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<br /> TO(iETHER 1NffH sll the improvements now or hereafter erected on the property, and at! �se.�sents. aPPurte�ances. and . - . i `- -
<br /> � • ' pll lacements and additions shall also be covered by thGs Security �nstrument. � . .
<br /> rucWres now or hereafter a part of the property �eA 4
<br /> 1 All ot the foregoing is referred to in this Securtty�nstrument as the 'ProRerty'
<br /> BORROVYER COVENAN7S that Bonower is tawfuiiY setced of the estate hereby conveyed and has the right ta grant end , _
<br /> convey the Property and thai the ProPeriY is unencumbered excePt tor encumbrances ot record. Borrower wartanu and wiil ; , '`a�.;�:
<br /> defend generally the tiUe to the PropeRy against all claims and demands. subjece to any encumbrances oi record. � � • ,�< �r_.:.
<br /> 1 7HIS SECURITY INSTAUMEM combines unifocm covenants tor naUonal use and non-unifortn covenants wdh 4mded e s�=
<br /> ; variations hy ju►isdicdon to cons6tute a unifortn security insbument covenng reai property. � �'
<br /> • ! UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows. wheri , . ~
<br /> 1. Payment af Principal ae�d Interes� Prepayment �nd Late Ch�ig�a�a e cnarges aue n �eallote. � ' ����
<br /> � . due the prindpal of and interest on the debt evidenced by the Note and any prepaym , _
<br /> Z. Funds for Taxes an d Insura n c e. Su b J e c c t o a p p l i c a b�e �a w o r t o a written waiver by Lender. Bortawer shctll pa 0
<br /> ` to Lender on the day monthiy payments are due under the Note, until the Note is paid in fuil. a sum ('FuAds') tor 1e�eho� '. . .
<br /> � � tanes tmd assessments which may at4ain priority over this Secur�ty Irtstrument a ns��nce prem ums:p(drny iearty fl od insuran� ' � �
<br /> payments or ground rerrts on the Property. it any: (01 YeartY hazard or proP�Y � . -.- _a.:-
<br /> : surance remiums. 'rf any. and (� anY sums paYabfe by Bortower to Lender in accordanc49d �-_' . .
<br /> : premiums.'rf any: (e?Y�Y mo�9age in P remiums. These items are cailed 'Escrow
<br /> ' viith the provisions of paragraph 8, fn lieu oi the payment of moRgage insurance p
<br /> ? ttems.' Lender may, at any time• coflect and hold Fundn in an amount not to exceed the ma�dmum amount a lender tor a
<br /> tederally related mortgage loan may require for Borrower s escrow account under the federai Real Estate Settiement Procedures . , c
<br /> Act of 1974 as amended from time to tlme. 12 U.S.C.�2601 et seq. {'RESPA'). unSess another law that appiies to the Fund�
<br /> sets a lesser amount fl so, Lender may, at any time. coliect and hotd Funds in an amount not to ezCeed t1►e tesser amount
<br /> .� � Lender may estimate the amount of Funds due on the basis of curtent data and reasonabie es6mates of expenditures of future � -i�:�=
<br /> � Escrow items or othe►wise in accordance with appGcabte Iaw. �.-,�
<br /> : � The Funds shalt he held(n an institutian whose depasits are insured by a tederal a9ency;nstr�e Fu��tor pay�t e Es ow E . . t R
<br /> d :..�
<br /> Lender, ff Lender is such an institution) or in any Federal Home Loan Bank. Lender shaW app�e��w 8�unt.or veritying "."•! :-
<br /> Items. Lender may not charge BoROwer for hold'mg and apPlying the Funds. annualty analydn9 ^-� �-�`;
<br /> .�i��.�.
