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<br /> < " TOGETHER W[TH all the improvements now or he�eafter ereded on the pmperty,and all easemenu,appurten3nces.and � : � .
<br /> ' � tixtures aow or hereafter a part of the propecty• A11 rePlacemenis and additions shall also be covered by this Security ! ,.' , _':
<br /> . � ' Instrument.All of the foregoing is refernd to in this Sec�crity Insuument as the"Property." � ;:'�°;,�'�".
<br /> ' B O R R O W E R C O V E N A N T S t h a t B o i r o w e r i s l a w f u l l y s e i s e d o f[h e estate hcreb y conve yed and has the right co gcaat and� ��� ' ".��. ..
<br /> �. .. i � �'�`.�:.' .•.
<br /> . � . cor►vey the Property and that the Property is unencum(sered.except fur encumbrances of record. Borrower w�amants and will ;�; .�: ... ,, .
<br /> - , "-^"''� defend generally the tit[e to the Propeny aKainst all ctaims and demands.subject to any encumbrances of record. �1 ��? .- ,. ' ,
<br /> � � � • =� THIS SECURITY INSTRUMENT c�ombines uniform cavenants for national use and non-uniform covenants with limited� :
<br /> . �.,.. �q .
<br /> -. • -- variations by jurisdidion to constitute a tmiform security+nstmment covering real property_ `�.�, '_ �.__ ..;:
<br /> ' � � ` y UIYIFURM COVENANTS.Barrower and Lender covenant and agree as foUuws: �"� '^ '�
<br /> , , , f', .
<br /> � .. .�` •' � 1. Pa�ment of Prindpa!and Iaterest; PrepaYment and Late Charges. Borrower shall promptly pay when due the� : `. _
<br /> � 1�•��.� .•�....(.� V
<br /> ' �� � principal of and interest on the debt evidenced by the Note and any prepayment and late charge.c due under the Note. _
<br /> 1 `� � � -- 2.Fands for Ta�ces and Insasauce.Subject to applicable law or to a wriuen waiver by Lender. Barrower s6a1!pay to , t:�.�,_
<br />= � •, -' ` L.ender on the!ay mondily paymenu are dae under the Note.nnul the Note is paid in full.a sum("Funds")for.(a)yeatiy taxes ; �, : -.k; ;• -
<br />_ ' and assessmenu wftich may attain priority over this Security Instrument as a lien on the Pcoperty:(b)Yeariy teasehold payments ;"��:.'�_s�_
<br /> ' � � or ground rents on the Property,if any;(c)yearly hazard or properry insurance premiums:(d)ye3Tly flood insu�an�e¢*f'mn�mc� , _
<br />" " if any:(e)yearly mortgage insurance premiwns. if any: and(�any sums payable by Bocrower to Lender, in accordanoe with ____�
<br /> - • ' ' � the provisions of Qaragraph 8, in lieu of the paymem of mortgage insuraz►ce prerniums.These items are called"Escro�n+Items." •:� . _
<br /> • - -- L.ender may. at any time. collect and hold Funds�in an amount not to exceed the u�aximum amount a lender for a federally ;�..,�� ' ___
<br /> , �.. • , related martgage loan may require for Borrower's escrow account under the federal Real Estate Seulemeat Procedures Act of .,.",� ,
<br />` . • ';; 1974 as amended from time to time. 12�T.S.C.Section 2601 et seq. ("ItFSPA"),untess another law that applies to the Funds :�:..s.� _
<br /> ;, �•--
<br /> � sets a lesser amount. If so. l.ender may.at any time, callect and hold Funds in aa amonnt noi W eaceed the tesser amount. � ��
<br /> � �dr. .'' �;,
<br />°; ' • Lender cnay estimate the amount of Funds due on the basis of current data and reasonable estimates of ezpenditures of future ,_ ,: ., �, ,;,�.,-
<br /> : • ` - ' - Escrow Items or otherwise in accordance with applicable iaw. � ��_'L-
<br /> ' � The Funds shall be held in an institution whose deposiu are insured by a federal agency. instrumentality, or entity i ' �.,
<br /> � �., �*;_.
