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<br /> "fOGE"fHER WITH all the improvemenu now or heteafter erected on the praperty. and all easements. �
<br /> ' appurtenances. and fixtures now ar hemafter a part of the property. All replacements and addtttons shall also be covered . , .
<br /> by this Security Instrument.All of the foregoing u referred to in this Security Instrument as the"Property:" • . _
<br /> s Bou�owFx CovEr,nivn that Bonower u lawfully seised af the estate hereby conveyed and has the nght to grant and
<br /> + convey the Propert}+ and that the Properry is unencumbered, except for encvmbrances of record. �orrower warrants and � . - - -
<br /> �� will clefend generally the title co the Property against al!claims and demands,subject to any encumbrances of record. , ::.�.-;
<br /> ; Tx�s Secutun Irisexun�xr combines umform covenants for nationa] use and non-uniform covenants with limited E. ,
<br /> ; variations by jurisdiction to constitute a uniform secvrity insuument covering real pmperty. � : . :
<br /> � Uxffo�CovavnNrs.Borrower and Lender covenant and ag�as follo�rs: • --
<br /> � a, payment of Priadpal suid Interest; �repaymeut and Late Charges. Borrower shall prompdy pay when due _
<br /> the rinci ai of and interest on the debt evidenced by the Note and any prepayment and late charges due z►nder the Note. �.. _ ...,�. •. __
<br /> i p Z.Funds Por Tases and Insuranee.Su bject co app li c a b le law o r t o a w n tt e n w a i v e r b y L e n d e r,B o r r o w e r s h a l l p a y . _._
<br /> � to Lender on the day monthly payments are due under the Note,until the Note is paid in full. a sum("Funds")for: (a) : . � .``„ _�::.�.-:
<br /> � yearly ta�ces and assessmenu which may attain priority over this Sewrity [nstrument as a lien on the Property;(b)Y�Y � �,�;�---�
<br /> � leasehold payments or ground rents on the Property.if any: (c)yearly hazard or property insuran�Pa��t�m���Bo rower . '.
<br /> flood insuranc�p�emiums.if any;(e)Yearly mortgage insurance premiums. if aay:and(f?anY P Y Y �
<br /> to Lender, in accordance with the prov�sions of paragraph 8, in lieu of the payment of mortgage insurance premiums• . �': ��s=
<br /> These�jems are callecl^Escrow Items." Ixnder may, at any time,collect and hold Funds in an amount nvt to excee�the f ` ,.,, .�,1��
<br /> maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under tlte � . _-
<br /> federal Real Estate Settlement Procedures Act of 1974 as amended from tune to time, I2 U.S.C. § 2601 et seq. • ,`:"`
<br /> ("R�.Spp"), unless another law that applies to the Funds sets a lesser amount.If so, Lender may,at any time,collett and -� :
<br /> ; hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of � � _:_ :'�.:.�-�"
<br /> wrrent data and reasonable estimates of expendinues of future Escn�w Items or otheravise in accordance with applicable :•-:�,:.�-°-
<br /> '•�. law. �"� .;: ' -
<br /> The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity ••� , - ,,•; ..
<br /> (including Lender, if Lender is suth an institution)or in any Federal Home Loan Bank. Lender shall apply the Funds to � i•:?�t%%� �
<br /> __� pay the Escrow [tems. Lender may not chazge Borrower for holding and applying We Funds, annually analyzing We _ _ �''�'': a',� _
<br /> escrow account, or verifying the Escrow Items. unless L.ender pays BorruwCr ►nterest an ihe Funds and applicable law - =_;�,-_=_ '�
<br /> pernuu Lender to make such a charge: However, Leuder may require Horrower to pay a one-time charge for an ., , _,
<br /> independent real estate tax reporting sernce ased by Lender in connection with this loan, unless applicable law provides ; .'` ��
<br /> otheranse. Unless an ageEment is made or applicable law requires interest to be paid, Lender shaU not be required to pay . . �.� _� ..:.� _
<br /> Borrower any interest or eamings on the Funds. Borrower and I.ender may agree in writing,however,thai interest shaU be , + , . �
<br /> paid on the Funds.Ixnder shall g�ve to Borrower,without chazge,an annual accounting of the Funds,showing credits and . . '-�
<br />� debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional . �� *'':.���• � !
