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<br /> i TOGET}1ER WITH ali the im ro�ements now or hereafter erected on the properry, and ail eas�nents. appurtenances. and , � � tF"
<br /> fixtures now or hereafter a Fz.K of the propeRy. AU replacements and additions shall also be covered by this Security Instrument. • . _
<br /> All of the foregoing is reterred to in this Securiry Instrument as the'Property.' . -
<br /> 1 BflRROWER COVENANTS that 8orrower is law(ulfy se¢ed ot the estate hereby conveyed and has the right to grant and '��
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<br /> 1 convey tfie Property and that the Property is unencumGered. except tor encumbrances of record- Borto�Ner vrarrants and wii1,� ' -
<br /> defend generaly the title to the Property against all cla�ms and demands. subject to any encumbrances of record. ���■ } ;� r-,
<br /> THIS 3ECURfTY INSIRUMENT combines unifortn covenants tor national use and non-uniform covenants wdh limited� ,
<br /> � vanations by jurisdicflon to consGtute a unifortn security instrument covering real property ? , : t , � `"��.�:
<br /> UNIFORM COYENANT3. 8onower and Lender covenant and agree as follows: � • �
<br /> , ;; 1. Paym�nt a� Principal ansl Int�res� Prepay+nant and Late Charges.Bortower shall prompUy pay when� `ir.
<br /> due the pdncipal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. �
<br /> i 2. Furtds for Ta�ces and lnsu�anee. Subject to applicable law or to a written waiver by Lender. Bortower shall payj�►� ,
<br /> to Lender on the day monthly payments are due under tne �ioie. unGi t1e tVote is pald tn Sutl. a �um ('�un�') tor: (a) yeasiy 3S • �
<br /> �:�: j taxes and assessments which may attaln priority nver this Security �nstrument as a lien on the Property: (b) yeazly leasehold�� � . • __,
<br /> 1 payments or ground rents on the PropeRy. A any: (c) YeartY hazard or propeRy insurance premiums: (u� Yearly t�ood 'msurance� ' , --;-.- _-- - .. ._ _
<br /> premiums,if any: ie) Year1Y mortgage insurar:ce premiums, if any;and(fl any sums payable by Bonower to Lender in accordance� �. � �.°z,.
<br /> ( ' with the provixions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called 'Escrow ::t
<br /> � tiems.' Lender may, at any time. coUect and hold Funds in an amount not to exceed the maximum am��mt a tender for a . .
<br /> � federally retated moRqage loan may require for Borrower s esaow account under the federal Real Estate Setuement Procedures ,, `
<br /> Act of 1974 as amended from time to 6m�, 12 U.S.C.�2601 et seq. ('RESPA'). unless another law that applies to the Funds , . . -
<br /> � sets a lesser amoun� ff so. Lender may.at any time. coUect and hold Funds in an amount not to exceed the lesser amount -
<br /> , Lender may estimate the emount of Funds due on the basis of cuaent data and reasonable estimates of expenditures of future • ��.
<br /> Escrow Rems or othe�wise in accordance with applicable►aw. < . ��
<br /> � The Funds shall 6e held in an institutlon whose deposits are insured try a federal agency, insUumentaliry, or e�tity(nctuding - . _�p._.
<br /> • a Lender, 'rf Lender is such an insdtution) or in any Federal Home Loan Bank. lender shall apply the Funds to pay the Esc►ow . �•��_�,Y��
<br /> Items. Lender may not charge Borrower for hotdng and applying the funds. annually enatyang the escrow account or verifying , � �."'„�_,
<br /> �: the Esaow Items, untess L.ender pays Borrower interest on the Funds and applicable Iaw pertnits Lender to make such a , ,.< i..:� �'
<br /> `•. charge_ However. Lender may require Bortower to pay a one-time charge for an ind2pendent real estate tax reporting service . � �
<br /> ��, used by Le�der in connection wfth this loan, unless appGcable law provides utherwise. Unless an agreement is made or , -
<br /> applicable law requires interest to be pald, Lender sha11 not be required to pay BoROwer any ir►terest or eamings on the Funds. ��
<br /> ` Bortower and Lender may agree in wriUng, however, ihat interest shall be paid on the Funds. Lender shall give to Borrower, � . �; _,, �_,
<br /> � ` without charge, an annual accuunt3ng of the Funds. showfig cred'ds and debits to the Funds and the purpose for whlch each . . '.; z „��; . -
<br /> � de6it to the Funds was made. The Funds are pledged as additfonal security for all sums secured by the Security InsUument f ,:•' , ,��;:-;-"~-
<br /> �' � If the Funds hetd by Lender exceed the amounts pertnitted to be held 6y applicabls law. Lender shall account 4o Borrowet i • .
