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<br /> . ` `.',`�t .m rovemenu now or hereafter erected on the property.and all e�semenu:apF���� _ ` . `
<br /> ,�` t '�< . T O G E'f H E R W I T H a l l t h e� p . �-
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<br /> fixtures now or hereafter a part of the propercy. A11 rePlacements an�i additions shall also be wve r e d by t his Sec u r i ty
<br />_ , In4trument.All of the foregoing is referred to in this Security Instrument as the"Properry." �',' '�t~`
<br /> •� BORROWER COVENANTS that Sorrow�er is lawfiilly seised of the estate hereby conveyed and has the right to grant and
<br /> �� �` ' convey the Property and that the Property is unencumbered, except for enwmbrances af record. Borrower warrants and wilt : �� ._
<br /> ,. ,�.. ;.
<br /> � ` - � ` defend generally the dtle to the Property against all claims and demat►ds.subject to any encumbrances of record. M� �
<br /> ' `W r�:_, THIS S�CURITY INSTRUMENT combines uniform covenants for national use and non-unifom►covenants with limited . - ,
<br /> � � variations by jurisdiction to rnnstitute a uniform security instrument cnvering real property• ti.,;,,;:
<br /> " `' UNIFORM COVENANTS.Borrower and Lender covenant and agree as fo{fows: ',: • :, • ,.
<br /> , '� . �, 1. Payment of Princtpal and Interest; N'epaYment and �.ate Cha�es. Borrower shall pcomptly pay when due the �`<.
<br /> •- principal af and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. , r. •. '
<br /> - 2.Fuads for Taxes and Iasurance• Sublect to aPP�icable law or to a written waiver by Lender. Borrower shall pay to •:ti .
<br /> ,. .......��,",
<br /> � . [.encler on the day monthly paymerts aze due under the Nate, unril the i3ote is paid in full,a sum("Funds")for.(a)yeariy taxes _
<br /> • ' - and assessments which cnay attain priority over this Security Inswinent as a lien on the Property:(b)Yeu1Y 1�sehold payments , .°�;-:,
<br /> . ' �;.r � or ground rents on the Property.if any;(a)Year1Y ha�ard or property iasurance pmmiums:(d)YearlY flaod insusance premiums, . . ,•"�,;:�;..:�
<br /> � , ' , :�:� if any:(e)Year1Y mor[gage insurance premiums. if any:and (fl�Y�PaYable by Borrower to Lender. in accordance with °�. r Y��_
<br /> , the provisions of paragtaph 8,in lieu of the payment of mortgage insutance premiums.These items are cs�Ued"Escrow[tems.° .y:y-::_
<br /> ' Lender may. at any time, collect and hotd Funds in an amount not to exceed the maximum amount a lender for a federally
<br /> nelated mortgage loan may require for Borrower's escrow account under the fede�al Real Estate Sdttement Procedw�es Act of --
<br /> e " =,,----�,—.
<br /> • � � 1974 as amended from time to rime. 12 U.S.C. Section 2601 er seq.("RESPA").ur�less another law that apglies to the Funds : -.�
<br /> - . ' ' . ;�, �, sets a lesser amount.If so. l.ender may. at any time, collect and hold Funds ia an amount not to excePd the lesser amount. ��t:� �.':���-
<br /> —' .., '�.. 'ii, _.r °��.K':��..
<br />. _ , __ Lender may estimate the amount of Funds due on thc basis uf current data and reasonable estimates af expenditures of fismre ..:;�
<br /> .. : Escrow Items or othenvise in accordance with applicable law. �L
<br /> ��'`,�'-
<br /> _ _ ' fJ;�; : The Funds shall be held in an instituaon whose deposiu ane insured by a federal agency. insuumentaliry. or entity ` ,; :,1�_.
<br /> � � (including Lender,if I.eader is such an iastitution)or in any Federal Home Loan Bank.L.ender shall apply the Funds to pay the •` �'�':'=�,-._.�
<br /> , 1,.. �'.:-.�.;-•:r
<br /> - Escrow Items.Lender may not charge Borrower for holding and applying the Funds,annually analyzing the escrow account.or j��
<br /> , • ._- verifying the Escrow Items.unless Lender pays Rorrower interest on the Funds and applicable law pennits Lender to make such ;:�.: �, ,�,�,
<br /> rc•
<br /> - . ` a charge.However. I.ender may tequire Bonawer to pay a one-time charge far an independent real estate tax reparting service .
