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<br /> UNIFORM COVENANTS. Borrowcr and Lendrr covcnant and agrcc as follows: ,. ,J' ,
<br /> � 1. Puymcnt ot PrincipAl und lntcrest;Prepayment and I.utc Chargati. Borrowcr shall promptly pay when due thc
<br /> principal af and interest an the debt evidenced by the Note and any prepayment and lare chazges due under the Nate. ,
<br /> , 2. Funds for Taxes and Insurance. Subject ta applicablc law or ta a written waiver by Lender,Bonower shall pAy to _
<br /> Lcndcr on thc day monthly paymcnts arc due undcr thc Notc,until thc Notc Is paid in full,a sum("Funds")for: (a)ycarly
<br /> , t�xes and assessments which may attain prinriry ovcr this Security lnstrument as a lien on thc Property; (b)yearly leasehold
<br /> � payments or ground rents on the Propeny. if any; (c)yearly hazard or property Insurance premiums; (d)yearly flood
<br /> � insurancc premiums, if any; (c) yearly mortgagc insuruncc premiums, If any; and (�any sums payab(c by Bonowcr to
<br /> • i Lender, in accordunce with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These
<br /> iiems are called"Escrow Items." Lender may,at any time,collect and hold Funds in an amount not to exceed the maximum
<br /> � amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real -
<br /> Estate Setticmcnt Pra�edures Act of 1974 as amended from time ta time, 12 U.S.C. � 2601 et seq. ("R6SPA"), unless
<br /> � another law that applies to the Funds sets a lesscr amount. If so, L.ender may,at any time,collect and hold Funds In an _-_
<br /> amount not to exceed the lesser amount.Lender may estimate che amount of Funds due on the basis of cunent data and
<br /> � reasonable estimates of expenditures of futare Escrow Items or otherwise in accordance wi�h applicable law. -
<br /> � � The Funds shall be held In a��institution whose deposits are Insured by a federal agency,instrumentality, or entlty -
<br /> i (including Lender, if L,ender is such an institution}�r in any Federal Home Loan Sank. Lender shall apply the Funds to
<br /> l pay the Escrow ltems. L.ender may not charge Bonower for holding and applying the Funds,annually analyzing the escrow L_
<br /> , � account, or ver�fying the 6scrow ltems,unless L,ender pays Bonower interest on the Funds and applicable law perntits ' _
<br /> � I.ender to make such a charge. Howevar, Lender may require Bonower to pay a one-time charge for an independent real r
<br /> , ; estate tax reponing service used by Lender in connection with this loan,unless applicable lawprovides otherwise. Unless an
<br /> ' agreement is made or applicublc law requires interest to be paid,l.ender shall not be required io pay Borrower any interest or --
<br /> ' � I eamings on the Funds. Bonower and Lcnder may agrec in wri[ing, however, that interest shall be paid on the Funds.
<br /> Lendcr shap give to Borrower,without charge,an annual acc�unttng of the Funds,showingcredits and debits ta the Funds
<br /> : � and che purpose for which each dehit to che Funds was made. The Funds are pledged as additional securi[y for all sums '�
<br /> secured by this Security Instrument.
<br /> '�', i [f the Funds held by L.ender exceed the amaunts permitted to be held by applicable law, L.ender shall account to
<br /> I Borrower for the excess Funds in accordance with the requirements of applicable law. lf ihe amoun[of the Funds held by
<br /> x �, � Lender at any time is not sufficient to pay the Escrow Items when due.Lxnder may so notify Borrower in writing,and, In
<br /> � � sucti case Bonower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the
<br /> _ 1. deficiencv in no more than twelve monthly payments,at Lender's sole discretion. •
<br /> 3 Upon payment ia full of all sums secured by thls Secur[ty Instrument, Lender shall prompciy refund to Bonower any
<br /> � Funds held by L.ender. If,under paragraph 21,Lender shall acquire or sell the Property, Lxnder,prior to the acquisition or
<br /> i sale of thc Property, shall apply any Funds hcld by l.ender at thc time of acquisition or sale as a credit against the sums
<br /> ; secured by this Security Instrument.
