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<br /> Tpf,ETE�R WITH all the �mprovemeuts uow or hereafter erected on the proQerty. and all easements. -'�
<br /> � appurtenances.and fixtures now or hemzfter a parc of the property• AI1 rePlacemencs and addihons shall silso be covered� � , .
<br /> by���ty Instrumeat A11 of t�e foregoing ls refetred to ia this Security lnstrument as the'Property.' .
<br /> BoiutowQe Covnv,�x'ts tbat Borrowet is 3uwfuily seised o:tke�.stsie hereby cnnveyed nnd has the n�ht to grant and .�
<br /> wnvey the Property and that the Pmpeity is umencumbered.except for encumbrances of record. Borrower warrants and . r ` � - ��,
<br /> . wiU de€end geaerally the title to the Property against all claims and demaads,subjeci to any eacumbraaces of record. ,
<br /> � S��r�r ItvsrxUt�n�xr combines uniform covenants for aational ose and aon-uniform covenants wiW limited
<br /> � variatians by jwisdicxion to eonstitute a uniform security inshument coveriug real property � .- ..
<br /> , � Uxu�xHS CovFxArrts.Borrower and Lender covenaat and as follows:
<br /> ; 1.Paym�t of Ftintipal and I�t�'�t; E'te�aSmte�!an�Late Cl�es. Bortower shall pmmpdY PaY when dus _
<br /> the principal of and interest on the debt evideaced by the Note and any prepayment aad late charges due under the Note. : ,
<br /> 2.Ftaads Eor Taxes and Insurance.Subject to applicable law or to a wntten waiver by Leader,Borrower shall paY � .
<br /> 8R
<br /> to Leader oa the day monWlypayments are due under the Note,until the Note is paid in full, a suffi(�Fwidsro,�y ; -
<br /> yearly taxes and assessments wluch may attain priorit�over this Secwity Inst�umeat as a lien on the Propercy: , ,,
<br /> leasehold payments or ground rents on the Pmperty.�f any:(c)Year1Y h�ard or pmperty insurance pieanums;(c�Y�Y I •
<br /> fload insuranse premiums,i f aay;(e)Year 1 Y m o r t B a Se insuiance premiums,if aay;and(�anY sums PaYable by Bosrower •
<br /> to Leader, in accordance with the provistons of paragraph 8, in lieu of the payment of mortgage insUrance prerniums- �
<br /> These items are called "Escrow Items." Lender may. at any time,collect and hold Funds in an amount noi to exceed th� f .
<br /> a�ximwn amount a lender for a fedeially related mortgage loan may reqwre for Borrower's escrow account under the 6 ,
<br /> federal Real Estate Settlement Procedures Act of 1974 as amended from rime to time. 12 U.S.C. § 2601 et seq- k,, . ;�...";
<br /> ('RESPA'),unless another law that applies to the Funds sets a lesser amowet. If so. Lender may,at any ti�me.collect and �.:,�.,.._. �
<br /> hold Funds in an amauat not to exceed the lesser amount. Lender may esfimate the amnimt of Funds due on the basis of , . ,
<br /> curreat dab and reasoaable esfimates of expenditures of future Escrow Iteros or otherwise in accordance with applica�tw I � �
<br /> law. '_ �
<br /> The Funds shall be held in an institution whose deposits are ins�ued by a federal agexicy,inshvmeatality,or en� . _ .;
<br /> . (including L.eader,if 3�ader is such an institation)or in any Federal Home Loan Bank. I.ender shall apply We Funds to � _ _. -
<br /> 3� .�
<br /> pay the Escrow Items. I.euder may not claarge Borrower for holding aad applying the Funds, annuallY analYtinB th.e •: •-
<br /> escrow acoonnt, or verif}ring tha Escrow Items, unless I.euder pays Bonawer wterest oa the Fuads and applicable law . .'.�_
<br /> permits I�eader to make such a charge: Hovuever, I.eader maY re�Nire BarroW+er to pay a one-time charge for a� �_
<br /> , mdependent real estate tax t�poi4iug semce used by Lender in ecnnection with dus loan, uWess applicable law provides
<br /> o t herwisa.U n les9 an agiee m e n t i s m a d e o r a p p l i c a b l e l a w re q u'u e s i nterest to be paid,Lender shall uot be required tn paY •.���`,,'� "'
<br /> . gozrower any interest or eamings on the Funds. Borrower and Lender may agree in writing+bowever,that interest sha11 ba #�,�
<br /> "n
<br /> ' • paid on the Funds.Lendet shall give to Borrower.withoui charge,an annual accounting of the Funds,showing credits aud �� - �
<br /> debits to the Funds and the purpose for wi�ich each debit W the Funds was made. The Funds are pledged as addttionai
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<br /> security for all sums secured by this Securiry Instmment• I.ender shall account to ,- � •a:� ,
<br /> � I f t h e F u n d s h e l d b y I.e a d e r exceed the an►ounts p e r m itted to be held by applicable law,
<br /> ! Borrower for the excess Funds in nccordance with tt►e requirements of appGca b le l aw. I f t he amoun t o f t h e F u n d s h e 1 d b y ' �,'�� ,.;; ''
<br /> � Leader at any time is n�i svfficient to pay the Escrow Items when due,Lendes may so notify Borrower i+n writing.end.in , * - , ••, • .
