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<br /> � � TOGETNER 1iViTH afl the improvements now or hereafter ereded on the property, and alt easements, appurtenances. and �^ . ";:., . ._`
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<br /> � ' fixtures now or hereafter a paR oi tha properry.Atl repiacements and addtions shaif atsa be covered by tfiis Securiry tnstrument �, z .
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<br /> . . - = AII oi the foregoing is referred to m this Security Instrument as the"RropeRy.' - - . -_.
<br />� • : 4,��. BOAROWBi COVENANTS that Bortower is lawiully se¢ed af the estate hereby conveyed and has the right to graM and ��•�.. �'-.F.�•
<br /> , ' . • convey the Property and that the Properiy Is une►cumbered, except tor encumbrances of record. 9orrow�warrants and wiil
<br /> , � < detend qerteraDy the titie to the Property against eil da3ms and demands,subject to any eneumbrances of rewrd , •,` .
<br /> ' • THIS SECURfTY INSTRUMENT comh(nes unifortn covenants tor national use and non-unifortn covenants with limited� ;n .
<br /> � � variations by jurisdiction to eonsiitute a un"rfortn securiry instrument covering real property. Q� �' �, , •
<br /> .� � ` � UNIFORM COVENANTS. Bortowe►end Lender covenant and agree as foUows , • + <. � `,
<br /> '<. . � ' . '!.P a y m e n t a f P r i n c i p a l a n d I n t e r e s� P r e p a y rt�e n t a n d Late Char ges.Borrower shau promptry pay when � :
<br /> '� due the princ[pal ot and interest on the debt evideaced by the Note and any prepayment and late ctiarges due under the Note. � ' "
<br /> `. �: ,
<br /> 2.Funds for Taxes and Insurance. Subject to appticable law or to a written waiver by Lender, Borrowes shafl pay � °
<br /> �.r �. � _ to Lender on the day monthty payments are due unde►the Nate.unW the Note is paid in tu0, a sum ('Funds')tor. (a)yeaAy • v �
<br /> ' -' " �-,�c' " taxes and assessmenu which may attam priwily over this Security instrument as a tien on the PropeRy: (b) yeady leasehotd� _, „ -- .
<br /> "�t = paymenls ar qrourM rents on the Properry. if any: (Cy yearly h�ard ar prapeRY i�su►ance Premiums: t� Year�Y nood insurance _ .-_ _ _
<br /> premiums.if any: (el YE�I/moRgage insurance premiums,il any;and(f}any sums payabte by BoROwer to Lender in accordance� _
<br /> wilh the provisions o f paragrap h 8, in fieu o f t he p a y m e n t o f m o r t g a ge insurance premiums. These items are cailed 'Esaow f„ �, •,
<br /> : � ftems.° Lender may.at any time, cotiecl and hotd Funds in an amount not to �cceed the maximum amount a lender for a '
<br /> � • tederaly rela4ed mortgage toan may requtre for 8ortawer's escrow account under the federal Real Estate Settlement Procedures �
<br /> - • � ���; Aa of 1974 as amended irom time to time. 12 U.S.C.�2601 et seq. ('RESPA'), unless another law that appites to the Funds � r
<br /> � sets a lesser amaunt If so. Lender may,at any time, coilect and hold Funds tn an amourrt not to exceed the lesser amount 4, �f.,. �,�<� .
<br /> � lender may es6mate the amount oi Funds due on the basis of current data and reasonable estimates of expend'mires of future ' .�. :r��-;
<br /> � • Eserow Items or otherwise in accordanee with appGeable Iaw. �` ;�
<br /> The Funds shall be held in an institution whose Eeposits are insured by a federal agency.instrumentaGty,or entrty(ncluding '` -
<br /> � • . r Lender,if Lender is sueh an insMution)or in any Federal Home Loan Bank Lender shall appiy the Funds to pay the Escrow ��`
<br /> . • � • Items. Lender may not charge Bortower for ho►ding and applying the Funds, annuaUy analyang the escrow account,or veriying �
<br /> - - � �` � the Esaow Items, untess Lender pays Borrower interest on the Furtds and appficabte taw pemiits Le�tder to make such a � <.,, _
<br /> � charge. However. LenQer may require Borrower to pay a on�time charge for an independent real estate tax repoRing service � __
<br /> ` ` used by Lender in connedion with this toan, unless appRcable law provides othetwise. Unless at� agreemertt is made or `� _
<br /> - applicable law requires irrterest to be paid, Lender shall not be requved ta pay Borrower any intesest or eamirtgs on the Funds. . -�-',-'"�` �:_
<br />;..�_ , � . �. 8orrower and Lender may agree in writing, however, that interest shatl be paid on the Funds. Lender sha0 give to Bortower. . f ;:.%��;`•",°
<br /> " without charge. an annua!accounting of ffie Fuads, showing credits and debits to the Funds and the purpose for wh(ch each _ .