<br /> � � for the excess Funds in accordance with the requlrements of applipble Iaw. If the amount of the funds held by Lender at any { , �'
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<br /> • � tlme is not sufficient 4o pay the Esaow ftems wher► due. Lender may so notify Borrower in writing, and. in such case Borrower ,�.
<br /> . shall pay to Lender the amount necessary to make up the defidency. BoROwer shaA make up the deficiency in no more than f.�{_�
<br /> • iwelve monthty paymer►ts.at Lende►'s sole discretion. • , - ? . —
<br /> � Upon payment in tull of all sums secured by thls Securfry Instrumen� Lender shflll promptty refund to Bortower any Funds � ~ s. . �,
<br /> • � hetd by Lender. B, under paragraph 21. Lender shall acqulre or sell the Property. Lender, pdor to the acqulsttion or sete oi the
<br /> Properly,shall apply any Funds held by Lender at the Uma of acquisitlon or sale as a cred'R agalnst the sums secured by thts . '��,= . -
<br /> � Searity InsUument �
<br /> `' 3. Appllcatian of PaymenQs. Unless appltcabte law provides otherwlse, all payments received by Lender under - , ,. —
<br />, � paragraphs 1 and 2 shatl be applied: first, to any prepayment charges due under the Note;second,to amaunts payabte under ��.;,;; .
<br /> � patagtaph 2:third,to in:erest due:tourt h,to•p t ln dpa l due: an d l a s t,t o any l a t e c h a r g e s d u e u n d e r t h e N o t e. =�:� , r ;3�
<br /> 4. Charges; Llena Borrower shall pay all taxes, assessments. charges. fines and impositlons atiributable to the �;• �: '�.
<br /> � Property which may atm(n pdority over thls Security Instrument,and leasehold payme�ts or ground rents.H any. Borrower shall :"�'<.� li : _ �.
<br /> pay these obligatlons in the menner provtded in paragraPfi 2, or it not pald in that manner. Bortower shall pay them on Uma ,: . _
<br /> directty to the person owed payment. Bortower shall prompttyr fumish to Lender all noUces of amounts to be paid under thls . ;�; ' .
<br /> • paragraph. If Borcower makes these payments directty. 8orrower shall prompUy tumish to Lender receipts evidencing tiie � �. ;�" •r•�-=�.
<br /> �t1`r; �• ••
<br /> payments. ��c� • -
<br /> Borrower shall prompUy discharge any lien which has pdorily over thls Securiry Instrument unless Borrower. (a)agrees in , R „ �,�—
<br /> wdting to the payment o1 the obltgaUan secured by the 8En in a manner acceptable to Lender, (b) tontests in good faith the .. � �_-:;,,,,`."_ y-
<br /> ' � lien by, or defends agalnst entorcement ot the Ilen In, legal proceedings whlch In the Lenders opinton operate to prevent the ,-,,� `,� .�"�. ..,
<br /> enforcement of the lien: or(c) secures from the holder of the lien an agreement saUsiactory to Lender subordinaUng the lien to - _
<br /> � thls Secufity Instrument.It Lender detertnlnes thet eny part of the Property is subject to a Ilen whteh may atta'.n pdority over thls _ � �i-- _
<br /> Secu�iry Instrumen� Lender may ghre Bortower a noUce Identltyting the lien.8orrower shatt satisty the Ilen or take one or more of _
<br /> the acUons set forth above wfthln 10 days o1 the gtuing of noUce. .�.,�,__.,. : '___
<br /> � � 5. Hazard or PrOpeRy InsufenCe. Bonower shall keep the improvements now exlsUng or hereafter erected on the �•:ry,,ro.s __ f,i���- �
<br /> Property insured agafnst Ioss by fire. hazards ficluded within the tertn 'extended coverage' end arry other hazards, induding . _ �;.���;,;��;^ -; �
<br /> t floods or flooding,tor whlch Lender requlres insurance. Thta Insurance shall be maintalned in the emounts and tor the pedods ,,,��;�}��r ,_
<br /> ' that Lender requlres. The insuranee cartler provldfng the Insu�ance shall be chosen by Bortower subject to Lender's epproval � �
<br /> �. � � whlch shafl not be unreasonably witAheld. 8 Boaower fails to malntain coverage described above, Lender may. at Lenders :
<br /> , r optlon,obtain coverage to protect Lender s dghts tn the Property in accordanee wlth paragraph 7. •�,_��.
