|
...,. . .. 2;.",
<br /> ....• �, 7 -
<br /> . aa.� .. - ..
<br /> . .. . . .__ --- 'r�rarr`,. �---�--... _ � . ... .. , .. -':,it.��1{L.,.__...--------�°---._.�.-..
<br /> - .. .. 9�- ��i�0� � . . . :�:;�:.:
<br /> • ' TO�EfHER WITH all the Improvementa now or horeafter ereclad on ihe propeity, and a�easements, appurtenances, nnd •
<br /> fuctures now or hareafter e part oT the property.All replucements and additions shall elso be corered by ihls Securlty Insirument.
<br /> Ail oi the foregoing Is referred lo In thls Security Instrumcnl ae lhe 'Property.' ^
<br /> BQRROWER COVENAN7S thot Oorrower Is lawtully seized of Ihe estato horaby conveyed and has lho rlght to grent c�nd L
<br /> ' convoy the Property nnd thot tho Proporty Is unencumberod, oxcept 1or encumbrnncos ol racord. Bortowor wartant3 nnd wlll _
<br /> � detond genorally the tltle to the Property a4alnst ell clalms and demandn,subJect to ttny encumMenr.os of record. �
<br /> THIS SECUAITY INSTRUMEPIT combines unitorm covenants for natlonel use and non•uniform covonents with Ilmited :�
<br /> varlaAono by judadictlon to constltute n unifortn socurlty Instrument covedng real properry. . ;�.:
<br /> UNIFORM COVENANTS. Borrower and Londor covenc�nl end apree as follows: '
<br /> 1. Payment of Princlpal and Interest; Prepayment and L.ate Charges. Borrower shall promptly pay when r
<br /> duo Ihe principal 01 end Interest on the debt evldenced by the Note and any propayment and Ia1e charges due undar the Note. .
<br /> 2. Fue�da 4oe Ta;co� un¢C In�uraneo. SubJect to eppliceble law or to e wdtten walrer by Lender. Borrowor shull pay _
<br /> to lender on the dey monthly pe�ymenls sre due under the Note.untU the Note Is pald in tull,a sum ('Funds') for. (a)yearty � __
<br /> taxes and easesaments which may attaln priority over this Secutity Inatrument n3 e Iien on Ihe Property; (b) yearly leasehold
<br /> • paymenta or ground rents on the Properly, If sny; (c) yearly hazerd or properly Insurence premlurns; (d)yearly ilood insurance
<br /> .a, „
<br /> p►em!ums,I( any; (e) yearly modgaye Insurance promlums, if eny; and (f)any sums payable by Borrower to Lender in eccordanca
<br /> with thA provislons of paragreph B, In Ileu of lhe paymont of mongage fnsurance premlums. These ftems are called 'Escrow __
<br /> Items.° Lender may, at any time, collect and hold Funds In an amount not to exceed the maximum amount a lender for a , • .
<br /> federally related mortQe�e loen muy require for Bortower's escrow account under the federal Aeal Estate Serilement Procedures -�,;�,�„•:;;}`
<br /> Act of 1974 as amended from iMe to tlme, 12 U.S.C.�2601 et seq. ('RE8PA'), unless another law that applies to the runds :^,�1°,�-r
<br /> sets a lasser nmount. If so, Lender mey, al any time, colloct nnd hold Funds In un amount not to exceed tho lesser amount. >>�__—�_
<br /> ' Lender may estlmate the emount of Funds due on the basis oi artent data and reasonable eslimates ot expenditures ot future ,,";�::`
<br /> ��� Escrow Items or otherwlse In accordance with nppllcable law. '`_:-
<br /> • The Funds shall be held In an Instltutlon whose deposits are Insured by a federal agency,InstNmentelity, or entiry (Including -%,,_.-„_�..�_.
<br /> i Lender, i( Lender Is such an Ins4itutlon) or in any Federal Home loan Bank. Lender shall apply the Funds to pay the Escrow , • z,�-
<br /> Itema. Lender mny not charge Bortower tor holding and appying the Funds, annualy analyzi�p the escrow account, or verifying "�•�::
<br /> '� .� s-:
<br /> ,, the Eserow Items, unless Lender pays Bnrtower Interest on the Funds and applicable law permits Lender to make such a w:_ _ __
<br /> � chargo. However, Lender may requlre Borrower to pay a one-time charge for an Indepondem resl estate tax reporting service ":.:_-;•--
<br /> �: used by Lender in connectton with thls loan, unleas app�cable law provldes otherwise. Unlesa an agreement Is mnde or ., ... .
