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<br /> - TOt�ETH�i WffH all the improvements now or hereafter erec.ted on the properry. and aU easemerrts. apPuRenances. �d � , r..• ,
<br /> -o '. c ' �odures now or hereafter a part ot the PmPertY•Atl reDtacements and additions shail atso be covsved by this Securiry Instrumer►t-
<br /> � � Afl of the toregoing is referred to in this Sewrity ins�ument as the•Property.' : �;. ` ��:;;
<br /> ' BappayyEp CpyENANTS that Borrower is lawtullyr seaed of the estate hereby eonveyed and has the right to grant and � .,'� '.:�t`•_ `
<br /> — - comey the Rrope�tY e a d t h a t t h e P ro p e rt y i s u n e ncumbered ex c e p t for encumbrances ot recocd Bortower wartants and wi0 � .'`4 ` '- ,
<br /> ° , - detend gener�ty the tiUe to the Property agai�sf aU claims and demands.subjed to a�r encumbrances of record ,'�' '
<br /> 7HIS SECUR(TY IM1lSTfiUMENT comhlnes unitortn covenants tor national use and non-uniform covenarts with fimited � �°� `
<br /> . � varfadons by judsdtction to canstitute a uniform securiry fnstrument toverircg real praperry• � � ��<�•
<br /> •;,;�.. � UNIFORM COVENANTS- 8orrower and Lender covenarrt and a�ee as foilows: � '�`� � '' �",".
<br /> :'.`< � : 1.Payment of P�incipal and Interes� PrePayment and Lale Chargea eorrowe�shall promPUY paY when � }•
<br /> ' due the pdncfpal of and trrterest on the debt evidenced Oy the Note and any prepaymetrt and Iate ch$T9es due under the Note. •. �`�.-r;r,
<br /> � ` �` 2. Funds for Taxes and Insurance.Sublect to appGcable taw or to a wrttten waiver hy Lender. Borrower shaU pay Q � .
<br /> " to Lender on the day moMfity paymerds are due under the Note,unU7 the Nate is paid in tult,a sum('Funds')for. (a)yeart�l � . ',�,•. `,;;�;.�^.`
<br /> ,-`° taxes aisd assessments which may attain priority over this Securiry Instrumertt as a lien on the FraPedy: (bl Y�h leasehotd �..
<br /> � -�--�;�^"�` _ paysnerts or ground rents on the Properry. if arty; (c)yearlyi hazard or pmperiy insurance premiums: (d) YeartY flood'msurance � , , :
<br /> � ,•,• . - premiums.if any. (e)Yea�tY mortgage insurance premiums. it any,artd(fl any sums payabte by Borrower to Lender in eccordance � ",�.�', �:��� < <
<br /> - - - with the provisions ot paragraph 8. i[t Geu of the paym�t oi mortgage insurance premi�ms. These items are called 'Escrow _` .. -
<br /> Items.' Lender may, at any time. coUeot and hold Furtds in sn amount not to exceed fhe maximum amount a tender for a �a. ,.�,`
<br />_= �� federally related mortgage loan may require for Bortawer's es�ow accourtt under the federai Real Estate SetUement Procedures ,;� �_
<br /> • Act of 1974 as amended from time to time,12 U.S.C.�2601 et seq. ('HESFA�, untess another law that appGes to the Funds `. �_
<br /> " • sets a lesser amount H so, Lender may,at anfl Ume. co�ed�d hold Funds in an emount not to exceed the lesser amount :��;�,.�-.-
<br /> , . Lender may estimate the amount of Funds due on the basis of curreM dafa end reasonable estimates of expenditures of future '} ..';,4.. .. ___v
<br /> � �..� Eserow ltems or otherwise in accordance with appGcable Iaw. - � _ _._
<br /> - The Funds shaU be held in an institution whose deposils are insured by a iederai agency,insVume�!'ity,or e�tity(ndudmg � N� , ,, .;--
<br /> Lender.if Lender is sach an institutinn� or in any Federal Home Loan Bank Lender sfiail apply the Funds W pay the Escrow - _____
<br /> ° c ' . ` the Funds,annu the esaow accout�t.or verifymg ":.�."" -
<br /> Items. Lender may not charge Borrower for hoidmg and apptymg edY�9 __ � -
<br /> • the Escrow ftems, unless Lender pays Bortower mterest on the Funds snd appGcabte Iaw pertnits Lender to make such a :' '
<br /> ' charge. However. Lender may reqn(re Bortower to pay a ort�tlme charge tor an tndepende.nt real esiate tax reporting senrice =.; --
<br /> � used by Lender in connedion with this taan. unless aFDlicab�e taw provtdes othetwise. UNess an agreemen! � made or ��-;���
<br /> . appGcabte taw requires interest to be pald, Le�der shall not be required to pay Borrower arry interest ar eamtngs on the Funds.
