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<br /> TOGETHER WITH all the improvemente now or hereafter ereCted on the property, and ali easements,sppurtenancas, and •���••�
<br /> hxtures now or hereafter a pert of the property.All repiacements and addiflons shall also be covered by thls Security Instrument. � __
<br /> AA o4 the foregoNp I3 referced to in this Seourity Instrument as the "Property." . .
<br /> BOHROW�R COVENANTS thet Borrower Is Inwfuliy seized of the estate hereby conveyed and has the right to grant and `�
<br /> „ convay ihe Property and that the Property is unencumbored, except lor oncumbrances of record. Borrower warrants and wlll ^�,
<br /> tlefand generelly the tltle to the Property agalnst all clalms and demands, subJect to any encumbrances of record. �
<br /> THIS SECURITY INSTNUMENT comb�nes unlform Covenants for natlonnl use and non•unitorm covonants with IimitedQ� r-?;
<br /> varlatlons by Jurisdbtlon to constRute a uniform securfty instrument covering real property. � -
<br /> UNIFORM COVENANTS. Borrower and Lender covenant and agreo as foibws: ,
<br /> 1. Payment oi Prtncipal and Interest; P�epayment and Late Charges. Borrower shel promptly pay when �.► ,
<br /> due the princ�pal of und Interest on the debt evldenced by the Note and eny prepayment and lete charges due under the Note. �
<br /> 2. Funda for Taxea nnd Insurence. Subject to appliCabls law or to u written waHer by Lendor, BorrOwer shflll pey � . _
<br /> ' �� I to Lendor on the day monthly payments are due under the Note, unlN the Note Is pald In full, a sum ("Funds")�or: (a) yearly y�-
<br /> texes and assessments wh�h may attain priority over this Security Instrument as a Iien on the Property: (b) yearly Ieasehold . ,:_
<br /> °'"° a ments or round rents on the Property, If any; (c) yearty hazard or property Insurance premiums; (d) yearly fiood insurance � • ��*••v�;
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<br /> premlums, if any;(e)yearly mortgage Insurance premiums, It any; and(f)any sums payabte by Barrower to Lender In accordance �
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<br /> tetmsthe p`ende�may, atranytime,�collecl 9ndhhodBYFunds inman amountsn tnto exceedmhe maximuim amount alender$(or a ���;_'"
<br /> . I tederaily relsted mongage ban may rsquire for Borrowers escrow sccount under the federal Real Estate Settle�e io Phe Funrds -_- --
<br /> Act of 1974 as emended from time to time, 12 U.S.C.�2601 et seq. ("RESPA"), unless another law that app
<br /> , : ; sets a lesser amount. If so, Len der may,a t a ny t i m e, c o l l e c t a n d h o l d F u n ds in an amount not to excoed the lesser amount. �,� �-
<br /> � Lender may estknate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future '�:,�� �
<br /> �7 � Escrow Items or otherwise In aCCOrdance with appl�able law. ';.i,-_
<br /> The Funds shall be held In an InstRutbn whose deposlts are fnsured by a tederai agency, Instrumentality, or entity (includtng
<br /> fy Lender, if Lender is such an Institutbn) or In any Federal Home Loen Bank. Lender shall appiy the Funds to pay the Escrow
<br /> + I Items. Lender may not charge Borrowor tar hoiding and appying the Funds, annuaiy snalyzing the escrow account, or vedlying �Z-_�
<br /> the Escrow Items, uniess Lender pays Borrowor Interest on the Funds and appi�able Iaw permRs Lender to make such a �;;-_-
<br /> � , � charge. However, Lendor may requlre Sortower to pay a one•time charge for en Independent resi estate tex report(ng serv�ce ,.._`___
<br /> � used by Lender In aonnection with this loan, unless appl�able law provides otherwise. Uniess an agreement Is made or :
<br /> applicable law requires Interest to be paid, Lender shall not be required to pay Borrower any Interest or eamings on the Funds.
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<br /> Borrower and Lender may agres in writing, however, that Interest shall be paid on the Funds. Lender shall give to Borrower, �_��•
<br /> � � without charge,an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which esch �°__�
<br /> debit to the Funds was made. The Funds are pledged as additlonal security(or ali sums secured by the Security Instrument. �,��:,
<br /> • I�able law, Lender shall account to Borrower �'?:.•:s�-
<br /> If the Funds held by Lender exceed the amounts permltted to be held by app __
<br /> for the excess Funds In accordance with the requlroments of appl�able lav�.If the emount of the Funds heid by Lender at any R:,�:
<br /> �• time is nol sutt�ient to pay the Escrow Items when due, Lender may so notify Borrowar In writing,and, in such case Borcower H
<br /> � shail pay to Lender the amount necessary to make up the deficlency. Borrower shall make up the def�iency In no more than ���:
<br /> twelve monthly payments,at Lender's sole discretion. ��_—.
<br /> � Upon payment In full of all sums seCUred by thls Security In&trument, Lender shall promptly refund to Bortower any Funds
<br /> - ha�3 b; Lc^dar. !t,1nd?!pe�?graoh 21.Lender shall acqutre or sell the Property. Lender, prlor to the BcqulsRion Or sale of the ��-�
<br /> ,: PropeRy, shali apply any Funda heid by Londer at the time of acquisition or sa�e as a credit a�n.�st ihs suT� ����Q� �:' th�` --
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<br /> Security Instrumbnt.
<br /> , �� 3. Applicetion of Payments. Unless appl�able Iaw provldes otherwlse, all payments receNed by Lender under — ___
<br /> �; paragraphs 1 end 2 shall be applled: first, to any prepayment charges due under the Note; second, tu amounts payable under _--
<br /> • �. paragraph 2; third,to Interest due; fourth,to pnc�ipal due;end Iast,to any late charges due under the Note.