<br />' � (including Lender.if Lender is such an institurion)or in any Federal Home Loan Bank•Lender shall apply the Funds ta pay the �' '; _,�._,+y ?�;"
<br /> ' � Escrow Items.Lender may not charge Borrower for holding and applying the Funds,annually analyzing 1he escrow account,or . ��p�r+
<br /> ,.. , ,`._. ,.,. . vecifying the Escrow items.unless Lender pays'Borrower i:rterest on the Fends and applicable law pecmits Lender to make such •Y��=-
<br /> : �iY�-.,�.—.�-s,a.�
<br /> ' 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 connection with this loan. unless applicable law provides otlierwise. Ualess an agreement is made or �. =�r••
<br /> •- appiicable law re,quires interest to be paid.Lender shall not be required to pay Borrowerany interest or earnings on the Funds. .::_,�r.
<br /> � -- Borrower and I.ender may agree in wriang,however,that interest shall be paid on the Funds. L,ender sball give to Borrower, . ._.�.
<br /> , :.� � � � withaut chazge. an annual accounting of the Funds,showing credits and debits to the Funds and the purpose for which each .�`:;;�.-
<br /> debit ro the Funds was made.The Funds are pledged as addiaonal security for all sums secured by this Security Inswment. . :,,�
<br />• . � If the Funds hetd by Letsder exceed the amaunts pemutted to be heid by applicable law.Lender shall account to Borrower • "����
<br /> ' for the eacess Funds in accordance with the requiremenu of applicable law. If the amount of the Funds held by Ler.�er at any . ,•,::.��-'i;�,;,r,_
<br /> ���- - � rime is not su�cient 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 amount necessary to make up the deficiency.Borrower shall make up the deficiency in no more than ,�'-�"�
<br /> �. • twelve monthly paymenu,at Lender s sole discretion. � • "��:_J
<br /> • � ' ;, Upvn payment in full of all sums secured by this Se�urity Inswment, L.ender shall pramptly refund to Bormwer any , • -�F��
<br />' � ' , . , Funds held by Lender.If,under paragraph 21,Lender shall acquire or sell the Property,Lender,prior to the acquisition or sale � � i•--
<br /> , . • . • of tI:e Property.shall apply any Funds held by Lender at the time of acquisifion or sale as a credit against the sums secured by .. ���_
<br /> . �.��'
<br /> - � ' this Security Instrument. " Y`--.=.-
<br /> 3.Appl3cation of Payments.Unless applicable law provides otherwise,all payments received by Lender under paragraphs y�-.-
<br /> ' � 1 and 2 shall be applied: tirst.to any prepayment charges due under the Note: second.ta amounts payable under paragraph?: � � ;==`T-
<br /> .. � ��-
<br /> � � • third,to interest due:faurth.to principal due:and last,to any late charges due under the Note. _ , �'_--_-_
<br /> ' , � ' 4.Charges;Liens.Borrower shall pay all taxes, assessmenu, charges,fines and impositions anributable to the Property =
<br /> . . ' � which may attain priarity over this Security Instrument, and leasehald paymenu or ground renu, if any. Borrower shall pay , • �� �
<br /> � these obligatians in the manner provided in paragraph 2,or if not paid in that manner,Borrower shall pay them on time directiy � �.
<br /> � � �� to the person oweO payment.Borrower shall p:amptly fumish to Lender all notices af amounts to be Qaid under this paragraph. .
<br /> . •- If Borrower makes these payments directly.Borrower�hall promptly furnish to Lender receipts evidencing the payments. .
<br /> ' � Borrower shall promptly discharge any lien which has prioriry over this Security Instrument unless Borrower:(a)agrees in • � .
<br />_ s � writing to the payment af the obligation secured by the lien in a manner acceptable to l.ender;(b)wntests in good faith the lien , �
<br /> ,.. • . �
<br /> ' . by. or defends a�ainst enforcemcnt of the lien in, tegal proceeAings which in thc I.ender's opinion operate to prevene the
<br /> � � enforcement of the licn:ar(c)secures frum the holdcr of the lien an agreement satisfactory ta i.ender subordinating the lien to . � „�,
<br /> � .��'._ ,• this Security Instrument. If Lender determines that any part�f the Propeny is subject to a lien which may attain priority over ..,,
<br /> ` . . this Security lnstrument. Lender may give Borr�wer a notice identifying the lien.Borrawer shati satisfv the lien or take one or
<br /> � more of the actions set forth above within 10 days oi the giving of natice. ,� '; �
<br /> � Farm 3028 9/90 � �
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