<br /> applicable law requlres Interesl to he pald, Lender shall not be requlred to pay Bortower sny Interest or eamings on the funds. """`-'+�',
<br /> :i
<br /> ,� � Bortower and Lender may agres In wdting, however, that Interest shall bo pnid on the Funds. Lender shall glve to Borcower, — . ..`_�"��";
<br /> without charge, an annual accounting of the Funds. showing c�edAS and debits to the Funda and Ihe purpose for which each _` _�
<br /> debit tu the Funds was made. The Funds are pledged as addiUonel secu►ily for all sums secured by the Security Instrument. '�"" "
<br /> � If the Funds held by Lender excead the emounts permifled to be hetd by eppilcable Iaw,Lender shall account to 8orrower .�.y�
<br /> -� tor the excess Funds in accordance w(th the requlrements of appYcable law. If the amount ot the Funds hetd by Lender at any •:�tim.,..._
<br /> time Is not suHicient to pey the Escrow Items when due, Lencier may so notify Bortower In vrtflin�,and,In such case Borrower • �"
<br /> �. shau pay to Lender the amount necessary to ma ke up t he de flc l e n c y. B o r r o v�e r s h all make u p the deflelen c y In no more than v �,fr.
<br /> � twelve monthly payments,at Lender's sole discretlon.
<br /> Upon payment in full of ell suma secured by thls Secudry Instrument,Lender shnll prompity reNnd to Borrower eny Funds !��
<br /> held by Lender, If, under paragraph 21,Lender shall acquUe or sell the Property, Lender, prlor to iho acquisltlon or sale oi the '�
<br /> qu `i a�a�s; ihs sums ��a:r�b, !h!s
<br /> � Property, shall apply any Funds held by Lender at the time oi ac isition or �ain eo e c��.:.. �_
<br /> ,:�
<br /> * Security Instrument �
<br /> r 3. Application of Paymonts. Unless appllcable law providos otherwise, all payments receNed by Lender under
<br /> �, paragraphs 1 and 2 shali be epplled: first, to any prepayment charges due under the Note; second, to amounts payable under .� ,�
<br /> paragreph 2; thlyd,to interest due;fourth,to prfncipal due; end last,to eny lato charges due under the Note. :_
<br /> 4. Charges; Uell6. Bortowor shall pay eil taxes, assessments, charges, flnes and impos111ons ettributable to the ..
<br /> Property whlch may attein pdodty over this Secudry Instrummt. end leasehotd payments or ground rents,tf any. Borrower shall ,..
<br /> _._ pay these obllgations In the manner provided In paragraph 2, or fl not paid In that manner,Bortawer ohall pay them on time �. �
<br /> : directly to the person owed payment. Borrowor ahall promptly iumish to Lender all noUces of amounts to bo psld under this '`-
<br /> � peregreph. It Bortower makes lhese payments dlrectiy. BoROwer ahali pramptty tumish to Lende► recelpts evidendng the ��
<br />= y payments.
<br /> �� ,, Borrower 3hall promptly dlscharge any Ilen which has pdoriry over this Security Instrummt uNess Borrower: (a) agrees in
<br />�_ �� . writing to the payment of the obligation secured by the Ilen In e manner acceptabie to Lender; @) contests In good laith the �.,,�i�--
<br /> P y't'��'r��� , Iten by, or detends agalnst entorcement oi the Iien in, legal proceedings which In the Lender's opinion operate to prevent the
<br /> �'..- --��a-�-
<br />� ,� .,, enlorcement ot the Ilen; or (o)secures from the holder oi the Ilen an agreement satisiactory to Lender subordinaUnp the Uen to
<br /> _ thls Security Instrument.If Lender determines that any part of the Property is subJect to e lien which may atteln priortty over this
<br /> "''�E�''�'"��i�� Securiry Instrument, Lender may give Borrower a notico IdenUying the Ilen. Borrower shall saliay the pen or teke one or more oi
<br />--"�� �' the actlons set torth above wflhin 10 days of the giving of notiee.
<br />�D.' �" .;'� 5. H�rd or Property InsuraflCe. BoROwer shall keep the Improvements nov�r existing or hereafter erected on ihe
<br />- = """"'` ' Property Insured agatnst loss by tre, hezards Included wlthln the tem� 'oxtendsd coverage'ar.d uny othcr hamrds,Ncluding � - - - -
<br />--��";'.�,- , floads or flooding,tor whlch Lender reqolres Inaurance. Thls ins�nn��cu shall be nialntalncci�tho amcLr,2�a�d ior!fie pe�lods -- °
<br />- that Lender requlres. The (nsurance cartter provlding the Insurance ehall be chosen by Bortower subJect to Lender'a epproval
<br />� ��-p--�..� which shall not be unreasanebly withheld. It Borrower taAs to malnteln coverage described above, Lender may, at Lender's
<br />�'"'°�;;.,:,:°.". opUon,obtain coverage to protect Lender's dghts In the Property In eccordance with paragraph 7.
