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<br /> ! TOGETHER WITH all the improvements now or heteaRer erected un the propett}r. and all eastmenta.aPP���• � . , � `
<br /> 'I 6xtuns now or hemaRer a part of the property.All replacemeatv aad addition4 shall also be covercd by�his Secwiry Inswment. All nf , ; '_` �`
<br /> i the fotegoing is referred to in this Security lnsuume�t as thc "Propetty." �
<br /> .'.I BORROWER COVENANTS [hat Borruwer is lawfully scised of the estate hereby conveyed and 6as the right co grant and . r• • `
<br /> � convey the PropeRy aud tbat the ProQerty is unencumbered. exc�Pi for ennunbrances of mcoad.Borrowr.r wartanis attd �v�l defend +• • . • ; .
<br /> genecally the title ro tGe Property agaiffit atl claims and demaads,subject to any ens�brances of record. .
<br />�- • THIS SHCURiTY INS'1'RUMENT combines uniform eovenants fur uational use and non-uniform covenaats vntk► l�t� �' : ,
<br /> -� variatioas by jurisdicaon to consutu[e a umforrn security rostrument covering real properry• •
<br /> { -,—_-- ---=—
<br /> � UNIPORM COVENAN'f'S. Borrower and Lender cavenant and agiee as tollows:
<br /> ,� l. Payment oY PriucIpal snd Intetest:YrePaYment aasd late C6arges. Borrower shall promptlY Pay when due the principal , r ... , �
<br /> of ami interest oa the debt eviden�ced by the iVote a�nnY P�Y�� and late charges due under the Note. . ' ., ,• ,
<br /> .�..__...,_`�
<br /> 2. F�mds for Taxes and iasvtenee. Slibject to applicabte law or to a written waiver by Lender,Borrawer st�zll pay co l.ender _ ���_
<br /> a€ctc�neiII9 •'tr�-F: -�.-.
<br /> � an the day monthYy payments are due under the Note.until the Note is paid in full.a sum("Fands')for(a)yearlytaxes aud ;M..
<br /> wiuch may avain priority over this Security Insctument as a lien on tLe Property:(b) yeaz1Y leasehold payments or ground rents on�he i�"
<br /> ,�P ear flood mcuranc� premi�s. i f any:(e)Y�YmO�ge . ..v��'�-
<br /> ProPettY•if any:(�) Year1Y ha7ard°r pz°perty wsi- pmmimns: (8) Y �Y in.curanc� , �--�,
<br /> , jn,q��pre.�+n�mv,if any:and(�anY su�Payable by Borrower to I.eader.in accordance with the prorisions of patagraph 8.in lieu . - -
<br /> " of the payment of mongage ins�rapce Premiams.These items are�lled"Escrow Item9."Lender may.at aaY time,collect and hold Funds . ;:�,
<br />' in an amount not to exceed the maxi�num amonnt a lender for a federally related moagage ioan may re9uire for �otrawer's escmw . �,���._-
<br /> ' aecmmt under the federal Real Fstate Sealement Pracedures Acc of 1974 as amended from ame to tiana.12 U.S.C.Seaioa 2601 et seq- .�,,�,_:._,-
<br /> ("RESPA'�.unless anothar law tHat applies to the Punds sets a lessa amount. If so.l.ender may.at anY time,collect aad hold Funds in ' .��--�-�.'; .
<br /> an amount na to exceed the lesser amoum. L.ender may esrimate the amouat of Funclv due on tLe basis of cur�e�data and reasonable ='�„�,��
<br /> estimates of expenditures of fintue Escrow Items or otLenvise in accordance with applicable law. or e�ity C���S . . .,�.�;
<br /> Tha Punds sh3ll be held in an institu6on whose deposits aze inswed by a federal agency,incuumenraliry. _
<br /> � L.ender.if I.enAer is such an insamaon) or in any Pederal Home Loan Bank. Lender s6all apply the Fimds w pay the Escrow Items. - -
<br /> - ' anal the escrowaccounG or verifying�6e Escrow Items. • �
<br /> L.ender may not charge Borrower far holding and applyin�the Funds•annuallp Y�8
<br /> ` f � unless Lemder pays Borrower interest on the Funds and aFPlicable law permits l.eader co make sach a charge.However.Lender u�aY �"�
<br /> nt real es[ate ta�c reporting senrice used by L.ender in connection wi[h this loan. . '�-.�v';"
<br /> requi:e Borrower to pay a one-time cLarge for an independe wterest to be d.Leuder shall not be . �` f�r.
<br /> unless applicable law provides othe:wise.Unless an agRemant is made or applicable law cequires� Paz
<br /> lII hotvevCr.lbat inteTest shall ���...;.�, .
<br /> R9�iO PaY Borrower any interest or earnings on the Fhmds.Boaower aad Lender may agree' writlnS• e - •.
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<br /> ,;;�r , ��.
