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201005297 <br />TOGETHER WITH all the improvements now ar hereafter enacted on the properly, and all easements, <br />rights, appurtenances, and fixtures now ar hereafter a part of the property. All replacements and additions <br />shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security <br />instrument as the "Property." <br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the <br />right to grant and Canvey the Property and that the Property is unencumbered, except for encumbrances <br />of record. Borrower warrants and will defend generally the title to the Property against all daims and <br />demands, subJect to any encumbrances of record, <br />TH15 SECURITY INSTRUMENT combines uniform covenants far national use .and non-uniform <br />covenants with limited variations by jurisdiction to constitute a uniform security instrument covering rest <br />property. <br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: <br />1. Payment of Principal and Interest. Borrower shall pay when due the principal af, and interest on, <br />the debt evidenced by the Note. <br />2. Payment of Property Charges. Borrower shall pay all property charges consisting of taxes, ground <br />rents, flood and hazard insurance premiums, and special assessments in a timely manner, and shall <br />provide evidence of payment to Lender, unless Lender pays property charges by withholding funds <br />from monthly payments due to the Borrower or by charging such payments to a line of credit as <br />provided for in the Loan Agreement. <br />3. Firo, Flood and Other Waytard Insurance. Borrower shall insure all improvements on the Property, <br />whether now in existence ar subsequently erected, against any hazards, casualties, and <br />can#ingencies, induding fire. This insurance shall be maintained in the amounts, to the extent and <br />for the periods required by Lender or the Secretary of Housing and Urban Development <br />{"Secretary"). Borower shall also insure all improvements on the Properly, whether now in existence <br />or subsequently erected, against toss by floods to the extent required by the Secre~ry. All insurance <br />shall be carried with companies approved by Lender. The insurance policies and any renewals shall <br />be held by Lender and shall include loss payable louses in favor of, and in a form acceptable to, <br />Lender. <br />In the event of lass, Borrower shall give Lender immediate notice by mail. Lender may make proof of <br />lass if not made promptly by Bonnwer. Each insurance company concerned is hereby authorized <br />and directed to make payment for such Toss to Lender instead of to Borrower and Lender jointly. <br />Insurance proceeds shall be applied to restoration or repair of the damaged Property, if the <br />restoration or repair is economically feasible and Lender's security is oat lessened. If the reston~tion <br />or repair is not ecorwmicaliy feasible or Lender's security would be lessened, the insurance <br />proceeds. shall be applied first to the reduction of any Indebtedness under a Second Note and <br />Second Security Instrument held by the Secretary on the Property and then to the reduction of the <br />indebtedness under the Note and this Security Instrument. Any excess insurance proceeds over an <br />amount required to pay all outs~nding indebtedness under the Note and this Security Instrument <br />shall be paid to the entity legally entitled thereto. <br />In the event of foreclosure of this Security Instrument or other tnansfer of title to the Properly that <br />extinguishes the indebtedness, afl right, title and Interest of Borrower in and to insurance policies in <br />force shall pass to the purchaser. <br />~i~U19~liPU~lul~l~l~~ <br />