<br /> � 4. Charges; Liens. Borrower shall pay ali texes, assessments, charges, fines and Ynpositions attributable to the —
<br /> Property wh�h may attaln prlorRy over this Security Instrument, and leasehold payments or ground rents,if any. Borrower shall
<br /> h. pay these obligations In the manner provided In paragraph 2, or if nol pakl In that manner, Borrower shall pay them on time
<br /> y� directy to the person owod payment. Borrower shctll promptly furnlsh to Lender ail not�es of amounts to be pald under thls
<br /> �• paragraph, If Borrower makes these payments dlrectly, Borcower shell promptly fumish to Lender recelpts evidencing the
<br /> � . payments -
<br /> •��� Borrower shatl promptiy dischBrge any Iien wh�h has prlority over this Securily Instrument unless Borcower: (a) agrees in
<br /> writinfl to the payment of the obligatlon secured by the Iien In a manner acceptable to Lender; (b) contests In good falth the
<br /> +�, Ifen by, or defends agahst enforcement of the Ilen In, Iegai proceedings wh�h in the Lenders opinfon operate to prevent the
<br /> � this Securfty I strument.trLende Cd terminestthat aniy part ofthe P opertyeismsubJectltofla�lentwh�hdmayuattahnpro�hover this
<br /> , � Security Instrument,Lender may gNe Borrower a not�e Identifying lhe Iien. Borrower shall satisfy the Iien or take one or more of -
<br /> � �' the actlons set foRh above within 10 days ot the gfvinp of notbe. _
<br /> - �. 6. Heaard or Property Insurance. Borrower shali keep the Improvements now exlsting or hereafter oreated on the =
<br />- � Property insurod against loss by fire, hezards Included within the term "extended coverage" and any other hezards, Includ'aig =
<br /> floods or tlooding,for wh�h Lender requlres �nsurance. Thls Insurence shall be malntained in the amounts and for the perbds
<br /> • that Lender requires. The insurance carrier provlding the hsurance Shali be chosen by Bortower subJecl to Lender's approval
<br /> ^ pton,sobtlaln�coveragecasprotect Leeders r�ghts In�the P opertyt n accorda ce wfth pa aqraphd7above, Lender may, at Lenders �
<br /> - •• All insurance pol�les and renewals shail be acceptable to Lender and shall include a standard mortgage clause. Lender ��_�J�.
<br /> !� shall have the right to hold the polbles and renewals. If Lender requUes, Borrower shall pramptly gNe to Lender all recelpts 0� ���=��__
<br /> � • ' paid premiums and renewal not�Ces. In the event of loss, Borrower shall gNe p�ompt notiCe to the Insurence carrler end Lender.
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<br /> Lender may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower othenvise agree tn writing, Insurance proceeds shall be applied to resloratlon or repak of the }_-.,�,,_���fi�
<br /> Property damaged, ff the iestoration or repatr Is econom�ally feasible end Lenders security is not Isssened. If the restoration or �, �,� �.�'
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<br /> repa�r fs not oconombally feasible or Lender's security would be lesse�ed,the insurance proceeds shall be appiled to the sums �x� �•y;Y 1=`--
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<br /> � secured by this Secu�ity Instrument, whether or not then due, wilh any excess paid to Borrower. If Borrower ebendons the '�}':;a��,
<br /> Property, or does not answer within 30 days a not�e �rom Lender that the insurence carrler has offered to settle a C�a�m, then •.;;�::,; �,. -
<br /> � Lender may collect the insurance proceeds. Lender may use the proceeds to repak or restore the PropeAy or to pay sums
<br /> � secured by this Security Instrument,whether or not then due. The 30•day period will begin when the not�ce Is given. _ ...
<br /> _ � Unless Lender nnd 8orrower otherw�se agree fn writing, any epp��cation of proceeds to principfll Shall not extend or ,
<br /> postpone the due date of the monthly payments referred to in peragraphs i and 2 or ch8nge ihe amount of the psyments. If
<br /> I under peragraph 21 the Property is acquired by Lender, Borrower's riyht to any insuranCe policies and proceeds result„g from
<br /> damage to the Property prior to tho acquisition shall pass to Lender to the extent ot the sums by this Security Instrument
<br /> � immedlately prior ro the acqufsition.
<br /> . . _ _ .._____.._.,__ �i��..�....�....e en.1 Drnfartinn of th8 Pronertv: Borrower's Loan
<br /> � � �7. Vccupancy� PfCLfCIVGttVt�� nwmwuu..vv v...� ..-'--"-'� . - � -` . . -. .. -
<br /> [. ' ""_._'—__
<br /> Application; LQaseholds. Borrower Shall occupy, establiSh, and use the Property as Borrower'S pr�cipal residence within I
<br /> sixty days after the oxecutlon of this Security Instrument end shall contlnue to occupy the Property as Borrower's prNCipal
<br /> residon�e fOr at least one year after the date of occupanCy, unibss Lender othenvise AgrBes In writing,which consent Shall not
<br /> be unreaSOnebly withheld, or uniess extenufltNg clrcumstHnCes exist whlCh ere beyond Borrower's coniroi. Borrower shall not
<br /> destroy,damege or �mpair the Proporty, allow the Property to deterbrate, or Commit waste on the Prope�ty. Borrower shall be in
<br /> �i default �I any fo�elture actlon or proceeding, whether civil or criminal,Is begun that fn Lender's good �aith judgment could rssult
<br /> �n to�e�ture of the Property or otherwise materielly impnir the lien Created by this Security Instrument or Lender's security inte�est.
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