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<br /> • . TOGECHER WITH all the impmvements now or hereafter encted on the progerty.and all easements. aFPurteaances.and ` , ' .
<br /> . � fiat�res now or haeafter a pan of the propesiy. All reptacements and additions shall also be covered by this Securiry � ���c ('
<br /> • Instrument.All of the foregoing is referred to in this Security Instniment as the'Pruperty.' . .
<br /> BORRO�VER COVENANTS that Boaower is lawfully seised of the estaze hereby couveyed and has the right ta grant and - _ - , .t ...
<br /> -'- " - . wnvey the Property and that [he Pruperty is unent�mbe�ed•except for encumbrances of record. Borrower wariants and will - -_- _i_y -,-
<br /> • . defend gweralty the title to the Property aa�all claims and demauds.subject to any encumbrances of record.
<br /> ' THIS SECUKITY INSTRUMENT combin�s�°�COV��for national use and aon-uniform covenanu wi'th limited ,
<br /> , � . � variations by jurisdiction to oonstitute a uniform suurity instrument covering real piaperty. . . ,.. '
<br /> � ` UNIFORM COVENANTS.Borrower and Leader covenant and agreE as follows: w���� . .
<br /> � 1. Faymeut of Frincipai and I�rest; Pr�ePaYment a�d Late Charges. Borrower shall pmmptlY PaY . .-'.
<br /> • . prinCipal o f a n d�interest on the debt evidenced iry the Note and anY P�PaY������due uader the Note. .. �•'`�•I..
<br /> �-�• ti�?.• �:..�r�
<br /> � Z.Fands for Taxes aad Iasarance.Subjecc to applicable law or to a written waiver by Lender.Bmmwer shall pay to •,.t ..
<br /> - . I.e n d e r on the da y monthl Y P a y l a e nu are due under the Note.until the Note is paid in full,a sum("�unds'D for:(a)yeariy taxes . �•- _
<br /> and ossessments which may attain priority over this Security Insttumsnt as a lien on the Property;N)Y e a r Iy l e a s e h o l d p a y m e n t s f'+:.:_.w c-._
<br /> . � or ground reats on the Pcoperty,if anY:(�)Y�Y�or properry insurancc premiums;(d)Year1Y flood iasurance premiums, �'•`�=�.v J
<br /> � if aay;(e)Year1Y mortgage insurance premm�, if any;and(�anY sum.s Payable by Borrower ta Lender,in accordance arith ..'r
<br /> . • , the provisions of paragraph 8,in tieu of the payment of mortgage instuauce premiwas.These items ue calted"Fscrow Items.' ;;
<br /> ' � ',,,� I.ender may, at any time.callect and hold Fuads in an aa►ount not to exceed the maximum amount a tender for a fedeially ..,`/:-_=--_
<br /> • � - Tclated mortgage to�may require for Bomuwer's escrow account under the federal Real F.state Settlemeni Procedures Act of _ ;:{...__
<br /> � -- 1974 as amended from time to wne. l2 U.S.C.Section 2601 et seq. ("RESPA"),unIess aaother law that applies to the Fimds _.'_.-;-,•- .i_��_
<br /> sets a lesser amnuat. If so, I.eader may, at any time,collea and hold Funds in an amount not to exceed the lesser amount. , .�`�__
<br /> l,epder may estimace the aanount of Fuads due oa the basis of curreat data and reasonable esaraates of expenditures af future � .. , ° ��-.��'
<br /> . . Fscrow Itemg or otherwise ia accordance with applicable law. , ��".'.. '` '-
<br /> � The Funds shall be held in aa institution whose deposits are iasured by a fedecal agencY.instnimentality, or enary '' 5.�;;��;
<br /> � . •� (iacluding Lender,if Lender is such an instimtion)or in any Federal Home Loan Bank.Lecuder shall apply the Fuads w pay the ` -•� • .;t:
<br /> . : �aw�.lxader may not charge Bonower for holding aad applying the Fnnds,aunually analYzing the escr°w acc°unt,or „•-�
<br /> ,�{ ��Y�S the Escrow Iterns,unless Lender pays Borrower interest on the Fuads aad appiicable law permiu l�ader to malce such , � _., f;
<br /> , a charge.However,L�nder may require Borrower to pay a one-time charge for an indepeudent real estate tax reP°�S service ,_
<br /> ;'��. used by Lender in connectiqn arith this loan, unless applicable law provides othervvise. Untess an agreement is made or ��'�.:� ,�'.
