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<br /> • UNIFOitM COVENANTS. Borrower and Lsader covenant and ag�ee as foltov�s: F� , , .
<br /> � l. Paymeni of Frindpal aad intesrst;Pcepaymentaad Late CLarges. Bormwer shall promptly pay when due the � .
<br /> ' • , " priacip a l o f au d interest on t he de b t evi d e n ce d by t he No re a n d a�r p re p a y m e n t a a d l a t e c h a r g�s d u e i u t d e r[h e N o t e. `, <i�`• :-'�'
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<br /> -- - �' �� Z. ��f�Taxe�az�dI�aacc.Suh�ct ta aggli�tlsle 2a�.�or tQ a�:zitteie t�raiver by Lender,BorrQwer�hal�pay t� _-- � -,- .- _-
<br /> � ` � Lender on the day monthly payments are due under the Note.natil the Note is paid in full,a sum('Funds°)for.(a)yearly < � �
<br /> �t � _ ' � taxes aad assessments which may anain priority over this Seciuity innmmeat as a tien on the Property;(b1 Yearly leasehold ,._ ;
<br /> ., payments or gronnd renu on[he Property.i€any:(c)Yearly hazard or properry insurance premiums: (d)Yearly flood �.
<br /> ; "`. _�?`- � insurance premiwus. if any; (e)Yearly mortgage insurance premiums. if any:and (�any sums payable by Borrower to __ . ,-.
<br /> � - -; -- . _- ' Lxnder.in accordas�se with the provisions of paragraph 8.in lieu of the paymeut of mortgage insurance premiums. '[bese --:-=-��`_``-; _.--
<br /> �. i irems are called'Fscrow Items.' Lender auy,at aay time.collect and kold Funds in an amount not to exceed the maximum � `` ,-
<br /> . Gla..
<br /> , - amouat a leader for a federally celated mongage ioaa may requirz for Borrower's escrow acconnt under the fedetal Real • ,
<br /> • . `� Estate SetQement Procedures Aa of 1974 as amen+ded from ame to time, 12 U.S.C. §2b01 et seq. ('RESPA"?.unless ,: � ' � .• �
<br /> , l . ._ � � another law tbat appties to the Funds sets a tesser amouat. tf so, Lender may,az aay ame.collea and hold Funds in an :` ° '; �"
<br /> atnoun[aot to exceed the lesser amount. Lender may esumaze the amount of Funds due on the basis of current data aad �� •.�T'''
<br />_ . , • '; � reasonable esamates of expendinues of future Fscrow[cems or ottternise in accordance with applicabie law. `.���.�.._.'
<br /> ._ , , : � The Funds sdafl be held in aa iastiturion whose deposits are insured by a federal agenry,instromentality.or entity } .
<br />- (including Lender,if l.ender is such an ins6tution)or in any Federal Home Loan Bank. Lender shall apply the Funds to `" - '
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<br /> ' , pay the Escrow items. I.ettder may not charge Bornower for holding and applying the Fuads,annually analyzing the escrow : t' ,'�. ��.��_
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<br /> ` � atxount,or verifying the Fscrow Items, unless Lender pays Boanwer incerest on the Funds attd appIirable law permits _
<br /> � � : � Lender to make such a charge. However,Lender may require Borrower to pay a one-time charge for an independent real - � . __ --
<br />- ' � estate tax reporting service used by I.ender in conne�don with this loaa,unless applicable law provides otheiwise. Unless an . � �_.�."�.;�,�1-_-
<br /> ' . � agreement is made or applicable taw requires interest to be paid,Lender shal!not be required to pay Borrower any interest or :":�'��"`_
<br /> ' • ' eazaings on t6e Funds. Borrower and Lender may agree in ariting,however,that interest shall be paid on the Funds. .� t:-���.
<br /> '� ' Lender shall ve to Borrnwer,wiihout ch e,an anaual accountin of the Funds,showin ccedits and debiu to the Funds °f'—
<br />. _ P� ar8 8 8 . ,E.,�•�
<br />� �, � - and tlze putpose for which each debit to che Fuads was raade. The Funds are pledged as additional security for all sams ___��,-X} �_=
<br /> � ,• .��'� secured b tbis Securi Instrument. ''.'�"` '
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<br /> •. ;;.� If the Funds held by L.ender eaceed the aznounts pemutted to be held by applicable law, Lender shall account to ' :..�,•�.,:,`...c�;.-:
<br /> Borrower for the excess Funds in accordance with the requiremeuts of applicable law. If the amount of the Funds held by �.:�:�� = f •:, r.