<br />� '' the Escrow Items. untess Lender pays Borrower interest on the Funds and applicab�e law pertnits Lender to make such a �.,�3� _
<br /> " charge. However, Lender may require Borrower to pay a onetime charge for an independent real estate tax reportlng service ,- ;� .v�..,•
<br /> used by L�:der in connectton with this loan, unless app�lcab�e law provides otherwise. Unless an agreement is made or �;;�.;���
<br /> apPpcab�a layv requUes interest to be paid. Lender shall not be required to pay Borrower enY interest or eamings on the Funds. � , � ,, _
<br /> �! , Bortower and Lender may agree fn writing. however, that interest sh�I�bd�P�t nthe Funds and herpurpose fo which ea h '�'^�—� Y
<br /> '�� ' without charge. an annual acwunUng of the Funds.showing credits
<br /> debit to the Fands was made. The Fuods are pledged as adddional sewrity for all sums secured by the Secwrity Ins�rument • _��..�h�
<br /> � � If the Funds held by Lender exceed the amounts pertnitted to be held by appliceble law. Lender shali account to Borrower ^
<br /> for the excess Funds fn aceordance with the requiremenu o}app6cable Iaw. If the amount of the Funds hefd 6y Lender at any ., yR�,�
<br /> Ume is not suffident to pay the Escrow Items when due. Lend2r may so notity Barrower in writing, and,in such case Bortower �r• , �
<br /> shall pay to Lendar the smount necessary to make up the deficiency- 8orrower shall make up the deffciency in no more than
<br /> twelve monthty payments,at iendeYs sols discretlon. refund to Borrower any Funds � •-
<br /> Upon payment (n tull of a(I sums secured by this Securfry Instrument, Lender Lender.pdor�to the acquisidon or sale of the � ��, '�
<br /> heid by Lender. If, under paragraph 21. Lender shall acquire or sell the Piroperry. � . �'`
<br /> Property. shall apply anY Funds held by Lender at the tlme of acquisition or sale as a aedit against the sums secured by this .,� • '`
<br /> Sewriry InsWment •' � —
<br /> 3. Ay�plication �f Paytnents. Untess epplic�abte law provides othervvise. all payments rece[ved by Lender under �_ ,��
<br /> Y.y ' ..
<br /> paragraphs 1 and 2 shail be app�ed: first.to any prepaymeat charges due under th2 Note: second,to amounts payabte under ,i �;
<br /> • ' paragraph 2:third,to interest due:touRh,to prindpal due:and tast.to any Iate charges due under the Note. /j,' _'.
<br /> 4. ChAlges; O.iBtls. Borrower shaU pay all taxes. assessments, charges. fines and (mposiUons attributable to the
<br /> • � PropeAy which may atta�n pdority over this Secur(ty Inshument, and leasehold paymenis or ground rents.if any Borrower shall ;: `�R,
<br /> atta
<br /> ' pay these obtigations in the manner provided in paragraph 2, or'rf not paid in that manner. Bortower shalt pay them on Ume 'f: ,�� , i
<br /> • drtectly to the petson owed payment Bortower shaJ promptiy fumish to Lender al�T�ces�ol��Oe��p� P�,dendng tthe --'
<br /> paragraph. It Bortower malces Mese paYme"ts dQecth'. 8ortower shall promptty • _ r�= � �_.:
<br /> , payments. ""—
<br /> • Bosrower shaU promptly discharge any lien which hes pdorily over thls Security InsWment untes�ntests in ood8faftb the '���'�
<br /> wrlting to the payment of the obllgation secured by the Iten in a manner acceptable to LenQer, (b) 9 . �f;..�,_-.
