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<br /> i TODEfHER WITH all the improvements now or heroafter erected on the properry, and al easements. appurtenances, and . -
<br /> j Axtures now or hereafter e part of the property. All replacementa and additlons shall also be covered by thls Securlty Instrument.
<br /> � All of the toregoing Is referred to In thls 3ecurity Inatrument as the °Property.'
<br /> I BORROWER COVENANTS thQt Borrower is lawtully selzed o1 the eatate hereby conveyed and has the rlght to grent and � I
<br /> convny iho Property and that the PropeRy Is unencumbered. except for encumbrances of record. Borrower warrants and wlll � _
<br /> . detend generally the title to the Property agalnst eY clalms and demanda, subJect to any encumbrancoc of record. ' • �_
<br /> THIS SECURITY INSTRUMENT combines uniform covenanis tor neponal use and non-unllorm covenants with Ilmited ,-,�
<br /> vanatlons by Judsdtctlon to constitute a uniform securlry inatrument covering real properly. � � r -
<br /> UNIFQRM COVENANTS. Borrower and Lender covenant und agree as tollows: `
<br /> 1. Paymsnt of Principal and Interest; Prepaymsnt end L.ato Charges. Borrower shell promptly pay when� �
<br /> ��� due the principal of and interest on the debt evidencud by the Note and any prepQyment end late charges due under the Note. � �L='�
<br /> 2. Funda for Taxes and Inauranoe.Sub�ect to applicabie law or to a wdtten waNer by Lender, Borrower shall pay(� f.
<br /> to 4ender on ihe day monthly paymenla are due under the Note, untll the Note Is peld In tuA,a surn ("Funds") for: (a) yearly(� �
<br /> taxes and assessments whlch may alteln prloriry over thls Securiry Instrumenl as a Ilen on Ihe Property: (b) yearly leasehold� _
<br /> payments or ground rents on the Properiy, if any; (c) yearly hazard or properry Insurance premfums: (d) yeariy ilood Insurence
<br /> premiums. If any; (e) yearly mortgage Insurance premluma,If any;and (� any sums paya�le by 8orrower to Lender In accordance -
<br /> with the provislons ot paragraph 8. In Ileu ot the payment oi mortgage Insurance premlums. Theso ttema are called 'Escrow �.��
<br /> Items." Lender may. at eny time. collect and hold Funds In an amount not to exceed the maximum amount a lender for a , .. ; •
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<br /> fedarally related mortgage loan may requlre for Bonower's escrow eccount under the federal Aeal Estate Serilement Procadures ' ,�. ..��;'-"�__.;;-�'
<br /> Act ot 1874 as amended from time to time, 12 U.S.C.�2H01 et seq. ("RESPA"), unleas another law that applles to the Funds � ,. :'x'..�.• "—
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<br /> sets a lesser amount. If so, Lender may, et any time, collect and hold Funds In an amount not to exceed the Iessar amount. _
<br /> Lender may ealknate the amount of Funds due on the basls of cuRent data and reasonable estlmetes of expenditures of future •-
<br /> Escrow Items or otherwlse In accordance with applicable law.
<br /> The Funds shall be heid in an Institutlon whose deposita are insured by e(ederel agency,hstrumentaliry, or entity(Including
<br /> Lender, If Lender Is such an Institution) or In any Federal Home Loan Bank. lender shail apply the Funda to pay tha Escrow '+ii��•
<br /> � Items. Lender mey not charge Borrower for holding and applying the Funds, amuaHy analytlnp the escrow account, or verHying •
<br /> the Escrow Items, unlesa Lender psys Borrower interest on the Funds and eppllceble Isw pertnits Lender to make auch e
<br /> cherge. However, Lender may requke Borrower to pay a one-time charge ior an independenl real estate tax reporting sorvlco
<br /> used by Lender In connection wlth this loan, unlesa applicable law provldes otherwise. Unlesa an agreement Is made or
<br /> applicable law requires Interest to be paid, Lender shall not be requlred to pay Bortower any Interest or eamings on the Funds. •
<br /> Borrower and Lender may agree In wrlting, however, that Interest shali be pnid on lhe Funds. Lender shall give to Barrower,
<br /> � without charge, an annuel accounting of the Funds, ahowing cr9dits and deb(ts to ihe Funda and the purpose for whlch eaah
<br /> debit to the Funds was mede. The Funde are pledgnd ae eddRlonal securlty tor all sums aecured by the Security Inatrument,
<br /> � If the Funds held by Lender exceed the amounts pertnitted to be held by epplkable law,lender shall account to Borrower , _.
