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<br /> '` � � TOGECtIER WITH al�the imProvements now or hereafter ec�cted on the property.and all easements.appurtenances.and �
<br /> � fixtums now or hereafter a part of the pt+nperty. Aq neplacements and additions shall also be covered by this Security .
<br /> 4 � • Instrument.All of the foregoing is referred to in this Securiry Instmmeut as the"Properzy•" ' �__
<br /> ' ` ' BORROWER COVFNANTS that Borrawer is la�vfully seised of the estata hereby rnnveyed am�i has the right to grant and : .' �:
<br /> .:• ,�. .
<br /> � � convey the Properry and tAat the Property ss unencumbered. except for encumbrances of record. Borrower warrants and wiil •;� <.�
<br /> ',: , �_�•; defend generally the title to the Property against al1 claims and demands.subject to any encumbrances of record.
<br /> - THIS SECURI7'Y INS1'RUMENT combines uniform covenants far uational use and non-uniform covenanGs with limited
<br /> ,' variarions by jurisdiction to rnnstitute a umfarm securitY tnsutement rovering ieal property. .
<br /> LJMFORM COVENANTS.Bonower and Lender rnvenant and agree as follows:
<br /> ' 1. Payment of Principal and Intemst; Prepaymeat and Late Chaiges. Borrower shall promptly pay when due the
<br /> �� ' . `� principal of and interest on the debt evidenoed by tlie Note and any prepayment and late charges due under the Note.
<br /> • , � ' 2. Ftmds for Taxes and Insarance.Subject to applicable taw ar to a written waiver by Lender. Borrower sha11 p3y to .
<br /> ` �' ' " Lender on the day manthly payments are due under the Note.until the Nate is paid in full.a sum("Funds")for:(a)yearly taxes , _
<br /> : a n d a s s e s s m e n t s wfrich ma y attain priori ty over this Serurity Instmment as a lien on the Property;(b)yearly Leasehold payments r _-
<br /> -_ - , �. _ or ground rents on the Property,if any;(c)Yrarly haTard or property it►surance premiums:(d)y e a r lY f loo d insurance p r e m i u m s. �., _.�.. .
<br /> sums a abie b Borrower to Lender, in accotdance with ' ` "� =
<br /> ,, :` if any: (e)yearly inortgage insurance premiutns. if any:and(fl�Y P Y Y —
<br /> ' ,�� the provisions of paragraph 8. in lieu of the payment of mortgage insurance premiums•These�tems are cal�ed��ow Items." ; _
<br />��� � , Lender may, at any time.coliect and hald Funds in an amount not to excee�the maximum amount a lender for a federally _
<br />;, . , �� �: � . ._
<br />_.�, � -T�t related mortgage loan may require for Borrower's escrow aocount under the federal Real Estate Seitlement Procedures Act of � `
<br /> :. < 1 9 7 4 a s ar n ended from time to time. 12 U.S.C. Section 26Q1 et seg. ("RESPA").uniess anather law that applies to the Funds � :?°—
<br /> >�.� .��
<br /> � ' sets a lesser amount. If so. l.ender may. at any time, rnllect and hold Funds in an amount not to exceed the lesser amount. ._i-_�
<br /> ,��,- . ° � � Lender may estimate the amount of Funds due an the basis of current data and reasonable estimates of expenditures of fumre �" : :"!.�—'
<br /> � Escrow Items or otherwise in accordance with applicable law. ° •
<br /> The Funds shall be held in an institutian whose deposits are insured by a federa! agency. instiumentality. or entiry : �y.� :.;�
<br /> � (including Lender,if Lender is such an institution)or in any Federal Hame Loan Sank.Lender shall apply tha Funds to pay the `, T:�;,�,
<br />= . ,',:;�, Esaow Items. Lender may not charge Borrower for holding and applying the Funds.annually analyzing the escrow account,or . '� f�,,`
<br /> • ;(;.'.
