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<br /> COVENAI�ITS, Horruwer and i..eiidrr covEnant and agrc�,as folloti:�s: -
<br /> 1. Payment ot Princlpal and Interest;I'repuyment and 1Late Ch�rges. Borrower shall promptly pay when
<br /> �� due the principal of and interest on the debt evidenced by the Note and any prepayment and late ch�uges due under
<br /> � the Note.
<br /> 2. l�unds for Taxes sutd Ynsursu�ce. Subjcct to applicable lar�or to a written waiver by Lender, Borroever
<br /> �• shall pay to Lender on the day monthly payments are due unde� the Note. until the Note is pald in full. a sum
<br /> .; � ("Funds")for: (a)yeazly taxes and assessments which may attain prlority aver this Security Instrument as a lien on „
<br /> u �'"' the Property; (b)yearly leasehold payments or ground rents on the Praperry, if any; (c) yearly hazard or property
<br /> insurance premiums; (d) yearly flood insurance premiums. jf any; (e)yeariy mortbabe insurance premiums. if any;
<br /> ` � and(� any sums payable by Horrower to Lender, in accordance with the provisians of paragraph 8, in li�u of the
<br /> � payment of mortgage insurance premiums. These items are called "Escrow Items." �.ender may,at any time,collect
<br /> and hold Funds in an amount not to exceed the maxlmum amount a lender for a feaerally related mortgage loan rnay
<br /> ,.� rec�uire for Bonower's escrow account under the federal Real Estate Settlement Procedures Act af 1974 as amended
<br /> fram time to time, 12 U.S.C. §2601 g�,sea. ("RESPA")� unless another law that applies to the Funds sets a lesscr •'._
<br /> , ..�., nmount. If so, Lender may. at auy time, collect and hold Funds in an amount not to exceed the lesser amount. �_�'^�
<br /> : ;�; i.ender may esdraate the amount of Feutds due on the basis of current data and reasonable estimates of eapenditures ,�=;:
<br /> � � of future Escrow Items or otherwise in accordance with applicab�e law. The Funds shall be held ln an insdtutlon � _"�=
<br /> �' whose deposits are insured by a federal agency, instrumentality or entity(including Lender, If I.ender is such an `�l"
<br /> institution)or In any Federal Home I.uan B a n k. L en der s h a l l app ly t he Fu n d s t o p a y t h e E s c r o w I t e m s. L e n d e r m a y ._�;�;
<br /> �� • not charge Borrower for holdin� and applying the Funds, annually analyzing th�escrow account, or verif3ring the '�--
<br /> Bscrow Items, unless Lender pa�rs Borrower interest on the�nds and applicable law permits I.ender to make such �'a�f��
<br /> 5;� ,� a charge. However, Lendex may require Borrower to pay a one-time charge for an independent real estat� tax �"�`=�
<br /> . • -�' r�porting service used by I..ender in connection with ttils loan, unless applicable law provides othenaise. Unle�s ar. ;,��;,;.
<br /> � ,_I agrcement is made or applicAble law requires interest to be paid, Lender shall not be required W pay Borrower any
<br /> �_�:,� interest or earnings on the Punds. Honower and Lender may agree in wrldng,however, that interest sliall be paid
<br /> , - — on tite Funds. txndcr�uati giv2 i�°arro�et, t.'3that�t ch3Yge, �?nm�al arr�i�ntina of tha�ndc, ahowing credits
<br />. ancl debits to the Trunds and the purpose for which each debit to the Funds was made. The Pbnds are pledged as --
<br /> addlttonal security for aIl sums secured by this Se�urity Inswment. If the Funds held by Lender exceed the amounts
<br /> -- permiued to be held by applicable law. Lender shall account to Bonower for the•excess F�nds in acc;ordance wifn
<br /> :. the requirements of applicable law. If the amount of the Funds held by Lender at any time is not suff'icient to pay
<br />�`, �'�°� �>� the Rscrow Iten�s when due, Lender may so notify Borrower in wxlting,and in such case Borrower shall pay to
<br />-°"'"''' '"� �' Lender the a�nount necessary to make up the deficiency. Bonower shall make up tlie deficiency in no more than
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<br /> .:.:::,r.;:.,. twtive monthly payments, at Lender's sale discretion. Upon payment in full of all sums secured by this Securiry
<br />- � " � Instrument, L,ender shall promptly cefund to Bonower any Funds held by Lender. If,under paragtaph 21,Lend�r
<br />'';�::,�.....:'��. ; shall acquire or sell the Property, Lender,prior to the acqulsition or sale of the Property, shall apply any Funds held
<br />�-�='`��� b Lender at the Uime of uisition or sale as a credit against the sums secured by this Security Instrument.