<br /> _;,,,,-� • All insumnce policle� and renewals shall be acceptable to Lender end shell Include a etandard mortflage dause. Lender _
<br /> = �-•`"� shall have the right to hold tho pollCles and renewals. If Lender requires, Bortower shall promptly give to Lender atl receipta oi
<br />;.,,.�� •• --- -
<br /> " •."'�' • peld premlums und renewal notiees. In tho eve�t o}loss, Borcower shatl fllve prompt notice lo the Insurance cartler and LQnder. __
<br />-' • '� Lender may make proof of loss N not made promptly by Borrower. - =- � �-
<br />� • Unloss Lender and Borrower othenvise agrea in writing, Insurtmcs proceeds shell be appued to restomtion or repair of the �--=----- --
<br /> • Property damaged, if the restoretior� or repalr Is economfeoly feasiblo and Lender's secudty b not lessenod. It the restora4fon or �`��
<br /> � • ' N'�71L� . "' "r..
<br /> 3 � repair Is not economically feasfble or Lender's secudty would be lessened, the insuranca proceeds shall be epptted to the sums : � ,_
<br /> sacurod by thls 3ecurity Inatrument, whether or not then due, with any excess pald to Bortower, Ii Bortower abandona the , ,,.�>.,�_;��,.-----v-
<br /> f Property, or does not anawer within 30 days a notice from Lender that tho Insurance carrier ha9 oifered to settie a dqim, then = �`����i`.,��'y. �
<br /> � Lender may collect the Insurence proceeds. Lender may use the procoeds to repnir or restore the Prope�yr or to pay sums �!�'.`•;•'x'='1 .,c••`;
<br /> ' ' oecured by this Security Insirument,whether or not then due. The 30•day pedod wlll bepU when the notice Is given. �°�..`'"``'-
<br /> t :_�Y;.:s.:�:�` .
<br /> - e Uniess Lender and Bortower otherwise agree In writing, eny appucatlon ot proceeds to princlpul shall not extend or , �:.�N}��:•.
<br /> � postpone the due date of the monthly paymeata refemed to In pa►agrapha 1 and 2 or change the amount of the payments. If ° -�`��•.�
<br /> ' ` under pamgreph 21 tho Propeity Is acquired by Len der, BoRawcr'�dg h t to nny Insurnnce policies and proceeds resuNn g from � '��"•'�' '�
<br /> , � . ,_
<br /> ; , demage to tho Properly prlor to the ecqulsition shall pass to Lender to the exlent of tho aums by thls Seaidty Instrument - .
<br /> . immediately pdor to the acqulsition. „
<br /> - - -- _-_ R Annunnnrev Praenn►ntinn_ Malntenance and Protection O} tf19 Prnperty; BOfFOWe�'B �.08fl ,_,-_________ ___
<br /> - .' ' --_- __r_"_�' ' _ �-- ---�-- ---
<br /> � Applicatlon; Leasehotd�. 8orrower sheli occupy, establish,and use the Property as 8orrawer's principai resldenco wiltd�i
<br /> � sixty d6ys after the execution of thfs Security Instn�ment and shsll continue to occupy ihe Property as Borrower's prfnclpal
<br /> � resfdence for at Ieast one year atter the date of occupancy, unless Lender othervvlse agrees In writing,which consent shell not
<br /> - � be unreasonably withheld, or untess extenuating clrcumstances edst whlch aro beyond Bortowers contral. Borrower shall not •
<br /> destroy, damage or Impalr the Property. allow tho Property to deleriorate,or commft waste on tF�e Property. Bortower shall be in „
<br /> dofnult H ttny torleiture ection or proceeding. whether civll or cdminal,Is begun lhat in Lendus good faRh Judgment coulcJ resuit
<br /> . In toAeRuro of the Property or otherwlso materially Impair tho Ilen created by this Security Inswment or Lender's secu�iry Interest.
<br /> _ .. ! .�
<br /> - . �,
<br /> � f7316.LM6 (1N7) Pag�2 ot 5 .
<br /> 'f s�oi9 ��
<br />
|