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<br /> , TOGETHER WTtH a11 the impro�•ements now or hereafter erer.ted on the property,and al!�tie�nents,appurtenance�+,and • ° � '-
<br /> fixturc�s now �u hereafter a part of the property. All r�placements and additions ,hall al,o he co�•ered by this Security • . _ �: ,�
<br /> In.wment. All of the fi�regoing is referred to in this Security Instrument a+the"Propert}�." : �,: . - .�
<br /> � � BORROWER COVENANTS that Borrower is lawfully tieised of the estate hereby rom•eyed and ha,the right to grant and . � �
<br /> , com•ey the Property and that the Praperty is unencumbered. except for encumbrance� of rerorJ. Borrower warrants and wiU , ;� , '_
<br /> defend generally the eide to the Property again.t all claims and demands,subject to an��encumbrance.�s of record. , . . °�,� :� y
<br /> THIS SECUR[TY INSTRUMENT combines uniform covenants for national �as�and non-uniform cuvenants with limited �
<br /> _ . variatiom by jurisdiction to constitute a unifurm secvrity►nstrument covering real property. ;
<br /> �^� UNIFORM CQVENANTS. Borrower and Lender covenant and agree ay follow.: , . ,
<br />, 1. Payment of Principal and Interest; Prepayruent and I.ate Cir.�es. Borrower shall prnmpdy pay when due the _ __
<br />� . principal of and interest on the debt evidenced by the Note and any prepayrrtent and late charges due under the Note. � � _
<br /> ' 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to " �
<br /> Lender on the day monthly paymenu are due under the Note,until the Note is paid in full.a sum("Funds")for: (a)yeariy taxes • ,. . ._... . _
<br /> and assessments which may attain priority over this Security instrument as a lien on the Property:(b)yearly ieasehold payments _ __ _._:,:)
<br /> • or ground rents on the Property,if any:(e)yeacly hazatd or property insurance premiums:ld)yearly flood insurance premiums. ,,.�,.. y :���
<br /> ' • if any: (e)yearly mortgage insurance premiums. if any: and(�any sums payable by Bonower to Lender. in accordance with ��,:i,:_.�= y ._
<br /> the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums.These items are called"Escro�+Items." : ��
<br /> Lxnder may, at any time, collect and hold Funds in an dmo�nt not to execed the maximum amount a lender for a federally , ;��y �'�
<br /> related mortgage loan may require for Borrower's escrow account under the federal Real Estare Seittemen[ Procedures Act of . .'�;.:
<br /> " 1974 as amended from time to time, 12 U.5.C. Section 2G01 et seg. ("RESPA"), unless another law that applies to the Funds •: .,�s,i��`,•-�`
<br /> sets a lesser amount. If so. L.ender may. at any time, collect and hold Funds in an amount not to exceed the lesser amount. •���'i
<br /> ' l.ender may estimate the amount of Funds due on the basis of current data and reasonabte estimates of expenditures of future �,.� , _-. -
<br /> Escrow Items or otherwise in accordance with applicable law. �y��` ` '''=�
<br />' •• •� The Funds shall be held in an institution whose deposits are insured by a federal agency, insriumentality, ar entity ��.
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<br /> (including Lender,if I.ender is such an institution)or in any Federal Home Loan Bank.Lender shall apply the Funds to pay the
<br /> . , Fscrow Itetns. Lender may not charge Borrower for holding and applying the Funds.annually analyzing the escrow account,or ''`T:�'�
<br /> verifying the Escrow Items,unless Lender pays$orrower interest on the Funds and applicable law permits Lender to make such
<br /> : ; +�_., _
<br /> a ch�rge. However. Lender may require @onower to pay a one-time charge for an independent real estate tax reponing service �. � �
<br /> >. ��• ;_.
<br /> used by Lender in connection with this loan, unless applicabie faw provides otherwi�e. Unless an agrca.-�nent is made or __,_=� _,�.?=�:
<br /> applicable law requires interest to be paid. [.ender shall not be required to pay Bors'ower any interest or eamings on the Funds. ` .;�`,.
<br /> . Borrower and Lender ma agree in writing, however,that interest shall be paid on the Funds. Lender shali give to Borrower, ''.,�„ ._�,`�l.�-�
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<br /> without charge. an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each • �� . ;°s i.?-.
<br /> � debit to the Funds was made.The Funds are pledged as addiuonal security for all sums secured by this Security instrument. _ .,4.,�•;.
<br /> . If the Funds held by l.ender excee�the amounts pemtitted to be held by applicable law. Lender shall account to Borrouer •._�,, .,
<br /> for the excess Funds in accordance with the requirements of applipble law. If the amount of the Fu�nds held by L.ender at a.-�y � :.•
<br /> • � time is not sufficient to pay the Escrow Items when due.Lender may so notify Borrower in writing,and,in such case Borrower `.:�c�. _,
<br /> shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than ., =-
<br /> . :f .
<br />��- '�� twelve monthiy payments,at Lender's sole discretion. �i , '
<br /> .� � Upon payment in full of all sums secured by this Securiry Instrument. Lender shall promptly refund to 8orrower any ;, :.:�.:.i._
<br /> . Funds held by Lender.If,under paragraph 21. Lender shall acquire or sell the Property. L.ender, prior to the acquisitian or sale -,,;;;��,��,
<br /> • . • of the Property. shall apply any Funds held by I.ender at the time of acquisition or sale as a credit against the sums secured by ;�;-
<br /> s'�ir� •
<br /> this 5ecurity Instrument.
<br /> ' 3.Applteatton of Payments.Unless applicable law provides otherwise,all paymenu received by l.ender under paragraphs ��„��;�.. ,;,�,F.,:
<br /> ,. 1 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 dae:founh,to principal due:and last,to any Iate charges due under the Note. �..;_.;:.. _
<br /> . 4.Charges;Ltens. Borrower shall pay all taxes,assessments, charges, fines and impositions atvibutable to the Property . • •
<br /> :'� which may attain priority over this 3ecurity Instrument. and Ieasehold payments or ground rents, if any. Borrower shali pay ____ _' :�,.. . �_. '
<br /> • �' t hese obligations in the manner provided in paragraph 2,or if not paid in that manner.Borrower sl�ali pay them on pme directly '���'9� :• -
<br /> ta the�reaa^w�r2yme�t Rnrrower shall promptly furnish to Lender all notices of amounts to be paid under chis paragrapfi. - "T:
<br /> If Borrower makes these payments directly.Borrawer shall promptly fumish to Lender receipu evidencing the p�yrnents. �
<br /> • � Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Bonower: (a)agrees in '•�°�'�'�
<br /> writiag to the payment of the obligation secured by the lien in a manner acceptable to Lender;(b)contests in good faith the lien _ �,r,,
<br /> ' by. or defends against enforcemen[ of the iien in, legal proceedings which in the L.ender's opinion uperate to prevent the '�' .,�Y`',�:�__
<br /> �. ...
<br /> enforcement of the lien:or(c)secures from the holder of the lien an a�reement satisfactory to Lender subordinating the lien to �:, •: .
<br /> • � this Security Instrument. lf Lender determines that any part of the Property is subject to a lien which may attain priority over -���•__-�:-��
<br /> this Security(nstrument. Lender may give Bonawer a notice identifying the lien. Borrawer shall satisfy the lien or take one or �_�*." -_�':'"`''
<br /> • more of the actions set forth above within 10 days of the giving of notice. �;�"�T.;••���
<br /> Form 3028 9/90 - �taa.-�.•:s"�c,.;o�1-
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