<br /> � b.%�2H:-
<br /> . . . _:..,_, . . Lxnder ai any time is not sufficient to pay the Escrow Items when due,Lender may so uotify Borrower in writing,and�in , �, �_
<br /> ` sucb case Borrower shall pay to l.e�er the amouat necessary to make up the deficiency. Borrower shall tnake up the .''r.��:a-
<br /> ' � deficien u�no more than[welve monthly pay�nenu,at Lender's sole discretion. ,:;,,_'f A.T� —
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<br /> .. . Upon paymeat in full of all sumg secured by this Security Insnument.i.ender shall p�omptty cefund to Bormwer a�+ � •';�;,..I�,�..:__
<br /> � " " • � Funds held by Leadet. If.under paragrapb 21.Lender shall acquire or sell the Property,Lender,prior to the acquisition or - �- �
<br /> � � sale of the Property, shall apply any Funds Iseid by Len der at[he t i me o f acquisition or sale as a credit against the sums � ' , ����_
<br /> - • . secured by this Security Instrument. '�.`� ��__-
<br /> � � 3. Application of Payments. Unless applicable!aw provides otherwise, all payments received by Lender under ' ��`'�`
<br /> hs 1 aztd 2 shall be lied:first,to an r yment char es due under the Note; second, to amounts able '�•'�`�'o-
<br /> P�aP aPP� Y P� B PaY � ::,�:-.°
<br /> . under paragraph 2;third.to iateres�due; fourth,eo prine�pat c4�e;and last.to any late charges due under the Note. ,; '. �� ��
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<br /> . 4. Charges; Ltens. Borrower sha11 pay all taxes, assessments. charges,fines and impositioas attributable to the : �;�+��.�`?�
<br /> • , . � • Property �vhich may attain priority over thls 5ecurity Instniment. and leasehold payments or ground renu, if any. . � �y;�;�;,>_
<br /> . � � . ' Bomower shall pay these obligations in the manaer provided in paragraph 2,or if not paid in that manner.Boaower shall �'-�':"��'�_
<br /> '` pay them on cime directly to the person owedpaymeac.Bonower shall promptly fumish to Lender all notices of amaunts to be . :ar•:`-=:
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<br /> ... paid uader thls paragraph. If Borrower makes these paymenu directly.Boaower shall promptly fumish to Lender receipis . ��fi--
<br />_ � � evidencing the payments. ' ' ,{
<br /> ��.' � � Borrower shall promptly dischazge aay lien whicd has priority over this Security lnsuumeat unless Borrower. (a) ••'•�• � ':'�
<br />_ ' agrees in wriring to the payment of We obligation secured by the lien in a manner acceptable to L.ender;(b)contesu ia good � ;��.
<br /> ' � faith the lien by.or defends ag�nst enforcement of the lien in,legal proceedings whicb in the Lender's opiaioA operate to . :�'��r'
<br /> �- .. � . prevent the cnforcement of the lien; or (c) secures from [he holder of the lien an agreement sadsfaaory [o Lender '�'',:;,.;l.µ;_;
<br /> _.,
<br /> • subordinating the lien to this Security Instrument. !f Lender determines that any part of the Property is subject w a lien . 'r,r � -
<br />" - • "--� ' which may attain priority over this Security Instrument.L.ender may g�ve Borrower a notice identifying the lien. Borrower �= .: -� " ° -
<br /> '�:; ' �. , shall satisfy the lien or take one or more of the actions set forth above withia 10 days af the giving of notice. � . •,
<br /> . , � S. gla7ardor Properiy Ir�urance.Borrower shall keep the improvements now eaisting or hereafter erected on the ' . ,, :.�
<br /> , � Property insured against toss by fire, hazards induded within the term "eMereded coverage" and any other hazards, . . .-,�,::
<br /> " . including t2oods or flooding,for w:�ich L.ender requires insurance. This insurance shall be maintained in the amounts and �.<;:;,•• ..
<br /> . , for the periods that Lender requir�s. The insurance carrier providing the insurance shall be chosen by Borrower subject to •''"" ..
<br /> Lender's approval which shall not be unreasonably withheld. [f Boaower fails to maintain coverage described above. • " .
<br /> ' Lender may.at Lender's option,obtain coverage to protect l.ender's rights in the Property in accordance with paragraph 7. � • � . .
<br /> ` A11 insurance policies and rene�vals shall be acceptable to l.ender and shall include a standazd mortgage clause.
<br /> • • Lender shall have the right to hold the policies and renewals. If Lender requires,Borrower shali promptiy give to Lender '. .t��;:
<br /> � all receipts of paid premiutns ar.d renewal notices. In the event of loss,Borrower shall give prompt notice to the insurance .
<br /> �''�`'" carrier and Lender. Lender may make proof of loss if nat made promptty by Borrower. ' . .
<br /> Unless Lender and Bonower othenvise agtee in writing,insurance proceeds shall be applied to restoration or repair of • ,
<br /> � the Property damaged. if the restaration or repair is economically feasible and Lender's securiry is not lessened. Jf the . , .
<br />- . restoration or repair is oot economically teasible or Lender's securityqyvoutd be lessened.the insurance proceeds shali be � .
<br /> applied to the sums secured by ihis Security lnstrument,whether or fibt t}ilh+!$ue,�with any eacess paid to Borrower. lf
<br /> �. Horrawer abandons the Properry, or does not answer within 30 days a notice from Lender that the insurance carrier has � • �
<br /> offered to settle a claim,then Lender may coltect the insurance proceeds. Lender may use�he proc.eeds to r�pair or restore �
<br /> -- ' the Property or to pay sums secured by this Security lnstrument. whether or not then due. The 30-day period will begin
<br /> ' when the notice is given. ' .
<br /> � Unless l.ender and Borrower otherwise agree in writing,any applieation of proceeds to principal shall not eatend or
<br /> postpone the due date of the monthly payments refened[o in paragraphs 1 and 2 ar change the amount of the payments. If
<br /> ' . . under paragraph 21 the Propeny is acquired by Lcnder.Bonower's right to any insuranee policies and proceeds resulting �.
<br /> - . from damagc to thc Properry pnor to thc acquisition shall pass to Lender to the extent of the sums secured by this Security - � �
<br /> Instrument immediately prior to the acquisition.
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