold payments
<br />or ground rents on the propeny, if lillY; (c) yearly hazard or property insurance premhnlls; (d) yearly flood inS1Jr~UlCe premiums,
<br />if any; (e) yearly mortgage insurallce preroi\.lll1S, if any; and (f) any sums payable by Borrower to Lender, in accordance with
<br />me provisions of paragraph 8, lulieu of the payment of mortgage insuranc~ prcmiums. These ilems arc called "Escrow Hems."
<br />Lender may, aI any time, collect mid hold Funds in an amount nor 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 V.S.C. Section 2601 e( seq. ("RESPA"), unless another law tl1at applies to (he Funds
<br />setS a lesser amount. If so, Lender may, at any time, coUeee and hold Funds in an amount not IO exceed the lesser aITlount.
<br />Lent;lcr may estimate the amo1.lnt of Funds due op. the basis of nmenr data and reasonable estimates Of expenditllr~s of future
<br />Escrow Irems or otherwise in accordance with applicable law.
<br />The Funds shall be held in an iIlstitution whose deposits are inSured by a federal agency, instrumcnrality, or emity
<br />(including Lender, if Lender is such an instimtion) or in any Federal Home Loan Bank. Lender shall apply me Funds 1:0 pay the
<br />Escrow Items. Lender may not charge Borrower for holding and applying me Funds, arwually analyzing the escrow account, or
<br />verifying lhe Escrow Items, unless Lender pays Borrower interest on the Funds .and applicable law permits .Leuder [0 make such
<br />a chargl';- However, Lender xnay reguirt;: Borrower to pay a one-time charge for an independent real estate laX reponiIlg service
<br />used by Lender in connection with this loan, unless applicable law provides orherwise. Uuless an agreement is made or
<br />applicable law requires intert;:St to be paid, Leflder shall not be required to pay Borrower 21lY interest or earnings 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 aIlilual accouneiIlg of the .Funds, showing credits and debits to the Flmds and the purpose for which eaCh
<br />debit to the Funds was made- 'The Funds aTe pledged as addi~ional security for all SutIl5 secured by this Security Instrument.
<br />If the Funds held by Lender exceed the amourHS permitted to be held by applicable law ,Lender shall ae<::ount to BOlTower
<br />for the excess Funds ill accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any
<br />time is not sufficic::nt lO pay the EsCroW Items when due, Lender may sO notify Borrower in writing, and, in such case Borrower
<br />shall pay [Q Lender me amount n~c:e$sary to make up me defIciency. Borrower shall rrl3ke up the deficie~cy in no more than
<br />twelve monthly payments, at Lender'S sole discretion.
<br />Upon payment in full of all S1)11l$ secured by this Security IJ1stru.ment, Lender shall promptly refund to Borrower any
<br />Furll;ls held by LeudcL If, under paragraph 21, Lender shall acquire 0:\ sell rhe Propeny, Lender, prior to the acquisition or salt
<br />of the Property, shall apply any Fu.nl;ls held by Lender at the time of acquisition or sale as a credit against the sums secured by
<br />this Security Instrument-
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphS
<br />1 and 2 shall be applied; first, to any prcpay:rnent chal'$es due under the Now; second, to amountS payable under paragraph 2:
<br />third, to interest due; fourth, to principal due;' and lasr, to any late charges due under the Note.
<br />4. Churgt's; Liens. Borrower shall pay ail taxES, assessments, charges, fUles and impositions lIlttributable W the Propeny
<br />wl1ich may auain plioriry over this Secllriry Instrument, and leasehold payments or ground rentS, if any. BotTower shall .pay
<br />these oblisations in rhe manner pmvided in paragraph 2, or if not paid in that manner, Borrowr:r shall pay them On rime directly
<br />to the person owed payment, Borrower shall promptly furnish to Lende;r all notices of amOlliltS to be paid under this paragraph.
<br />If Borrower makes these paymc:nt.s directly, Borrower shall promptJY furnish to Lender receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien whic.h has priority over this Security Instrume;J1t unless Borrower: (a) agrees in
<br />writing to the payment of th~ obligation secured by the lien in a marmer acceptable to Lender; (b) contests in good fflilh the lien
<br />by, or defe:Ilds against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
<br />enforcement of me lieu' or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the: lien to
<br />this Security Illstrumen~. If Lender determines that any pan of rhe Property is subject to a lien which way attain priority ove,
<br />this Security InstI\llllent, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy tlw lien or take one or
<br />more of the actions set forth above wilbin 10 days of the giving of norice.
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<br />G -GH(NE) 1!}403/,Ol
<br />iFJ
<br />TONG2 (0410~04) PC
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<br />Pogo 2 01 6
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<br />Fcmtl 3028 91j19..
<br />Inl(I~I&: t...,}L....
<br />Loan No. 6412046-7879 C.c.. U~
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