<br /> Borrower and Lender may agree in wriUng, however, that interest shatl be paid an tfie Funds. Lender snatl ghre to Barrowzr, _
<br /> - without charge. an ennual accounting ot the Funds, showing credRs and debits to the Funds and the purpose tor whtch eacG .
<br /> debit to ffie Funds was made. The Funds are ptedged as add�tlonal securily tor a0 sums secured by the Securiy►�nsuument. �.•_`.r..=--
<br /> H the Funds held by Lertder exceed the amounts permitted to be held by appGcabte taw.Lender shalt aceount to Borrower
<br />�' ' �� tor the excess FunQs ist accordance wiih the requirements of appGcable law. li the amount ot the Fands hetd by:ettder at erry J,is�� �:.:� `�
<br />�`,' '��'� � lime is not sutficietrt to pay the Esxow Items when due. L.e�der may so notity Borrower fi writing,and in suct�case Borrower -
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<br /> " � ��"�'� sha0 pay to Lender the amaunt necessary to make up the defrciency. Bortewet shafl make up the deftdency in no more than „ '_.�:,..;-,�__
<br /> � • tweNe manthly payments,at Lender's soie discretion. ,� ` � �'-_-�
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<br /> - � �`;`.; Upon payment in fu0 of all sums secured by this Security Instrument,Lender shaA pmmptty refund to 8ortawer any Fueds ��.___
<br />� ' held by Lender. If,under para�aph 21.Lender shaU acquire or sell the Property.Lender.Qdor to the acquisidon or sate of the _r.�.=;,
<br /> ' Properry,shall appy any Funds held by Lender at the time of acquisitton or sale as a txedt against the sums secured by this � �°�.�
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<br /> . ' ; Security Instrumerrt. , - �
<br /> "` 3. AppliCat[oif of PaymentS. Unless appiicabie law provides otherwise. atl payments received by Lender under .:r��.
<br /> y`„� paragraphs 1 and 2 shaU be appGed: flrst,to arry prepayment charges due under the Note;second,to amounts payable under _' ��'
<br /> , � paragrapfi 2;th ird,to iat e r e s t d ue:fou R h,t o p ri n c i p a l d u e:e n d l a s t,t o a n y l a t e char ges due upAer the Nate. � _
<br /> - 4. Charge� Liens. Borrower shaii Nay ai :ar;�.s. �sm•er.t�.. chzrge.s. &s•� sttd [!^?�sition� atMbutable to the :•�
<br /> � ,� Property which maY attain prioriry over this Searriry Instrumen� and leasehold payme�ts or ground�erds. H any. Borrower shall , r ,�,u£'_.
