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2N F 1 _M k UNMRI& CuvENAMM Borrower and Lender covenant and agree as follows: 89-100850 I. Psyaeat of PrhWW aced IMM04 Prepayatat and Late Ckanges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2, Fan& for Taxa aced Iasaraace. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds") equal to one twelfth of (a) yearly taxes and assessor ats which may attain priority over this Security Instrument; (b) yearly lea dMU payments or ground rents on the Property. if any; (c) yearly hazard insurance pre trumns; and (d) yearly mottM insurance premiums, if any. These item are called "escrow items_" Lender may estimate the Funds due on the bads of curre nt data and raaon"estintates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or Oft apncY (indudiinf Linda if li.eader is such an institution). Lender shall apply the Funds to pay the escrow items. Landes may not cltsrse for holftS and applying the Funds, analyzing the account or verifying the escrow items, unless Lerner" pays Borrows ftwat on the Funds and applicable law permits Lender to make such a charge_ Borrower and Lender a" agree ift -vvftg that interest shall be paid on the Funds. Unless an agreement is made or applicable law raqu« s km=t to WFW4 X e adtr shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall XWCO Boars UM, witboi:t charge. an annual accounting of the Funds showing credits and ftits to the Funds and the Purpose for which=h debit to the Funds was made. The Funds are pledged as additional security far the sumssecured by this Security Instrwmt " If the awmt iQttae ft m& held by Lender. togethw with the future monthly payments of Funds payable p.ior to the due dates of thee eseraw itanr,. shall exceed the amt aquired to pay the escrow items when due, the excess shall be, at Bonzwees, optsarr6 either promptly repaid to Homo *er cr rrelited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient taffy time escrow items when due, Borrower shall pay to Lender any amount necessary to makeup the deficiency in one or merepsyments as required by Lender. Upon payment in full of aH sums secured by this Seem rity Instrument. Lender shall promptly refund oa borrower any Funds held by Lender. IF �vmde* rsrosaplt 19 the Pr-pp-croty is sold or acquired by lender, Lender Shan " " Inter than i atdY_Prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender:at<dvrV4= of application as a cm1magainst thesumssecured by this Security lnstnim=t_ 3. Appiki0w of Psymeatb. Unless applicable law provides obm- wise, all payments zags red by 1der ureA r paragraphs 1 and Z stiutfM be applied: dinar, to late charges due under the N`o --ig sera A. rr prepays charges &.` Lander tl•.e Note; third, to amcwIM payable under paragraph 2; fourth, to interest dtr:titi I;tSt,: p, pa%. 4. 4hsrljW Ldas a► Botrawer shall pay all taxes, assessments?, ca�Vs, � wsA ftnp x.,ns at:: fh�hle to the Property which way s=ain priority over this Security Instrument, aTA lmase ck, p&A' mwr; or Smmd =ra, if an... Borrower shall pay esese obligations in the numaL. provided in paragralph 2, or if na paid in that manner,. Sortower shalt pay them on time directly to the Berson owed pr.. Borower shall promptly fut�nsb to Lender all noises of amounts to be paid under this paragraph. l: Borrower ms'tes obese payments directly, Bormwer shall promptly furnfs r to Lender receipts evidencing the payments. Borrower shall promptly discharge any Um which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, or defendsagainat enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of t1w ban or forfeiture of any part of the Property, or (c) secures from the holder crthe lien an agreeeitmtsatisfactory to Larder subordinating the lien to this Security Instrument. if Lender determines that any partcf t1he Pry is Mbject to a lien which may attain priority over this Security instrument, Lender may give Borrower a notice idei:rfyiagthe lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Hazard Issarew. Smower shall keep the improvements now existing or hereafter erected on the Property insured Ms4nst loss by fire. hazard-, included within the term - extended coverage" and any other hazards for Rlikh Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier prsvibng the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withbWii. All insurance pees and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender diall have Ow nght to hold the policies and renewals. It Leader requires, Bar. rower shall promptly give to Lender all receip%of paid gpuremiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lendeir may make proof af'fow if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be appl ad ra restoration or repair of the Property damaged. if the restoration or repair is economically feasible and Lender's seculityr is act ),euzaed. If the restoration or repair is not economically fusible or Lentdees security would be lessened, the insuirmw pram!ds shall be applied to the sums secured by this Security 1"asorament, w'sether or not then due, with any exc= paid to Borrower. If Borrower abandons the Property, or does nor answer within 30 da;s a nucice from Lender that the insurance carrier has o1Tend to Settle a clakm. then Lender may collar the insurance proceeds. Lender may use the proceeds to repair or restore . the Property or to ILYe' sufm secured by this Security Instminent, whether or not then due. The 30-day period will begin when thm notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shade newt extend or postpone the due darn afthe monthly payments. rderred to in paragraphs, l and 2 or change the amount of the payments. If under paragraph 190 tht Property is acquired try Lender, Borrower's right, to any insurance policies and proceeds resulting from damage to the Property prior to the act +:'anion shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to dot acquisition. 6. Pnewwatfom cell Maialenutaee otPropenr Leaatiolda. Borrower shall not destroy. damage or substantially change the Property, a2ow the pkaperty to deteriorate or commit waste. If this Security Instrumenl is on al leasgjtold, Borrower shall comp:y with the previsions at'the tease, and if Borrower acquires fee title to the Properly, the ieasebold and fee title shall not merge unless Leader agrees to (rte merger in writing. 7. Protection of L MWW tilgita in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Inarament, or there is a legal proceeding that may significantly affect to- r4!r's ruts in the Prormy (such -^ a pror = ding ir, bankruptcy, pFoWle. for condemnation or to enforce laws or regulations). then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority ever this Security Instrument. appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does not have to do so. Any amounts disbuned by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument:. Unless Borrower and tender agree to other terms of payment. these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable. with interest, upon notice from Lender to Borrower requesting payment. ,-,. _ -- e M trQ� r' 6 W,