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<br /> , . 'f'OGEfHER WITH all the impravemeats aow or hereafter erected on the pmperty.and all eascmenu.appurtenances.and -;�_' :: ,• ,
<br /> � ' fixcures rtow or hereafter a part of the praperty• All rePlacemenu and additions shali atso be covered by this Security �•�:;�
<br /> ''., � '�• lastntment.All of the foregoing is referred to in this Securiry lqsuument as the"PropertY.° � ,. ;P F.`• R '7'.
<br /> BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to gant and� '
<br /> � convey the Property and that che Property is unertcumbered.except for encv►mbrances of record. Borrower warrants and wil! :i•.: �
<br /> . ' defend generally the tide to the Property against all claims and demands.subject ta any encumbrances of record. <•�r,�' � .
<br /> ` � THIS SECURITY INS'fRUMENT combines uniform covenanu for national use and noo-uniform covenants with limited� ,
<br /> �.. — - - variations by jurisdiction to cot�stitute a uniform securiry insuvment covering real property. . � .
<br /> � � � ' UIJIFORM COVE�TANTS.Borrow"tr and L.ender covenant and agree as fo@ows: `r <.: =
<br /> � 4 ' , 1. Payment of Frindpaf and Tnterest; PrePaYmeat and Late C6arges. Borrower shall promP�Y PaY when due the �`'. ``_ _
<br /> �� . principal of and interest aa the debt evidenced by the Note and any prepayn►ent and late charges due under the I�tote. ����
<br /> -" � � � 2.Faads Por Taxes and lasurance•Sabject to applicable law or to a written waiver by L.ender.BQrrower shall pay to
<br /> � Lender on the day monthty paymenu are due under the Note,until the Note is paid in full,a sum i°F�"�for.(a)yearly taxes ' _ , ,^�3_
<br /> . � <��:� eart leasehold a ts �'. --
<br /> . vtd assessments which may attain priority over this Security Instrument as a lien on the Property:(b)Y Y p ymen '..'`,:¢R-
<br /> - . or gro�md rents on the Propercy.if aay:(c)Year1Y ha�and or property insurance premiums:(d)Yearly flaod insuiance premiums, �. �-
<br />`�s' � � ', if any:(e)Year1Y m°rtgage insurance preminms.if any:and(t}anY sups PaYable by Borrower to Lender, in accordance with �,::►�rs.:;_Y';
<br /> •s' ' � the provisions of paragi-aph 8.in lieu of the payment of mortgage insurance premiwns-These items are called"Fscrow Items." • ,,`�_�
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<br />- , :� � Lender may, at any time, collect and hold Funds in an amount not to exceed the mauimi►n►arr►ovnt a lender for a federally •'S� —
<br /> related mortgage loan snay requi�e for Borrower s escrow accoum ander the federal Real Estate Setilement Procedures Act of ---_
<br /> • 1974 as amended from time to time, 12 U.S.C.Section 2601 et seg. (°RESPA"),unless another!aw that applies to the Funds ,-;-��.
<br /> �- sets a lesser amoum. If so. Lender may, at any time. colled and hold Funds in an amoum not w exceed ihe lesser amount. ., . V,._R�
<br /> s ` � Lender may estimate the amount of Funds due on the basis of curcen2 data and reasanable estimates af expendiwres of fuwre r,,;�� ^ .,��
<br /> _ : - ._. ;`';; Escrow Items or othera+ise in accordance N+►th appticable law. �:,'="...°�.
<br /> The Funds shall be hetd in aa institution whose deposits are insured by a federal agency, inswmentality, or eatity �s.z.--
<br /> � . � � (including Lender,if Lender is such an institution)or in any Federal Home Loan Bank•Lender shall apply the Funds to pay the ��...=.
<br /> . ' �# Escrow Items.Lender may not charge Borrower for hotding and applying the Funds.annually ana[yzing the escrow account,or � �. -•�',���.
