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<br /> I • TOOETHER WITH ali the Improvements now or hereaRer erectod on tha propeny, and aL'easements, appurtenances, and � -
<br /> I fixtures now or herea8er a part ol the property.All replacements und nddlllona ehell also be covored by this Securlty Instrument.
<br /> All of the foregoing Is reierred to in thls Sncurity Instrument as tho 'Properly."
<br /> BORROWER COVENANTS ihat Bortower Is lawfu�y selzed o1 the estate hereby canveyed and has Ihe right to grant end
<br /> convey the Properry and that the PropoRy is uneneumbered, except lor encumbrances o1 rocord Borrower warrents end wlll� ,_
<br /> defend genernlly the title to the Property against all clauns end domanda, sub�er,t to any encumbrancoo ol record. �
<br /> TMIS SECURITY INSTRUMENT combines undorm covenenta tor natlonal u3o and non•undorm covonnnts with wmtetl �
<br /> varistlons by�urisdktfon to constlWte a unilorm securiry insirument covonng real property , '
<br /> UNIFORM COVENANTS. Borrower and Lender covonnnt end agree as follows. � �
<br /> 1. Paymsnt of Prinafpai and Interest; Prepayment and Lete Chargss. Borrower shall promptly pay when•^ f
<br /> due the principal ol and interest on the debt evldenced by the Note end any prepayment and lote cherges due under the Note. � ._
<br /> 2. Funds for Taxes and Insurance.Sub�ect to appllcabie lew or to n written walver by Lender, Borrower shell pay� I „
<br /> to l ender on the Aay monihly payments are due under the Note. untll the Nole is pald In full.a sum ('Funds') for• (a)yearly
<br /> taxes and assessments which may atteln pModry over thla Security Instrumenl as a hen on the Propeny; (b) yeady Ieasehold� ,.
<br /> ' payments or ground rents on the Property, If any; (c) yearly hezurd or properly Insurence premiuma; (d) yearly tlood insurance •
<br /> � premlums, ff any; (e) yeariy mortgage Inaurance premlums. If eny; and (� eny aums payable by Bonower to Lender In accadance
<br /> with the provislons o(psragraph 8, In Ileu of the payment of mortgage insurance premlums. These items are caYed 'Eacrow
<br /> Itema.' Lender may,at any time, coilect and hold Funds In en amount not to exceed the meximum emount a lender far a „
<br /> federalty reiated mortgage loan may require for Borrawer's escrow account under the federal Real Estate Settlement Procedurea N:u�ry;•;'.
<br /> Act of 1874 as amended irom tlme to time,12 U.S.G.@ 2801 et seq. ('RESPA'), unless another lew thet applies to the funds ,, _,,,�,;-�
<br /> sets a lesser amount. If so, Lender may, at any time. collect end hold Funds In an amount not to excood tha lesser umount. •�•`�"�"'
<br /> Lender may estimete ihe amount of Funds due on the basts of curtent data end reasoneble estlmates of expenditurea of future `
<br /> Escrow Items or othenvise In accordance with nppllcable law. �
<br /> The Funds shall be held In an Instltutlon whose deposits are Insured by a federal agency.Instrumentality, or enlity (including
<br /> Lender, if Lender is such an Instltuqon) or In any Federal Home Loan Benk. Lender shaA apply the Funds to pay the Esorow ;,m
<br /> Items. Lender may not charge Bortower for holdhg and applying the Funds, ennually anelyzing the eacrow accuunt, or verfiying .
<br /> the Escrow Items, unless Lender pays Borrower Interest on the Funds and applicable Iaw permits Lender to make auch a
<br /> • charge. However,Lender may requke Bortower to pay a one-tlme cherge for an independent real estate tax reporting servlce ' '
<br /> used by Lender In connecllon with thls loen, untess applicable law provldea othenviso. Unlesss an agreement Is made or --
<br /> applicahle law requires Interest to be patd, Lender shall not be required to pay Borrower eny Interest or eamings on the Funds.
<br /> Borrower and Lender may agree In wrltlng, however, that Interest shall be pald on the Funds. Lender ahall give to Borrower, y
<br /> without charge, an annual accounting of the Funds, showing credlts and dedis to the Funds and the purpose tor which each
<br /> debit to the Funds was made. The Funda are pledged as addltional security for ali sums secured by tha 3eeurity Inst►ument.
<br /> I If the Funds held by Lender exceed the amounts parmitted to be held by appllcabie law, Lender shall account to Bonower '
<br /> �,'I tor the excesa Funds In accordance wilh the requlrements of appllcabie law. If the emount of the Funds held by Lender at any
<br /> � time Is not sufflcient to pay the Escrow Itams when due, Lender may so notNy Borrower In writing, and, In such ease Borrower �
<br /> � shall pay to Lender the amount necessary to make up the deiiciency. Bortower shall rt�ake up the deftclency in no mwe than •
<br /> �' twelve monthl t 4:=,, t�•�_
<br /> , y peyments, at Lender's sole dlscretion. ,
<br /> � � Upon peyment in tull of all sums secured by thla Security Instrument, Lender shail promptly refund to Bortower any Funds ' �'�• :$j?
<br /> Y y�,'
<br /> held by Lender. If, under paragraph 27, Lender shaN acqulre or sell the Property, Lender, prior to the acquisRlon or sale of the • ;..`,,, __
<br /> Property, ahali apply any Funds held by Lender at the tlme of acqutsftion or sale as s credit agalnat the sums secured by this �► "'. :�.Y-
<br /> _- Sacurity inniiuf�i8��t. •~�' ' �yjt.