<br /> ��_ ;� used by Lender in wnnection with this loan, unless applicable Iaw provides otherwise. Untess an agreement is made or ,:'•,.���
<br /> � .. applicable law requires interest to be paid,Lender shall not be required to pay Borrower any interest or eamings on the Funds. — �^
<br /> . , � • ,' ' Borrower and L.ender may agree in writing,however, that interest shatt be paid on the Funds. Lender shal!give to Borroner. �'�—"`
<br /> _::r.
<br /> - • ... w�ithout charge,an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each • _
<br /> � � debit to the Funds was made.The Funds are pledged as additional security for all sums secured by this Securit}Inswment. . .�:�;
<br /> -.��7':::•' If the Funds held by Lender exceed the amounts permitted to be held by applicable law.Lender shall accoant to Borrower � ,�°-�--
<br /> � . � • far the excess Funds in accordance with the requirements of applicable law.1f the amount of the Funds held by Lender at any °•� ' ,��.,'',�`'
<br /> ' � . � � '%�; time is not sufficient to pay the Escrow Items when due.Lender may so notify Borrower in wriring,and.in such case Borrower ;'��--
<br /> � • shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than ' ��'-�`
<br /> .�'i'' �,��—
<br /> . , . twelve monthly paymenu.at l.ender's sole discretion. .' ='?1�=. _
<br /> �. � .. Upon payment in full of all sums secured by this Securiry lnstrument, Lender shall promptly refund to Bonower any �;,-'�-f=�.�
<br /> .. ��� ' Funds held by Lender.If.under paragraph 21.I.ender shall acquire or sell the Property.Lender,prior to the acquisition or sale _�_
<br /> . � • � ` • of the Property.shall apply any Funds heid by Lender at the time af acc�uisition or sale as a credit against the sums secured by _ _.-���
<br /> ' .. " • this Securiry lnstrument. � �"
<br /> >�s._.
<br /> .. ' � ' 3.Appdicatlon of P�yments.Unless applicable taw provides otherwise.all paymenis received by Lender under paragraphs •. � .
<br /> , � � `� 1 and 2 shall be applied:first,to any prepayment charges due under the Note:second,to amounts payable ur.der paregraph 2: ,;:,; , �, :-..�
<br /> .<�..,. : . .
<br /> ' third,to intesest due:fourth.to principal due:and last,to any late c harges due un der t he No te. •
<br /> .. ,i:'',: `','''..,
<br /> . ..•...;� 4.Charges; Llens.Horrower shall pay all taxes.assessments,charges. fines and imposidons anributable to the Properry •
<br /> . � which may attain priority over this Security/nstrument,and leasehold payments or ground rencs. if any. Borrower shall pay • .
<br /> � ° these obligations in the manner provide�in paragraph 2.or if not paid in that manner.Borrower shall pay them on time directly ..• �'"
<br /> ' � � ' to the person owed payment.Borrower shall promptly fi�mish to Lender all notices of amounu to br paid under this paragraph. � ,
<br /> ' • If Borrower makes thesc payments directly.Borrower shall promptly furnlsh to Lender receipts evidencing the paymtnts.
<br /> " � �� , ' Borrower shall promptly dis�harge any lien which has priority over this Security Instrument unless Bonower:(a)agrees in . .
<br /> writing to the payment of the obligation secured by ihe lien in a manner acceptabte to Lender;(b)conte5ts in goad faith the lien �
<br /> �t ' '_ � by, or defends against en.°orcement of thc lien in. le�al proceedings which in the l.ender's opinion operate to prevent the � . .
<br /> enforcement of the lien:or ic)secures from the holder of the lien an agrcement satisfactory to Lender subordinating the lien ta :=.
<br /> . • this 5ecurity Instrument. If Lender determines that any part of the Property is subjec[to a lien which may attain priority over '•��. .
<br /> � . . . '. this Security lnstrument, Lender may give Barrower a notice identifying the lien.Borrower shall satisiy the lien or take one or .
<br /> more of the actions set forth above within i0 days of the giving of notice.
<br /> ` �• Form 3028 9/90 •
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<br /> Pago 2 of 8
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