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<br /> � 'I�OGETHER WITH all the improveanents rtow or hercafter crected on thc propccty, and all L�mcnT,�a�i���lsah�.'cs.and ,
<br /> �+ Cixtures now on c�rcaftc.�a part of the property.All rcpL3ccments and addiuons shall also bc covcred by this Secu,rity Instrumen4
<br /> � All of thc Foregoing is referred to i�this Securitp Instrumcnt as thc"Property" � �
<br /> •� BOKROWER COVEI�AN'fS�hat Borrawcr is lawfully sciscd af thc cstatc hcrcby convcycd and has�hc nght to grant and � 4-'�-
<br /> � convey the Ptoperty and that the Property is unencumbemd,exccpt for encumbrances of record. Boaowcr wa.rrants and will ' '
<br /> :� defend generally the title w the Property against all ciaims and demands,�-ubject[o any cncumbrances of record. , .
<br /> • � THIS SECURTTY INSTRUMENT combines uniform covenants for national use and non-uniform covenanu with lunited ,. �
<br /> � vaziatiaas by jurisdiction tn consamtc a uni€orm security ias�aument covering rea!property. . -.
<br /> � UN�ORM COVENANT'S.Bonower and Lender covenant and agee as follows:
<br /> � 1.Paymen4 of Principal amd Interest;Prepayment and Late C6arges. Borrower sGaU promptly pay when due the . .
<br /> � priucivai of and intsrest on the debt evidenced by the Not�ancf any prepaymeat and late charges due under the Note. � < ' '
<br /> 2.Fands for Taxes aad Insura�ce. Subject to applicable !aw or to a written waiver by I.eader. Bo�rower shall pay to
<br /> ; Lender on the day monihly payments are due under the l�ote,until the Note is paid in full,a sum("Funds")for.(a)yearly taxes ' " � �, � : '..
<br /> •� :n���,,..c^e:n•�»!t*c.h usa;a±*i�gr�z+i;��er*!!s S�rir;In..nn:r^:1::�a!ie.n�n t�Prn�*t;;{t►�yPa�iy lPacehnld�2ymP.ns ; ' --
<br /> or ground rents on the Property,if anY:(c)Yearly harard or property insurance premiums;(d)Yeazly flcwd insurance premiums,if ; - --- . ----� —�,� ..
<br /> . any;(e)Yearly moregage insurance premiums,if any; and(�any sums payable by Borrower to Lender,in accordance with We E � _ ~'..,�
<br /> provisians of paragraph 8,in lieu af the payment of mortgage insurance pr�niums. These items aze called "Escrow Items." t . ; -.
<br /> I.endea may,at any time,coll�x and hold Funds in an amount not to exceed the mauimum amount a lender for a federally related � • �
<br /> mortgage loan may requi�e for Borrower's esaow account undu the federal Real Estate Setrlement Procedures Act of 1974 as � '. . ,� • ' _
<br /> , . atueaded fmm time ro tiwne,12 U.S.C.Section 2601 et seq. ("RESPA"),unless anothea law that applies to the Funds seLS a lesser � , - ;
<br /> amannt If so,Lender may,az any time, collect and hold Funds in an amount aot w ezceed the lesser amount Lendec may :• : • "
<br /> • estimafe the amonnt of Funds due on the ba4is of current daia and reasonable estimafes of expendiUues of fuivre Fscrow Items or ,' . _ . ., �`� "��
<br />- '�ik..s'
<br /> oWerarise in accordance with agplicable law. �� --� :-:F
<br /> 3 '.'�=
<br /> Ttie Funds shall be held in an institution whose deposits are insured by a federal agency,instrumeatality,or entity(including � '� 4: ,r:
<br /> Lender,if Lender is such an insti�tution)or in any Federal Home Loan Bank.Lender shall apply the Funds ro pay ths Fscrow .. -`"'
<br /> . Y �8 S aPP Y�8 Y Y � S �Y�B .���•��'� .
<br /> Items.Lender ma not c e Borroaer for holdin and 1 ' the Funds,annuall anal zm the escrow account,or v ,. .
