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<br />"'T.
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<br />88-104170
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<br />UNIFORM COVENANTS Borrower and Lender covenarit and agree as follow..:
<br />I, Payment of Principal and Interest; Prepayment and Latc Charges. Borrower shall promplly pay when due
<br />the principal of and interest on the debt evidenced by the Note and any prepayment and lale charges due under I he Note.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a wrillen waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly paymenls are due under Ihe Note, until the Note is paid in full, a sum ("Funds") equal to
<br />one-twelfth of: (a) yearly taxes and assessments which may altain priority over this Security Instrumenl; (b) yearly
<br />leasehold paymenls or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly
<br />mortgagc insurance premiums, if any. These items are called "escrow ilems." Lender may estimate the Funds due on Ihe
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution lhe 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 pay the escfow ilems.
<br />Lender may nOI charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless
<br />Lender pays Borrower inlerest on the Funds and applicable law permils Lender to make such a charge. Borrower and
<br />Lender may agree in writing that inlerest 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 inleresl or earnings on the Funds. Lender
<br />shall give to Borrower, withoul charge, an annual accounting of the Funds showing credits and debits 10 the Funds and lhe
<br />purpose for which each debit to Ihe Funds was made. The Funds are pledged as additional security for the sums secured by
<br />this Security Instrument.
<br />If the amount of Ihe Funds held by Lender, logether with the fulure monthly payments of Funds payable pnor to
<br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due. Ihe excess shall be,
<br />at Borrower's option, either promplly repaid to Borrower or credited 10 Borrower on monthly payments of Funds. If Ihe
<br />amount of the Funds held by lender IS nol ,uffiClenllo pay the escrow Hems when due, Borrower shall pay tll Lender any
<br />amount necessary to make up Ihe defiCiency III one or more paymenls as required by lender.
<br />Upon paymenl in full of all sum, seL'ured by Ihls Securily Inslrumenl, lender shall promptly refund 1n Borrower
<br />any Funds held by Lender If under parngrnph I" the !'rnperly is sold or acquired by Lender. lender shall apply. no later
<br />than immediately prior to Ihe '1I1e of the Prnperty or liS a,'qll1sitlOn by lender, any Funds held by Lender at the lime of
<br />application as a credit agalllslthe sums st'('ured hy IhlS Secumy Instrument
<br />J, Application of Payments, Unless applicable law prondes ntherwise, all payments received by Lender under
<br />paragraphs I and 2 shall be applied firs\, 10 late charges du~ under the Note; second, to prepayment charge.\ due under the
<br />Note; third, 10 amounts payable under pnragraph 2; fourth, to IIIlercst due; and lasl, to principal due.
<br />4. Chal'(lel; Liens. Borrower ,hall pny all taxes. IIssessments, charges, fines nnd impositions allributable to the
<br />Property which may allalll prlllrlly over 1111S Secunty Inslrument. and lea\ehold payments or ground renls, if any.
<br />Borrower shall pay these obllgatlllns HI Ih~ rnnnner pnwlded III paragraph 2, or if not paid in thnl manner. Borrower shall
<br />pay them on time directly 10 lite person owed payment. Borrower shall promptly furnish to lender all notices of amounls
<br />to be paid under this paragraph. If Borrower mah.,. thL'Se pllyments directly, Borrower shall promptly fumish 10 Lender
<br />receipls evidencing Ihe payments.
<br />Borrower shall promplly dlschnrge any lien winch has pnonty over this Secumy Instrument unless Borrower: (a)
<br />agrees m writing 10 the paymenl of Ihe obligation secured by the lien inll mnnner acceptable 10 Lender; (b) contests in good
<br />faith the lien by, or defends against enforcemenl of Ihe lien ill, legal proceedlllgs which in Ihe lender's opinion operate 10
<br />prevent the enforcemenl of Ihe lien or forfeiture of any part of the Properly; or (c) secures from lhe holder of Ihe lien an
<br />agreement salisfllctory to Lender subordlllallllg Ihe lien lolhlS Security Instrument. If lender detemlines Ihal any part of
<br />Ihe Property is subject to a lien whIch may altain priority over thiS Security Instrumenl, Lender may' give Borrower a
<br />notice Identifying the lien. Borrower shall satisfy Ihe lien or IlIke one or more of the actions set forlh ahove wilhin 10 days
<br />of the giving of notice.
<br />S. HlIZ8J'd Insurance. Borrower shall keep the Impnwements now existmg or hereafler erected on Ihe Property
<br />insured againslloss by fire, hazards lIIc1uded wllhlll the term "extended coverage" and IIny olher hazards for which lender
<br />requires insurance. ThiS insurance shall be mamtllllled 111 the amounlS and for the penods Ihat lender requires. The
<br />insurance carrier providing the insurance shall be chosen l1y Borrmver ,uhJect 10 Lender's IIpproval which shall nOI be
<br />unreasonably wllhheld.