<br /> verifying the Escrow ltems,unless I.ender pays Borrowet interest on the Funds and applicable law permits Lender to make such ��:
<br /> -'.� " . � ,:.:, a charge. However.Lender may requite Borrower to pay a one-vme charge for an independent real estate tax reporting service i,, s r_
<br /> ' ' ' . . �';=�> usYd by Lender in connec[ion with this toan. unless applirable law provides otherwise. Unless an agreement is made or i : _ ,
<br /> . ttpplicable law requires interest to be paid. Lender shall not be required to pay Borrower any interest or eamings on the Funds. ;;,.,_�5:°
<br /> .;���I` � ',.1 Borrower and Lender may agree in wriring.however,that interest shall be paid on the Funds. Lender shall give to Bonower, _---
<br /> . . without charge, an annual accounting of the Funds,showing crediu and debits to the Funds and the putpose for which each . , , _
<br /> " debit to the Funds was made.The Funds are pledged as additional security for all sums secured by this Security Instrument. i ,. ,� . ��;,�.,...
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<br /> � � If the Funds held by Lender exceed[he amounu permitted to be held by applicable law.Lender shall account to Borrower , ::_�
<br /> t•:,. , � � � for the excess Funds in accordance w►th the requirements of applicable law. If the amount of the Funds held by Lender at any : .:�• .'..�..r�_
<br /> � '-� �� � --� -� --'• time is not sufficient to pay the Escrow Items when due.Lender may so notify Bonower in writing,and,in such case Borrawer ; ,�;
<br /> �..4�.3
<br /> . . shal{pay to l.ender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than . .�^R;�_
<br /> 1, ;. rt�T
<br /> � • . twelve monthly payments,at Lendei s sole discretion.
<br /> ' "" Upon payment in full of all sums secured by this Security Instrument, Lender shall pramptly refund to Borrower any �''ti
<br /> •,'I' Funds held by Lender.[f.under paragraph 21.Lender shall acquire or sell the Froperty,Lender,prior to the acquisition or sale .
<br /> }, . � . � of the Property.shall appty any Funds hetd by l.ender at the time af acquisition or sale as a credit against the sums secured by ' _ _
<br /> w�� � �,���' this5ecurity Instrument. � ��-'-
<br />.`a;,; 3.Applieation ot Paymenta.Unle.s4 applicable law provides atherwise.all payments received by i.ender under paragraphs . �.�.--.-'
<br /> ; , . .� ', �" ���^.: i and 2 shal!be applied:first. to any pregayment charges due under the Nate; second.to amounts payable under paragraph 2; • •_,.-,.
<br /> . third.to interest due:founh,to principal due:and 1ast,to any late charoes due under the Note. •' > �Y�'
<br /> � 4.Charges;Liens.Borrower shall pay all taxes.assessments, charges. fines and impositions atttibutabie to the Property ' �� � _
<br />: . which may attain priority over this Security Instrument,and leasehold paymenu or ground renu. if any. Borrower shall pay _ . :
<br /> � � , '`,�;'' these obligations in the manner provided�in paragraph 2,or if not paid in that manner.Borrower shall pay them on time directly
<br /> � ' to the persan owed payment. Borrower shall promptly fumish to Lender all notices of amounts to be paid under this paragraph.
<br /> �``: �• � ' If Borrower makes ihese payments dircetly.Borrower shalt promptly fumish to Lender receipts evidencing the payments. . .
<br /> Borrowcr shall promptly discharge any lien which has priority aver this Security instrument unless Botrower: (a)agrees in
<br /> writing to ihe payment of Ihe obligation secured by the lien in a manner acceptable to l.ender: (b)ccmtests in gaod faith the lien , .
<br /> � . � ' by, or defends against enforcement af the lien in. legal pr�ceedin�c which in the Lender's opinion operate to prevent ihe
<br /> ' � ' enforcement of the lien:or(c)sccures from the holder af'the lien an agrcemcnt satisfactory ta I.ender subordinating the lien to
<br /> • , this Security Instrument. lf Lender determines that any part of the Property it sub}ect to a lien which may attain priority over : -
<br /> .. . : _ this Serurity Instrument, Lender may givc Borrower a noticc identifying the lien.Borrower shall satisfy the lien ar take one or
<br /> more of the actions set forth above within 10 days of the giving of noticc. .
<br /> � , � Form 3028 8/90
<br /> � Pa�o 2 ot 6 � ' � .
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