<br /> � the Esccow Items,unles4 L.ender pays Botrower interest on the Funds and applicable law permits Leuder tn make such a charge. . " ' :5_ . ° t ::
<br /> However,Leaider may require Bonower to pay a one-time charge for an indepeaident real estate tax reporting service nsed by � � '
<br /> r :i . ��t:. _
<br /> Lercdea in conneqion with this loan,unless a pplicabte law provides otheruri.ise.Unless an agreement is ma�e or applicable law � ', . r�
<br /> er
<br /> requires interest w be paid,Lender shall not be requiored w pay Borrower any interest or eamings on the Fuads.Borrower and . :t.,r- . �' �.
<br /> ; Lendea may agree in wriring,teowever,that interest shall be paid on the Funds.Lender shall give ta Borrowes,arithout charge,an � -: ��°''i
<br /> d
<br /> t;'
<br /> annaal accounting of the Funds,showing credits and debits to the Funds and the puqwse for which each debit to the Funds was '
<br /> � made.'Ihe Funds aze pledged as addidonal security for all sums secured by this Security Instrument • �` `��"� � •
<br /> If the Funds held by Lender euceed the amounts permiued to be held by applicable law,Lender shall acconnt to Borrower for � • .�,.��•`•`i
<br /> the e�ccess Funds in accordanec with the reqvirements of licable law.If the amount of the Funds held b I.ender at an time is - ' '- '
<br /> aPP Y Y �.�.: .I. �
<br /> not sufficient to pay the Escroa Items when due,Lender may so notify Borrower in writing,and,in such case Borrower shall pay •�-;-- . - � �,Q ,_,_
<br /> w Lender the amount necessary w make up the defciency. Boaowec shall make up the deficiency in no more than twelve � . -
<br /> monthly payments,ai Lender's sole discretion. � •- � �`'�
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<br /> Upon payment in fiill of all sums secured by this Security Instrument,Lender shaU pmmpdy refund to Borrawer any Funds ` #r;,;;,;�=;�
<br /> .: .
<br /> held by L.end�.If,under paragcaph 21,I.endea shatl acquse or sell the Property,Lender,prior to the acquisition or sale of the . .�
<br /> Property.shall apply any Funds held by Lender ac the time of acquisidon or sale as a credit a , �;�.�
<br /> gainst the sums securcd by this .._..�,`;,�
<br /> Secunty lnsWmenL - -----�—�
<br /> 3.Application of Paymenfs. Unless applicable law provides othenuise,all payments received by Lertder under paragraphs ; _. �;"
<br /> 1 and 2 shaU be applied: fust,to any prepayment chazges due under the Note;second,to amonnts payable under paragraph 2; . , '
<br /> third,tn inteaest due;fowrth,to principal due;and last,to any late charges due unde�the Mote. • �x;��;�:- .
<br /> 4.Chargea;Llens. Borrower shall pay all taaes. assessments.chazges. fines and impositions sUributable to thc Property '
<br /> �; which may auain priority ovea this Security lnswment,and teasehold payments or ground rents,if any.Borrower shall pay these � �-�y
<br /> obligations in the manner provided in pazagraph 2,or if not paid in that manner,Barrower shall pay them on time direcdy to the ' �
<br /> person owed payment Borrower shall prompdy fumish to Lender all notices of amounts w be paid under this paragraph. If � . . . • .,�,,;.
<br /> Borrower makes these paymenu direcdy,Borrower shall prompdy fumish to Lender receipts evidencing the payments. � � ' _
<br /> Bonower shall prompdy discharge any lien which has priority over this Security Insuument unless Borrower: (a)agrees in •,
<br /> writing w the payment of the obligation secnred by Itee lien in a manner acceptable to Lender;(b)contests in good faith the lien �• ' .
<br /> by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operabe tn prevent the f .
<br /> enforcement of the lien;or(c)secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to � . ��
<br /> this Security Inswment If Lender detennines thai any part of the Propeny is subject to a lien which may auain priority over this � �
<br /> Security Instrument,Lender may give Horrower a noiice iden6fying the lien.Borrawcr shall saUSfy the lien or take one or more ; � '
<br /> I of the actions set forth above within 10 days of the giving of nopce. j :
<br /> IForm 8028 9l90 i
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