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<br />� 'IbGE'I'F�R WITH all the improvements now or hereaftcr erectcd on the pmperty. and all�eau�r►enu.appurtc:nances.and � . -�,
<br /> . s._
<br />� Fixaues now or hereaftes a part of ehc pmpeny.AU repiaccments and addiuons shalZ aiso bc covcrcd by this Security InswmcnG < " � •
<br />• AU of the foregoing is refcrred ro in this Securiry Instrument as the"Property" : . ' •��
<br /> BORROWER COVENANTS thai Borrower is lawfully seised of thc estate hereby convcycd and has thc right Eo gant and ,' .
<br /> convey the Property and ihai the Progeriy is unencumbemd, cacccpt for encumbrantes of record_ Borrowcr wanants and will ' , � -�
<br /> i defend geneaally the title tn the Properry against all claims and demands.subject to any er�cumbranccs of record. � , �
<br /> THIS SECURITY IIVS'IRUt+r�NT combines unifonn covenants for nanonfll use and non-uniform wvenanis with lunitcd , ,
<br />' variasions by jurisdicdon to consdmte a uniform sccurity insuument covering real propeny. • -
<br />? UMFORM COVENANTS.Borrower and Lender covenant and agree as foUows: � � :
<br />; 1.Payment o!Principal and Interesl;Prepaymemt and Late Cdarges. Borrower shall prompdy pay when due the ' .
<br /> principal of and interest on the debt evidenced by the Piote and aay prepay►r+ent and late charges due ander the Norc. � � . :
<br /> i Z.�ds for Taxes and Iasurance. Subject to applicabls law or to a wriuen waiver by L.ender, Bocrower shall pay w •
<br />' Lender on the day monthly payments are due under the Note,until the Note is paid in fiill,a susn("Funds")for.(a)yearly taxes � , �
<br /> and assessmeats which may attaia prinrity over this Security Instnunent as a lien on the Property;(b)yeariy leasehold payments • '
<br />� or ground rents on the Propeny,if anY;(c)Yearly ha�rd or property insnrance premiums;(d)Yeatly flood inc�.,Tan�pre��,jj `_ � .
<br /> ' auY;(e)Yeazly mor[g2ge inc�Tran�p�¢��g,if any;and(�any sums payable by Borrower to Lender,in acoordance wiU►the �
<br /> � provisions of paragraph 8, in lieu of the payment of mongage insurance premiums.These iteans are cxlled "Fscrow Items." ,` '.. '�
<br />; Lender may,at any time,collect and hold Funds in an amount not tn eacced the maximum amount a lender for a fe�erally related . • - �_
<br />� mortgage toan may requare for Borrower's escnow account under the federal Real Estate SeWement Procedures Act of 1974 as ; T
<br /> ame�ded fmm timme tn time. 12 U.S.C.Section 2601 et seq. ("RESPA"),unless anottser law thai appfies w the Funds sets a lesser � '� - •; : �
<br />.� amoani If so,I,ender may, at any rime,colle�t and hold Fuads in an amount not to enceed the le,sser amount I.ender may ' � ,
<br /> estimate the amount of Funds due on the basis of ciurei►t data and re�sonable esdmates of expeudiwres of fupue Fscrow Items or ' ','�
<br />� otherwise in accai+dance with appiicable law. : ' . _• .�`:�
<br /> 'Ihe Funds sh�ll be held in an instiwtion whose deposiu are insured by a federal agency,insmunentality,or entity(including i �. �—
<br /> � Leadea,if I.end� is such an institution)or in any Feder^J�iome L.oan Bank.Lender shall apply the Funds to pay ths Esaow `-•°• � ,'r �
<br /> i Items.Lender may not c4arge Bormwer for holding and�lying the Funds,annually aAaly7ing the esctow account,or verifying s ��rr:."' "
<br /> � the Fscrow Items,unless Len�pays Bonower interest o*+�'ae Funds and applicable law permits L.ender to make such a c4arge. ' �: '��"�� :
<br /> ! Howevea,Lendea may requi�e Brnmwa to pay a one-time charge for an independent real estate tax reporling service used by �
<br />� Lender in wnnecacfln wit6 this loan,unless applic�ble law provides a�trterwise.Unless an agreement is made or applicable law ; � ' � • .. ,* •
<br />� requires intere�c.e�be p2id.Le:�er sha11 not @e required W pay Boirower any int�rest or eamings on the Funds.Boirower and � ' i
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<br /> � L�dea may agree e�wribng,�^;�evear,thai interest shall be paid on the Funds.Lercder shall give to Borrowea,without charge,an . .;,�:�" ,
<br /> �..al accounei���f the F�ds,showing credits and debits to t�e Funds and the pwpose for which eacb debit to the Funds was �
<br /> r..zGO.'t$e F�ads arz pledged as additional security for all sum§secured ioy this Seciuity Instrument , '�:.:`��� '
<br /> If the Fa�ds held by Lendea exc.eed the amoants permitted tn be held by applicable law,Lender shall account to Borrowcr for j ����'
<br /> the excess Funds in axordance with the requiremenu of applicable law.If the amoant of the Funds hetd by Lendea at any time is � . . '����
<br /> � noi sufficieut to pay the ESCrow Items when due,Lende.r may so notify Borrower in writing,and,in sucd case Boaower shall pay ; . 7
<br /> to I.ender the amount necessary to make up the deffciency. Borrower shall make up the deficiency in no more than twelve � � . ;i; �..°-
<br /> ' month2y payments,at Lender's sole disc►r.tion. . . ''"�_
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