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<br /> UMFORM COVBNANTS. Borrower and L.ender covenant and agree as follows: � 'i-
<br /> , !. Paya�ed oiPriac�pol and laterati�WY��t��te Cha�es. Borrower sh�ll promP�Y PAY when due .
<br /> the prfncip�l of nnd interest on the debt evidenced by the Nate and any prepayment and lote chArges due under the Note. ��
<br /> Z� F�{o*��es apd In�uranca, Subject ro applicable law ar ta a written waiver by L.cnder,Borrower shall � tiY
<br /> •• pey to L.ender on the doy monthly paymenta are due under the Note,until the IVote ia paid in full, a sum("Funds")for:
<br /> .. �a�yeuly 1�ces and asceasments whieh may AttAin p�ioriry over tbis Security Instrument us a licn on the Propeny:(b)yearly '` �
<br /> .. leacehold poyments or ground rents on the Property, if any;(c)ywrly hau+rd or property insurance premiuma; (d)yearly *
<br /> :�ood insuronce promiums,if r+ny;(e)ywrly mongage insurAnce premiums,if eny;and(�any sums payeble by Borrower ,
<br /> to Leader,in occotdance with the provisions of p�ragraph 8,in lieu of the payment of mortgage inaurance premiums.These ;
<br /> , ;«ms ue calied••Escrow Items."Lender may.at ony time.collect and hold Funda in an amount nat to excaed the maximum 4
<br /> amount a knder for a fedanlly rclated mongage loan may requiro for Borrower's escrow account under 1he federal Real
<br /> Estate Se�lement Pracedurea Act of 1974 as amended from time to time, 12 U.S.C. 4 2601 et seq. ("RESPA"), unless ;
<br /> Anot6er law ihat applies to the Funds sets a lesser aniount. If so, Lender may, at any cime.collect and hold Funds in an �
<br /> amount not to excad the le.gser amount. l.ender may estimece �he amount of Funds due on the basia of current daw and
<br /> • reason�b�e eatimates of eapenditures of future Escrow Items or otherwise in accordance with applicoble law. �
<br /> ' The Funds shall be held in an institudon whose deposits are insured by a federal agency,instrumentality,or entity ;
<br /> • � (including Lender,if Lendcr is such an institution)or in any Federal Homc Loan Bank• l.ender shell apply the Funds to j
<br /> � . p�y the Facrow ltema.Lender mey not charge Aorrower for holding and applying the Funds,annually onalyzing the escrow � �,,�
<br /> account,or verifying tl►c Escraw Items,unless Lender pays Borcower interest on the Funds end applicabk law permits Lender
<br /> � � to mwke such a charge. Howcver, LenJer mr�y rcquire Bonowcr to pay a one-time charge for an independent real cstate
<br /> . t�c reporting service used by Lender in connecaon whh this loan.unless applicable law provides dherwise.Unless an agreement .
<br /> " . is made or applicable lew requires interest to be paid,Lender shaU not be requircd to pay Horrower any intercct or earnings � ,
<br /> ' :� on the Funds.Horrower and Lender may agree in wridng,however,that interest shall be paid on the Funds.l,ender shall .
<br /> i give to Botrower.without charge,an annual accoundng of lhe Funds,showing credits and debits to the Funds and the putpose � „ �,;�i
<br /> for which wch debit to the Funds was made.The Funds are pledged as additional securiry for all sums secured by this Security I ;,.�
<br /> . lnsuument. ' �r�
<br /> If ihe Funda held by I.ender eacesd the amounts pemutted w be held by r+pplicable Isw,Lender aheN account w Borrower :�
<br /> for the eacess Funds in accordance with the requirements of appiicable law.lf the amount of the Funds held by I.ender at
<br /> any dme is not sufficient to pay the Escrow Items when due,Lender mey so notify Borrower in writing.nnd,in such case •
<br /> Borrower�haU pay to L.ender the amount necessary to make up 1he deficiency. Borrower shap make up the deflciency in :
<br /> no more than twclve monthly payments, at L.ender's aole diacrction. • � ,��'
<br /> �� � Upon pAyment in full of ell suma secured by�his 5ecuriiy Inetrmiient, Lxndcr sha!!promptly r�fuad to 9onower
<br /> . ; eny Fundsheld by Lender.lf.under parag�aph 21,l.ender shall acquire or sell the Properry.l.ender, priorto the acquisition ,,j,
<br /> or sole of ihe Property, shall appiy any Funds held by Lendcr at the dme of acquisition or sale as a credit against the sums ,
<br /> ucured by thia Securiry Instrument.
