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<br /> . � ` ' TOGETHER WiTH al!the improvements rtow or hereafter ereded on the property.and�Il easemenu.aPPurte`nances.and �..,,. , � ��
<br /> � �� . ` fixtures now or hereafcer a part of the pmpercy. /Ui replacemeius and add�dons st�a11 also be wvered by this Security + � �
<br /> � Y, �`r ` Ituvument. All of the foregoing is refeaed to in this Serurity Instrament as the"Property." i °���� •°- ; .
<br /> ` �--�"' •.� BORROWER CUVENANTS that Borrower is lawfully seised of the estate hereby rnnveyed and has thz right to grant and . ,
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<br /> • . .,,_, convey the Property and that the Properry is unencumbered,except for encumbrancxs af record. Borrovuer wananu and wiq • .�•., . . ' '
<br /> defend geaerally the title to the Property against aU ctaims and demands.subject to any encumixasices of tecord. �:, s -
<br /> ,:' THIS SECURITY INSTRUMENT com6ines uniform covenants for national nse and noa-uniform covenancs with limited :: <... ,,.: �
<br /> � variationc by jurisdiction to constitute a unifottn sewrity insaument covering real pmperty- .
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<br /> • � UIVIFORM COVENANTS.Bottower and Lender cavenant and agree as foltows: ' . . '
<br /> � � � � I. Paymeat of Principai aad Interest; PrepaYmemt aad Late C6arges. Bomower sl�al! promptly pay whea due the ' •` ,�.;.:�.�`.
<br /> , ` _ ' principal of and interest on the debt evideaced by che Note and any prepayment and late charges due under the Note. : j,�'•t'%;_
<br /> 2.Ft�ds for Tases and Insarance. Subjecx to appticable law or to a written waiver by lander. Borrower shali pay to ; �i F .
<br />'�� :`` � � � " L,ender on the day mont}ily payments are due under the Note,antil the Note is paid in fuIl.a sum("Funds")for:(a)yeariy taxes ` `4, , ,�.�, .�;:
<br />= � and assesstnents which may attain priority over this Secvrity Instrument as a lien on the Praperty:(b)Year1Y le.a�ehold paymenu _
<br /> ; � or ground rents on the Property.if any:(c)Yearly ha7ard or property insurance premiums:(d)Year1Y flood insurance premiums, . -
<br />-. . ; `'� , if any:(e)Yearly martgage instuance premiums. if any:and(t�arty sums payable by Borrower to Lender, in accordance with , . .—
<br /> . � . . the provisions of paragrap�8.in lieu of the paymeat of mortgage iasurance premiums.Tfaese items are called"Escmw Items." i : . :�.�:;
<br /> ��:. , � I,ender may, at any time, collect and ho2d Funds in an amount not w exxed the maxi�um a�nount a lender for a federally ; .. � ,: _ _
<br /> �.°. . retated mortgage loan may reqnire for Borrower's escrow account under the federal Real Estate Setttemeni Procedures Act of � . �;, �. ��_
<br />- ° 1974 as amended itam ume to time. 12 U_S.C. Section 2601 et seq. ("RESPA").unless another law that applies to the Eunds i . ���_
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<br /> '. sets a lesser amount. If so, l.ender may. at any time, collect and hold Funds in an amount not ta excee�i the lesser amaunt. � � -•
<br /> , „ � � . Lender may estimate the amaunt of Funds due on the basis of current data and reasona6le estimates of expenditures of future '�J--
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<br /> - ' ' Fscrow Items or otherwise in aceordance with applicable law. + .,-,_, �
<br /> � ' The Funds shall be held in an institution whose deposits are insured by a federal agenc,y, instrumentality, or entity �.� ,• ��;;i_��
<br /> - •��`l� (including Le�er,if Lender is such an institution)or in any Federal Aome Loan Banic.Lerider shall apply the Fands to pay the i .; =-.:-�_.��,.
