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<br /> - „ � ',t,' T�GEfFiFR WTfH all t6e improvt�m��cs now or hereafter erected on the pmperty.�all easemeats.appurtenances.and !`�`.:`.. t', � •
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<br /> - , fixtures now or hereafter a part of the pmgerty. All teptacements and additions shal! a}so be covered by this Security
<br /> ,�.�r,°�'.� �.`.�,. Insarument.All of the foregoing is referred to in this Security Instrument as the"Pro `• �•: '. .'�•
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<br /> � • BORRCWER COVENANTS 4hat Borrower is lawfdly seised of the estate hereby conveyed and has the right to gratu and •�_ . ".' .
<br /> convey the Froperty and that the Property is unencum6erea.except for encumbrances of record. Borrower warranu and wilt� . � .':;' � .;_,�
<br />- � '' �`� defend ger.erally the tide to the Property against all claims and demands.subject to any eacumbmnces of recaid. � '. ;• ;����:`-�;�•�
<br /> r t�.� THIS SECURTTY INS7'RUMENT combiires uniform covenants for national use and non-uniform oovenants witb limited ':' .
<br /> � - vasiations by jurisdidion to oonstitute a uniforna seeurity instrume.nt covering rea!property. �i ��:.A�` "—"-�
<br /> '`' , .'�,.;<�� •; UN�ORM COVENANTS.Sorrower and l.ender cavenant and agree as foilows: � -- '", .-..
<br /> L Paymeat of Principal and InteresE; Prepaymeat and Late Chatges. Borrower shall ProTnP�Y PaY when due the � ' . .�.:�'
<br /> '� '_�- �:¢S� principal of and::.c. �t on the debt evideaced by the Note and airy prepayment and late charges due under the Note. , �. �� ��'� �
<br /> " �� � �,-`�; 2. Ftmds for Taxes aud Insaiance.Subject w applicahle law or ta a written waiver by I.ender,Borrower shall pay to � j' •
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<br /> L,ender on the day monthly payments are due under the Note.�W the Note is paid in full,a sittn("Fnads")for.(a)yearly taxes � , •. �=��=•
<br /> �: h . . and assessments whicb may attain priority over tlus Secoriry Insdimient as a lien on the Property;(b)Yearty leasehold paymems �� . -
<br /> .. ;,. .,- �' or ground renu on the Property.if any:(c)Yearly bardrd or property insurance premiums;(d)Yearly tlaod insorance premiums, .�:�.`. -� ._
<br /> if any:(e)Yearty martgage insurance premiums,if any;and (fl a�►p snms PaYabte by Borrower to L.ender, in accordance with �,<_� . _
<br /> �::''":: '� the provisions of pardgraph 8,in lieu of the payment of mortgage insuraace premiums.These items are calied"Escrow Items." �:-
<br /> , , - Lender may, at azry time, coltect and hold Funds in an amount not to exceed the maximnm amount a lender for a fedefally = � `"r'
<br /> � � ��"c�;�' ^ " related mortgage loan may require for Borrower s escrow acaount under the federal Real Fstate Settlement Pracedures Act of � `��; �
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<br /> ',�' .-•.::`. �' 1974 as amended fmm time to ame, 12 U.S.C.Seaion 2601 et seq. ("RF.SPA"1,anless another!aw that applies to tbe Funds •
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<br /> �.:;:�:.;.•,-�: ." seu a lesser amownt. If so, Lender may, at any time, coUect and 6old Funds in an amotuu not to exceed the Iesser amouni. '"`�.�'� �
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<br /> � ''��¢ '�-�'�` Leuder may estimate the amount of Funds due on the basis of cument data areid reasonable estlmates of expenditures af fuwre _
<br /> . ._ -, .`i-. Fscmw Items or otherwise in accordance witb applicable law. • --
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<br /> � ' The Funds s6all 6e held in an institution whose deposits are insured�by a federal agency, insqumentality, ar entity " ' '. '
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<br /> � � • (including I.eader,if Ixnder is such an insdtution)or in any Federal Nome Loan Bank.Lender shall applyfhe Funds W pay the . , _-_
<br /> �• _ ,__ :`�'�� � Escrow Items.Lender may not charge Bormwer for holding and applying the Funds,annually aaalyuag the escrow accaunt,or �- - ___
<br /> ��`���� verlfyiag the Fscrow Itemg,unless Lender pays Borrower intecest on the Funds and appticable law permits Lender to make sucb . �t =-
