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<br /> � •• `• �Y ������Q�° � 't``�2 � '`'V� •�,�
<br /> . TOGETHER WiTH a1�the improvements now or he�eafter erecte�on the�roperty,and a71 easements,uppurtenances,and
<br /> ,' ` . fixtures now or hereafter a part of the pmperty. Ap replacemenu and additions shall also be covered by this Security . . � •
<br /> � , Instrument.All of the fonegoing is referred to in this SecuritY lnstrument as the"Property." ' . �
<br /> � - BORROWER COVENANTS that Borrower is lawfuUy seised of the estate hereby conveyed and has the right to grant and __
<br /> • �:^`'� convey the Property and ihat the Property is unencumbered,except for encumbrances of record. Borrower warrants and will <. �
<br /> - � _ , defead generally the title to the Property against all claimc and demands,subject io any ecicumbrances of record. _'..�� � _
<br /> -. --- - -__ 'i'HIS SECLtRTTY INSTRUMENT c�mbines unifarm coveaants for national use and non-uniform covenants with limited __�4 _
<br /> . . � variatior►s by jurisdiciion to constitute a uniforru securiry instrument covering real property. l J.
<br /> < . UNIFORM COVENANTS.Borrower and Lender covenant and agree as follows: `
<br /> : 1. Payment of Pcincipal and Lstet�est; Pre�ayment and Late Charges. Borrower shall prompdy pay when due the •
<br /> principal of and interest on the debt evidenced by the Note and any prepayrttent and late charges due under the Note. - -�• �:,..,,V,.
<br /> ' � �.;'y 2.Fnnds for Taxes aud Insuranoe. Subject to apglicable la�v or to a written waiver by Lender. Borrower shall pay to ••,,;c; -,�.-_
<br /> � :���.
<br /> . • ' ' .; I.ender on the day monthly payments are due under the Note,until the Note is paid in full,a sum("Funds")for.(a)yearly taxes , _�-�.�:
<br /> • ? and assessmenu which may attain priority over this Security Instrument as a lien on the Property;@)yearly leasehold payments : �''-;;`::.;_`'
<br /> ' or und rents on the Pro e if an •(c)yead harard or ro e insurance remium�;(d)yearl flaad insnrance premiums. ^ '�'`-�==r
<br /> . . gro p rtY, Y• Y P P n5+ P Y :��.�-;,
<br /> - � if any:(e)yearly mortgage insurance premiutns, if any: and(�any sums payable by Borrower to Lender, in accordance with __�__
<br /> . =�; the provisions of paragraph 8. in lieu nf the payment of mortgage insurance premiums.These items are ralled"Escrow items." • �=�
<br /> '. L.ender may. at any time. collect and hold Funds in an amount not to exceed the maximum amount a lender for a federaUy ' '_�"
<br /> � ,� .�.:-�-_
<br /> �.��p related mortgage Foan may require for Borrower s escrow account under the federal Real Fstate Setilement Pracedures Acc a f � ., :
<br /> :;.w�.� 1974 as amended from ame to time. 12 U.S.C.Sertion 2601 et seq. ("RESPA"),unless another law that applies to the Funds � __
<br /> • • � sets a lesser amouru. If so. Leuder may. at any time, collect and hold Funds in an amQUnt nat to exceed the lesser amaunt. _
<br /> ' -y��� Lender may estimate the amount of Funds due on the basis of current data and masonable estimates of expenditures of future ;_ ... �=.._:—
<br /> . ' Escrow Items or otherwise in accordance with applicable law. , '� �=��
<br /> �.`� The Funds shall be held in an institution whase deposits are insureA by a federal agency. instrumentality, or entity , .:�'�u;�`
<br /> � " cludin Lender,if Ixnder is such an instituuon)ar in any Federal Home Loan Bank.Lender shall apply the Funds to pay the , ,;�����;
<br /> Im g
<br /> '��� � Escrow Items.I.ender may not charge Borrower for halding and applying the Funds,annually anaiyang the escrow account,or :;- _ "��'��
<br /> '� • � verifying the Escrow Items.nnless Lender pays Borrower interest on the Funds and applirable law permits L.ender to make such .�',,���.�
<br /> � • a tharge. However,Lender may require Borrower to pay a one-time charge for au independent real estate tax reporting service � _�_�`:
<br /> . � used by Lender in connection with this loan. unless applicable law�provides otherwise. Unless an agreement is made or . _:_�,�
<br /> ' applicable law requires interest to be paid.Lender shall not be required to pay Borrower any intenest or eamings on the Funds.
