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<br /> � TOGETHER WITH ull thc improvemcnts now ar hereafter erectcd on thc property,and u�l caseuunt+. uppurtcnanccti, und �
<br /> fixtures now or hereufter u part of the properry. All replacements and adJitionti tihull ultio be cuvereci by thiy Security �i-'
<br /> � Instrumcr.t. All of the forcgoing is refcrred ta in this Serurity Instrument as thc"Propc��ty." �
<br /> BORROWER COVkNANTS thut 6c�rrowcr is luwfully �ciscd nf thc estatc hcrcby convcyrd nnd hu+thc right io grant und R�-
<br /> �� convey the Property and that the Prpperty is unencumbered,except fc�r encumhrances i�f record. sottuwer wurr•rntti and will
<br /> '" `.'� defend generally the nde t��[he Pruperty ugainst all claiius and demands,�uhject t��any encumhrunees uf rerorJ. �
<br /> 'fHIS SCCURITY INSTRUMENT combincs uniform �avcnauts for nutionzil usc und non-uniform covcnunts�vith limitcd
<br /> �r.�+'�'1 vuriati�ns by jurisdiction to ronstitute a uniform security instrument cavering real property.
<br /> "' UNIFORM COVENANTS. Borrowcr and L.ender cavenant and a�rce us foUows:
<br /> -- 1. Payment of Prtncipal and Interest; Prepayment und Late Chnrg�s. Borrawcr shall promptly puy wlicn due the
<br /> ` principal of und interest on the debt evidenced by t.he Note and any prepayment und late charges dua under the Note.
<br /> 2. Funds for Tax�and Insurance. Subject to applicnble law or ta a written waiver by I.ender, Borrow�r shall pay to i
<br /> ?F L.ender on the day monthly payments are duc under the Nate,until the Note is paid in full,u sum("Funds") for: (u)ycarly taxes
<br /> � and ussessments which may attnin priority over this Security Instrumcnt as a lien on thc Property:(b)yeurly leusehald payments
<br /> �. or ground rents on thc Property, if any;(c)yearly hazard or property iusurance prcmiums;(d)yearly flood insurancc premiums,
<br /> �� if an y; (e) yearly mortgage insurance premiums, if any;and(� uny sums payuble by Borrower to L.ender, in accordance with
<br /> � the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums.These items are c a l l e d "Esc r o w I tems."
<br /> Lcnder may, at any time, collect and hold Funds in un amount not to exceed the maximum amount u lender far a federally �
<br /> - related mortgage loun may require for Borrower's escrow account under the federal Renl Estate Settlement Procedures Act of
<br /> � 1914 us nmended from time to time, 12 U.S.C.Section 2601 et seq. ("RFSPA"), unless another law that applies to the Funds
<br /> sets 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 muy estimate the amount of Funds due on[he busis of current data and rea,anable estimates of expenditures of Future
<br /> Escrow Items or otherwise in accordance with Applicable law.
<br /> The Funds shall be held in an institution whose deposits are insurcd by a Federal a�ency, instrurnentulity, or entity
<br /> ' , (including I.ender, if Le;nder is such an institution)or in any Federal Home Loan Bank.Lender shall apply the Funds to pay the
<br /> - Escrow Items. Lender may not charge Borrower for holding and applying the Funds,annually analyzing the escrow account,or
<br /> , �� • verifying the Escrow Items, unless L.ender pays Borrower interest on the Funds and applicable law permits L.ender to rnake such
<br /> u charge. Hawever,Lender may require Borrower to pay a one-time charge for an independent real estute tax reporting service
<br /> used by I.cndcr in connection with this loan, unless applicuble law provides otherwise. Unless an agreement is mude or
<br /> ' applicable luw requires interest to be paid, l.ender shali noc be requi�cS io pdy Bcrt'ou+er�tt}interest Qr earningc on the Funds.
<br /> Borrower and Lendcr may agree in writing, however, that interest shall be paid an the Funds. I.cnder shall�ive to Borrower,
<br /> � • • without chatge, an annual accounting of the Funds, showing credits and debits to tl�e Funds ond the purpose for which each
<br /> debit to the Funds was made.The Funds are pledged at ndditional security for all sums secured by this Security Instrument.
<br /> ' If the Funds held by L.ender exceed the amounts permitted to be held by applicuble law, L.ender ShaU account to Borrower
<br /> � for the excess Funds in accordance with the requirements of applicable law. If the atnaunt of the Funds held by Lender at any
<br /> - �=�� time is not sufficient to pay the Escrow Items when due.Lender may so notify Borrawer in writing,and,in such ca�e Borrower
<br /> shnll pay to I..endcr the umount necessury to make up the deficiency. Borrower shall make up the deficiency in no more than
<br />- twelvc monthly paymentt, at[.ender's sole discretion.
<br />' Upon puyment in full of all sums secureci by this Security instrument, Lcnder shall pramptly refund to Borrower any
<br /> Funds held by L.endcr. If, undcr paragraph 21,Lender shall acquire or scll thc Property,Lender,prior ta the acquisition or sale
<br /> , - of the Propeny. :.hall apply any Funds held by L�:nder at the time of acquisition or salc as a credit against the sums secured by
<br /> this Sccurity Instrument.
<br /> 3.Application of Payments.Unless npplicable law provides othcrwise,all paymcnts rcceived by Lendcr undcr paragraphs
<br /> � I and 2 shall be applied: tirst, to any prepuyment charges due under die Note: sccond,to amounts payable under paragraph 2;
<br /> third,to intcrest due; fourth,to principal due;ARCI Iittit,to any late charges due under the Note.
<br /> � a. Charges; I.tens. Borrower shall pay all taxcs,assessments, charges, fines and impositic,ns attributablc to the Property
<br />_�. . �vhich muy attain priority over this Security Instrument, und lcaschold payments or ground rents, if any. Borrower shall pay
<br />_ - , . � these obligations in the munner provideci in paragraph 2,or if not paid in that manner,Borrower shall pny them on tjme directly
<br /> to the person owed paymcnt.Borrower shall promptly furnish to Lendcr all noticcs of amounts to be paid under this parngraph.
<br /> � � If Borrowcr makcs thesc pa��mentx dircctly, Borrrnscr shall promptly furnish to Lcndcr rcceipts cvidencing the payments.
<br /> � � Borrower shall prompdy discharge any licn �vhich has priority over this Serurity Instrument unless Borrower:(a)agrees in
<br /> writing to thc paynxnt of thc obligation sccurcd by thc lien in a manncr acccptablc to Lender: (b)contests in goal faith thc licn
<br /> by. or dcfcnds abain�t cnforcemcnt of thc licn in. Icgal proccedings w•hich in the L,endcr's opinion operate to prevent the
<br /> cnforcenunt of thc licn:or(r) securc�from thr_ huldcr of the licn un a�recmcnt sutisfactory to Lcndcr subordinatin�;the lien to
<br /> ' i� this 5ecurity instrument. If LenJer Jetermines that any part of the Property is subject ta .i lien which muy uttain priurity over =
<br /> � this Securiry Instrument. LcnJ�r muy gi��e Bc�rre��ver a nc>tice identifying th�licn. Borrawer shall satisfy the lien or take one or __
<br /> mure of thc artions�ct forth abovc within l0 day�of thc giving ol'ncnicr..
<br /> Farm 3028 9I90
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