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~~',. 193- 110898 TOGETHER WITH all the improvements now or hereafter erected on the property. llnd 1.11 easements. appurtenalltt5. and fixtures now or hereafter a part of the property. All replacements and additions shall also be I'.~vered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property" BORROWER COVENANTS that Bomlwer is lawfully seised of the estate hereby conveyed and has Ihe right 10 grant and convey the Property and Ihal the Property is unencumbered, ex.cept for encu'.lbrances of record. Bom.wer warrants llnd will defenu generally the title to the Propertyagainsl all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: I, Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on Ihe debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Immrnnce. Subject to applicable law or to a written waiver by Lender, Borrower ~hall pay to Lender on t:le day monthly payments are due under the Note. until the Note is paid in full. a sum ("Funds") for: {a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or grounci rents on the Property. if any; (c) yearly hazard or property insurance premiums; (d) yearly flood ino;urance premiums. if any; (e) yearly mortgage insurance premiums, if any; and (0 any sums payable by Borrower to Lender. in accordance with t~e provisions of par.lgraph 8. in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may. at any time, collect and hold Funds in an amount po! to exceed the maximum amount a lerlder for a federally related r.lortgage loan may require for Borrower's escrow account under the federal Real &tate Settlement Proced'Jres Act of 1974 as alC;~llded from time to time, 12 U.S,C. Section 2601 et seq. ("RESPA"). unless anothtr law that applies to the Funds sets a less~l amount. If so. Lender may. at any time. collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on tht' basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose depositf> are insured by a federal agency. instnlmentality. or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to PHY the Escrow Items. Lender may not charge Borrower for holding and applying the Funds. ~!',nunlly analyzing the escrow account. or verifying the Escrow Items. unless Lender pays Borrower interest on the Funds and applicable Inw permits Lender to make such a charge. However. Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this lonn, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the FumJs, Borrowcr 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 pu'pose for which each debit to the Funds wa:; made. The Funds are pledged as additional security for all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable law. Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law, If the amount of the Funds held by Lender at any time is not sufticientto pay the Escrow Items when due, Lender may so notify Borrower in writing. and. in such case Bornl\~ l'r shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in 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 promptly refund to Borrower any Funds held by Lender. If. under paragraph 21. Lender shall acquire or sell the Property. Lender. prior to the ncquisitioll or sufe of the Property. shall apply any Funds held by Lender at the time of acquisition or sale as a creciit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under pnragraphs I and 2 shall be applied: first, to any prepayment charges due under the Note; second. to amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4. CharJ:es; Liens. Borrower shall pay all taxes, assessments, charges. fines and impositions attrihutahle to lhe Property which may attain priority over this Security Instrument. Ilrod leasehold paymems 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 he paid under this paragraph. If Borrower makes these payments directly, Borrower ~,hall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrumen: unless Borrower: (a) agrees in writing 10 the payment of the obligation secured by the lien in a manner acceptable to Lender; (h) conlests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent lhe enforcement of the lien; or (e) secures from the holder of the lien an agreement satisfactory to Lender suhordinaling the lien to this Sccurity Instrument. If Lender detcrmines that any part of the Properly is ~uhj('ct to a lien which may uttain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall s,nti.sfy the lien or tuk". one or more of the actions set forth above within 10 days of the giving of notice, Form 3028 9/90 P.g. 2 of e