<br /> � � a charge. Hovrever,Lender may require Borrower to pay a ono-time charge for an independent real estate taa reporting service
<br /> ` �� � • used by Lender in connection with this loan. unless applicable law provides otf�envise. Unless an agrcement is made or -__ -
<br /> � applicable Iaw requires interest to be paid.I.ender shall not be required to pay Borrower any interest or r,�rnings on the Fwids. r �
<br /> � Boaower and Lertder may agree in wdung.however. that interest shall be paId on the Fands.i.end�r shall give to Borrower, ,. ,:_-
<br /> - � ' wi t haut c har e an ann u a l accountin o f t he l�n d s s howin c c e dits an d de bits ta t he Fun ds an d t he u ose for whtch each �= �= "__
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<br />�. ' .�: . debit ta the Funds was made.The Funds are pledged as udditional security for nll sums secured by this Security Instrument. ' '•,,.�;..,�: =�—=-
<br /> � • , If the Fands held by Lender eaceed the amaunts permitted to be held by applicable law.Lender shall account to Borrower ,'=.;�j:.�° •-
<br />_� • _• �� for the excess Funds in accordance with the requirements of applicable luw. If the amowit of the Funds held by I.ender at any ••�:�.�.��h, `�
<br /> , "� time is not sufticient to pay the Escrow Items when due,I.ender may so notify Borrower i�wdting,aad.in sach case Bomower . . '_
<br /> �. ' ' . shall pay ta Lender the sunount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than •�.� ;�r
<br /> � ' ' twelve monthl a ments,at Lender's sole discretion. ' �"r" � --
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<br /> �� � •� � Upon payment in full of all sums secured by t6is Security Instrument, Lender shall promptly cefund to Bonower aay . ___
<br /> .� , . • :•'�} Funds held by Lencler.If,under paragraph 21.Lender shall acquire or sell the Propecty.Lender.prior to the acquisition or sate . ':_:_: .-�
<br /> �• ; of the Property.shall apply any Funds held By Lender at the time of acquisiuon or sale as a credit against the sums serured by '!:�•,,*"�:,:.�`•:
<br /> � •� . { this Security Instrument. � �---
<br /> •�� �� 3.Apptlption of Payments.Unless applicable Iaw provides otherwise,all payments reoeived by Lender under p�aragraphs - ....,r.
<br /> = � � ;�•� ,��: 1 and 2 sha11 be applied:first.to any prepayment charges due under the Note; second,to amounts payable tuider paragraph 2; .����•� •�, `-_ -
<br /> "` •_`. � third.to interest due;fourth.to grincipal dae:and last,to any late charges due under the Note. . �'-,����`-
<br /> s.: . . .
<br />-"�' ' • � . 4.Chatges; Llens.Borrower shaU pay ap ta�ces,assessmenu,charges,fines and impositions attributable to the Property "•�"
<br /> '�� •. � which may attain priority over this Security Instrument.and leasehold paymenu or ground rents. if any. Borrower shall pay �'"•'.:,Y
<br /> i t�: � � the�ae obligations in the manner provided in patagraph 2,or if not paid in that manrter.Borrower shail pay them on time direcily .
<br /> . �. to the person owed payment.Borrower shall promptly fumish to l.ender all notices of amo�nts to be paid undet this paragraph. • ' �!�`' �
<br /> � � lf Borrower makes these payments directly.Borrower shall promptly fumish to l.ender receipts evidencing the paymenu. � ��`
<br /> � - . ` Borrower shall prompdy dischazge any lien which has priority over this Security Instrument unless Bonower:(a)agrees in � .� � `��
<br /> :.. •�� writin�to the payment of the abligation secured by the lien in a manner acceptable to Lender;(b)contests in gaod faith the lien , �''�
<br /> . � by, or defends against enforcement of thc lien in, legal proceedings which in the Lender's opinion operate to prevent the : '
<br /> � � • enforcement of the lien;or(e)secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to • � �
<br /> ' this Security lnstrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over
<br /> : • this Security Instrument. Lender may givo Barrower a rtotice idcntifying the lien.Borrower sha11 satisfy the lien or take one o: ' •
<br /> .rr'' ` . . • more of the actions sct farth above withln 10 days of the giving of notise. � � ' � - .
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