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<br /> TOGETHER WITH all the improvements naw or hereafter erected on the prc,peny, and all easemenG+.appurtenan�s.and
<br /> fixture� nuw or hereafter a part of the property. AI( repiacements and additions ahall aisu be cen�ered by this Security . ,;�,,,�
<br /> Instrument. All of the foregaing is referred to in this Secunty Instrument as the"Pmperty." , °' �
<br />� � BORROWER COVENAIVTS that Borrower i�lawfully seised af the estate hereby ronveyed and ha+the right to grant and • � `�•�`�
<br /> convey the Property and that the Property is unencumbered. except for encumbcantes of recurd. Burrowcr wamants and wiil • , . �--
<br /> ._� defend generally the title to the Propeny against all daims and demands,subject to any en�vmbranc�e.of reconi. • � --
<br /> .� THiS SECURITY INSTRUMENT combines uniform covenanu for national u�e and non-unifarm coven:uns with limi[ed _ . �
<br />___ variatioru by jurisdietion to constitute a uniform security instrument covering real propeny. ' _ _ _ ', __
<br /> UPiIFORM COVENANTS.Borrower an�Lender covenant and agree as follows: % ,
<br /> ` 1. Payment of Principal und lnterest; Prepayment and Late Charges. Burcower ,hall promptly pay� when due the �
<br /> . principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. , i—
<br /> Z. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by L,ender. Boaower shall pay to , . �
<br /> . L.ender on the day monthly payments are due under the Note.unul the Note is paid in full,a sum("Funds")for:{a)yearly ta�ces . - , "—� '".� :�__„
<br /> � and assessmenu which may attain priority over this Security[nstrument as a lien on the Property:Ib)yearly Eeasehold payments . . ;�_�_�,' �
<br /> or ground rents on the Praperty,if any:(c)yearly hazard or property insurance premiums;(d)yearly tlood insurance premiwns. �" �. • < . •:
<br /> if any; (e)yearly mortgage insurance premiums, if any; and(�any sums payable by Borrower to Lender, in accordance with " '' �•-�-�--- ._
<br /> . :�;'#�."`'_=---='
<br /> the provisions of paragraph 8. in lieu of the payment of mortgage insurance premiums.These items are called "Escrow Items." . y„_r.r•r•-:
<br /> Lender may. at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally :�,
<br /> related mortgage loan may require for Bosrower's escrow account under the federal Real Estate Settlement Procedures Act of -. ~,.�4��g—
<br /> 1974 as amen d e d from time to[ime. 1 2 U.S.C. Sec tio n 2 6 0 1 e r s e q_ ("R E S P A"), u n l e s s a n o t h e r!a w t h a t a p p l i es to the Funds .. • .� �• � ;_.
<br /> ' sets a lesser amuunt. If so. Lender may, at any time. collect and hold Funds irt an amount not to exceed the lesser amount. .. ' '�_ °° --
<br />,� I.ender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future .'..- � $��
<br /> ..�` �:,��-,;�'l.:,'�_�
<br /> Escrow Items or othecwise in accordance with applicable law. ;':'�_;_"°"""�-�. .:
<br /> The Funds shall be held in an institution whose deposiu are insured by a federal agency, instrumentality, or entity •.:•:�?:��
<br /> � +:,• (including Lender,if Lender is such an institution)or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the � �
<br /> Escrow Items. Lender may not charge Borrower for holding and applying the Funds.annually analyzing the escrow account,or --•'�*. ��••`
<br /> • verifying the Escmw Items,unless Lender pays Borrower interest on the Funds and applicable law permits i.ender to make such � �� �'•'!
<br /> a charge. However, Lender may require Borrower to pay a one-[ime charge for an independent real estate tax reporting service '.,;�..,"' . � ,�� , _�
<br /> used by [.ender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or . '� �." �.` -
<br /> ' applicable law requires interest to be paid. Lender shall not be required to pey Borrotiver any interest or earnings on the Funds. �=�` : ' ' � ;'._
<br /> -...c....;• :.� : ..
<br /> Borcower and Lender may agree in writing,however,that interest shall be paid on the Funds. Lender shall give to Horrower. ' � �� '
<br /> without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpase for which each ��''�'0��'�:� `_;' , �� �'
<br /> .� �
<br /> debit to the['unds was made.The Funds are pledged as additional security for all sums secured by this Securiry Instrument. '���"� 'y
<br /> If the Funds held by Lender exceed the amounts permitted to be heid by applicable law,Lender shall account to Borrower . ,��•,� �
<br /> for the excess Funds in accordance with the requirements of applieable law. If the amount of the Funds held by Lender at any
<br /> s• •� ;. •i: -
<br />. _ time is not su�cient to pay the Escrow Items when due.Lender may so notify Sorrower in writing,and,in such case Bonower �.
<br /> . shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than . �{ � -
<br /> ' v o 1 a ments at Lender's sole discretion. � T �_��' ,i
<br /> . twel e m nth Y P Y . '�' :.±.. .�I , .
<br /> Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any '�'T''°''"" ;�;;f!`�
<br /> ° � Funds held by I.ender.If,under paragraph 21. l.ender shall acquire or sell the Property. L.ender,prior to the acquisition or sale •• �=�' - �.
<br /> of the Property.shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by __�.. --.
<br /> this Security Instrument. >-� , .�: -� —'
<br /> 3.Appficatfon of Payments.Unless applicable law provides otherwise,all payments receiveG by Lender ur�er paragraphs '` '�a��i`
<br /> • 1 and 2 shall be applied:first, to any prepayment charges due under the Tbte;second, to amounts payable under paragraph 2; _ ``.—Y�'_
<br /> - third,to interest due:fourth,to principal due:and last,to any late charees due under the Note. ��� y
<br /> 4.Charges;Ltens.Borrower shall pay all taxes,assessments, charges, fines and imposisions attributable to the Property '*��`�:���""'
<br /> • which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay �,^�� � ��;°' _
<br /> , these obligations in the manner provided in paragraph l,or if not paid in that manner.Borrower shall pay them on time directly �_
<br /> . ,� �'•.�e�_:
<br /> to the person owed payment. Borrower shall promptly furnish to l.er.der all notices of amounts to be paid under this paragraph. _ .:�,, - , ,
<br /> If Borrower makes these payments directly,Bonower shall prompdy fumish to Lernier receipu evidencing the payments. . �����__-•
<br /> Borrower shall promptly discharge any lien which has priority over this Security lnstrument unless Borrower: (a)agrecs in "„�,,,..;.
<br /> . wrieing to the payment of the obligation secured by[he lien in a manner acceptable to L.ender, (b)contests in good faith the lien - �. _::_ ;�;;.. ,;;,,�,:-'.�
<br /> � by. or defends against enforcement of the lien in, legal proceedin�s which in the l.ender's opinion operate to prevent the �-�}-=;����• •�'�
<br /> �i�lc;r t�.'f;r'.�r�,J�-. .:
<br /> enforcement of the lien; or(c)secures from the holder of the lien an agreement satisfactory to L.ender subordinating the lien to -.;r= •:•-•.�.� . , �
<br /> ' this Security Instrument. If L.ender determines that any part of the Property is subject to a lien which may attain priority�ver �-����*•-t'}�'-•. .. ;��:.
<br />•. this Security Instrument.Lender may give Bonower a notice identifying the lien. Borrower shall satisfy the lien or take one or -�".'"�`°'���'��T ' �
<br /> more of the actions set forth above within 10 days of the giving of notice. - . .,.
<br /> :._
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