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<br /> �� TOGETHER W[TH aU the improvements now or hemafter er�ected on the property.an�f a!1 easements.appurtenances.and ti` " • � ,
<br /> rec
<br /> � • ` Sxtures now or hereaher a part of the property. A!! raplacements and additior�s shall also be rnvered by this Security �.., ��
<br /> ` � � Inswment.All of the foregoing is referred to in this Securiry Insuument as the"Property." •' ,
<br /> • � h.� � BORROWER COVENANTS that Borrower is IawfWiy seised of the estate hereby rnnveyed and kas the right to grant and
<br /> � � � � convey the Property and that the Property is unencumbered,except for encumbrances of record. Barrower warrants and will . - .- . .
<br /> ' � "'�� deferid generally the title to the Property against a11 clairru and demands,subject to aay encumbrances of record. �
<br /> �:, :,��, �
<br /> ° THIS SECURCfY WSTRUMENT rnmbines uniform cov.:nants for natiorial use and non-unifortn covenants with limited . �.;. `.�
<br /> ----.�__�':= = — -
<br /> � ' , , • variations by jurisdiction to constitute a uniform security instrument covering reai pru�erty• • -. ,
<br /> �`- �� UNIFORM COVENAI�ITS.Borrower and Lender covenant and agree as follows: ��, ..
<br /> �',. �. ` . 1. Payment of Priacipai aad lnterest; P�epayTnent and Late Chaiges. Borrower shall promptly pay when due the �f; . _. _
<br /> < principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. �
<br /> � � 2. Funds for Taxes and lasurance. Subject to applicable taw or to a written waiver by I.ender, Borrower shall pay to ;
<br /> � -' �.
<br /> _ � � Lender on the day monthly payments are dae under the Note,until the Note is paid in full,a sum("Funds")far:(a)yearly taxes - : -,
<br /> • and assessmenu which may attain priority over this Security Instrumeat as a lien on the Pmperty;(b)yearly leasehold paymenu �`;'':_��--
<br /> • � �; or gmund renu on the Property,if any:(c)yearly ha7ard or property insurance premiums:(d)yearlY flood insurance premiums, , �:-�=- �.
<br /> if any: (e)Year1Y mortgage iasurance premium5. if any:and l�any sums payable by Borrower to Lender. in accordance with , �_=.�•
<br /> . � . � the pmvisions of paragraph 8.in lieu of the paymerst of mortgage insurance premiums.7'hese items are ralled"E.scrow Items.' •,.`�=�='
<br /> , • . Lender may, at uny rime, coltect and hold Fun�s in an arr+uunt nat to exceed the maximum amount a lender for a federally `':�.r,, ,r.
<br /> � �;;1��
<br /> � related mortgage loan may require for Borrower s escrow account under the federal Real Estate Settlement Prucedures Act of ••.'�;:�-
<br />- ' 1974 as amended frosn time to time. 12 U.S.C. Section 2601 et seq. f°RESPA").unfess another law that appli�s ta thc Funds %:'-.o--
<br /> ` ` ' sets a tesser amount. If so, L.ender may, at any time, collect and hotd Funds in an amount not to exceed the tesser amount. '•,';`''"
<br /> ,, ; �}•.�r=.