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<br /> •°� verifying the Escrow Items,unless Lender pays Borrower interest on the Funds and applicabte law permits Leader to malce such ,,;y_ ,�
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<br /> �t s a charge. However.Lender may require Borrower to pay a one-time charge for an independent real estate tax repurting service °•;; �.:�-__
<br /> � << used by Lender in connection with this loan, unless applicable law providcs otherwise. Unless an agreement is made or .". „ _.��_
<br />-:'�"..�. �`` � '� app lica b le l aw requires interest to he paid,Lender shall not be required to pay Borrower any interest or earnings on the Funds. � ',;��.�
<br /> .�:i:._��
<br />'`j� '` B o r r o w e r a n d L e n d e r m a y a g ree in writin 8. however.that interest sha11 be paid on the Funds. Lender shall give to Borrower, ; .._,
<br /> ` ` ' , without chazge. an annual accaunting of the Funds. shawing credits and debiu to the Funds and the purpose for w hic h ea c h �^-
<br /> • � • . debit to the Funds was made.The Funds are pledged as additional seturity for all sums secured by this Security Insuument. .'Y��.
<br /> . ' ' If the Funds held by I.ender exceed tfie amounts pertnitted to be held by applicable law,Lender shall account to Borrower �,
<br /> '�f, ; - �' • � fa r t h e excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender ai any ,.�.,
<br /> .._._.___ �_... �� time is not su�cient to pay the Fscrow Items when dae.Lender roay so notify Borrower in writing,and,in suc h case B onower �:,,';��,,.
<br /> .'�:• . ' ' ' shall pay fo Lender the amount necessary to make up the deficiency_ Borrower sAa11 maEce up the deficiemy in no more than .__�rn
<br /> "' twelve monthly payments,at l.ender's sole discretion. ." ����"Y;�_
<br /> -� Upon payment in full of all sums secured by this Securiry Instmment. I.ender shall promptly refund to Borrower any . . .�°�=�--
<br /> � � � Funds held by i.ender.If,under paragraph 21.Lender shall acquire or sell the Property,I.ender,prior to the acquisition or sale : ___
<br /> ;;.'. ` • � of the Property.shall appty any Funds held by Lender at the ume of acquisitIon or sale as a credit against the sums secured by ' :: ,.".�
<br /> this Security Instrument. _ ___
<br /> . . 3.Appl[tatton of Payments.lJnless applicable law provides othcrwise.all paymenu received by Lender under paragraphs ,..,�.
<br /> " ' 1 and 2 shall be applied:first,to any prepayment charges due under the Note:second. to amon�s payable under paragrapb 2: �_
<br /> � � • • third,to interest due:fous[b,to principal due:and last.to any late charges due under the Note. ,� •'. ,��.:.
<br /> � . . 4.Charges; Liens. Borrowes shall pay all taxes,assessments. charges,fines ond impositions attributable to the Property .. —
<br /> ;��� . which may attain priority over this Security Instrumen� and leasehold paymcnts or ground rents. 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 direccly
<br /> � ' to the persan awed payment.Borrower shall promptly fumish to l.ender all notices of amounts to be paid under this para�raph. . ;
<br /> ' • lf Borrower makes these payments directly.Bocrower shall promptly fumish to Lender receipts evidencing the payments.
<br /> � . ' ' � Borrower shall pmmptly discharge any lien which has priority over this Security Instrument unless Borrower:(a)agrees in
<br /> • writing to the payment of ihe obligation secured by the lien in a manner acceptable tb l.ender:(b)contests in good faith the lien
<br /> � � by. or defends against enforcement of the lien in, legal proceedings which in the Lender s opinion operate to pcevent the .
<br /> �' enforcement of the lien:or(c)secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to , . .
<br /> � �1� • this Security i�utrument. lf Ixnder determines that any part of the Property is subject to a lien which may attain priority over �
<br /> • , this Security Instrument. Lender may give Bonower a notice identifying the lien. Borrower shall saUsfy the lien or take one or '���� . ..
<br /> � mom af the actions set forth above within 10 days of the giving of noticc.
<br /> Fnrm 3628 9r90 • .
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