<br /> security for a l l sums secu re d by t h i s S e c u r i ty I n s t r u m e n t. ;. .�- `zr —
<br /> If the Funds held by l.ender eaceed the amounts permitted to be held by applicable taw, Lender shall account to ,. , —
<br /> Borrower for the eacess Funds in accordance with the requ�remenu of applicable law. If the amount of the Funds held by � �'�. �:
<br /> Lender at aay time is aot sufficient to pay the Escrow items wheu due.Ixnder may so notify Borrower in writing,and.in __; '_= _�_�, {�
<br /> such case Borroaer shall pay to Lender the aznount nesessary to make up the defrciency. Bornower shall make up the _' '� "i�=_
<br /> deficiency in no more than twelve monthly paymenu,at Lender's sole discrenon. ��,� �;���_�
<br /> iJpon payment in full of a11 sums secured by this Security Instmment, Lender shali promptly refund to Borrnwer '*''�•%��=�. .:
<br /> any Funds held by Lender. If, under paragraph 21. Lender shall acquire or sell the Property. Lender. prior to the ����"� �`-''�
<br /> acquisition or sale of the Pro�erty, shall apply any Funds held by Lender at the time of acquis�tion or sale as a credit ;�_ :;, , _
<br /> against the sums secured by th�s Security lnstrumeat. �-�`=.•�'� _
<br /> 3. Applicettan of Payments• Unless applicable 1aw pravides othcrwise. all paymettts received by Lender under -
<br /> paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; secoad. to amounu payable
<br /> under paragraph 2:third,to interest due;fourth,to pnncipal due;and last,to any late charges due under ttie Note. ���:!���1�:-�—
<br /> . 4.Charges; Lienv. Borrower sHall pay all taxes. assessments, chazges, fines and impositions attributable to the _ _ _ ___�
<br /> Property which may attain priority over this Securi Instniment, and leasehold a ents or round renu, if an . �,'�"'`----T
<br /> Boa�wer shall pay these obligations m the mumer provided in paragraph 2.or if not�a�d in that manner, Borrower shall •'� ,_':' ���_._
<br /> pay them on time d�rectly to the person owed payment. Borrower shall promptly fum�sh to Lender all notices of amounts , � .��Y+� •
<br />� to be paid under this paragraph. If Borrower makes these paymeau directly, Bonower shall promptly fumish to Lender . ' -�j,�; .
<br /> receipts evidencing the payments. .. •'
<br /> Borrower shall prompdy discharge any lien which has priority over this Security Instrument unless Borrower: (a) _,. • brii„_..
<br /> agrees in writin$to the payment of the obligation secured by the lien in a manner acceptable to Lender (b)contests in ' �.�.
<br /> good faith the lien by, or defends against enforcement of the liea in, legal proceedings which in the Lender's opinion
<br /> • opente to prevent the enforcement of the lien; or(c) secures from the holder of the lien an agreement satisfactory to �?
<br /> Lender subordinating the lien to this Security Inswment. If Lender determines that any part of the Property is subject to a -��
<br />� lien which may attain priority over this Security Instn�ment. Lender may give Honower a notice identifying the lien.
<br /> Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 da�+s of the giving of notice. . ��_•
<br /> 5.Hazard or Prope�ty losurance. Borrower shall keep the improvements now existmg or hereafter erected on the �
<br /> : Property insured against loss by fire, hazards includecl within the term "extended wverage" and any other hazards. . �
<br /> Form 3028 9 ,Ipa o 61 .
<br /> BANKEPS SvSTEMS,INC..ST.LLOUD.MN 68302 11�800�397�234/1 FOAM MD-1�NE 2/5/91 �:�'L� ��- • . ��.
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