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<br /> � Bonower covenunta that Horrower is law[ully seiaed of the estatc hereby conveyed and has the right to _ -
<br /> grant and convGy the Properry, and that the Properry is unencumbered. except for encumbrances of . :, :
<br /> record. Borrower covenauta that Honower wArrants and will defend generally the tltle to the Property ,� -
<br /> ' against all claims end demands,subject w eacumbrances of record.
<br /> UNIFORM COVENANTS.dartower and Lender covenant and agree as follows: -
<br /> 1. Payment of Priaclpal and Wterest.Horrower shall prompdy pay when due the pdncipal and interest _,
<br /> indebtedncss evidenced by the Note and late charges as provIded in the Note. __
<br /> � 2. Fuads tor Taxc�and Insurance.Subject to applicable law or a written waiver by Leader.Bonower , , --._
<br /> ahall pay to Lender on the day nnontWy payments of princip�aio ione-twelfthp f the earlr taxes and ' ``�.�
<br /> + . until the Note is paid in full, a sum (herein "Funds") eq Y Y , . ' �. .
<br /> assessments (including condominium and planned unit dev�lopment assessments. if any)which may attaiu '..;y_..a.,
<br /> prlority over this Deed of Trust. and graund rents on the Property. if any,plus one-twelfth of yearly �� .;�N---
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<br /> premium installmenta for hazard insurance.plus one-twelfth of yearly preialum installments for mortgage � �� .,., .
<br /> insurance, if any, aU as reasonably estimaced initially and from time to tlme by Lender on tbc basis of _
<br /> assessments and bille and reasonable estimates thereof. Borrower shall not be obligated to make such � . -
<br /> payments of Funds to Leader to the extent that Borro�ver makes such payments to the holder of a prior � ��=
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<br /> mortgage or deed of uust if such holder is an insdtuuonal lender.
<br /> . If Borrower pays Funds to Lender, the FY�nds shall be held in an insdtution the deposits or accounts of .,i:s.;„_,.
<br /> which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an ,;; _
<br /> � � insdturion). I.ender shall apply the Funds to pay said taxes. assessmeats, insurance premiu►ns a�►d ground , _�;��
<br /> : rents. Lender may uot charge for so holding and applyiug tne�nds,analyzing said account or verifying •��
<br /> �� . and compiling said assess�eats and bills, unless Lender pays Borrower interest on the Flinds and �`
<br /> �:.,�.w;;� �
<br /> �, appllcable law perrnits Lender to make sucb a charge.Sorrower and Lender may agree in wddng at the '�� �. =-
<br /> � drae of executioa of tiva Deed of Trust that interest on the Funds shall be paid to Boaower.and unless � __
<br /> such agnement is made or applicable law requires such interest to be paid, Lender shall not be requlred to
<br /> - pay Buni,wer auy utU-"rc�t � �si�8�aa�Fu�s• L'-'�"s°hall give to Borrower,without charge. an _
<br /> � umual accounting of the Funds sbowiag credits and debits to the Funds and the purpose for which each
<br /> debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this _
<br /> Deed of Trust. -
<br /> • If the arnount of the Funds held by Lender,together with the future manthly installments of Funds ,
<br /> payable prior to the due dates of taxes,assessments,insurance premiums and ground rents,shall exceed '=
<br /> the amount re,�uired to pay said taxes,assessments,insurance premiums and ground rents as they fall due, �
<br />_ �>� such exr,ess shallbe,at Bomower's optlon,either promptly repaid to Borrower or credited W Borrower on ��R_
<br /> monthly installments of �nds. If the amount of the Funda held by Lender ahFill not be eufficient to pay .�:
<br /> ` � � taxes, assessments, insuraace premiwns and ground rents as tliey fall due,Borrower shall pay to Lender -- _
<br /> any amount nec^ssary to make up the deficiency in one or more payments as Lender may require. _�,�
<br />_ UpoA payment in full of all sums secured by this Deed of Trust,I.ender shall prompdy refund to �� =
<br />';;`� ,:�• . Boaower any �ads held by Lender. If under paragraph 17 hereof the Property ia sold or the Property is
<br /> --•� .t••; otherwise acquircd by Lender, Leader shall apply, no later than immediatcly prior w the sale of the �
<br />- - • Property or its acquisidon by Lender. any Funds held by Lender at the dme of application as a credit ��_�
<br />:;,;� . against tLe sums aecured by t2tla Dced of Trust. �II payments received by -
<br /> - � 3. Applica�fon oi Payments. Unless applicable law provides otherwise.
<br /> _. Lender undef the Nate and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of � i
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