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<br /> :.� .-�-=��� . 3. Appitcation of PAymente. Unless applicable la�v provides othenvlse,a!1 paymenta received by Lf;nder
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<br />��:.;.��s;�: under parapraphs 1 and 2 ahall be applied in the following order:flrst,to interest due; second,to principal due;third,
<br />=���:- to amounts payable under p�ragraph 2; fourth,to prepayment ch�urges due under the rlote; and ftfth, to any late
<br />'�'-'��"�� charges due under the Note.
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<br /> -- � :� 4. Charges;Lfens. Bonower shall perform all of Borrower's obligatlons under any mortgage,deed of wst _.
<br /> �`tn�`.� or other securiry agreement with a lien which has priority over this Seceuity InstNment, includi�g Bonower's
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<br /> �'.��Y=-»' covenants to make payments when due. Any default by Borrower under any such mortga$e,deed of trust or ather
<br /> -�-``�`''"-� ' " security agreement shall be a default under this Securi.ty Inswment and the Note. Bor.rower shall pay or cause to
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<br />�,,,,,,�{_,.. . be paid all taxes, assessments and other charges,fines and imposltions attributable to the Property whlch may attaln
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<br /> ,.... a priority over tius Securlty Inswment, and leasehold payments or ground *ents,if any. Borrower shall pay these .
<br /> '°' � . � obligatlons in the manner provided in paragraph 2, or, if not paid in tl�at manner,Borrower suall pay them on tIme v _
<br /> • :.•,,;;�� d'uectly to ths person owed payment. Borrower shall promptly furnish to Lender all notices of a�mowits to be paar� _ ___
<br />' �.,;:;;� under this pazagraph 4. If Honower makes these payments direcdy, Borrower shaQ promptly furnish to L�enc��a _�-.-4
<br /> " receipts evidencing the payments. ��{°`°
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<br /> • S. Hetzard or�'raperty Insurance. Bonower shall keep the in�provementa now existing or hereafter erected -;�;i•,
<br /> • t on the Property insnred against loss by fire, hazards included within Lhe term "extended caverage" and any othsr `�'.
<br /> ?� � hazards, including floods or flooding,far which Lender requn��es insurance. Ttiis insuu��nce shall be maintained in '.
<br />_ . �� ; the amounts and for the periods that I.ender requires. The ins�uPance cazrter providing th�;insurance shall be chosen .
<br /> � •Y-� � by Bonower subject to Lender's approval which shall not be unreasonably withheld.If Bon�ower fails to maintain �
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<br /> . � in accorctance wit�paragraph 7. All insurance policies and renewals shall bE acceptable to Lender and shall include
<br /> _. a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires,
<br /> Borrower shall promptly give to I.ender all receipts of paid premiums and renewal notices. In the event of loss,
<br /> � Borrqwer shall give prompt natice to die Insurance carrier and Lender. Lender rnay make proof of loss if not made
<br /> -, promptly by Borrower. Untess Lender and Borrower otherwise a�ree in writing, any insurance proceeds st�all be "
<br /> ' applied first to reimburse Lend�r for costs and expenses incurrcd in connection with obtaining any such insurance
<br /> - Hgd�Sj{� Page 2 of 8 N�QMOa2o (Ncv. 10/22/96)
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<br /> .i Borrower Initlals �,_ �B
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