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'-"........ Form 3028 9/90 93- 11, . TOGETH ER WITH all the improvements n{\w or hereafter erected on the property. and all e<L~menl!r;"aQa.'i4:es. and fixtures now 0\' hereafter a p'lrt of the prop.;;rty. All replacemenls and additions !>hall also be covered by this Security Instrument. AJll'f the foregoing is referred to in this Security Instrument as the "Property." BORROWE;{ COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Propert.y and that the Prop::rty is unencumbered, except for encumbrances of recOld Borrower warrants and will defend generally thl~ title ,0 the Property against all claims and demands, subject to any encumbrances of ret.'l.lrd. THIS SECURlTY INSTRUMENT co:nbil1es uniform covenants for national use and non-uniform covenants with limited ....ariations by jurisdiction to constitute ~ uniform security instrument covering Ileal property, UNIFORM COVENANTS. Burrower and Lel1der covenant and agrt'C as follows: 1. Palment of Principal and Intt'rest, Prepayment and Late Charge... Bcrrcwer 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. Fund<; for Taxes and Insurance. SubjeCt to applicable law or to a written waiver by Lender. Bortower shall pay 10 Lender on the day monthly payments are du,. under the Note. until the Note is paid in full. a sum ("Funds") for: (a) yearly ta:x:es and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly haL1rd or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) allY sums payable by Bonower to Lender. in accordance with the provisions of paragraph 8, in lieu of the payment of mortcage insurance premiums. These items are called "Escrow Items." Lender may. at any time, collect and hold Funds in an amonnt not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Re21 Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. Section 260 Let seq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to excm the lesser amount. Lender may estimate the amount of Funds due on the basis of curr<lnt datu "od reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal 113ency, instrumentality. or entity (including Lender. if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds. annually analyzing the escrow account. or verifying the Escrow hems, unless Lender pays Borrower interest on the Funds and applicahle law permits Lender to make stich a charge, However. Lender may reql:ire Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender ill connection with this loan, unless applicahle law provides otherwise. l1uless an agreement is made or applicable law requires interest to he paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sumr. secured by this Security Instrument. If the Funds held by LP.nder exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the excess Funds in accordance with the requiremt"'nts of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lenrler may so notify Borrower in writing. and. in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency ill no more than twelve monthly payments. at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument. Lender shall promplly refund to Borrower any Funds held by Lender. I f. under paragraph 21. Lender shaH acquire or sell the Property. Lender, prior to th:~ acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against lhe sums secured by this Securi:y Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under pamgmphs I and 2 shall be applied: first, to any prepayment charges due under the Note; second. to amounts paY3ble under paragraph 2: third. to interest due; fourth. to principal due; and last. to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges. fines and impositions attributahle to the Property which may attain priority over this Security Irmrument. and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2. or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. BOrr(lwer shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payn;cnt of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, kga! proceeding~ which in ,he Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from t!le holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deterr~ilJes that any part of the Property is subject to a lien which may attain priority over this Security Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth abcve within 10 days of :he giving of notice. POll" 2 of 6