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<br /> , • , TOGETHEIt WITH ail thc improvements now or hereafter erected on the pmpeny,and all easements,appurtenances,and � - ,r.�; .t,.
<br /> - • fixtures no�v ar hereafter a part of the property. All replacemen�c and additioas shall also be covered by this Security
<br /> ' ' Inswment.All of the foregoing is refernd to in this Security instrument ac the"Praperty." � �`
<br /> � �" � - BORROWER COVENANTS ttwt Bonower is lawfully seised of[he estate hereby conveyed and has the right to grant and _ _ `__ _
<br /> --lx'�,� com+ey the Prope�ty and that the Ptaperty is unencumbered, except for enenmbranees of record. Bc�rrowrr warrants and will ' _'_ _ '_
<br /> • defend generaily the tide to the Property against all claims and demands,subject to any encumbrances of record. ' �
<br /> . � TNIS SECUR(TY INSTRUMENT rnmhines uniform covenants for national use and non-uniform wvenants with limited • ` � �
<br /> � � '� variatio�s by jurisdicEion to consatute a uniform serurity instrument covering real properry. ` ' `- .. . •
<br /> ' � �� UMFORM COV�NANTS.Borrower and Lertder covenant and agree as follows:
<br /> . . ' 1. Pajrmeat of P�iucipal and Interest: Prepayment and Late Charges. Borrower shall prompdy pay when due the �r'•.;.. ;�. _�.�:_:�,��'
<br /> • principal of and interest on the debt evidenced by the Note and any prepayment and laze charges due under the Note.
<br /> . 2. Funds for Taxes and Iasur.utce.Subjett to applicable taw or to a written waiver by I.ender. Borrower shal!pay to -- _
<br /> Lender on the day monthly payments are dae under the Note,until the Note is paid in full,a sum("Funds")for:(a)yearly taxes _. -:
<br /> ` and assessments which may attain priority over this 5ecurity Instrument as a lien on the Property;(b)yearly leasehold Payments �. �'. -•<���*►�-+x�,
<br /> . ` or ground rents on the Property,if any;(c)yearly hazard or property insurance pre�niums;(d)yearly flood insurattce premiums, •'•.'�`��.�
<br /> ' ` if an • (e)yearty mort insurance remiums, if an • and(�an sums able b Borrower to Lender, in accordance with �5°.�. . °� �--
<br />. y, g� P Y• Y PaY Y
<br /> , �` the provisians of paragraph 8,in lieu of the pay-ment of mortgage insurance premiums.These items are called "Esctow Itetns." ;�::'�
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<br /> � ���z':��'�-' Lender may, at any cime. oollect and hold Funds in an amount not to exceed the maximum amount a lender for a federdlly J';a:'":. r
<br /> . � `� ' related mortgage loan may require for Bnrrower's escrow accaunt under the federal Rea! Fstate Settlement Procedures Act of • ��''4
<br /> ':.,.,,..,.; . _,
<br /> - - - 1974 as arnended fram time to time. 12 U.S.C. Section 2601 et seq. ("RESPA"),unless another law that applies to the Funds - -. �:
<br /> � seu a lesser amount. If so. Lender may, at any time. collect and hold Funds in an amount not to exceed the lesser amount. • ' ''`�;��.
<br /> • �, � •�`•, Lender may estirnatc the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future � .� ��-:�:�
<br /> • Fscrow{tems or otherwise in accordance with applirable law. ' �<..`•��`ri"',�
<br /> ' ' � The Funds shall be hetd in an institupon whosc deposits sre insure� by a federal agency, instrumentality. or entity � :� "•'`�"'-�'-=-�''�7°
<br /> .� " (inc{udin$Lender,if Lender is such an insti[utian)or in any Federal Home Loan Bank.l.ender shall apply the Funds to pay the ``
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<br /> ' � Escrow Items. l.ender may not charge Borrower for halding and applying the Funds,annually amlyzing the escrow account.or `,-�s;.
<br /> � ' veri �n the Escrow Items,unless Lender a s Borrower interest an the Funds and a licable law ermi�s Lender to make such � ���"'
<br /> fY� S P Y PP P �•` .,�::a�
<br /> a charge. However. l.ender may require Borre�wer to pay a m�e-time charge far an i�zdependent real estate tax reporting service �;•��.=:.
