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F <br />7 <br />89-- 10402tf <br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: <br />1. Parrasat at Prladpal aael Interest; PraMyttttettt 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. Fuwtis h r Tascsa and Imniraaee. Subject to applicable law or to a written waiver by Lender, Borrower shall pay <br />to Lender on the day monthly payments are due under the Note, until the Note is paid in flail, a sum ( "Funds ") equal to <br />one 4wel th of (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly <br />Iweisold payments or ground rents on the Property, if any; (e) yearly hazard insurance premiums; and (d) yearly <br />Watgttge irouranm premiums, if any. These iteen)s are called "escrow items." Lender may estimate the Funds due on the <br />bask of e:urrent data and ressonable estimates of lirture escrow items. <br />Tito Funds sUH be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or <br />state agatcy (including Leader if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. <br />Leardsr may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless <br />Leander pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and <br />Leader 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 />sWl give to Borrower, witho4 charge, an annual accounting of the Funds showing credits and debits to the Funds and the <br />purpose for which each debtththe Funds was made. The Funds are pledged as additional security for the sums secured by <br />this Security Instnment. <br />If tee amount unt of the kuids held by Lender, together with the fixture monthly payments of Funds payable prior to <br />the due data of the escrow itrnns, shall exceed the amount required to pay the escrow items when due, the excess shall: be, <br />at Borrower's option, either pe^ mpdy repaid to Borrower or credited to Borrower on monthly payments of Funds. V Glee <br />amount of the Funds held by Lender is not sufficient to pay the escrow items when n due, Borrower shall M tsL;endeti sxry <br />amount recess aq to make up the deficiency in one or more payments as requiftd bx harder. <br />Upotr Payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower <br />any Funds held by Lender. If under paraggaph.19 the Property is sold or acquired by Lender,1gender, shall apply, no-lat!= <br />than immediatidi Dior to the sale of the Prrgmly or its acquisition by Lender, any Funds W by Lender at.the rime of <br />applica*a ss':r crtdit against the sutras secured by this Stvurity Instrument. <br />�a Apgiieadm of Pgncstrt. Unless applicable law provides otherwise, all payments soceived by Lender under <br />paragraphs' 1 and- 2 shall be applied: first, to late charges due under the Note; second, to prepoym, a rat charges due under the <br />Note; thir4 to kttro wts payable under paragraph 2; fourth, to interest due; and last, to princi* due. <br />g. Glaegeet Bear• Borrower shall pay an taxes, assessments. charges, Ones and frarr�ositions attributable to the <br />Property which may attain priority over this Security Instrument, and leawhd d payinemts or ground rents, if any. <br />Borrower shall pay these obli pt •ions in the manner provided in paragraph 2, or ifMX, paid in that manner, Borrower shall <br />i. <br />pay than on time directly to the person owed payment. Borrower shall promptly furnish t Linder all notices of amounts. <br />to be paid under Wit paragraph. If Borrawrer makes these payments directly. Borrower shiU pwmpdy furnish to Lender; <br />f =- <br />receipts evidencix g,the payments. <br />Borrower sfptil promptly discharge any lien which has priority over this Security instrument t<nje% Rmew l <br />- <br />svx= in writing to the psymxzet of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good <br />faith the lien by,, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to <br />prevent the enfaerement of the lien or forfeiture of any put of the Property; or (c) secures from the holder of the lien an <br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. if I- ewdlee* dee!er iftles that any <br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a <br />notice identifying the lien. Borrower shall satisfy the lien or take one or more enf`the.actions set forth above within 10 days <br />of the giving of notice. <br />S, Elasard Iaaturaaee. Borrower shalt keep the improvements now existing or hereafter erected on the Property <br />insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender <br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The <br />insurance carrier providing the insurance shall be chasers by Borrower subject to Lender's approval which shall not be <br />unreisombly withheld. <br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. <br />Lender shall have.the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender <br />_ <br />all roxipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance <br />carr sec and L ender. Lender may make proof of loss if not made promptly by Borrower. <br />—_ <br />Unless Leander and Borrower otherwise sgree in writing, insurance proceeds shall be applied to restoration or repair <br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the <br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be <br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If <br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has <br />ofe ed- to settle a claim, them Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore <br />the property or to pay sums secured by tins Security Instrument, whether or not then due. The 30-day period will begin <br />when the notice is given. <br />Unless Leader and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or <br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If <br />under paragraph 19 the Property is acquired by Lender, .Borrower's right to any insurance policies and proceeds resulting <br />from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security <br />Instrument immediately prior to the acquisition. <br />f. Preaervatioa sad Mafateaaaee of Property; Leareboldr. Borrower shall not destroy, damage or substantially <br />change the Property. allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, <br />Borrower shall comply with the provisions of the kale. and if Borrower acquires fee title to the Property, the leasehold and <br />fee title shall not merge unless Lender agrees to the merger in writing. <br />7. Protecting of ImWer's Rights im the Phiperty; Mortgage Iasurame. If Borrower fails to perform the <br />covenants and agr=ments contained in this Security Instrument, or there is a legal proceeding that may significantly affect <br />Lender's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or <br />regulations), then Gender may do and pay for whatever is necessary to protect the value of the Property" and Lender's rights <br />in the Property. Lender's actions may include paying any sums secured by a lien which has priority o%er this Security - <br />Instrument, appearing in court. paying reasonable attorneys' fees and entering on the Property to matte repatrs AIthough <br />Lender <br />may take action under this paragraph 7. Lender does not have to do so. <br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Harrower secured by this <br />Secunty Instrument Unless Borrower and Lender agree to other terms of payment. these amount,, shall hear interest from <br />the date of disbursement at the Note rate be <br />*• <br />and shall payable, with interest. 1JIXm n(,tice from l :racier r;• Por r. -%%er <br />requesting payment. <br />r' <br />ti. <br />