<br /> • ` !�<�`�, debit to the Funds was made. The Funds are pledged as add�ional sewrity tor aU sums seeured by the Security lostrument -�'' ` �-„�;.
<br /> ;; �. ti : ; �.�',1.,_s [f the Funds held by Lender exceed the amounts permitted to be held lsy applicabte law,Lender shaD account to Bortowe► ' �
<br /> _° ' for the excess Funds in accordance wAh the r¢quirements of applicabie law. It the amount af the funds held by Lender at any , ��-�—__
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<br /> � - � � time is not sutfide�t to pay the Escrow ftems when dua. Lender may so notify Borrawer in writing,and, in such ease Borrower � ._,,:,r.._y:,•`_
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<br />_- _,,,;,�,,. shall pay to Lender the amount necessary to make up the defidency. Borrower shaU make up the defrcieney in no more than •�>'+ �'�
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<br /> � � . twelve monthty payments,et Lenders sote discretion. � ����t�f, �`' �'
<br /> � � Upon payment in fufi of ell sums secured by this Security Instrument, Lender shali promptly�efund to BoROwer any Funds `�,. .,_ , ..:;�`:
<br /> � •• � � ' held by Lender. If,under paragaph 21, Lender shall acquire or sell the Prope►ty. Lender,prior to the acquisiUon or sale ot the . '• �,:--�,.,;
<br /> �'�. � _ ' Praperty, shall appty any Funds heici by Lender at the Ume of acquisitlon or sale as a cxedit against the sums secured by this . �-F=--=�`
<br /> , . Security instrumen� ,` .�:�-�-_
<br /> -_.� 3. Appilcation Of P2�yments. Unless appGcabts aw provides othenvise, ali payments teceived by Lendet under ;;i'w��,;;,A�.
<br /> � , paragraphs 1 and 2 shati be applied: first.to arry prepaym�^::charges due under the Note;second,to amounts payable under . , . '`���.,`����
<br /> ' ' ' paragraph 2:third,to interest du�tourth,to pdncipal due;and Iast.to any late charges due under the Note. , . �`nn;•-
<br /> :•� . , 4. Chargss: Ueas. Borrowet shall pay ait taxes, assessments, charges, fines and imposifions attr(butable to the ::-
<br /> �. .. � Properry which may attain pfiociry over this Security InsUumen�end teasehotd payments or ground rents,it any. Borrower shall ,_ �•.���.�-
<br />� � pay these obligations in the manner provided in paragrapb 2, or H not paid in that manner, 8orrower shall pay them oa ttme � � ��
<br /> � �. d'uectty to the person owed payment. Bortower shall promptly fumfsh to Lender ali notices ot amounts to be peid under this . �� • . ., ",.;R:
<br /> � paragraph. If 8ortower makes these payments directty, Bo!rower shaU promptly tumish to Lender receipts evidenu�ng the . • - �^�-
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<br /> ' ' '. � payrrtents. "
<br /> �'; ' � • Bonower shall promptiy discharge any lier.which has prioriry over th's Security Instrument unless Borrower. (a) agrees in '�_��
<br /> ' , � . � 't wr(Ung to the payment o}the obligaUon secured by the Ilen in a manner acceptable to Lender, (b) wntests in good taitfi the ' ' . - �
<br />-+.� �� , .• �en by, ar defends against enforcement of ihe lien in, legal proceedings which(n the Lendet's opinion operate to prevent the . __
<br /> � � ;,..,, : , r�rforcement ot the Iten; or(c) secures from the hoide►of the Gen en agreement satlsfadory to Lender subordlnaUng t�e lien to , � �:
<br /> . � ' , this Security Instrument. If Lender determfies that any part of the Property is sub}ect to a lieo which may attain priorily aver this ,.. '�;=
<br /> r;'� . . ;'' Secudry Instrument lender may gi+te Bortower a notice ldenlifying the Ilen.Borrower shall satisty the Oen or take one or more of • -_
<br /> , the uctions set forth above withln 10 days of the ghring ot notice. . �•'�•
<br /> � , ' S. Hazard or Property Insurance. Bortower sha11 keep the improvements now existing or he►eafter erected on the .. .