<br /> . used by l.ender in cannectian «•ith this loan, unl��s applicable law pravides otherwiae. Unless an agreement is made or ' �' `��
<br /> •� applicable law requires interetit to be paid. Lender,hall not be rcquired to pay Borrower any interest or eamings on the Funds.
<br /> '. - � . Borra�ver anci Leader may agree in writing.however. that interest tihal! t+e paid on the Funds. I.ender shall give to Borrower. _ _'��t.E`,���
<br /> � withaut charge. :u�annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each ':���-'�,..;_
<br /> -- debit ta the Funds was made.The Funds are ptr.ci�*cd as additional security far all sums secured by this Security lastrument. ": ' ';,;.;��.,:
<br /> ' ' If the Funds held b L.ender exceed the amounts ermitted to be held b a licable law. Lender shall account to Borrower --�- :--� =`"-��-"
<br /> Y P Y PP . .,�..�_'__
<br /> • for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any °*'""�
<br /> time is not sufficient to pay the Escrow Items when due. L.ender may so notify Bcrrower in writiag.and,in such case Borrower '• '�,�,;�-,�
<br /> shall pay to L.ender the amaunt necessary to make up the deficiency. Borrower shall make up the deficiency in no more than � :,:��,
<br /> '� twelve monthly payments,at Lender's sole discretion. ''�`�_
<br /> ��'-�,�.�.:.
<br /> Upon payment in full of all sums secured by this Security Instrument, l.ender shall promptly refund to Borrower any � a��� .
<br /> ' Funds held by Lender. If,under paragraph 21, Lender shall acquire or sell the Property.Lender,prior to the acquisition or sale � �'��
<br /> ;� ? � of the Propeny, shall apply any Funds hetd by Lender at the time of acquisition or sale as a credit against the sums secured by .,� .' ''��
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<br /> this Security lnstrument. �',=��
<br /> � � '" 3.Appllqtian of Payments.Unless applicable law provides othenvise.all payments received by Lender under paragraphs . : ' '
<br /> •.r, ,. ;.
<br /> � �` � 1 and 2 shall be applied: first, to any prepayment charges due under[he Note; second.to amounts payable under paragraph 2; ' ;s:,>r• .
<br /> - ' third,w interest due:fourth,to principal due:an�la,t,tu any late charges due under the Note. " �
<br /> , _ `• 4.Charges; Ltens.Bonower�hall pay all taxes,asscssmcnts,charges, fines and impositions attributable ta the Property � ;'
<br /> ': • which may attain priority over thi.Security Intitrument, and leasehold paymen�c or ground rents, if any. Borrower shall pay ' �.
<br /> ,• � . • these ubligations in the manner pmvided in patagraph 2,or if not paid in that manner. Borcower shall pay them on time directly ' ., , _ .
<br /> • ' to the perzon��weJ payment. Borrower shall prnmptly furnish to Lender all notices of amounts to be paid under this pazagraph. ' -
<br /> � � If B�rrawer makes tficse payments directly.Borcowcr shall pramptly fumish tu Lender receipty evidencing the payments. �. .
<br /> :.; Borrower�hall promptly discharge any lien which h�.c priority over this Security Inswment unless Borcower: (a)agrees in �. `
<br /> . � writing to the payment of'the obligatiun suured by the lien in a manner acccptable to L.cnder:(b)contests in good faith the lien ' .�
<br /> . by, or defcndr againu enforcemcnt of thc lien in, legal prnccedings which in the Lcnder'c opinion operatc ta prevent the , �
<br /> enforcemcm of the lien:or(c)yecures irum the holder of the lien an agreement+atisfactory tu Lender tubnrdinating the lien to �
<br /> � this 5ccuriiy In�trumcnt. If LcnJcr dctcrniincs that any part��i thc Pr��perty is �ubjcct to� licn which may attain pri�xity ovcr , �
<br /> . this 5ecurity Instrument. LenJcr may give Borrowcr a noticc idcntifying the lica Borrower shall tiatitify the lien ur take one or � ,
<br /> :� . . nu�rc of thc actions ut fi�rth ahmc within 10 day�of thc giving of noticc. ' .
<br /> ' � � Fotm 3028 8/80
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