<br />All insurance policies and renewals shall be acceptabl~ to l~nder lInd shall Includ~ a standard mortgage clause.
<br />Lender shall have the right 10 hold Ihe pollcl"" and renewals. If lemler requlr~s, Borrower shall promptly give to Lender
<br />all receipts of paid premIUms and renewal nolJcL"'. In [he ~\'ent of loss, Borrnwer shall giv'e promplnotlce 10 Ihe insurance
<br />carrier and Lender. lender may make proof of loss If nOI made promplly by Borrower.
<br />Unless Lender and Borrower olherwlSe agree m wmmg, Insural..;e proc~eds shall be appli~d 10 resloralion or repair
<br />of the ProperlY damaged, If Ihe resloration or repair IS economIcally feasible and lender's security is nOI lessen.,d If the
<br />restoratIOn or repair is nO[ economically feasible or lender's secunly would be lessened, the insurance proceeds shall be
<br />applied to the sums sL"Cured by thIS Securily Instrumenl, whether or not Ihen due, wilh any excess paid to Borrower. If
<br />Borrower nbandons the Property, or does not IInswer withm .10 days a notice from lend~r Ihalthe insurance carner has
<br />offered to sell Ie a claim, then lender may collect the Insurance proceeds. Lender may use the proceeds 10 replllr or reslore
<br />the Property or 10 pay sums secured by this Security Instrum~nt, "hether or notlhen due. The 3D-day penod Will beglll
<br />when the nOlice IS given.
<br />Unkss lender and Borrower otherWIse agree In wnllllg, nny apphcalJon of prol'~eds 10 pnnClpal shall nol extend or
<br />postpone the due date oflhe monthly payments referred to in paragraphs I and:1. or change the alllount of the payments If
<br />under paragraph 1 Q the Properly tS acqUired by Lender, Borrpwer's nght to IIny IIIsurance pollcle, and proceeds rL.,.ultlllg
<br />from damage to lhe Properly pnor 10 Ihe acquisition shall pass to Lender tDlhe e~lentllr Ihe sum, ,ecured by thIS SeL'unty
<br />Inslrumenl immedllltely prior 10 tbe acquisllion
<br />6. Preservation Bnd Maintenance of Property; LCBseholds. Borrower ,halln<'t tle'lroy, damage or subslantlally
<br />change lhe I'roperty, IIl10w the Properly to deteriorate or comrmt wasle. If thl' '\el'lJrlly tmlrument IS on a leasehold.
<br />Borrower shall comply with the proviSIons of the lease, and If Borrower actjulre' ree IIIIc to the Properly, the leasehold and
<br />ree IItle shall nOlmerge unit''' Lender agrees!O the merger III Writ mg.
<br />7, Protection of Lender's Rillhts In the Propert).; Mortllalle Insurant'l', If nornl\\er r,u" I" perform the
<br />covenants and agreements contlllned In thiS Secunty Instrumcnl. t>r Ihere Is a legal prll,'cedlllj! thaI mal 'Iglllfil'alllly alfe,'1
<br />Lender'~ right~ III Ihe Property (such liS a proceeding III bankruptcy, prohat~. r"r l'ondernnatlo!l "r I" enr"I.'e la", l\r
<br />regulalion~), Ihen Lender Illay do nnd pay for whllle\'er is necessary tn prott"d lilt' lulu~ "fthe Prnperty :Ind I elld...r', right,
<br />In rhe Property. Lender's aClH,"' mll)' mclude paying any 'UI11S sel'urcd 11) ,\ lien \\hldl has prIOrIty 0"" thl> S"'l'Unly
<br />Instrument.lIppellring III court, paying reasonable atlorneys' fees and enlt'rIn!! (III IlIe Pr(lp~rty 10 makl' It'P,llIS Alrl1ougl1
<br />lender may tali.eaction under Ihis paragraph 7, l.ender does not hElv'e 10 till '0
<br />Any ar"Hlun'~ disbursed by lender unut'r rillS paTllgnt!'h 7 shull het'llllll' addttllllwl d...htl,r B'lI'Il\lIt'l 't",'un...l hy II",
<br />Securlry Inslrurnent. I:nle" Borrow~r and 1.("n<lel agree to ,,111"'1 term' .,1' pal 111<'111. Ihes... an"'llllt' ,hull ht"" 1Il1eres, rn'll1
<br />the dale of lhshur~C'rnf'nl III the Nlllc "ute.- ant.i ,hull he PU\'ilhl(', \\1111 111lne" Url'fl ,It'f1u~ frl111\ 1 I'll dc." r In BOrfl\\\('!
<br />recluL..."ng payment
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