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<br />U11FORNCOVF ANIS Borrower and Lender covenant and agree as follows: 89-- 10152
<br />1. Payment of Principal and interest; Prepayment and Late Charges. Borrower shall promptly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Funds for Taxes and insurance. Subject to applicable late or to a written waiv er by Lender. Borrower shall pay
<br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds ") equal to
<br />' one- twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />leasehold payments or ground rents on the Propett). if any; (c) yearly hazard insurance premiums; and (d} yearly
<br />mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or
<br />state agency (including Lender if Lender is such an institution). Lender shalt apply the Funds to pay the escrow items.
<br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by
<br />this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be.
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall prompzl.} refund to Borrower
<br />a7ay Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Ler_ V?:rJ} apply, no later
<br />2'han immediately prior to the sale of the Property or its acquisition by Lender. any Funds held b L-47,ief in the time of
<br />application as a credit against the sums secured by this Security Instrument.
<br />3. Application of Payments. Unless applicable law provides• otherwise, all payments re.eieed h1,. Lender under. .
<br />paragraphs I and 2 -,hall be applied: first, to late charges due under the Nute; second. to prepaymea -charges due under the
<br />Note; third. toamounts payable under paragraph 2; fourth, to interest due; and last, to principal due...
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attniiiifable to the
<br />Property which may attain priority. over this Security Instrument. and leasehold payments or ground hilts, if any.
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner 134rower shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Len&rail niiticLti of amounts
<br />to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall pri mipily- fpr7rsh to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unlesIi 13tirrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Leritfer. (b) cotisi -sts in good
<br />faith the lien by, or defends against enforcement of the lien in, legal prl;:t:edings which in the Loirler's opinion operate to
<br />prevent the enforcement of the lien or forfeiture of any part of the Pnsna-ty; or (c) secures from the holder ci:the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Sectuit_t Instrument. If Lender determines thai:lirts part of
<br />the Property is subject to a lien which may attain priority o+er this purity Insrniment. Lender may givef 13,irrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one ar more of the a•:tions set forth above within 10 days
<br />of the giving ol•notice.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafitr erected on the Property
<br />insured against loss by fire, hazards included within the temt "extended coverage" and any oiliei,llazard s forwhich Lender
<br />requires :asurance. This insurance shall be maintained in the amounts and for tits periods that Lender rlcauires. The
<br />insutani:e carrier providing the insurance shall be chosen by Borrower subject to Lender's appri:lval which shall not be
<br />unreasonably with •_ld
<br />All insurance policies and renewals shall be acceptable to Lender and shall Include a slandard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Burrower shaftpromptly give to Lender
<br />all receipts of paid premiums ar. cnewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Borrow l:r.
<br />Unless Lender and Borrower othem ise agree in writing, insurance proceeds shall he applicAto restoration err repair
<br />of the Property damaged. if the resterwioi: 3r repair is economically faa,ible and Lender's se.lurttv w mil lessened. If the
<br />restoration or repair i. not econorics ly rea,.ble or Lender's security .could be lessened. the insurance proceeds shall be
<br />applied to the sums secured by thn Security Instrument, %h1%'h:;r or not then due, with any excess paid rya Borrower. If
<br />Borrow er abandons the Property, or does not answer within ?il days a notice from 1_cnder that the insuranc: carrier has
<br />offered to settle a ch in, then Lender may co)'.,:r* the insuran: e 13rtycu d•. Lender nisy use the proceeds to repair or restore
<br />the Property or to pay sums secured by this. St,: urity Insirulr. nt, a hetlw.s or not then due The ill -day period will begin
<br />when the notice is giycn.
<br />Unless Lender and Borrower otherwv se agree in writing, any application cif proceeds to principal shall not extend or
<br />postpone the due date of the monthly paynluni� referred to in paragraphs 1 and 2 or ilt::nge the arnount of the payments. If
<br />under paragraph 19 the Property is acquired li} Lender, RlWrower's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to the imini-sition shall pass to LetiOnr to the extent ufdht,sunn,ccured by this Security
<br />Instrument immediately prior to the acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds. Borruvvci shall ism,destroy, damage or substantially
<br />change the Property. allow the Property to deteriorate or commit waste. if thi! So.-kitay Instrument Is on it leasehold,
<br />Borrower shall comply with the provisions of the lease. and if Borrower acquire., fo tilk, to the Property, the leasehold and
<br />fee title shall not merge unless lender agrees to the merger in writing.
<br />7. Protection of Lender's Rights in the Property; Mortgage insurance. If flormwer fills to perform the
<br />covenants and agreements contained in this Security ln•trunient. or there is a le -al pruccedmg that may significantly atirct
<br />Lender's rights lit the Property (such as a prnceedui-4 in bankruptcy, prohr.te. flit - c nldenl" If14111 or to cnf(,rmc law. or
<br />regulations). then Lender lnay der and pay for whatevcr is ircce.sar, top tote. t thr ;Mbeof the 1'ropert1, and Lender's ri ghts
<br />sit the Property Lender's acti,ros 111,1, include paying, ally suns sc,utcd by lit'a•sviitch has pruutt1, over this Security
<br />instrument. appearing in court. paying tea,onahle attvTneys fccN aint riarritiv ou•tite Property n, 111ake tepairs. Although
<br />Letuler may take action-under this paragraph 7. Lender does not hatie to do .., r
<br />Any amnuntsdtshurycdf +s Lender kimfer the. paragraph 7.h.,H tic_ na :.i;tai)Innal dcht of Hortotvcr ,ecurcd by tht.
<br />Security Instrurneot 1,111 .s horrow"tr and I eluter agree to officr tcy1w. ',t p t7411:I1: 11tc•v atn,`e1Ci, sh;tlf 1-car into e.t fr;•ill
<br />the date of di.hurscinent at the N,•:e rate and shall he p.:v.lhl :..i.,oh +attar.,: t:n.m n11t1,.r fron• i .11&r t., N.vr, •.eel
<br />requesting payincnt
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