<br /> �.,�. for the excess Funds In aacordance with the requirements of applicable law. If ihe emount of the Funds held by Lender at any �
<br /> time Is not suftfcient to pay the Escrow Items when due, Lender may so notiry Borrower In wming,and, In suah case BoROwer --
<br /> shall pay to Lender the amount necessary to mnke up the deiiciency. Borrower shell make up the deflclency in no more than ,. �
<br /> twelve monthly payments,at Lender's sole dlscretion. ,+:�*,r � ���'""
<br /> �"� Upon payment In tull of all sums secured by this Security Insirument, Lender shall promply relund to Borrower any Funds •���� "��
<br /> held by Lender. Ii, under paragraph 21, Lender shall acqulre or sell the Properry, Lender, prla to ihe acqulsition or sale of the �- ; -`;;
<br /> = Proprriy, ahali&p�iiy dRy fuifds ha�d by Lsndcr�t !hc timc of scqulsltion or sale ea e crarlit agAlnat the aums secured by this _ t�'_
<br /> Security Instrument. ��4'
<br /> 3. Applieation of Paymeltt6. Unless applicable law provides othervviae, all payments received by Lender under � is'
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<br /> paragrephs t and 2 shall be appiled: first,to eny prepayment charges due under the Note; second, to amounts payable under .':1_
<br /> paragraph 2;third, to Interest due;fourth,to principal due;and last,to eny late charges due under the Note. : `�-
<br /> 4. Cha�ges; Lfe11s. Borrower shall pay au texes, assessmenta, charges, flnes and Imposftlons attdbutable to the �t�;��
<br /> Property whlch may attaln priodry over this 3ecudty Instrument, and leasehold payments or ground rents, It any. Borrower shall t �,-
<br /> pay these obllgaUons In the manner provided In paragreph 2, or if not paid In thet manner.Bortower shall pay them on time --: ���;°
<br /> 'i dkectiy to the person owed payment. Bortower shall prompty fumish to Lender�I notices of emounta to be peld under thfa , t
<br /> paregraph. If Borrower makes these payments directly, Bortower shell promptly fumish to Londer receipts evtdencing the .
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<br /> peyments,
<br /> Borcower shali promptty discharge any Ilen whlch has priorfry over thls Secu►fly Instrument unlesa Bortower. (a) ag�ees In �`�
<br /> wrNing to the payment of the obilgation secured by the Yen In a manner acceptable to Lender, (b1 contests in good faith the °_ -
<br /> Ilen by, or do(ends agalnst enforcement of the Aen In, legal proceedings whtch In the Lender's opinlon operate to prevent the o,-""�
<br /> ! enforcement of the Ilen; or (c) secures hom the holder of the Ilen an agreement saUstactory to Lender subordinating the Ilen to a-�----
<br /> I this Securiry Inatrument. If I.ender detertnines thet any pert of the Property Is subjecl to a Ilen whlch may attaln priodty over thfa �'"�--_—�=�:--
<br /> � Secu�lty Inatrument, Lender mey give Borrower a notice Identifying the Ilen, Barower shall saUsy the Ilen or take one or more of [�°"�°'��
<br /> � ; the sctlons set forth above withln 10 days of the giving of notice. �
<br /> 3� � 5. Hazard or Property Insurance. 8orrower ehall keep the knprovements now existing or hereafter erected on the �.:,.:;_c.
