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<br />- � �. �'OGETHER WI'['H all the improvemenu now or hereafter erected on the property.and all easements.appurtenances.and , . � ,
<br /> � . •- fixtura aow or hereafter a pars of the pmperty. All replaoements and additions shall also be covered by this Security � . '•� ".`
<br /> � Insu�emeat.A!1 of the foregoing is referred ro in this Seairity Inst:ument as the"Property." -
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<br /> BQRROWER COVENAT�TS c6at Eormwer is la�vfully seised of the est�te hemby conveyed and has the right to grant and , .. •
<br /> `����;�� convey the Property and that the Property is unencumbered. except for encumbrances of record. BorroN+er wartants and witl ;
<br /> defend generally the tide to the Property against all claims and demands,subject to any enc�mbn�nces of record.
<br /> ��'l `- THIS SECtIitITY II�ISTRUMENT combines uniform covenants for national use and non-unifarm covenanu with limited _
<br />_ ,. ; � variauons by jurisdiction to rnnstitute a uniform security inswment covering mal property. ` 1 .:�.�
<br /> LIMFORM COVENAN7'S.Borrower and Lender covenaat and agree as follows: _
<br />_ -• , . . � 1. Faymeat of Principal and tnterest; Prepayment and Late C6arges. Bomower shall promptly pay when due the - .
<br /> �- - - _ prinripal of and interest on tke debt evidenced by the I6tote and any prepayment and late charges due under the Note. . _ : � �-
<br /> _ - 2.Fwtds for Taxes and I�surance. Sublecc to applicabte law or to a written waiver by Lender.Borrower shall pay to ',: 4�: .°
<br /> , . � Lender on the day monthly payments are due under the IJote,until the Note is p�id in full,a sum("Funds")for.(a)yearty taxes �,,�:,.
<br /> r ' and assessments which may aaain priority over this Security Insmunent as a lien on the Prnperty:(b)Yearty leasehotd payments . �,.;;_.-��
<br /> ,. <`� flood insurance premiums. ': `, ,• .
<br /> or ground renu on the Property.if any:(c)Year1Y hazard or property insurance premiums;(d)YearlY �,r - --
<br /> . , if auy:(e)yc�rtY mortgage ins�rance premiums. if any:and(fI anY sums payable by Borrower to I.ender.in accordance with _�
<br /> . r�� _��;.` ,
<br /> the provisions of patagraph 8.in lieu of the payment of mortgage inSUrance premiums.These items are ralled"Fscrow Items_" >_,: .. _ _
<br /> � Lender may, at any time,collect aud hold Funds in an amount not to exceed the maaimwn amount a lender for a federally . -
<br /> J' z•. ' related mortgage loan may c+equise for Bormwer's escrow account under the federal Real Estate Setttement Pracedures Act of • -_- _
<br /> r :.;`r 1974 as amended from time to tune. 12 U.S.C. Section 2601 et seq.("RESPEI"). nnless another law that applies to the Funds _ _
<br /> ���; sets a lesser amoun� If so, i.ender may. at any time.collect and hold Funds in an amount not to exceed the lesser amount. _. _
<br /> �' Lender may estimate the amonnt of Funds due an the basis of current data and reasonable estimates of eapendiwres of future �.e
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<br /> �f�y Escrow Items or otherwise in accordance with applicabte law. �
<br /> • • �•''°f� 'i'he Funds shall be held in an institution whose deposits are insured by a federal agency. instrumentality. ur entity ` ��«;:;�,
<br /> • .1.•;: . ' ' . `�'.;;�;,_,
<br />.= t;>= (including I.ender,if Lender is such an institution)or in any Federal Home Loan Bank.Lender shall apply the Funds to pay the ; � ,..:��t_==
<br /> l • " '' Escrow ltetns.Lender may not charge Borrower for holding and applying the Funds,annuslly analyzing the escrow account,or � �,,�r.=_
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<br /> • ' verifying the Fscrow items,anless I.ender pays Borrower interest on the Funds and applicable law permits Lender to make such ,': :�,�;�,.