<br /> •� 3. Applicatton oi Payments. Unless applicable law provldes otherwlse,all payments received by i.ender under
<br /> , � paragraphs I and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable
<br /> under paragraph 2;third,to in[erest due;founh,to principal due;and last,to any late charges due under the Note. �'
<br /> � � � 4. Charges;Liens. Bonower shall pay all taxes, assessments, charges, flnes and impositions attdbutable to the ��-
<br /> � Property which may attain priority over this Security Instrument, and leasehold payrnents or ground rents, if any. °�'� —
<br /> � Bonower shall pay thesc obligattons in the munner provided in paragraph 2, or if not paid in that manncr,Bonower shall
<br /> � � pay them on timc directly to the person owed payment. Bonower shall promptly furnish to L,cnder all notices of aniounts to be �
<br /> paid under this paragraph. If Borrower makes thesc payments directly,Bonower shall promptly fumish to Lender reccipts
<br /> evidencing the payments.
<br /> � ! Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) _
<br /> i� � agrees in writing to the payment af the obligation secured by the lien in a mazuier acceptable to Lender;(b)contests in good ___
<br /> � faith A�e lien by,or defends against enforcement of the lien in,legal proccedings which in the L.ender's opinion operate to r-�.
<br /> � I prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender �{�"""'°'
<br /> subordinating the licn to this Security Instrumcnt. If Lender determines that any pan of the Property js subject to a lien �"f=�-
<br /> ` � which may attain priority over this Securiry Instrument,Lender may give 8orrower a notice identifying the lien. Bonower "4�u'�°�"�'
<br /> ° i shall satisfy the lien or take onc or morc of the actions set fonh above within 10 days of thc glvin�of notice. °�;:' .
<br /> � � 5. Hazard or Property Insurance. Borrower shall keep the improvemcnts now existing or hereafter erccted on the ;�y��
<br /> � Propeny insured againsc loss by fire, har.ards inciuded within the rerm "extended coverage" and any other hazards, ,,_:�;�; _
<br /> � including floods or flooding, for which Lender requires insurance. This insurance shall bemaintained in the amounts and � �'•r �r -
<br /> for the periods that Lender requires. The insurance carrier providing the insurance shall bechosen by Borrower subject to ���� �i' . � :�.
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<br /> Lcnder's approval which shall not be unreasonably withhcld. If Borrower fails to mainlain coverage described above, � -
<br /> • I.ender may, at L,ender's option,obtain coverage to protect I.ender's right�in the Property in accordance with patagraph 7. • ,-�
<br /> ; All insurance policies :uid renewals shall be acceptable to Lender and shall include a standard mortgage clause: .
<br /> � Lcnder shall have the right to hotd the policies and rencwals, If Lender requires, Borrower shall promptly give to L.ender �
<br /> ' all receipts of paid premiums and renewal notices. [n the event of loss,Borrower shall giveprompt notice to the insurance �
<br /> � carricr and Lender. L.endcr may muke proof of loss if not made promptly by Borrower. � '
<br /> � Unless Lender and Borrowcr uthcrwise agrcc in writing,insurancc proceeds shall bc appl icd to restoration or repair of
<br /> i ihe Propeny damaged, if ihe restoration or repair is economically feasible and Lender's security is not lessened. [f the ;
<br /> � restoracion or repair is not economically feasible or L.ender's security wouid be Iessened,ihe insurance proceeds shall be �
<br /> ; applicd to thc sums securcd by this Security Instrument, whether or not then due,with any excess paid to Borrower, If �
<br /> ' Borruwer abandons the Property, or docs not answer �vithin 30 days a noticr from I.ender that the insurance canier has
<br /> offercd to settle a claim,then Lender may collect the insurazice proceeds. l.cnder may use ihe proceeds to repair or restore
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<br /> when ihc noticc is givcn. �
<br /> Unlcss Lcndcr and Borro���er othcrn�i�c agrcc in writing, any application of procccds io principal shall not rxtcnd or
<br /> postponc thc duc datc c�f thc monQ�l��paymcnts refernd tu in paragraphs 1 and 2 or changc ihe amount of thc payments. If �
<br /> undcr paragraph 21 thc Pro�crry is acyuired by l.endcr, Borrower's right ro any insurancepolicics and procccds resulting
<br /> frorn damage to the Prupeny prior to the acquisition shall pass to I.endcr to the cxtcnt ot'the sums secured by this Security
<br /> , Instrumcnt immcdiatcly priur to thc acquisitiun. �
<br /> - F�onn JOSR YiYll IpdXr I�q S pdgnl �
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