<br /> Iien by, or detends aqa(nst enforcement of the Iien in, legal proceedings which in the Lender's opinion operate to prevent the w�-.�
<br /> enforcemertt of tfie lien; or (c) secures from the holder of the Uen an agreement saUs(actory to Lender subordinaUng the Aen to
<br /> this Securtty instrumerrt.If Lender detertnines that any pari of the Properry is subject to a Ilen which may atteln pdority over this -,�*----� .__
<br /> gecurity Instrumen�Lender may gtve Borrower a noUce identffy(ng the flen.Borrower shall satisty the lien or taice one or more of -`�`�y u
<br /> • the acUons set forth above within 10 days of the giving ot noUce. �' �'
<br /> . S. Hazard or P►op9�ty 1nsu�'dnCe. Borrower shall keep the improvements now eufsUng or hereafter erectad on the , .; _ y
<br /> property ir.sured agalnst loss by fire, hamrds inciuded within the tertn 'extended coverage' an� any other hamrds. induding �__�-r . _
<br /> floods or itooding,tor whfeb Lender requires insurance. This insurance shall be malntatned in the amounts and for the perlods ;.,��,-:
<br /> ' � thal Lender requires. The insurance cartier provid'ng the insurance sha0 be chosen by 8orrower subject to Lender's approval __ � _
<br /> which shali not be unreasonabty wRhheld. If Borrower taiis to rnalntaln coverage desaibed above. Lender may. at Lenders ' ,,ai:�;.
<br /> .. �� opUon,obtafn coverage to protect Lenders dghts in t he P rope r l y in a c c o r d a n c e w i i h p a r a g r e ph 7. '• .�
<br /> All ir,surance poiicies end renewals shall be acceptabie to Lender and shall includo a stenderd martgage dause. Lender �,
<br /> shall hatie the�ight to hold the policles and renewals. If Lender requires,Borrower shall promptty give to Lender all receipts of . . ,
<br /> ' pald premiums and renewal noUces. In the event of loss, Borrower shail give prompt notice to the insu►ance carrier and Lender. �
<br /> Lender may malce proof of loss H not made prompUy by Borrower. ,
<br /> Unless Lender end Bortower othervulse agree in writing, i�surance proceeds shall be apptied to restoraUon or repair of the
<br /> Property damaged,H the �estoraUon or repair is economicaty teasfble and Lender's securFiy Is not lessened.I}the restoraUon or �
<br /> repair is not eeonomically feasible or Lender's securily woutd be lessened,the insurance proceeds shali be appiied to the sums
<br /> , , � secured by this Securiry lnstrumen� whether or not then due. wfth any excess paid to Borrower. I} Bortower abandons the --
<br /> • ! Properry, or does not answer wtthin 30 days a noUce from Lender thx►the insurance carrier n.s ottered to setUe o��s s '
<br /> Lender may collect the insurance proceeda. Lender may use the p►'�Ceede�od will be�n when the n Uee 1�:en. P y � � — _
<br /> secured by this Secudty Instrument,whether or not then due. The 34Qeyip Pro�eeds to dnG al sha:f not extend or • • �,
<br /> � Untess Lender and 8orrower otherwlse agree in writing, any epp catlon o1 P P
<br /> postpone the due date of the monthty payments reterred to In paragraphs 1 and 2 or change the amount ot the payments. If _
<br /> under paragraph 21 the Pro�p f io�thecaciruisiUonLshalr p as to Lenderhto the extent o1 theosums by hiscS'ecurity Instrument •
<br /> damage to the Properry p 9 . '
<br /> immedlatety pdor to the acqwsition. . .
<br /> ' Proservation. Ma3ntenance and P�otection of the Property; Barvower's Loan .
<br /> 6. Occupancy,
<br /> � AppiicatDon; Leasehold8. Borrowet shail occupy.estebllsh. and use the Property es Bortower's pdncipal residence within :
<br /> sixry days efter the exeeutlon ot this Security �nsUUment and shall conUnue to occupy the Properry es Bortower's pdncipal . _
<br /> residence for at least one year efter lhe date o!occupancy. untess Lender otherwise agrees in writing. which consent shall not
<br /> � be unre�asonabty wfthhefd,or untess extenuating clrcumstances exist which are beyond Borrower's conirol. Borrower shall not . •
<br /> ' desVoy. damaga or impair the Property. allow the f'roperty to deteriorate, or commil waste on the Property. Borrower shall be in �^�•�_
<br /> netoAeitu enottthe Property or otherwi edmaterlalty Impair�therlien created byahist3ecurity tostrume t�orf Lende s�seturity interest11 •. � _
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