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<br />RE- RECORDED
<br />107059 90-106240
<br />�' � •. ,• 90--
<br />�•i1� .r i (•Yit;il�
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payttttent 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 law or to a written waiver by Leader. Borrower shall pay
<br />to Lender an the day monthly payments are due under the Note, until the Note is paid in full, a sure ( "Funds ") equal to
<br />one - twelfth of: (a} yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly
<br />lessahold payments or ground rents on the Property, 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 tine Funds due on the
<br />basisof 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 shall apply the Funds to fray lire 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 he paid on the Funds. Unless an agreement is made or applicable law
<br />aquires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings oil the Funds. Lender
<br />sWiltiveto Borrower. w ithout charge. an annual accounting o6 the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds wits made. The Funds are pledged as additional security for the sums secured by
<br />OW Security Instrument.
<br />It the amot tit of the Funds held by Lender, together with the future motrthly payrmeerss of Funch Payable prior to
<br />The dare dates of the escrow items, shall exceed the amount required to pay the escrow items ,% ben due, I he excess shall be,
<br />as Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly pal nienis of tFunSa. If the
<br />amount of the Funds held by Lender is not sufficient to pay the escrow items When due, Burrower sha4 pa} to Lender any
<br />amount necessary to make up the deficiency in one or more payments as rtgaized by Lender.
<br />Upon payment in full of all sums secured by this Security Ins(rument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply, no later
<br />than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held h) Lender at the time of
<br />application as a credit against the sums secured by this Security Instrument.
<br />& Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the
<br />Note,, third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due.
<br />4. Charges; Cleric. I3utrUWe9 shell pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
<br />Borrower shall pay these obligations in the manner provided its paragraph 2, or if not paid in t hat manner. Burrower shall
<br />pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lcuder all not ices of amounts
<br />to be paid under this paragraph. if Borrower makes these payments directly. Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests its 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 enforcement of the lien or forfeiture of any part of fire Property; or (c) sec :res front fire holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lcuder deteromics flint ally part of
<br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender rony gne Borrower a
<br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days
<br />of the giving of notice.
<br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by tire, 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 Leader requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be
<br />unreasonably 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 />all receipts of paid premiums and renewal 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 Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration or repair
<br />of the Property damaged, if lire restoration or repair is economically feasible and Lender's recut ily 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 nnswer within 30 days a 110' ice from Leader that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore
<br />the Property or to pay sums securemi by this Security Instrument, whether or not then dare. The 30-day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing. any application of proceed:., 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 amou ni of the payments. If
<br />under paragraph 19 the Property is acquired by Lender. Borrower's right tot any insurance policies.uA proceeds resulting
<br />from damage to the Property prier to the acquisition shall pass to Lender to the ement of a ix sums secured by this Security
<br />Instrument immediately prior 1vr the acquisition.
<br />6. Preterralies and Mdcttenance of Property; Leaseholds. Borrower shall not destroy, damage or substan:tally
<br />change the Property, allow the Property to deteriorate or commit waste. If efts Security Instrument is on a leasehold,
<br />Borrower shall comply with the provisions of the tease. and if Borrower ac4-w44. s fee title to the Property, (he 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 Borrower fails to perform the
<br />covenants and agreements 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 Lender 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 over this Security
<br />Instrument, appearing in court, paying reasonable attorneys' fees and efteong 99 the Property to make repairs. Although
<br />Lender 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 But rower secured by this
<br />Se.:vdty instrpment. Unless Borrower and Lender agree to other terms of payment, these amounts shall hear interest from
<br />-the dattrordisbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower
<br />requessing payment.
<br />1911!' _ -..•• - --
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