<br /> 3. Appilcation of Paymente. Unless appitcable law provides otherwise, aN payments recelved by Lender under �"'!~'�`'�`_.--
<br /> . paragrephs 1 and 2 shall be applled: flrst, to any prepayment charges due under the Note: second,to amounts payable under i� �";�
<br /> paragraph 2:third,to Interest due:fourth,to pdnclpal due;and last,to any late charges due under the Note. �'t'� � ,^
<br /> 4. Charg88; Llens. Borrower ahali pay au taxes, assesaments, charges, flnes and imposftions attributable to the • 't, '
<br /> Property whlch may attain prfority over thls Security Instrument,and leasehold payments or ground rents,If any. Borrower ahall ; �,
<br /> pay these obligatbns In the manner provlded In paragreph 2, or If not paid In that manner, Borrower shail pay them on tlme •`. �° , t
<br /> . dlreclly to the person owed payment. Borrower shell promptly fumish to Lender eN notices of amounts to be pald under thls •r"
<br /> . paragraph. If Barower makes these paymente directly, Bonower shaY promptly fumish to Lender recetpts evldencing the
<br /> payments. —
<br /> Borrower shell promptly discharge any Ilen whlch has pdodty over this Securfty Instrument unless Borrower. (a} agrees In �:�:s�
<br /> writing to the peyment of the obligatlon secured by the Nen In a manner acceptable to Lender, (b) contests In good falth the ��. _
<br /> Iien by, or defends against enforcement of the Ilen In, legal proceedings wh�h In the Lender's opinlon operete to prevent the - '�
<br /> enforcement of the Ilen; or(c) securas hom the holder of the Ilen an agreement seUafectory to Lender subordlnathg the Iien to :,�
<br /> this Securiry Instrument. If Lender determines that any part of the Propedy is subJect to a Ilen whlch may attain pdority over this ��_G.
<br /> Security Instrument, Lender may give Bortower a noUce Identitying the Ilen. Borrower shall satisty the Ilen or take one or more of " .�_
<br /> • the actlons set forth above wfthln 10 days of the giving of notice. e--,
<br /> 5. HaZBrd or Property Insuranoe. Borrower shall keep the Improvements now exlsting or hereafter erected on the . •:..;��,,
<br /> � Property insured agalnst loss by 11re, hezards Included wfthin the term "extended coverage' and any other hazards, Including ,�'t�_��!�:-
<br /> �' floods or ilooding, for which Lender requlres insurence. This Insurance shaM be malntalned In the emounta and for the periods ,��=__�
<br /> �". that Lender requkes. The Insurance carrier providing the insurance shell be chosen by Bortower subJect to Lender's approvai ",i�'�
<br /> � which shall not be unreasonably withheld. If Bonower falls to maintain coverage descdbed above, Lender mey. at Lenders _____
<br /> optlon. obtaln coverage to protect Lender's rights in the Property in eccordance with peragraph 7.
<br /> All Insurance poNcles and renewals shall be ecceptable to Lender and shali Include o standard mortgage clauae. Lender - %'1"�-��`
<br /> shell have the right to hold the policles end renewals. It Lender requlres. Borcower sheU promptly gNe to Lender all recelpts of r�,.�:�w
<br /> pafd promwms and renowal notices. In the event of loss. Bortower shell give prompt nopce to the Insurance carrier and Lender. : =,_'k,,.':�
<br /> Lender may+nake proof of Ioss If not made promptly by Borrower. r." � `� '
<br /> Unless Lender and Bortower otherwise agree In rrriting, Insurance proceeds shell be epplled to restoratlon or repek of the
<br /> Property damaged, It the reatoration or repralr Is economlcelly teaslble end Lender's security is not Iessened. If tho restoratlon or �
<br /> repav is not economicaliy feasibie or Lender's security would be Iessenod. tho insurance proceeds shell be applled to the sums +� .
<br /> secured by this Secudly Instrument, whether or not then due. with any excess pald to Borrower. It Borrower abandons the
<br /> Property. or does not answer wlthin 30 days e notice from Lender that the Insurance caMer has oftered to settie e cialm, then � '
<br /> Lender mey colect ihe insurance proceeds. Lender may use the proceeds to repair or restore the Proporty or to pey sums
<br /> secured by this Security Instrumenl, whether or not ihen due. The 30•day pedod wlll begln when the notice Is glven.
<br /> Unless Lendar and Bortower otherwise agree In writing. any epplicatbn of proceeds to princlpal shail not extend or �
<br /> postpone ihn due dete o( the monthly peyments referred to in paragraphs t and 2 or change the amount of the payments. If �
<br /> under peraqraph 21 the Property Is acqulred by Lentler, Bortower's right to eny Insurance policles and proceeds resulting trom
<br /> damage to the Propeny pnor to tho acquisrtion shall pasc to Lender to ihe extent oi the sums by ihis Secudty �nstrument � �
<br /> immediately pnor to Ihe acquisition. �
<br /> 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan
<br /> � Appl(CBtfot�; Leaseholds. Borrower shall occupy, establish. and use the Property as Bortower's princlpal residence within �
<br /> � sixty days aker lhe executlon o( thls 3ecurlty Instrument antl shalt continue io occupy ii�a ?rvpaiiy na o���vwci'a yii�i�iNni �
<br /> residence lor at least one year after the dpte o( occupancy, unless Lender otherwise egrees in writing. which consent shell not
<br /> be unreasonably withheld,or unless extenuating circumstences exist v+hich are beyond Borrower's control. Borrower shall not G
<br /> � destroy, damage or ImpaU the Property, allow�he Property to deteriorate, or commit waste on the Property. Borrower shell be in �
<br /> default il any todefture acifon or proceeding, whether civil or criminal. is begun that In Lender's good fafih judgment could result
<br /> in toiieiture of the Property or otherwise mateiioNy impair ihe li�n crea�ed by ihis Security Instrument or Lender's security fnterest.
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