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<br /> This Property is part of a conuominium proJect known as —. *.�.�,'��,�+ '
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<br /> This Property includos Borrower's unit and ail Borrower's rights In the common elements of the condominium project. ,J��,y�,d._,.�
<br /> ,; � This Property fs in a Planned Unit Development known as — ���'S, �_:•_ _
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<br /> Borrower covenants that Borrower is Iawfully seised of the eatate hereby conveyed and has the right to grant end convey the PropeRy, �Q •'�:,;_s�:�
<br /> -•° �'�` and that the Property is unencumbered,except for encumbrances of record. Borrower warrants and will defend generally the title to � ::�;�:�_
<br /> "' tho Property agalnst all claims and demands, subject to encumbrances of record. � %:__
<br /> Borrower and Lender covenant and agree as followo: `:'� -
<br /> �, Payment of Principal,Firtance Charges and Other Cherges.Borrower shall promptly pay when due all amountsborrowed � _
<br /> under the Credlt Agreement,all finance charges and appllcabte other charges and coliectlon costs as provided ln the Credlt Agreement. �
<br /> 2. Funds tor Taxda and Insu►ance.SubJect to applicablo law,Londar,at LendePs option,may require Borrower to pay to Lender � _
<br /> ' on the day monthly payments of princ(pal and finance charges are payable underthe Credit Agreement,until all sums secured by thls ___
<br /> Security Instrument are paid In full, a sum(herein "Funds")equai to one-twelfth of the yearly taxes and assesements(Inciuding �
<br /> � � condominium and planned unit development assessments,if any)whlch may aqain priority over this Security Instrument,and ground N �',�_
<br /> � rents on the Property,if any,plus one-tweifth of yearly premium installments for hazard insurance,ail as reasonably estimated initlaily W
<br /> � and irom time to time by Lender on the basis of assessments and b(Ils end reasonable estimates thereof.Borrower shali not be obligated �:��-
<br /> to make such payments of Funds to Lender to the extent that Borrower makes such Nay���dnts to the holder of a prfor mortgage or deed -ti
<br /> � of trust if such holder Is an Institutiona���"dO1. �-
<br /> If Rnr►M••o� N�yb runds to Lender,the Funds shall be hold in an inslitution the deposits or accounts of which are insured
<br /> y ,.�yuaranteed by a Federal or state agency(Inciuding Lender if Lender is such an institution).Lender shali apply the Funds to pay said
<br /> ; taxes,assessments,insurance premlums and ground rents.Lender may not charge for ao holding and applying the Funds,enalyzing
<br /> said account or verifying and compiifng said assessments and bills,unless Lender pays Borrower Intorest on the Funds and appticable
<br /> law parmits Lender to make such a charge.Borrower and Lender may agree in wnting at the time of execution of this Security Instrument
<br /> � � that interest on the Funds shall be pafd to Borrower,and unless such agreement is made or applicsble law requires such Interest to
<br /> : be patd,Lender shall not be requlred to pay Borrower any interest or earnings on the Funds.Lender shall give to Borrower,without charge, _�
<br /> i an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. —
<br /> �,d The Funds are pledged as additlanal security for the sums secured by this Security instrument.
<br /> If the amount o}the Funds held by Lender,together with the future moMhty Installments of Funds payable prior to the due dates
<br /> �� � of taxes,assessments,insurance premium4and ground rents,shali exceed the amount requlred to pay said taxes,assessments,insurance _�_..
<br /> � • premiums and ground rents as they fall due,such excess shall be,at Borrower'soption,either promptly repa(d to Borrower or credited
<br /> � to Borrower on monthly installments of Funds.If the amount of the Funds held by Lender shall not be sufficlent to pay taxes,assessments,
<br /> - = i �r�a�lranr.w�remiums and 4round rents as they fall due,Borrower shall pay to Lender any amount necessary to make up the doficiency
<br /> in one or more payments as Lender may require. _
<br /> Upon payment in full of all sums secured by this Security Instrument.Lender shall promptly refund to Borrower any Funds held _ _
<br /> ;,� by Lender.if under paragraph 22 hereof the Property is sold or the Property is otherwise acquired by Lender,Lender shall apply,no _ _
<br /> later than immedlately prlor to the sale of the Property or its acquicitfon by Lender,any Funds held by Lender at the time of appllcatlon
<br /> as a credit agalnst the sums secured by this Security Instrument.
<br /> 3. Appllcation of Paymenta.Unlgss applicable law provides otherwise, all payments recelved by Lender under the Credit
<br /> Agreement and paragraphs 1 and 2 hereof shall be applled by Lender first In payment of amounts payable to Lender by Borrower under
<br /> parayraph 2 hereof,second,(in the order Lender chooses)to any finance charges,other charges and collectlon costs owing,and third, �.
<br /> � � to the principal balance under the Credit Agreement.
<br /> ,,• 4. Prlor Mortgeges and Deeds of Trust;Cherges;Liens.Borrower shall perform all of Borrower's obllgatlons under any .,
<br /> �. • mortgage,deed of trust or other securlty agreement with a Ilen which has priority over thls Security Instrument,inr,luding 6orrower's
<br /> ' covenants to make payments when due.Except to the extent that any such charges or Impositions are to be paid to Lender under paragraph
<br /> �� 2,Borrower shail pay or cause to be paid all taxes,assessments and other charges,fines and impositlons attributable to the Property
<br /> `' which may attain a prlority over thls Security Instrument,and leasehold payments or ground rents,if any.Wlthin five days after any demand
<br /> by Lender,Dorrower shail exhibit to Lender receipts showing that all amounts due under this paragraph have been paid v�hen due.
<br /> 5. Hazard Insurance.Borrower shall keep the improvements now exfsting or hereafter erected on the Property insured agalnst
<br /> � loss by ilre,hazards included within the term"extended coverage,"floods and such other hazards as Lender may require and In such —
<br /> �, amounts and for such perfods as Lender may requlre.Unless Lender in writing requires otherwise,the policy shall provide Insuranae
<br /> on a replacement cost basis in an amount not Iess than that necessary ta comply with any colnsurance percentago stipulated In the
<br /> .' hazard insurance polfcy,and the amount of coverage shall be no less than the Maximum Principal Balance pius the tull amount of any o
<br /> � � Ifen whlch has prfority ovor this Security Instrument a-==--.�: -
<br /> 7he insurance carrfer providing the insurance shall be chosen by Borrower subJect to approval by Lender;provfded,that _ _
<br /> • � such approval shall not be unreasonably withheld.All Insurance palicies and renewals thereof shall be in a form acceptable to Lender F.,_
<br /> � �� and sheli include a standard mortgage clause in favor of and in a farm accepteble to Lender.Lender shall have the right to hold the ,��-
<br /> policies and renewals thereof,subject to the terms of any mortgage,deed of trustor other securify agrooment with a lien which has prlority ,< —
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