<br /> � sueh esse Bortewer slaall pay to Lender the amount necessary to maka ap t�e deficieaey. Bosrow�er s�l malce up the � , �. -� r;
<br /> � deficiency ia no mora than twetve montbly payments.at Lender's sole discreuon. � , : ; ,
<br /> Upon paymen t in full of aU sums secured by this Serurity Instrument, Lender shall promptly tefund to Bonower � ' : �
<br /> • aay Fuads held by Lender. If, under paragraph 21, L.e�der s➢3all acquire or sell the Ptopetty. Lender, prior w t*se ,�•;
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<br /> ' acqwsit�oa or sale of the Property, shall apply anY Funds held by Lender at We time of acqwsiaon or sale as a cr�it ,
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<br /> agaiast the sums secured by tLts Security Instrumen� -. -_ �;.
<br /> ' � 3. Application oY Payments. Unless applicable law provides otherwise. all paymants received by Lender under , �; _
<br /> � pata�raphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable ` :; ="'T
<br /> � uader pazag�p'h 2;third,w interest dus;fonrth.to pnncipal due:aad 1ast,to any lata charges due under the Note. �.� _��_
<br /> 4,Charges;Liens. Borrower shall pay all tanes, assessments. charge3.fines ead impositions attributable to t�°.
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<br /> pcoperty wtuch may attain priority over tfus Securiry Instrumeat, aad leasehold payments or ground rents, if��r. . ,��, -
<br /> . i Borrower shall pay�t�obligations m the manner prov�ded in paragrapb 2,or if not�d w.tl�at maanar,Bonower shall �"
<br /> pay them on time du�xtiy to tha person owed paycnent.Borrower shall promptly furn�sh W Lender all notices of amounts #
<br /> to be paid undet this paiagraph. If Borrower makes these payments disectly, Borrower st�U pmmptly fumish to Leader ; �•.
<br /> receipts evidencing the paymeuts. ,.'; .
<br /> '� � Bot•tawer shall promptly discharge any lieu which has rriority over tlris Security Instrument ualess Bonower. �a) " '._ ��.
<br /> :, � I agrees in writin�to the payment of the obligation secured by the lien in a manner acceptable to Lender. (b)coni� in • —
<br /> goai faith the hen by,or defends a�sinst euforcement of the lien in, legal procxediags which ia the Lender's m,inion -���-,,�•. i
<br /> : � operata to prevent the enforcement of the lien; or (c)secures from the 6older of the lien an agreement satisfactory to •^.,. �_."..:_••
<br /> •, I Leader subordinatinr,the lien to Wis Security Instrument. If L�nder determines that any psut of the Froperty is subject to a °'"�`•'s'.-
<br /> ' lien which may attaia prioriry over this Security Inswment, Lender may give Barrower a nodce identifying the lien. . �, ._
<br /> ; I Borrower shall sadsfy the lien or take one or more of the acrions set fort�above within 10 days of the giving of norice. .•
<br /> I 5.Naard or Property InSUranee. Borrower shall keep the improvements now existing or hereafter erected cs s.�e :.R.;
<br /> property insnred against loss by fire. ha7ar�s i�cluded within the term 'extended coverage' and any other haTarc3s, - �zj°
<br /> � � � Form 3 ' 90 fpage�2 of 6/ , � �
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<br /> I OANKFA9 SY9TEM9,IHC.,9T.ClOUD.MH 6030Y 11•800��87•28411 iORM MD�t-N:416/91
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