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<br /> t` `.� . . TOGETHER WI1'Ii alI the improvemenu now or hereaRer erected on the property,and aU easem�nts,appurteaances.and ' �
<br /> � �� - � fi� now or hereafter a part of the praperty. All reptacements and additians shall also be covered by this Security . , � ,
<br /> i` _ instrument.All of tf�e foregoing is referred to in this Securiiy Instrument as the"Property." • r�
<br /> BORRUWER COVENANT5 that Borrower is lawfulty scised of the estate hemby conveyed and has the right to grant and .�L�r`� ;
<br /> --'�=� convey the Property and that the Property is unencumbered.except for encumbrances of record. Borrower warrants and will __ • �
<br /> —...-'— � defend generalty the atle to the Property against all claims and demands.sub}ect to any encumbranc�of record. _`.J�Y,�-:_`-_
<br /> • � THIS SECiJRITY llNSTRUMENT combines unifarm covenants for national use and non-uniform covenanu with limite� . .
<br /> , ' " , variations by jurisdiction w cnnstitute a uniform security instrument covering real property.
<br />:t': 11MFQRM COVENANFS.Borrower and L.ender covenant and agree as follows: - :';; °�
<br /> ��� 1. Payment of Prtncipal and Interest; Prepayment aad Late Cftarges. Borrower shall promP�Y PaY when dae the . . '.�_'. :'�_
<br /> " _ ' � principal of and inter�st on the debt evidenced by the Note and any prepayment and late charges due under the Note. i.;;�._���,.':
<br /> _ . ' : 2. �'ands for Taxes and Iasuisnce.Subject to appGcable taw or to a written waiver by Lender. Borrower shall pay to < ,,4.,`_,i_
<br /> '. • � Lender on the day monthly paymenu are due under the Note,unul the Note is paid'm full,a sam("Funds")for.(a)yearly tases ��` •,�,;,..,-;�__'
<br /> • . � � > and assessmenu which may attain priority over this Security Insm�ment as a lien on the Property:(b)yearly leasehold paymenu � �..
<br /> - y �.-♦�.-'_:
<br /> � or graund rents on the Property.if any:(c)Year1Y Ga7aM or property insurance gremiums:(d)Yearly flood insuiance premiums. . �r -_
<br />-x• - �� ;f any;(e)year(y mortgage insurance premiu�as,if any;and(�any sums payable by Borrower to Lender, in accordance with .�. �.,�—
<br /> •`' the provisions of paragraph S,in lieu of the payment of mortgage inswance premiums.These itemc are called"Fscrow Items." ;,,.".��.,,;�_:
<br /> _ Lendes m..�;, s*. W^.y tirm?, cellect and hold Funds in an aruount not to exceed the maximum amount a lender far a federally `� ,
<br /> � refated m�rtgage loan may require fnr Borrower s escrow account under the federhl Real Estate Settiement Procedures Act of ` r .�
<br /> ��--•— —�• y�l�r -
<br /> '+�-'':> 1974 as amended from time to time. 12 U.S.C. Sectian 260!et seq.("RESPA"),unless another law that applies to the Funds ,,�
<br /> j,a . �.'; sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. ___� �
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<br /> ' '# Lender may estimate the amount of Funds due on the basis of current data and reasonable esiimates of expenditures of future ° • �`'�.�
<br /> .;,:t :''•�;:�.:; -
<br /> ' ' - ' Fscrow Items or otherwise in accurdance with applicable law. ':.��-�.".';'�_
<br /> • . The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entiry : �:4�,,
<br /> � � � - . � (including Ixnder,if I.ender is such an institution)or in any�ederat Home Loan Baak.Lender shall app1y the�unds to pay the ._ _- _ • ,�,,
<br /> • ' • '� Fscrow Items. Lender may not charge Borrower for holding and applying the Funds,annually analyzing the escrow account,or ��-_�`
<br /> ''°` �� . ' verifying the Fscrow Items,unless Lender pays Borrower interest on the Funds and applicable law permiu Lender to make such '_ �`'�"�
<br /> 'r'A_l.K�
<br /> d � a charge. However. Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service ._., ' , ��
<br /> , used by Lender in cannection with this loan, unless applicable law provides otherwise. Unfess an agreement is mnde or : �tr�=_
