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L RE.RECORDED UNIFORM COVENANTS. Borrower and ~l;;'c!e~a! ~~~e as follows: 87 - 106068 I. Payment of Principal and Interest; Prepayment and Lute C!tur~es. Borrower \hall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charge\ due under the ~ote. 2. Funds for Taxes and Insurance. Subject to applicablc law or to a written waiver by lender. Borrower \hall pay to Lcnder on the da~ monthly payments are duc under the Note. until the Note is paid in full. a wm ("Funds") equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security In,lrument: (bl yearly leasehol aym~ts or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly m gage I rance premiums. if any. These items are called "escrow items." Lender may estimate the Funds due on the b s', he I data and reasonable estimates of future escrow items. .~fUre F Ids \hall be held in an institution the deposits or accounts of which arc insurcd or guaranteed by a federal or ficncy neluding Lender if Lender is such an institution), Lender shall apply the Funds to pay the escrow items. not charge for holding and applying the Funds. analyzing the account or vr.-rifyin~ the escrow items. unless applicable law permits Lender to make such a clmrge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement 1\ made or applicable law requires intelest to he paid, Lender shall not be required to pay Borrower any interest or earnings 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 arc pledged as additional security for the sums securcd by this Security Instrument. If the amount of thc Funds held by Lender. together wllh the future monthly payments of Funds payable prior to the due dates of the escrow itcms. shall e)(ceed the amount required to pay the escrow Ilems when due, the excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Lender. 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 19 the Property is sold or acquired by Lender. Lf:nder shall apply, no later than Immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under parallraphs I and 2 shall be applied: first, to late charges due under the Note; second, to prepayment charges due under the Note: third. to amounts payable under paragraph 2; fourth, \0 interest due: and last. to principal due, 4. Charges; Liens. Borrower shall pay all ta)(es. assessments. charges, fines and impositions attributahle to the Property which may attain priority over this Security Instrument. 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. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment 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. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the property is suhject 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 ahove within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now e)(isting or hereafter erected on the Property insured againstl<lss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maimained in the :lIllounts and for the periods that Lender rcquires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld, All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carner and Lendl'r. Lender may make proof ofloss if not made promplly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged. if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would he lessened. the insurance proceeds shall be applied to the SUIllS secured by this Security Instrument. whether or not then due, with any e'xcess paid to Borrower. If Borrower abandl)ns the Property. or docs not answer within 30 days a notice from Lender that the insurance carrier has olTered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 3D-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not e)(tend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lemler. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrnment immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not deslroy. damage or substantially change the Property. allow the Property to deteriorate or .:ommll waste. If this Security Instrument is IlIl a leasehold. Borrower shall comply with the provisions of the il'ase. ami if Borrower acqlllres fee title to the Property. the leasehold and fee title shall not merge unless Lender agrees to the mer~er III Wrltlllg. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreement.. .:ontained III this Se,:ullty In\trumenl. or there is a Iegall'ro.:e.:ding Ihal may signilkantly atrect Lender's rights in the Property (such as a pro.:eedlnll In bankrupt<:y, prOhall'. for ':Ilndemnatton or 10 enfor.:e laws or regulations). then LI'nder may do and pay for whate\'l'r IS nl'cessary to proteI'! the valuc of the Property and Ll'nder's rights in the Property. Lender', al'liom may lIIe1ude paYII1ll any sums secured by a Iiell whi.:h has pril1rilY lWeI' this Se.:urity Inslrument. appc'anng in .:oun. paying reasl1nahk atl.'1 n.:ys' fees and enknng on Ihe l'ropen\. IOlIlake re\,'lIr,. Althoullh Lender may lake a':lion uncler Ihis paragraph 7. L':lllkr docs nOI have to dl' ",. Any amounts disbursed by I.ender umkr I hl\ paragraph 7 shall benlnll' acldllI01"" debl of Borrower sel'ured hy Ihi, Se,:urlty Instrulllc'lI1. Unle,' Borrower and I.elllkr agr.:e III other lerlllS I)f pay lIlen!. thes.: alll"lllllS ,hall bear interest from the date of di,hur,elllent al the Note rate and ,hall he payahil', wllh IIII.:r.:\1. upon IWlh'" fn'", Lellcler 10 Borrower rC4ucsllllg paYlllell1 r ,.--------.. J~ h ' _J