<br />. •1 All Insurance policles and renewats shatl be acceptable to Lender and shall Include a standard mortgage clause. Lender �'�' � � �
<br /> t shall have the dght to hold the policies and renewals. If Lender requires. Bortower shall prompUy give to Lender all receipts of y��.'.~��;�'�r°��':
<br /> � pald premlums and renewai notices. In the event of loss. Bortower shall give prompt notice to the insurance cartier and Lender. _^ ` _
<br /> • Lender may make proof of loss if not made prompUy by Borrower. , � .� ._:. --_
<br /> Unless Lender and Borrower othenxlse agree in wd8ng, insurance proceeds shall be app6ed to restoraUon or repalr o1 the �
<br /> � PropeRy damaged, tt the restoraUon or repalr is economically teasible and Lender's securtty Is not lessened. B the restoraUon or '""�'"'`'.""'�".,�;;.:=:-..�-
<br /> repalr ls not economicalty feasibte or Lenders security wautd be lessened,the Insurance proceeds shall be applied to ihe sums � .. . ,
<br /> secured by this Security InsWment, whether or not then due, wlth any excess pald to Bonower. N Borrower ebandons the • � . • „--.
<br /> Roperty, or does not answer v�ithin 30 days a noAce hom Lender that the insurance cartler has oHered to serite e dalm, then , , ,��r,��;;Y..—
<br /> lender mey collect the insurance proce�ds. Lender may use the proceeds to repalr or restore the Properry or to pay sums :.
<br /> secured by this Security InsUumen�whether or not then due. 7he 30-day period will beg(n when the notice is gtven. � �
<br /> Unless Lender and Bortower otherwlse agree in writing. any appllcatlon of proceeds to principal shall not extend or .
<br /> postpone the due date of the monthy payments referred to in paragraphs 1 and 2 ar change the amount ot the payments. It �
<br /> under paragraph 21 the Property is acquired by Lender. Borrower s rlght to any insurance policies and proceeds resutting trom . :
<br /> damage to the Property pdor to lhe acquisition shall pass to Lender to the extent of the sums by this Securily Instrument • r`�-
<br /> immedlately prior to the acquisition. . �—.
<br /> 6. Occupancy. Preservatian, Maintenance and Protection ot the Property; Borrower's Loan � , -
<br /> Applieation; L98SBhOIdB. Bortower shall occupy. establlsh, and use lhe Property as Bortower's principal resldence within � :
<br /> sixty days after the execWon of this Security Instrument and shall conllnue to occupy the Propetty as Bortower's pdncipat �
<br /> residence for at least one year after the date o1 occupanCy. unless Lender othervvise agrees in wriUng.which consent shall not j ! "�"`
<br />• be unreasonably wfthheld, or unless extenuating clrcumstancas exist which are beyond Bortower's control. 8ortower shall not ;
<br /> destroy, damage or impair the Property,allow the Property to detedorate. or commit waste on the Properry. Bortower shall be in � � �V�
<br /> defauft H any torleitute acdon or proceeding. whelher civil or criminal, is begun that in Lender's good faith Judgment could result � �,,,+.
<br /> � � in fotieiture o1 the Property or othervvlse matedalty impair the Ilen created by this Securlty Instrument or Lender s securiry Interest. I - -
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