<br /> � � pay these obligaUons in the manrter provided in paragraph 2, or if not paid in that manner. 8orrower sha0 pay them on time . �
<br /> `` directlyr to the person owed payment Borrowe►shail promptly iumish to Lender all noUces of amounts to be pald under this '.=�.�
<br /> � paragraph. It Bortower makes these payments directty. Borrower shall promptiy fumish to Lender receipts evidencing the �:���
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<br /> BortaNer shall promptty discfiarge any lien which has pdorily over this Security Instrumenl unless Borrower. (a)agrees in �,�=�=
<br /> � • ` writing to the payment of the obligation secured by the Ilen in a manner acceptabte to Lender, (b)contests in good tafth the .�,q,�._
<br /> � lien by, or dete�ds against entorcement of the Uen in, tegai proceedings v�hich in the LendePs opinlon opetate to pravent the . ' "���_
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<br /> enforcement of lhe Iien: or(c)secures irom t he ho l der o i t he t ien a n a g r eement satistacto ry to Lender subordlnaUng the Gen to ,_. , :.,�g
<br /> � this Security InsWmenL If Lender detertnines that any paA of the Property is subJect ta a lien which may attatn pdorfty over this . _�:
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<br /> Sea:rity Instrument, Lender may g[ve 8ortower a notice identitying the tien.Borrower shall satisty the Ifen or take one or mare ot . , •�_���
<br /><• � � � ' the actions set forth above withfn 10 days of the gNing ot noUce. . . . " -=°
<br /> ._ .. � " . 5. HazBtd or Property Insurance.Borrower shatl keep the improvements now exisUng or hereafter erecte0 on tfie , . �•,
<br /> : �� Properry fnsured against loss by Are, hazards included wfthin the term 'extertded coverage' and eny other hszards, inciud'mg . �•:.:--
<br /> � . " floods or ftooding,tor whicfi Lender requires fisurance. Thts(nsurance shail be maintained in the amounts end tor the p2rlods 'A��=_
<br /> - that Lender requires. The insurance canier providing the insu�ance shall be chosen by Borrower subJect to Lender's apA:�val •, `_
<br /> " which shatl not be unreasonably withhetd. 11 Borrowet iails to maintain covetage described above, Lertder may, at Lender's �, ,,,�• � '
<br /> � ` . � opUan,obtain coverage to protect Lender's dghts in the Property In accordance with paregraph 7. �• :
<br /> � M (n3urance policies and renewa�s shatl be acceptebte to Lender and shall inciude a standard moRgage clause. Lendet ,
<br /> � � � • shall have the dght to hotd tho poiicies and renewats. It Lender tequires.Borrower sha0 promptty give to Lender a11 receipts o1 ,
<br /> . . paid premiums and renewal noUces. In the event ot Ioss,Borrower shall give prompt noUce to Ihe insurance carrler and Lender. ,
<br /> .,��„ Lender may make proot of loss N not made promptfy by Bono�ser. . .
<br /> - Unless Lender and BoROwer othervvise agree in writing, i�s�-ance proceeds ahall be appiled to restoraUon or repair of the
<br /> ' � ' Property damaged.if the restoraUon or repair Is economicslly teasibie and Lender's security is not lesscated.If the reatoration or ,� .
<br /> "'�+ repair is nol ecor.o:-lcally teasible or lender's securBy woutd be lessened the insurance proceeds shall be applied to the sums :
<br /> . secured by this Securily Instrument, whether or not then due, with any excesa paid to Borrower. If 8ortower abandons the .
<br /> ' PropeRy, or does not answer wtthin 30 daya a notice from Lender ihat the insurance cartier has oftered to settle a ciaim,then ,
<br /> , � � Lender may coltect the insurance proceeds. Lender may use tfie proceeds to repair or restore the PropeAy or to pay sum9 •
<br /> . . • • secured by this Security Instrument,whether or not then due. The 30-day perlod wlll begln when the notice is given. . .
<br /> Unless Lender and Borcower otherwise agree in writing, any applicatlon ot proceeds to principal shall not extend or
<br /> . � postpone the due date o1 the monthly payments reterted to In paragraphs 1 and 2 or change the amousrt at the payments. 11 _
<br /> ' � under paragraph 21 the PropeAy ls acquired by Lender. Borrower's rlghi to any lnsurance policles and proceeds resulUng trom .
<br /> . da�nage to the PropeAy prior to the acqulsition shalt pass to Lender to the extent ot the sums by thls Security Instrument
<br /> � . • irr�ediately prior to the acquisition. ' ,
<br /> •:' � 6. Occupancy. P�eservation, Maintenance and Pvotection of !he Property; BorrawePs Loan
<br />;_ AppNeation; Leaseholds. Bortower shall occupy, establish, end use the Property as Borrower a principal residence withln .
<br /> .. ' slxty days after the execution o} this Security InsWment and shall contlnue to occupy the Property es Bortowers principal
<br /> � residence tor at least one year after the date of occupancy, unless Lender otherwlse agrees In wrlting, which consent shaU not .
<br /> be unreasanably withheld. or unloss exlenuaUng circumstances exlst which are beyond Bortower's control. 8onower shall not �
<br /> � desVOy. damage or impair the Property.altow the Properry to detedorate.or cammit waste on the Property.Bovovier shall be in .
<br /> defaull i1 any toAeRUre ac:ion or proceeding. whether civil or criminal, is begun that in Lender s good}aith judgment could►esult
<br /> - � � � in toAedure oi the Property or otherwise materialty impair the lien ueated by this Security Instrument or Lenders security interest.
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