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<br /> . ' TOGETHEit W1TH all the improvemeats now or hereafter erected oa the ProPerty'•and aU easements.aPP���•� . . ,
<br /> . . fixtnre.s now or hereaRer a part of the pmperty. A11 replaoements and additions s6all also be oovend by this Security � �
<br /> }i Insuument.All of the foiegoing it refernd to ia this Security Instrument as the"Properry." `"` ` .
<br /> " . � BORROWER COVENANfS that Bonower is laa�fully seised of the esrate hereby canvayed and has the right to grant and
<br /> • -�-_;:r:;;,� coavey the Properry and that the Pmperty is unencumbezed, excePt far encumbrances of rewrd. Borrower warrants and w�1 . • `
<br /> _ ,=:. defead geaeralty the ade to the ProPeriY aga±��c all claims aad demands,subject w any encumbrances of record. �' _ ,; ,,,`�'�'.
<br /> . . �— -_=:_�.
<br /> ' - TEIIS SECURITY INSTRUMEMT wmbines uniform oavenants for nationa!ase and aon-�niform coveaanu with limited� - -- -
<br /> - vaziations by jurisdiaion to consatute a anifoim secauity inswment covering real property. � :�.;_:Y,�:t;,;-•`�:�."E.':
<br /> � `` , UNffORM COVENAM'S.Bomower and I�ender coveaant and agree as foltows: whea due th� `
<br /> , • 1. Ps3rme� of Prindps!and Iater�t;PcePaYment and Late Charges. Bormwer sha}1 pmmP�Y PaY .
<br /> - . � . principal of and interest on the debt evidenaed by the Note and anY P�PaY�t and late�karges due under the Note. � �. . . �.
<br /> . • 2.Fandc for Tases and Tnsmauce.Subject to appHcable law or to a written aaiver by I.ender, Borrawer shall PaY ta� f ��; ��
<br /> _ ' � I�eader on the day monthly paymeoB aie dae under the Note,until the Note is paid in fiill.a snm('Funds')for.(a)Yearly taxes� � °- ! _�;:���
<br /> . °'s' ead ;—
<br /> = .� .;, and ass�a,n�,t�wlucb may attain priority over this Securiry InstNment as a lien on the PropenY: (b)Yearly leasehotd paymeats� . r„_,_:.
<br />_ : ' . or ground rents on the Property,if any;(a)Year1Y hazard or pmperty insurance premiums;(d)Year1Y Aood iasurance premiums,� • �„�_--
<br /> • � if any;(e)Yeaz1Y mortgaSe insutaase premmms.�f�my;and(�anY sums Payabie by Borrower to Lender.in accordance a+ith , �
<br /> 1'` _ . • •� ` the pmvisions of paragraph 8,in tieu of the payffit of morcgage iasu:ance premiums.These items are called°Fscmw Items." , .
<br /> • • � I.ender u�ay,at any time, collecx and hold Fimds ia an amouat not to e�d ths maximum amount a lender for a federaUy . � -
<br /> • 4�« ' related mortgage loan may require for Bornnwer's escrow acoouut ander t�e fedecal Real Fstate Settl�Pmcedums Act of � -
<br /> r � `. ;._..
<br /> 1974 as amended from cime[o time, 12 U.S.C.Section 2601 et seq. ("RFSPA').untess another law tLat app2ies to the Funds • .;.'� • ____-
<br /> � - sets a lesset amoun� If so,l.ender may,at anY time.collect and hold Funds in an amount not to exceed ths lesser amount. '� ��•.��.�,.==:
<br /> ' � r ��` , Lender may estima[e the amount of Funds duc on the basis of curcent data and reasonabte estimates of expeuditu�es of futurz � �•` . �-_�`-
<br /> Escrow Items or otheru�ise in accordance with applicable law. _.���: '.°�-
<br /> � �� The Funds shalt be held in an instituaon whose deposiu are insaied by a federal agency, insm�mentality. or entity �-��--
<br /> , _; �" (including Lender,if I�ender is such an institurion)or in a�r Federat Home Loan Bank.lRader shall apPly the Funds[o pay the � y�, -�
<br /> ._ • ,. � . - :' Fscrow Items.Lender may not charge Borrower for hotd"mg and appIying the Funds,anauallY analYzia�t�e escraw account,or .._.�:,.,_. ---
<br /> � `4 verifying the Escrow Items,unless Lender pays Borrower interest on the Fuads and applicable law permiu Lender to make snch '�•�="�"�'
<br /> :; L , .,;�-.
