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<br /> . 97� i0�� � � :. �:�:
<br /> TOGETHER WITH:ill the impmvements now or hereafter erected on the praperty.and all easements.appurtenances,and ( . : �,
<br /> . . fixtures no��• or hereafter a part of the property. All replacements and additions shall also be covered by this Securiry • ; -
<br /> Instrum�nt. All of the foregoing i,refened to in this 5ecurity Instrumen[as the"�ropeny." . � � ' ���
<br /> BORROWER COVENANTS that Borrower is law•fully seiseii uf the estace hereby conveyed and hac the right to grant and , . , -
<br /> convey the ProQerty and that the Progerty is unencumbered. except for enrumbrances of record. Borrower warrants and will . , . �°-
<br /> defend generally the title to the Proper[y against all claims and demands.,ubjr,cc[o any encumbrance.s of record. ' � . '
<br /> • THIS SECURITY INSTRUMENT combines uniform covensnts for national use and non-uniform covenants with limited
<br />• variations by jurisdiction to constitute a uniform security instntment covering real prnperty. • • �`'f
<br /> �� . UNIFORM COVENANTS. Borrowcr and Lender covenant and agree a,follows: +� .c � _
<br /> - . 1. Paymeut of�riiecipal ant! Inierest; I'repa}ment and I,ate Cha�es. Borrower shall promptly pay when due the _ ` _ � �__ -
<br /> principal of and interest on the debt evidenced by the Note and any prepayment and la[e charges due under the Note. _ � • •
<br /> 2. Funds for Taxes and [nsurauce. Subject to appli�ble law ur to a written waiver by Lender, Borrower shall pay to � —
<br /> Lender on the day monthly payments are due under the Note.until the Note is paid in full,a sum("Funds")for: (a)yearly taxes `• . _ _, _�
<br /> and assessments which may attain priority over this Security Instntment as a lien on u'�e Property:lb)yearly leasehold payments q ---_-_
<br /> or ground rents on the Property.if any;(c)yearly hazard or propeny insurance premiums;(d)yearly flood insurance premiums, �,;<,. l .s ���-�
<br /> • if an : (e)yearl mort a e insurance remiums, if an and(�any sums a able b Borrower to Ler►der, in accordance with '� �y
<br /> Y Y g g P Y= P Y Y ""`�� ��..
<br /> :. the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums.1'hese items are called"Fscrow[tems." �..� �_��+•+�
<br /> .. Lender may. at any time, collect and hold Funds in an amount not to exceed the maximum arnount a lender for a federally •- . - �n�� --�
<br /> related mortgage loan may require for Borto�ver's escrow account under the federal Real Estate Settlement Procedures Act of 'S... ��
<br /> • " 1974 as amended from time to time. 12 U.S.C. Section 2601 et seq. ("RESPA"►, unless another law that applies to the Funds ',�`�
<br /> , sets a lesser amount. If so. Lender may, at any time, collect and hold Funds in an amount not to exc.eed the lesser amount. �'�',����
<br /> ��'�—
<br /> • Lender may estimate the amount of Funds due on the basis of current data and reasonable�stimates of expenditures of future � '"��!`��'.-' f� -
<br /> Escraw Items or otherwise in accordance with applicable law. ' ' � ��F�,
<br /> .. ; �.-
<br /> � The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality. or entity �`�°' ; �,
<br /> - (including L.ender, if Lender is such an institutian)or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the _._ : -
<br /> Escrow Items. Lender may not chazge Borrawer for holding and appiying the Funds,annually analyzing the escrow account,or '���
<br /> • , verifying the Escrow 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-time charge for an independent real estate tax reponing service :-���'. �
<br />' used by l.ender in connection with this loan, unless applicabte law provides otherwise. Unless an agreement is made or �.��:.; _;:;�,_..,.
<br /> applicable law requires interest to be paid. Lender shall not be required to pay Borrower any inrerest or earnings on the Funds. �;,,F, � �..., :
<br /> $orrower and I,ender may agree in writin�, however, that interest shall be paid on the Funds. Lender shall give to Borrower, .:;=, _ `� � �
<br /> without charge, an annual accounting of the Funds, showing creditti and debits to the Funds and the parpose for which eaeh �'` '�. .
<br /> , . debit to the Funds was made.The Funds are pledged as additional security for all sums secured by this Security Instrument. � ' �'
<br /> If the Funds held by Lender exceed the amounts permitted to be held by applicable law.Lender shall account to Borrower -.:,:.� ��i ;j � _
<br /> , for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any - ` '�� . i
<br /> . time is not sufficient to pay the Escrow Items when due.I.ender may so notify Borrower in writing,and, in such case Borrower "0 "�' '��'+-?� ��
<br />� shall pay to l.ender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than ;��. ,';. ' S� i F �
<br />_�- -- twelve monthly payments,at Lender's sole discretion. ,�., : •�4 _:. ,. .=
<br />, �� � Upon payment in fuU of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any �: •-
<br /> � Funds held by I.ender. If,under paragraph 21.L.ender shall acquire or sell the Pro}serty,l.ender,prior to the acquisition or sale ;�''
<br /> of the Pro e shall a I an Funds held b Lender at the time of ac uisition or sale as a cre�it a ainst the sums secured b ' i°��=� _ _
<br /> P �'�Y• PP Y Y Y q g Y ,� i'.
<br /> • . .. this Security Instrument. ''��
<br />� 3.Application of Payrrcents.Unless applicable law prooides otherwise,all payments received by Lender under paragraphs
<br /> .. �-
<br /> 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second,to amaunts payable under paragraph 2; - --_:-----
<br /> ' third.to interest due:founh,to principal due:and tast,to any late chazges due under the Note. � ' �rt`���..�'•"'
<br /> �s•
<br /> � 4.Charges; Liens. Borrower shall pay all taxes, assessments, charges. fines and impositions attributable to the Property ` -:-�' '•
<br /> � which ma attain riorit over this Securi In.trument, and leasehold a ments or round rents, if an . Borrower shall a ���`��.
<br /> ' Y P Y �Y P Y S Y P Y ���'��.'.-r--. ' '
<br /> '.'� t hese o b ligations in t he manner provi d e d in paragrap h 2,or i f no t pai d i n t ha t m an n e r,B o r r o w e r s h a l l p a y t h e m o n t i m e d i r e c t l y ' • � `�� ?
<br />" to the erson owed a ment.Bonower shall rom d fumish to Lender all notices of amounts to be atd under this ara ra h. ��"�"°YO��- �- �
<br /> P PY P PY P � P S P _
<br /> If Borrower makes these payments directly,Borrower shall promptly fumish to Lender receipts evidencing the payments. �� -�
<br /> 8orrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)agrees in ,� �
<br />' � writing to the payment of Ihe obligation secured by the lien in a manner acceptable to Ltnder;(b)contests in good faith the lien '�' �' `'
<br /> • r.j.;_.�,r�....
<br /> �� � by, or defends against enforcement af the lien in, lega! proceedings which in the Lender's opinion operate to prevent the `��?����;
<br /> � enforcement of the lien;or(c)secures from the holder of the lien an agmement satisfactory to Lender subordinating the lien to ";=y;`���,,:;a�.;;�;, ;
<br /> � this Security lnstrument. If Lender determines that any pan of the Property is subject to a lien which may attain priori�y over - ,.�'-`:�':='
<br /> this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower 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 .,���
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