<br /> ._, ! • • ���;
<br /> '" a charge. However,Lender may require Borrawer to pay a one-ame charge for an independent real estate tax reporting service .,. -:_��_
<br /> �� • . `.� !,";���; used by Lender in connertion with this loan, unless applicable law provides otherwise. Unless ar► agreemeat is made or ��
<br /> �• .. '--��_
<br /> '" applicable law requires interest to be paid.Lender shall not be required to pay Borrower atry interest or eamings on the Funds. •,1, ;_ __ ___
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<br /> ' • Borrower and Lender may agc'ee in writing,however,that interest shall be paid on the Funds. Lenber shall give to Borrower. ; :-�,•..;,.._�_
<br /> � • ' `� without charge, an annual accounting of the Funds, shawing credits and debits to the Funds and the purpose for which each '•. t: �;ri:=—
<br /> . ,:i, . :: ��:e:
<br /> ` . t��°�.: debit to the Funds was made.The Funds are pledged as additional security far all sums secured by this Security Iastrument. �,_
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<br /> If the Funds hetd by Lender exceed the amounts perrtntted to be held by applicable law.I.ender shall account to Borrower +'.-�_.—_
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<br /> � - -�� for the excess Funds in accordance with the requirements of applicable law. If the amoant of the Funds hetd by Lender at any __
<br /> . � time is not su�cient to pay the Escrow Items when due.Lender may so notify Borrower in writing.and,in such case Bormwer � �°Y'��.
<br /> ' " , : � • shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the def►ciency in no more than ; ' ���_,
<br /> � •� � `' twelve monthly payments.at l.ender's sote discretion. �,;��
<br /> � ��.,';.�� Upon payment in feill of all sums secured by this Security Inmument. Lender shall promptly refund to Boaower any . • �;��
<br /> �:_.
<br /> � • � •:;�••�`� Funds held by Lender.If,under paragraph Zl,Lender shaU acquire or sell the Property,l.ender.prior to the acquisition or sale .:`�_
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<br /> of the Property,shall apply any Funds held by Lender at the time o f acquisition or s a la as a cr e di s a g a i n s t t h e s u m s s e c u r e A b y � , .��
<br /> . this Security Instrument. .. .,. �
<br /> � �. `' 3.Application of Payments.Unless applicable law provides othenvise.atl�paymenu received by Lender under paeagraphs -;{ ., •.
<br /> ,.�::�r,`_
<br /> . � �� • � 1 and 2 shall be applied: first,to any prepayment charges due under the Note;second,to amaunts payable under pacagraph 2: .' .;,._;.,,
<br />° �• � ; third,to interesa due;fourth,to principal due:and last,to any late cha.�es due under the Note. . . . -` ",'
<br /> � � � 4.Charges;Liens.Borrawer shall pay all taxes,assessments,charges, fines and impositions attributable to the Property ;.' .; . _:�_�;�
<br /> , . .. � � whicb may attain prioriry over this Securiry lnstrumeat, and leasehold payments or�round rents. if any..Borrower shall pay ,f;;,:. ,� _
<br /> � • _ th�se obfigations in the manner provided in paragraph Z,or if not pai d in t hat manner.Borrower s h a l l p a y t h e m o n t i m e d i r e c t l y ;�';•ti-:• '�
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<br /> � .. to the persoa awed payment.Borrower shall promptly fnmish to l.ender all notices of amounts to be paid under this paragraph. �
<br /> � If Borrower rr�akes these payments directly.Borrower shall promptly.�.�mish to I.ender receip�s cvidencing the payments. .
<br /> . .. � Horrower shall promptly discharge any lien which has priority over this Securiry Instrument unless Borrower. (a)agrees in , . ,
<br /> ' '; � `� ' � w•riting to the payment of the obligation secured by the f:en in a manner acceptable to Lender;(b)contests in goad faith the lien . . .
<br /> . by. or defends against enforcement af the lien m. te�al procee�iings which in th: L.ender's opinion operate to prevent the .
<br /> ' � enforcement of the lien:or(c)secures from the holder of the lien art agreement satisfactory to L.ender subordinating thc lien to . . .
<br /> ' • .. ' this Security lnstrument. If Lender determines that any part of the i'roperty is subject to a lier►�sfiich may attain priority over • •
<br /> • � this 5ecurity lnstrument. Lender may give Barrower a notice identifying thc lien. Borrower shall satisfy thc licn or take one ot . . .
<br /> more of the actionti set fonh ttbove within 10 days of the giving of notice. � . '
<br /> . Fo�m 3028 8l90 �
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