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<br /> TOGETHER WITH all thc improvcments now on c�rcaRcr crccted on thc propcny,and all casemcnts,appurtenances,and
<br /> � fixtures now on c�reaftcr a part of thc pr�perty. All rcplaccments and additians shall alsu be covered by this Security
<br /> � lnstrumcnc.All of thc foregoing is rcferrcd to in chis Sccurity Instrument as thc"Propeny."
<br /> BORROWER COVENANTS that Bonawer is lawfully scised of the estate hcrcby convcycd�utd has the righc ta brant and _
<br /> convey the Property and that the Propeny is unencumbered, except for encumbrances of rccord. Borrower warrants :u►d will .. '
<br /> defend generally the title to the Propeny against all claims and demands,subject to any encumbrances of record. �
<br /> � THIS SECURITY lNS'fRUMENT combines uniform covenants for national use and non-unifottn covenants with limited
<br /> � variations by jurisdiction to constitutc a uniform sccuri[y instrumcnt covcring rcal proreny.
<br /> UNIFORM COVENANTS.Borrower and L.ender covenant and agree as follows: ,�}
<br /> 1. Payment of Principal and Interest; Prepayment und Late Charges. Borrower shall promptly pay when due the . ,
<br /> � 1 principal of and interest on the debt evidenceci by ihe Note and any prepayment and latecharges due under[he Note. ; .
<br /> 2. Funds for Taxes and Insurance. Subjece to applicable law or to a written waiver by Lender, 8orrower shall pay to .`:� ,�_y
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<br /> ILender on the day monthly payments are due under the Note,until the Note is paid in tull. a sum("Funds")for: (a)yearly caxes r_
<br /> � and assessments which may attain priority over this Security Instrument as a lien on che Property; (b)yearly leasehold payments ;•<;�,�{���
<br /> or ground rents on the Properry,if any:(c)yEarly hazard ur property insurance premiums; (d)yearly flood insurance premiums. _;.,:,�trn�
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<br /> if any;(e)yearly mortgage insurance premiums,if any; and(� any sums payable by BoiTOwer to Lender, in accordance with --
<br /> � i the provisions o f pazagrap h 8, in lieu of the payment of mortga�e insurance premiums.These items are called "Escrow Items."
<br /> I Lender may, at any time, collect and hold Funds in an amount not to exeeed the rna�cirnum amount a lender for a fe der a l ly +' ��
<br /> i ! related mongage laan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act af . �..T._,..�
<br /> � 1974�s amended from time to time, 12 U.S.C. 5ection 2601 et seq. ("RESPA"),unless another law that applies to the Funds . �;--�
<br /> � � sets a tesscr amount. If so, I.ender may, at any time, collect and hold Funds in an amount not to excecd the lesser amount.
<br /> � I.ender may estimate the amount of Funds due on the basls of cunent data and reasonablc estimates of expendltures of future � ,
<br /> Escrow Item�or otherwise in accordance with a}�plicable law. .. ..
<br /> � � The Nunds shall be held in an inseicu�ion whose deposits ace insured by a tcderal agency, pPtyumenta l ity, oP�tit y .fi'
<br /> r . (including l.cndcr,if Lendcr is such an institutlonf�r in any Fcdcrai Hamc l.oan Bank.L.cnddr�hi�;pb�thc c.scrow uccount�or . �'.
<br /> i Escrow Itcros. Lcndcr may not chargc Borrowcr tor holding a��d app�Y►nb thc FunJs,annually
<br /> ` verifyfng[he Escrow Items,unless l.ender pays Borcowcr intcrest on the Funds ��nd applicaUlc law permits l.ender to make such . •,_
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<br /> •� a chargc. However, [.cnder may require Borrawer to pay a one-time chlrge far an independent real estate tauc reporting�Grvice ,:;�
<br /> } � used by l,cndcr in connectian with this loan. unicss applicable law provides othcrwise. Unless an agreement is made or ,:�, / ',.�-
<br /> �, 1 � applic1blc law rcquires interes[to be paid, Lender shull noc bc required to pay Borrower any interest or eamings on the Funds. � f�
<br /> � Banower and I.endcr may agrce in writing,however, thut incer�st shall be paid on the Funds. Lender shall give to Borrower, � .'
<br /> � without charge, an:umual accounting oi che Funds, snowinb crz3tts and dzbiss:a �he �un�!s an� the Pur�OSe for which each �ti;
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<br /> � debit to the Funds was madc.The Funds are pledged as additional sccurity for all surns secured by this Security Instrument. �i�_
<br /> • If the Funds hcld by i.ender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower ,,. ,
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<br /> for the excess Funds in accordance with the requirements of applicuble law. If the amount of the Funds held by Lender at any ,..
<br /> ' time is i�ot suffi�ient to pay the Escrow Items when due,Lender may so notify Borcower in writing,and,in such case Banower ,�'
<br /> t shall pay to Lender [he umount necessary to make up the deficiency. Bonower shall make up the deficiency in no more than :�'
<br /> twelve monthly payments.at Lender's sole discretion.
<br /> +i Upon payment in full of all sums secured by this Security lnstrument, I.ender shall promptly refund to Bonower any
<br /> '" � Funds held by Lender. If,under paragraph 21. Lender shall acquire or sell the Property. l.ender,prior to the acquisition or sale
<br /> ;, of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by ��
<br /> • this Security Instrument. ��„�
<br /> �• 3. Applicatton of Fayments.Unless applicable law provides otherwise, all paymenu received by Lender under paragraphs —�_
<br /> � 1 and 2 shall be applied: first, [o any prepayment charges due under tlie Note;second, to amounts payable under paragraph 2: r��
<br /> • third, to interest due;fourth,to principal due; and last,ro any late charges due under the Noce. F.�_�
<br /> Q 4.Chacges;Liens. Borrower shall pay all taxes, assessments,charges, fines and impositions attributable to the Property
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<br /> 3 �� which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay ��
<br /> 3 � these obligations in the manner provided in paragraph 2,or if not paid in that manner,Borrower shall pay chem on time directly -,�_=_
<br /> � ` to�he person owed payment. Bon•ower shall prompdy furnish to Lender all notices of amounts co be paid under this paragraph. '�,��i��_.-
<br /> JIf Borrower makes these payments directly,Bortower shall promptly fumish to Lender receipcs evidencing thc payments. l.f'-
<br /> ' i Bonower shall promp[ly dischazge any lien which has priority over this Security Instrument unless Bonower:(a)agrees in _.�� _ __
<br /> writing to the payment of the obligation secured by the licn in a manner acceptable to Lender;(b)contescs in good faith the lien ��f,,: � ,,;...
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<br /> i by,or defends against enforcement of the lien in, tegal proceedings which in the Lender's opinion operate to prevent the .�4.J�;�r�+'��
<br /> � enforccment of the lien; or(c)secures from the holder of the lien an agreement satisfacrory ro L.ender subordinuting the lien to ,��,.��;,�.e;.:,,..
<br /> � chis Securiry Instrumcnt. If L.ender determines thac any part of thc Propeny is subject to a lien which may attain priority over •o+....•,Y•::-
<br />_ '� this Security Instrument, Lender may give Bortower a notice identifying the lien. Borrower shall satisfy the lien or take one or :Y�.
<br />_ j more of the actions set fonh above within l0 days of the giving of notice. ��'
<br />_ i Form 3028 9/90
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