<br /> • � a charge.However,L.ender may req�ire Borrower to pay a one-time ctuarge for an iadependent real estate tax regortiag servicc r,,��
<br /> ,:�Y ased by Lender in conneaion with this toan, anless applicable law provide.c otherwise. Unless an agtcement is made or 'S�`.:-=
<br />.:'`- � . . . applicab2e law requires interest to be paid,Lender s6all not be requized to pay Bo:mwer any interesc or eamings on[he Fands. , =-
<br /> • ',..•�`; Bosrow�er and Lender may agree in writIng,hawever,that interest shaU hs paid on the Funds. I.esder shall give to�osower. ;�_,�• _�:�°:
<br /> without charge, aa annual accounting of the Funds,showing credits and debiu to the Funds and the putpose for w�icb eaeh :^ �A--;
<br />;;`, • : debit to the Funds was made.The Fundg are pledged as additional securiry for all sums seaued by this Security Instn�ment• , `:� -
<br /> :-�.�.
<br /> • : If the Funds held by Lender exceed the amounts permitted to be held bY apPlicabte law,Lender shaU aa�unt to Bosrower ,�• ;:•`` .L_�
<br /> � � .�= for the excess Funds in accordance with[he requirements of applicable law.If the amount of the Funds held by I.ender at any `._:'__�__
<br /> , time is not sufficient to pay the Escrow Items wheu due,Lender may so noflfy Borrower in writing,and,in such casE Boaoaer � .;;`,,,•�,�_-
<br /> � ., shall pay to Le�nder the amount necessary to matce up the deficiency. Borrower shall make up the deficiency in no more thaa ;::;r.r=�-:;1,
<br /> �., w..•>.
<br /> •��, � twelve monthly paymenu,at l.ender's sole discretion. •r, ,` �-'"•'�;'.
<br /> • . - , Upon payinent in fuU of all sums secured by this Security Insuument, Lender shaU promptiy refimd to Borrower aay �
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<br /> ne
<br /> . ,. Funds held by l.ender.If.under paragraph 21.i.ender shall acquire or sell the Praperty,Lender,prior to the acquisition or sale � ..:�_..r
<br /> � � of the Property.shall apply any Funds held by Lender at the time of acqu[sition or sale as a credit against the snms secured by r ...� '� • "'�"�-
<br /> --- - -•- -- - this Securiry Instrumeae• --- � ,��.
<br /> � ' 3.Application of P�ymeats.Un2ess applicabie law proeides othetwise.all paymenu received by I.ender under paragraphs . • , ;
<br /> � . , •,, 1 aad 2 shall be app".ied: first,to any prepayment charges due under the Note;second,to amounts payable undcs paragraph 2;
<br /> • �'; third,to interest due;fourth,to principal due;and last,to any late charges due under the Note.
<br /> ". � � ` 4.Cha�ges;Liea9. Boaower shall pay all ta�ces.assessments, charges. fines and imposidons attributable to[h�Property . . ;'._ , `;
<br /> •_ .� � •� � which may atta�in priority over this Security lnsuumcnt,and leasehold payments or ground rents, if any. Borrower shall pay
<br /> these obligations in the manner provided in paragraph 2,or if not paid in that manner,Borrower shall pay them on rime directIy •
<br />, � • � to the person owed payment.Bonower shall promptIy fumish to Leader all notices of amounts to be psid under this paragrapb. ,
<br /> � - If Borrower makes these payments directly.Bonower shall promptly fumish to Lender receipts evidencing the payments. .��• . •
<br /> .� � � Borrower shall prompdy discharge any lien which has priority over this Security lnsuument unless Borrower:(a)agrees in .
<br /> ; writing to the payment of the obligation secured by the lien in a manner acceptable to Lender,(b)conrests in good faith the lien
<br /> ` by. or defends against enforcement of the lien in, 1ega1 proceedings w6ich iA the Lender's opinion operate to prevent the
<br /> ' � � � { enforcement of the lien;or(c)secures ftom the holder of the lien an agreement satisfactory to I.ender subordinating the lien to �
<br /> � .; this Security instnunent. If Lender determines that any part of the Properry is subject to a lien which may attain prlority over • . • �
<br /> • � '4 this Security Instrument. Leader may give Borrower a notice identifying the lien.Borrower shall satisfy the lien or take one or � _ - -
<br /> ' more of the actions set forth above within 10 days of the giving oF notice. . . .
<br /> ' , Farm 3028 9/90 '
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