<br />- � �� Escrow Items.Lender may not charge Borrower for hoiding and applying the Funds.annually analyzing the escrow accoun�or ,,; - Y
<br /> _ ". � verifying the Escrow Items.anless Lender pays Borrower imerest on the Funds and applicable law permits Lender to make such � -
<br /> . . ' a charge. Bowever.Lender may require Horrower ta pay a one-time charge for an independent rea!estate tax reporti�g service I •: '��
<br /> . . .. used by Lender in co�ettion with this loan, uniess applicable law provides otherwise. Unless an agceement is made or � `• . - --
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<br /> • � � � a p p l i c a b l e l aw r e quires interest to be paid. Lender shall not be required to pay Barrower any interess or eamings an the Funds. ��_•; - -
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<br /> �• • ' ' " Borrower and Lender may agree in writing.however,that interest shall be paid on the Funds. Lender s h a l l give to Borrower. . -��,
<br /> . � _ without charge,an annua!accounting of the Funds. showing credits and debiu to the Funds and the purpose for ahic6 each • .. , :y�
<br /> ' � � debit eo the Funds was made.The Funds are pledged as additional security for all sums secumd by this Security Instrument. � : i� �;�,�:-_
<br /> � � �--�� -� If the Funds held by Lender exceed the amounts permitted to be held by applicable law.Lender shall account to Borrower ;, •,.. .`�-�
<br /> � for the excess Funds in accordance with the requirements of appiicable law. If the amount of the Funds hetd by Lender at any . �4-��
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<br /> � � � time is not sufficient to pay the Escrow ltems when due.Lender may so notify Borrower in writing,and,in such case Borrawes n'-
<br /> � _ . . � �� shall pay to I.ender the amount necessary to make up the defciency. Borrowet shall make up the deficiency in no more than "�'�'`
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<br />- �4 twelve monthly payments.at Lender s sole discretion. � � _
<br /> • � • • Upon payment in full of a1l surtu secured by this Security Instrument. Lender shall promptly r�fund to Bosower any , -, . _
<br />_ • • �• • Funds held by I.ender. Ii,under paragrapb 21. Lender shall acquire or seU the Property+.Lender,prior to the acquisidon or sale -,- _
<br /> ' . of the Property.shal!apply any Funds held by Lender at the Eime of acquisition or sale as a credit against the sums secnred by �
<br /> ' - � this Seturity Insuument. _
<br /> • 3.Appllcat�on of Payments.Unless applicable Iaw grovides otherwise.all payments received by Lender under parag�aphs . _
<br /> ' � � � I 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 /> " . � .' �5 4.Cha�ges: Liens.Borrower shall pay all taxes,assessments, charges, fines and impositions attributable co the Property •
<br /> � - • which may attain priority �ver this Security Instrument. and IeasehoRd payments or ground rents, if any. Bonower shall pay . •
<br /> • these oblegadons in the manner provideA in paragraph 2.or if not paid in that manner.Barrower shall pay them on time directly .
<br /> � � to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. .
<br /> • If Borrower makes these payments directly.Borro�ver shall promptly fumish to Lender receipts evidencing the payments. � . .
<br /> � � • . Rorrower shall promptly dischargc any lien which has priority ovcr this Security Instrument unless Bonower: (a)agrees in • • • ,
<br /> • writing to the payment of the obligation secured by the lien in a manner acceptable to Lender;(b)contests in good faith thc lien
<br /> • by, or defends against enfarcement of the lien in. legal proceeding� which in the Lender's opinion nperate to prevent 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 />= this Security lnstrument. If i.ender determines that any part of the Prope»y is subject tn a lien which may anain priority over . ,�
<br /> • ' this Security Instrument.Lender may give Borrowcr a noticc idcntifying the lien. Borrower shall satisfy the licn ar take one or
<br />- �� • � . � more of the actions set forth ubove within 10 days of the giving of notice. .
<br /> � Form 8028 9/90 .� � •
<br /> ' � Paqo 2 0�8 _. � ' �
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