<br /> - �; '=: Leader may esrimate the amount of Funds due on the basis of current data and reasonable estimates af expenditures of fitune ,;.''r-=—�
<br /> ' ' Fscraw Items or otherwise in accordance with appticable law. - `� r�
<br /> }. ' � '""� The Funds shall be hetd in an institution n•hose deposits are insured by a federa! agency. instrumentality, or enuty , �_-
<br /> (including Lender,if Lender is such an irutitution)or in any Federal Home Loan Bank. i.ender shall apply the Funds to pay the `����r�
<br /> • - Escrow Items.Lender may not charge Borrower for holding and applying the Funds.annually analyzing the escrow account,or .' �����"_
<br />-�r . •. .' - verifying the Escrow Items.unless Lcnder pays Borrower interest on the Funds and a licable law ermits L.ender to matce such "�"`�"''=�
<br /> PP P ,�.�, _
<br /> �' � a charge. Hawever,Lender may require 8orrower to pay a one-time charge for an independent real estate tax reporting service . _ _ -
<br /> ��' ' used by Lender in connettion with this loan. unless applicabte law provides otherw�ise. Unless an agreement is made or �:v=-_�
<br />;'�i:, . " ' �• .;: applicable law requires interest to be paid.Lender shall not be required to pay Borrower any interest or eamings an the Funds. . • .���+�.�
<br /> :� �-_
<br />;4. F • � Borrower and Lender may agree in writing, however,that intecest shall be paid on the Funds. Lender shall give to Botrower, :,::`_
<br /> . ', without charge. an annual accounting of the Funds,showing creclits and debits w the Funds and the purpose for which each '� •.,i,s,���,
<br /> ; ��
<br /> � debit to the Funds was made.The Funds are pledged as additional security for all sums secured by this Security lnstrument. � • :�-,ru-;
<br /> '` � �_, If the Funds held by Lender exceed the amaunts permitted to be held by applicable law. Lender shall account to Borrower ' "�.:=`;'a�-
<br />��./r.- •, �J - ' -�--
<br /> • � �� for the excess Funds in accardance wi[h the requirements of applicable law. If the amount of the Funds held by Lender at a»y . ,�_-
<br />-- � � � �"•' Ume is not sufficient to pay the Escrow Items when due.Lender may so notify Borrower in writing,and,in such case Borrower � �-_-=
<br /> shall pay to Lender the amoun[necessary to make up the deficiency. Borrower shall make up the deficiency in no more than . �`�=
<br /> :.��-_
<br /> � . twelve monthly payments,at Lender's solc discretion. f°"- � ,
<br /> � .. _. ' Upon payment in full of�Il sums secured by this Security Instrument. Lender shall promptly refund to Borrower any • .•� '��"
<br /> Funds held by Lender.if.under p;uagraph 21.Len der shall acquire or sell the Property,l.ender,prior to the acquisition or sale .� , :. ' ��"
<br /> _ . . ,��:-__.
<br /> � .� �.���, of the Propeny, shaU apply any Fundti held by Lender at the timc of acquisition or sale as a credit against the sums secured by •:a��_'
<br /> � this Security Instrument. � �'� -
<br /> :' 3.Ap�fication o!Payments.Unless appticablc law provides otherwise,all payments received by Lender under paragraphs '..:,;�'e��
<br /> . � 1 and 2 shall be applied: first.to any prepayment charges due under the Note: second, to amounts payable under paragraph 2; � �.�,::
<br /> ' third,to interest due:fourth.to principal due:and last.to any late charges due under the Nate. � �� ' =`'=-�
<br /> '"'1 �� . . 4.Cha�es; Liens.Borrower shall pay all taxes.acsessmentti,charges, fines and impositians attributable to the Piroperty •
<br /> �.'� . _ ` which may attain priority over this Security Instrument, and(easehold payments or ground rents, if any. Borrower shall pay „ -
<br /> � these obligations in the manner piavided in paragraph 2,ar if not paid in that manner,Borrowcr shall pay them on time directly �
<br /> .�, � ' , to thc peraon owcd paymcnt. Be�nower tihall promptly fumish to l,cnder all notices of:unounts to be paid under this paragraph. •
<br /> � � !f Bonower makes these payment�directly.Borro�ver shall promptly fumish to Lender receipts evidencing the payments.
<br /> � Bonower shall promptly discharge any lien which has priority over this Security Instrument unless Borrawer.(a)agrees in �
<br /> .��} � , writing ta the payment of the obligatiim secured by the lien in a manner acceptable to Lender:tb)contests in gaod faith the lien . .
<br /> . by, or defends againtit enforcemem ��f the lien in. legal proceedings which in the L.ender's opinion operate to prevent the
<br /> • �� • � enforcement of the lien: c+r Ic1 secure�from the holder nf the licn an agreement setisfactory tu Lender subor�inating the lien to • • ,
<br />: this Security In.�rument. If Lender determincs tha�any part of the Property is subject tn a lien which may aqain prioriry over ' •
<br /> • this Security Intitrument. L.ender may give Borruwer a notice identifying the lien. Born�wer tihall �.�ti.fy the lien or take one or
<br /> ' ' • more of thc acti�ms�ct for�h abuve within 10 days of the giving of nrnire. .. ' .
<br /> � form 3028 9/90 • ' .
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