<br /> � � . applicable law requires interest to be paid.L.ender shall not be required to pay Borrower any interest ar eamings on the Funds. �,
<br /> � `� Borrower and Lendcr may agree in writing.hawever, that interest shall be paid on the Funds. Lender shall give to Borrower, , � '•> �'_=�•
<br /> �` without charge, an annual accounting af the Funds. +howing credits and debiu w the Funds and the purpose for which each � �`t-
<br /> �� debit to'the Funds war made.The Funds arce pledged as additional,ecurity for alt sums secured by this Security Inatrument. ,� '���
<br /> i ',--
<br /> - -- • �- � If the Fun dti he W by L e n der exc e e c i t he amou n t,p e n n i tt e d[o b e h e l d b y a p p l i c a b t e l a w. L e n d e r s h a l l a c e o u n t t o B o r r o w e r t �-
<br /> i. for the exce�s Fundti in aceordance with the requirenients of applicable law. If the amount of the Funds held by Lender at any �
<br /> � • ' ' time is not+ufficient to pay t he Escrow items w hen due,L e n de t ma y s o n o t i f y B a r r o w e r i n w ri t i n g,a�i d.i n s u c h c a s e B o r r o w e r �.���
<br /> • � � •. ;� shall pay to Lender the amount necessary t�make up the deficiency. Borrower shall make up the deficiency in no more than . ,.�';�_�
<br /> . twe{vc monthly payments,at l,ender's sale discretion. -� _
<br /> � • Upon payment in full ati all sums secured by this Security Instrument, l.ender shall promptly refnnd to Borrower any � '=
<br /> �:�„• . , Funds held by l.ender.If,under paragraph 21. Lender shall acquire or scU the Property.Lender,prior to the acquisition or sale � � , ` �`�'
<br /> � �:
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<br /> ?w' , of the Property,shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by ,.. ._�:
<br /> •,' . • '�.,r this Securiry Instrument.
<br /> �� • � .. 3.Application of Payments.Unless applicable law pmvides otherwise.all payments received by l.ender under paragraphs -_
<br /> •},_'.• 1 and 2 shall bc appli�:d: first.to any prepaymcnt chargcs due under the Kote; second,ta amounts payab�e under paragraph 2: ,
<br /> • " � third,ta interetit dae:founh,to principal due:and latit.to any late charges d4z under thc Note. .
<br /> � 4.Char�es:1.tens.Borrower shall pay all taxes,atisessmcnts,charges. fine.s and impasitions attributable to the Property .
<br /> • - • ' ' which may attain priority over thi� Security Instrument, and lca�ehald payments or grannd rents, if any. Borrower shall pay .
<br /> � . . these obligxtions in the manner provided in paragraph 2.or if nat paid in that manncr.Borrower shall pay them on time directly � . .
<br /> , to the person oweJ payment.Borrower shall promptly fumish to Lender all notices of amounts to be paid under this patagrapb. •
<br /> ' . , .' If Borrower makes these payments directly.Borrower shall promptly fumish ta l.ender receipts evidencing the payments. . .
<br /> • Bc�rrmver shall prumptly discharge any lien whieh has priority rner thi,Security Inurument unless Horrower. (a)agrees in �. ^
<br /> . : � • writing to the payment uf the obligati��n tiecured by the lien in a manner acceptable to Lender;(b)contests in good faith the lien
<br /> � by. or defends against cnfarcement of the lien in, legal proceedingti which in the L.ender's opinion aperate ta prevent the ;�
<br /> • • enforcement of the lien:or(c)�ecures from the holder of the lien an agrecment salisfactory to Lender subordinatin�the lien to �
<br /> � this Securiry Instrument. If Lender determineti that any part of the Property is wbject tu a lien which may attain priority over :
<br /> thiti Security Intitrument. Lw�nder may bive Bur�owcr a nutice idcntifying ihe lien.Borro�vcr�hall wtisf'y the lien ur take one or . �
<br /> , m�rc of'thc actimn.ct f��rth above within 10 Jay�uf thc giving of noticc. , ' �
<br /> Form 3028 9/9Q � •
<br /> . . - . . Page 7 0l 6 .
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