<br /> ; Property Insured against loss by tire, hezerds Inetuded withln the term 'extended coverage'and any other hazards, Including —
<br /> :� ' iloods or flooding, for whlch Lender requlros insurance. This fnsurance shall be melntalned In the amounta and for the perloda , _ _
<br /> , that Lender requlres. The Insurance csrrier providing the insurance shell be chosen by Bortower subJect to Lender's approvel ,_
<br /> whlch shall not be unreasonably withheld. II Borrower falls to malntaln eoverage described above, Lender may, at Lender's —_
<br /> optlon, obtain coverage to protect Lender's rights In the Property In accordance with paragraph 7. ,.;� •
<br /> All insurence poltcies and renewais 3hall be acceptable to Lender and shail Include a standard morlgage clause. Londer •• a?; �'=�'�`
<br /> shail have the right to hoid the pollcies end renewals. If Lender requtres. Barower shall promptiy give to Lender all recelpts ot • • '�����• ��
<br /> peld premlums and renewel notices. In the event of loss, Bortower shall glve prompt notice k the Insurance cartier and Lender. �;s ' �t�r;;•.;<,,
<br /> Lender may make proof of loss If not made promptry by Borrower. ����;��n"��-
<br /> Unless Lender and Borrower otherwise agree In writing. Insurance proceeds shell be appded to restoration or repeir of the
<br /> Property damaged. Ii the restoration or repalr Is economlcally teaslble and Lender's security Is not lessened. If the restoratlon ar •-^
<br /> repeir is not economically teasible or Lender's security would be lessened, the tnsurence proceeds shall be applled to the sums . , . �
<br /> secured by this Security instrument, whether or not then due, with any excess peld to BoROwer. If Borrower abandons the .
<br /> Property, or does not answer withln 30 days a notice from Lender thet the Insurance carrler has oHered to se01e a clalm, then .
<br /> Lender mey collect the Insurence proceeds, Lender may use the praceeds to repal► or restore the Property or to pay suma
<br /> secured by ihis Security Instrument,whether or not then due. The 30•dey period wi begin when the notice is given.
<br /> Unless Lender and Borrower otherwlse agree in writing, any appllcutbn oi proceeds to principel shall not eMend ar �
<br /> postpone ihe due date of the monthry payments referted to In pnragraphs 1 and 2 or change the amount of the payments. Y
<br /> under paragraph 21 the Property is acquired by Lender. Borrower's right to eny insurance policles and proceeds resutting from
<br /> damage to lhe Property prior to ihe acqulsitlon sheil pass to Lender to the extent of the sums by this Security Instrumenl
<br /> Immedlately prior to the acqulsitlon.
<br /> 6. Occupancy, Preservation, Maintenance and Protection of tho Property; Borrower's Loan
<br /> Appileation: L98361101d8. 8orrower sltall oeeupy, establlsh, anq use tne rroperty as 6orrower's principai residenca riiinin r --
<br /> sixty days after the executlon of this Securfty Instrument and shall continue to xcupy the Property as Borrower's prin�lpd (
<br /> residence tor at ieast one year after the date o( occupency, unless Lender olherwise egrees in wdting, which consent shall nd I
<br /> be unreasonebly wfthheld, or unless extenuating circumstances exist whlch are beyond Bortowers control. Borrower shall nd
<br /> destroy, damage or Impalr the Property, allow the P�operty to deteriorate, or comrNt waste on the Property. Borrower shail be In �
<br /> default i( any(orfeiture action or proceeding. whetlier civll or criminel, Is begun thal In Lender's yood talih Judgment could resup
<br /> in lorteiture of the Property or otherwise matenally impair the Ilen created by thls Secunty InsUumenl or Lenders security Interest i,
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