<br /> 3. Appllcation ot Payments. Unless rpplicable lew provides otherwise,all payments received by l.ender under
<br /> paragraplu 1 and 2 sh�ll be applied:tirst.to any prepayment charges due under the Note;second,to amounts payable under �, �
<br /> para�raph 2;third, to intercst due; fourth,to principal due; and last,to any lete charges due under the Note. � �
<br /> 4. Cha�gesi Lien�. Borrower shell pay all taxes,essessments.charges,fines and impositions attributabie to the " .
<br /> Property wbich m4y anain priority over this Security Instrument,and leasehold payments or ground rcnts,if any.Borcower
<br /> shall pay iitese obligations in the manner provided in paragraph 2,or if not paid in that manner,Borrower shall pay them
<br /> on time dircctly to the person owed payment. Borrower shall promptly furnish to Lendcr all notices of amounts to be peid
<br /> under this paragraph.lf Borrower m�lces these payments dirocUy.Bo�T'ower shaU promptly fumjsh to Lender roceipts evidencing
<br /> the pAyments.
<br /> Borrower shall promptly discharge any lien which has priority over this Securiry Instrument unless Borrowe�: (a)
<br /> agcoes in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender;(b)contests in goad
<br /> f�titM the 8en by.or defends against enforcemen�of the lien in,legal procetdings which in the I.ender's opinion operate to
<br /> prevent the enforament of the lien; or(c)secures from the holder of the lien an agreement satisfactory to Lender subor-
<br /> ' dinating the lien to this Securiry lnstrument. If Lender determines that any part of the Properry is subject a a lien which
<br /> may atWn p�iority over this Security Instrument, I.ender may give Horrower a notice idenUfying the lien. Borrowcr shaU
<br /> � catisfy the lien or take one or more of the acaons set farth above within 10 days of the giving of notice. , .
<br /> S. Hoznrd or Properly ln4uronce. Borrower shall keep the improvements now existing or hereaRer erected on
<br /> the Property insured ageinst loss by fire. hazards included within the term "extended coverage" and any other hazards, ,
<br /> �� ; � including floods or tlooding. for which Lender requires insurance.This insurance shall be maintained in the amounts and
<br /> " for Ihe periods thot I.ender requires.The insurance carrier providing the insurance shall be chosen by Borcower subject to
<br /> ' � , Lender'sapproval which shall not be unreasonably withheld.lf Borrower fails to maintain coverage described above,Lender
<br /> may, at Lender's option,obtain coverage to protect I.ender's rights in the Property in accordance with parograph 7.
<br /> i All insurance policies and renewals shall be acceptable to l.ender and shall include a stundard murtgage clause.l.ender
<br /> sh�ll have the right to hold the policie�and renewals.If Lender requires,Borruwer shall promptly give to l.ender all receipts
<br /> , j of paid premiums and renewal notices, In the event of loss,Borrower�hall give prompt notice to the insurance rarrier and
<br /> � L.ender.Lender may make praof of loss if ncx made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing,insurance proceeds,hull be upplied to resturatiun or repair
<br /> � of the Property damaged,if thc restoratian or repair is econumically fes+siblr and I.cndcr's securicy is not lessened. If the
<br /> � restoration or repair is not economically feaxible or l.ender'�security would be le��ened, �he insuron�e p�aceeds shall be
<br /> applied�o the sums secured by this Security Instrument,whether or not then due.with any ezcess paid to Borrower.If Bormwer
<br /> , abandons the Property,or dces nat answer wilhin 30 days a notice from l.endcr that the insurance caRier has offcred to
<br /> settle a claim,then Lender may collect the insurnnce proceeds. Lcnder muy use the proceed.to repair ur re.tore the Proprrty
<br /> or to pay sums secured bp thi�Security Instrument,whether or not then due.The 30•day period will Megin when the nutice
<br /> is grven.
<br /> Unless Lender and Borcowcr utherw�ux agree in writing, any application of pr�xe��ds tu prin�ipal �hall nut rMtend
<br /> ' or postpone the due date of the monthly payments referred to in paragraph. I anJ 2 or chrnge the umuunt of the paymenls.
<br /> If under paragn+ph 21 the Property is acyuired by l.ender,Borrower's right to;�ny�murance pulicicti and pruceeds rewlting
<br /> from damage to Ihe PropeRy prior to the acquisition shall pass to Lender ai thc cxtcnt of the+umy ucured by this Serunq•
<br /> lnswment immedialely prior to the ucyuisition.
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