<br />, � � ` applicabls law requir+es interest to be paid,I�ender shall not be required to pay Borrower any interest or earnings on the Fuads. "
<br /> , , •:; Borrower and Lender maY agree ia'�i�°g•however.that interest shail be paid on the Funds.Lender shall give to Borrower.
<br /> . without sharge, an annual account�of the Funds, showing crediu aud debits to thP�un�s aad the purpose for whicix eacl� � ;.�: �
<br /> -- .�� ' _ debit to the Funds was made.The Funds are pledged as addiaonal securiry for all sums secured by this Securiry Iastnus►ent• . , .
<br /> � � ` If the Fuads held by Lender excced the amounts permitted to be held by applipble law,l.ender shall accovnt to Borrower .. .��;;�_
<br /> � . ...«,
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<br /> for the excess Funds in accordance with the requirements of applicable taw.If the amouut of the Funds held by l.ender at aay . :� �-: ,z
<br /> time is r.�t sufficient to pay the Escrow Items when due.Lender may so notify Borrower ia writing,and,in such case Borrower � - g..;
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<br /> '� s h a l l p a y t o l.e u d e r t h e a m o n nt n e c e s s a r y to ma2ce up the deficiency.Bonower st�all make up the deficiency in no rcore tban _ _ � ;��.�.
<br /> � . twelve monthly payments,at Lender's sole discretion. . '3--�
<br /> . Upon payment in tu11 of all snms secured by this Securiry Instnunent. Lender shall promptly refund to Borrower any ' ' -�...
<br /> � . • � Funds hetd by Lender.if,uader paragraph 21,Lender shall acquire or sell the Property.Lender,prior ca zhe acquisition or sale ���
<br /> � f the e .shall apply any Funds held by Lender at the time of acquisiuon or sale as a credit agau�st the sums secured by �::.:�,
<br /> . o Prop nl+ :,
<br /> this Se..^uriry instcument. _ . .. ,� .
<br /> ' . -:..' 3.Appltcation oY Payments.Untess applicable law provides otherwise,all payments received by Lender under paragraphs . . . :c,;..�;..
<br /> ' 1 and 2 shall be applied:first.to any prepayment cha:ges dae under the Note; second,to amonnts payable under paragraph 2; � '7.� . .
<br /> ' ° third,to interest due;fourtb.to principal due:aad last.to any late charges due under the Note. . .��r ..
<br /> • � � 4.Cha�ges;Llens.Borrower shall pay all taxes,assessments,charges,fines and impositions attn'butabte to the Property
<br /> � � which may attain prioriry over this Security lnstrument. and leasehold payraents or gmund rents,if any.Borcower shall pay . : . .. ' � �
<br /> . � these obligations in the manner provided in paragraph 2.ot if not paid in that manner. Borrower sha11 pay them on rime direcdy :
<br /> to the person owed gayment.Boaower shall pre��otly furnish to Lender all notices of amounts to be paid under this paragaph. . .
<br /> � If Borrowet makes these payments directly,Bo:n::ver shall promptly fumish to Lender receipts evidencing the payments. ,
<br /> , � • Borrower shall promptly dischazge any lien which has priority over this Securiry lnstrument unless Borrower: (a)agrees in : .
<br /> . � writing to the payment of the obligation secured by the lien in a manner acceptable to Lender:(b)contests in good faith the lien .
<br /> by.or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion aperate to prevent the
<br /> � enforcement of the lien;or(c)secures from the holder of the lien an agrcement satisfactory to Le�er subordinating the lien to .
<br /> � • " this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain prioriry over
<br /> , . this Securiry instrument, Lender may give Borrower a notice identifying the lien.Borrower sha11 satisfy the lien or take oae or
<br /> • more of the actions set forth above within 10 days of the giving of notice. • � ,
<br /> ' Form 3028 9/90
<br /> ' � �-8R(NE1�sz��i.o+ Vago 2 of 6 �^�u��� �
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