<br /> be paid on the Pundv.Lender shall girve to Borrower.without charge,an annual accoundng of Uu Funds.shawin8 credtt-s aad debits co , .�:�"� ' `: ;
<br /> ` the gunds and the pntpose for wLich each debit to the Funds was made.The Fands are ptedged a�additional secutity fot all sums socured
<br /> r '/ '�r ;t�;
<br /> by this sectui[y tasa,�eiu. ..
<br /> • (f the Fuads held by L.eader exceed the amonnts permiued to be beld by applicable law,I.ender shall account to Borcower for _>'� ' �
<br /> the e�tcess Funds in nccordance�v:th the requiret¢entv of applicable law.If the amoum of the Punds held by Lendes at any time is not . ,-';t �,
<br /> � snfficie�to pay the Eserow Itemv ahen due,Lender may so notify Borrower in writing,end,in st�ch case Borcower s5all pay to Lender �����:.;� .
<br /> the amount necessazy to make up the deGciency.Boaower shall makc up the deficiency in ao more thw metve mouthlY PaYm�•at ,f• ,
<br /> L,ender's sole discr•tion. k
<br /> _ UPon PaNment in fiill of all sums secured bY this SecusicY Invtnimem. LenBer shall promptly refund to Boaower any Funds held � .
<br /> • by Lender,If,under paragtaph 21.Lender shall acqnire or sell the Property.L.effier,priar to the acquisitton or sale of�he Prapeny.sLall -. d,•• �
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<br /> .. apply any Fnnds held by Lender at the cime of acc{uisition or sale as a cmAit against the sum.s secured bY this Sec�riry Inst�e� �'��_
<br /> . 3. AppliCatIon of Peymeuts. Onless applicable]aw pmvides otheiwise.a11 PaYmenss�eceived by Lender uoder pu'aBraPhs 1 -
<br /> and 2 sha11 be applied: fiist.co anY PrePayment charges due uader the Note: second.to amounta payabte nnder pazagraph 2:third.tu � �,��
<br /> � ai due:and last.to an late cLar es due under the Note.
<br /> intereyt dne:fourth.to PrincIP Y g wlnch ._ ' l -
<br /> • 4. ChA�"ges.l�ens. Boaower shall pay all taxes.assessme�s.charges.fines and�sposidans ottnburable to t5e Property _ ___
<br /> ;,:�, m a y a a a i n p r i o ri ty w e r t h i s S e c u ri t y Instrumem. und leasehold payments or groun3 rents.if any.Boirower sLallpay these obli�tion9 in _ --__
<br /> . tae maaner provided in paragcaph 2.or if not paid ia that manner.Horrower s1�all pay them on rime directly co the person aw e d paytne e n t. _--_ - __
<br /> Sa
<br /> Boaower shall promptly fi►rnish to Lender all notices of amounts to be paid under this paraSraph. I�Borrower malce��ttese PaYate�s . .
<br /> directly,Bonower shall prompdy fiimish to l.euder sECeipts evidenc3ng We payment+. •i�-
<br /> . Botrower sball promptly discharge anq iien which has prtority avet this Sectuity instrmmeut unless Boaower: (a)agrees in writia8 • -�;:
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<br /> • to the payme�of the obligaHon secured by the lien in a manr.er acceptable to Lender.(b)contests in 800d faith the�em b"j.or defends u-- ���,r.'��. _.
<br /> ageintt e�forcement of the llen in,legal proceedings wtdch in u Lender's opinion ope�ate [o pteveni tLe enforcement og:he lien:or(c) :'.�._
<br /> secutes from the holder of thc lien an agreement sati9factory to Lender subordinating the lien to this Security Insuumem. If Le�r -�
<br /> determines [hat any part of the Propesy is subjsct to a llen which may aaain priority over tbi�Secwicy Insuument,1-ender may give �.•�
<br /> Boaawer a notice i de n t i fying t he lien.Bonower shall satisf y the lien or take one or more oY the ac�tions set Porth abave within 1 O days of _a:?'�:�
<br /> � ,, • the giving of notice. .- �cr
<br /> � 5. flazatd or Fmperty IaSUreIICe. Borrower sLall keep the�provemems now exisdng or hereafter erecud aa the Propeny .�'�'' .
<br /> ' iasured against toss by fue.ha7ardv inctuded within the tezm "extended cwerage"and any other La7ards.inctudiag Qoods or flooding.for ' =•�.� ••�Y
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<br /> . . which Lender r..q.sres inrurance.This insura�e shall be maintained in the amounta and fot the periods tLat Lemer requires. The �r�
<br /> inguiance cazrier providing the inswa�e st�a11 be chosen by Borrower subject to l.ender's approva!whirJ�s6a11 nat be uareasonably �,�,,,,, • .. •
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<br /> Fo�3028 9/90 � .
<br /> (page 2 ot 6) /� /Z � � _ . � _
<br /> IDS.iec. Botrower'a Inilials In u l� ,
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