<br /> � �.��,y Properry insured against loss by fire, hazards inctuded within the tertn 'extended coverage' and any other hazards. Inclading �.
<br /> • floods or 400ding,for which Lender requires fnsurence. This(nsurance shall be maintzT.ed in the amounts and for ihe periodu _ � .
<br /> • � that Lende►requires. The insuraace carrler providing the insurance shall be chosen by Bortower subject to Lender's approval
<br /> which shati not be umeasonably withheld. If Bortower taRs to maintain coverage descdbed above. Lender may, at Lender's � � " ;
<br /> optlon,obtain coverage to protect Lender's rights in the PropeRy In accordance wRh paragraph 7.
<br /> . • AII insurance poAcies and renewals shall be acceptabte to Lender and stvitl Inciude a standard mortgage clause. Lender �
<br /> °. . • ' shall have the dght to hoid the policles and renewets. Ii Lender�equires.Bortower shall pramptty ghte to Lender all recefpts of • . ,
<br /> • ti � _ � paid premiums and renewal noiices. In the event ot loss, Bortower shail give prompt notice to the insurance caaler ar.d lender. � •
<br /> � .� • . LenCc.may make proof of loss il not made promptty by Bowower. " ' • .
<br /> • � tJnless Lender and Bonower otherv�rlse agree in writing, insu►ance proceeds shall be epplied to restoretion or repair o1 the
<br /> . � • , Propertyr damaged.N the restoraGon ar repalr is economically teasible and Lender's security Is not lessered. It the restoraUon or : �
<br /> � repair is nol economtcalty leasible or Lender's securlty would be Iessened,the lnsurance proceeds sh�:!be applled to the surtts .
<br /> - secured by thls Secudry Instrument, whether or not then due, wRh any excess pald to Borrower. If HoROwer abandons the �
<br /> . , ' ?roperry, or does not answer withln 30 days a notice hom Lender that the insurance czr.ier has oNered to settle a caim,then . •
<br /> � i Lender may coltect the insurance proceeds. Lender may use the proceeds to repair or restare the Property or to pay sums .
<br /> ' � � secured by thls Security Instrument, whether or not then due. The 34day period will 6egin when the notiee is given.
<br /> � . ! Unless ler.der and Bonov�er otherwise agree in wriling, any applicatlon o1 proceeds to principal shall not extend or
<br /> � postpone the �.:e dato ot the monthty payments referced to in paragraphs 1 and 2 or chango the amount o1 the payments. tl .
<br /> under paragrs;,y 21 the Property Is acquired by Lender, Bortower's rlght to any insurance policies and proceeds resulting irom
<br /> damage to the Property prior to the acquisitlon shall pass to Lender to the extent of the sums by thls Security Instrument
<br /> . � � immediately prior to the acquisition. '.
<br /> •` 6. Occupanoy, Preservatton. Main4enance and Pratectlon af the Property; Borrower's Loan
<br /> AppUCBtiOn; Leasehalds.Borrower shall occupy, establish. and use the Property as Bortoweis princlpal resldence within . �
<br /> - , sixty days after tho execution ol this Security Instrument and shall continue to occupy the Property es Bortower's principal • •
<br /> __ ' . ! residence tor at least one year aRer the dato 01 occupancy. unless Lender otherwise agrees in writing, which consent shall not • �
<br /> - be uareasonably withheld. or unless extenuating aircumstances exist which are boyond Bonower's control. Borrower shall not
<br /> • � � destroy, damage or impatr the Aroperty. allow tho PropeAy to deteriorato, or commit waste on the Property. Bortower shall be in �
<br /> • ; de(aull it any torfeiture actlon or proeeeding. whethei eivil or criminal, is begun that in Lendeis good laith judgment coutd result � �
<br />. � � in foAeiture of Ihe PropeAy or olhernise materialfy impair the Iien created by this Securiry Instrument or Lender's security interest. '
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