<br /> ' • . Borrower and Lender may agree in writing,however,that interest shalt be paid on the Funds. Lender shall give to Borrower, „ ,�_��
<br /> , � , without charge, an annual acc:c►unting of the Funds,showing credits and debits to the Funds and the purpose for which each , ,. .�,�.m
<br /> ° debit to the Funds was made.The Funds are pledged as additional security for all sums secured by this Securiry Instrument. ��:�'i
<br /> ��. ' ' If the Funds held by[.ender exceed the amounts permiued to be held by applicable law,I.ender shall account to Borrower . . %*-��_
<br /> -- � - - for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any •. �r�•_*�.=�
<br /> � time is not su�cient to pay the Escrow Items when due.l.ender may so notify Borrower in writing,and,in such case Borrower �:.��=-
<br /> •, � ' shail pay to Lender the amount necessary to make up the defciency. Borrower shall make ap the deficiency in no more than • ,•,:�.,�:�_�
<br /> twelve monthly paymenu,at Lender's sole discretion. . rs=�--_
<br /> , � ♦, Upan payment in full of all sums secured by this Security instrument, Lender shall promptly refund to Borrower any . • • �-__
<br /> ' � Funds held by Lender.If,under paragraph 21,Lender shall acquire or sell the Property.Lender,prior to the acquisition or sale . ._:��•?�ti��:
<br /> . ' S �. - ��:�
<br /> � . • ; � 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 /> � . . ': this Security Instrument. .�+v�--�-
<br /> r..,. '�: �a'
<br /> - •-•� 3.AppllcatIon of Pnyments.Unless applicable law provides otherwise.all payments received by I.ender under paragraphs '� •� `"`'-
<br /> • . � � 1 and 2 shall be applied: first.ta any prepayment chargeo due under the Note: second.to amounts payable under paragraph 2; •
<br /> : ' third,to interest due:faurth,to principal due;and last,to any late charges due under the Note. � . - �'�
<br /> • ' ` 4.Charges; Liens.Borrower sha1J pay all taxes, assessments.charges, fincs and impositions atteibutable to thc Property , � • ,� "=-•
<br /> ' � which may attain priority over this Security Instrument, and Ic�sehold payments or ground rents, if any. Borrawer shall pay � : - �•
<br /> � these oblisations in the manner provided in paragraph 2,or if not paid in that manner.Barrower shall pay the=n on timc direcdy
<br /> � to the person owed payment. Borrower shall promptly fumish to Lender all notice5 of amounts to be paid under this paragraph.
<br /> . ' � If Barrawer makes these payments directly.Barrower shaU promptly fumish to Lender receipts evidencing the payments. : _
<br /> ' . Borrower shall prompHy discharge any lien which has priority over this Security instrumcnt unless Bonower: (a)agrezs in ° . '
<br /> ��` writing to the payment of'lhe abligation secured by the lien in a manner acceptable to Lender; (b>contests in good faith the lien
<br /> � . �� by. or defends against enforcement of the lien in, legal procecdings which in the Lender's opinion operate to prevent the • '.'
<br /> enforeement of the lien;ar(c)secure!�from the holder of the lien an agreement satirfuctory to Lender subordinating the lien to � ;
<br /> ' this Security Instrument. If l.ender determincs that any part of the Property is subject to a lien which may attain priariry over .
<br /> � � ` this Security(n,trument. Lender may givc Borrower a nntic:e idcntifying thc lien.Borrowcr sha11�atisfy the lien or take one or .. . �
<br /> • more of the actions set forth above within 10 days of the giving of notice. � . . '.. .'
<br /> „ . .
<br /> . � S Form 3028 9/90 ' _ :
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