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<br />92-.100823
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<br />TOGETHER WITH all the impmvements now or hereafter erected on the property, and all casements, appurtenanc:e!, and
<br />fixtures now or hereafter a pan of lite property. All replacements and additions' mall also be covered by this Sec:urity
<br />Instrument. All of the foregoing is referred to in this Security Instrument as the _Property._
<br />BORROWER COVENANTS that Borrower is lawfully seised of t~,e estatehen:by conveyed and has the right tf' grant and
<br />convey the Propeny and that the Pmpeny is unencumbered. except for encumbrances of record. Borrower warrants and will
<br />defend generally the title to the Propeny against all claims and demands, subject to any encumbrances of reconl.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited
<br />variations by jurisdiction to constitute a uniform security instrument covering rea) property.
<br />UNIFORM COVENANTS. Borrower and Ler.der covenant and agree as follows:
<br />1. Payment of Principal and Interest; Frepayment 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 charges due under the Note.
<br />2, Funds 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 taxes
<br />and assessments which may attain priority over this Security Instrument as a lien on the Propeny; (b) yearly leaseho!d payments
<br />or ground rents on the Property, if any; (c) yearly hazard or property inSllrance premiums; (d) yearly flood insurance premiums,
<br />if any: (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with
<br />the provisions of paragraph 8, in lieu of the payinent of mortgage insurmce premiums. These items are called -Escrow Items. .
<br />Lender may, at uny time, collect and hold Funds in an amount not 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 U.S.C. Section 2601 et seq. ("RESPA-), unless another law that applies to the Funds
<br />sets a lesser amount. If so. Lender may, at e.ny time, collect and hold Funds in an amount not to exceed the lesser amount.
<br />Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future
<br />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 the
<br />Escrow Items. Lender may nOl charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or
<br />verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such
<br />a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service
<br />used by Lender in connection with this'loan, unless' applicable law provides otherwjsc. Unless an agreement is made or
<br />applicable law req'Jires interest to be paid, Lender shall not be required to pay Horrower any 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 annual accounting of the Funds, showing 'credits and debits to the Funds and the purpose for which each
<br />debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument.
<br />If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Rorrower
<br />for the e:,,;cess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any
<br />time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing. and, in such case Borrower
<br />shall pay to Lender the amount necessary to make up the deficiency. Borrower sh:lIl make up the deficiency in nn more than
<br />twelve monthly payments, at Lender's sole discretion.
<br />Upon payment in full of all sums secured -by this &curity Instrument. Lender shall promptly refund 10 Bprrowcr any
<br />Funds held by Lendcr. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior 10 the acquisition or sale
<br />of the Propeny. shall apply any Funds held by Lender at the time of acquisition or sale a~ a credit against the sums secured by
<br />this Security Instrument.
<br />3. Application of Paymenl... Unless applicable law provides otherwise. all payments received by Lender under pafllgraphs
<br />I and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2;
<br />third, to interest due; fourth, to principal due: and last, to any late charges due under the Note.
<br />4. Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property
<br />which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay
<br />these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly
<br />to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragmph.
<br />If Borrower makes these payments direclly, Borrower shall promptly furnish to Lender reC'f"iiJls .:..idencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument un!~ss Borrower: (a) agrees in
<br />writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: (b) contests in good faith the lien
<br />by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevem the
<br />enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinaling the lien to
<br />this Security Instrument. If Lender detennines that any pan of the Property i:; subject to a lien which may attain priority over
<br />this Security Instrument, Lender may give Borrower a notice idenlifying the lien. Borrower shall satisfy the lien or lake one or
<br />more of the actions set forth above within 10 days of the giving of notice.
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<br />P_ 1 of 6
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<br />Form 3028 9/9n
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<br />MC-301 9.NEI2
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