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88-104489 UNIFORM COVENANTS. Borrower and Lender cnvenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal ofand interest on thc debt cvidcnced by the Note and any prcpayment and late charges due undcr the Notc. 2. Funds for Taxes and Insurance. Subject to applicablc law or to a writtcn waiver by Lende;, Borrower shall pay to Lendcr on the day monthly payments are due under thc Notc, until the Note is paid in full, a sum ("Funds") equal 10 one-twclfth of: (a) yearly taxes and assessmcnts which may attain priority over this Security Instrumcnt; (b) yearly leasehold payments nr ground rcnts on the Propeny, if any; (c) yearly hazard insurance prcmiums; and (d) yearly mortgage insurance premiums. if any. These items are called "escrow items.~' Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be hcld in an institution the deposits or accounts of which are insured or guarantced by a fedcral or state agency (including Lendcr if Lcnder is such an institution). Lender shall apply the Funds to pa~ the escrow items. Lender may not charge for holding and applying the Funds. analyzing the account or verifying the escrow itcms, unless Lender pays Borrowcr intcrest on the Funds and applicable law pennits Lcnder to makc such a chargc Borrower and Lendcr may agrce in writing that interest shall be paid on the Funds. Unless an agreement is made 01 ..pplicablc law requires interest 10 be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. lender shall givc to Bnrrowcr, without charge. an annual accounting of thc Funds showing credits and dcbilS to lhe Funds and the purpose for which each debit to thc Funds was made. The Funds are pledgcd as additional security br the sums secured by this Security Instrument. If the amount of the Funds held by Lender. logethcr with the future mOnlhly payments of Funds payable prior to the due dates of the escrow items, shall cxceed the amount rcquired to pay the escrow itcms when duc. the cxeoss shall be, at Borrower's option. cither promptly repaid to Borrower or credited 10 Borrower on monthly payments of Funds. If thc amount of the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to lender any amou"1 necessary to make up the deficiency in one or more paymems as required by Lender. Upon paymcnt in full of all sums securcd by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lcnder, If undcr paragraph 19 thc Propcny is sold or acquired by Lender. Lender shall appl~, no later than immediately prior to the salc of the Propeny or its acquisition by Lender, any Funds hcld by Lender at the lime of application as a credit against the sums secured by this Security Instrument. 3. Application or Payments. Unless applicablc law provides otherwISe. all payments receIVed by Lender under paragraphs] and 2 shall be applicd: first. to latc charges duc undcr the Note: second, to prepayment charges due under the NOlC: third, to amounts payable undcr paragraph 2: founh, to mterest due: and last, to principal due. 4. Cbarges; Ucns, Borrowcr shall pay all taxes, assessments. charges, fines and imposllions attributable \0 the Property which ma)' anain priority over thj~ Security In!!olruOlent. and leasehold p3)'mc:nts or ground renh. if an\' Borrower shall pa)' these obligations in the manner pro\'ld~d In paragraph 2. or if not paid In that manner, Borrower ",h~1I pay them on time directly 10 the person owed payment. narrower ..hall promptly furm~h to under an notlct:'!lo of amounb to be paid under thIS paragraph. If Borro'.ver makes these payments dircctly, Borrowcr shall promptly furnIsh III Lender receipts evidencing the payments. Borrower shall promptl~,. discharge any hen which hID. pnont)' ov('r thl~ Security In~trumenl unless. Borrower: (a) agrees in writing to the payment of the obligatIOn sccured by the hen m a manner acccptable to Lcnder: (b) COnleslS in good faith the lien by. or dcfends agams! enforcemenl of the lien m, legal proccedmgs whIch m the Lender's opimon opera.e 10 prevent the enforccmenl of the lien or forfciture of any pan of the I'ropeny: or (c) secures from the holder of the hcn an agreement satisfactory to Lcnder subordmating thc lien to thIS Seeunty Instrument. If Lendcr detcnnmes that any pan of .hc Propeny IS subJcct to a lien which may anam pnonty mer thIS Sc.:unty Instrument. Lender may gJ"c Borro"er a notice idcmif)'ing the lien. Borrower shaH ~tisfy the lien or take one or more of the aCllons set fonh aoo\'e \\ithm 10 day!l. ofthe giving of notice. !i. Hazard Insurance. Borrower shall keep the 'mpro\'em~nts now existing or hereafter erected on th~ Propenl insured against loss b)' firc, hazards included wllhm the !enn "ex'cnded coverage" and an) other hazards for whIch Lender requires insurancc, This insurancc shall be maintained m thc amounts and for lhe penods that Lender reqUIres. The insurancc carner providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurancc poliCIes and renewals shall be acceptablc to Lcnder and shall mcludc a standard mongagc clause. Lender shall have the righl to hold the policies and rcnewals. If Lender requires. Borrower shall promptly. gIVe to Lender all receipts of paid premium~ and renewal nollces. In the event of loss. Borrower shall g;,.c prompt nOllce to the msurance carricr and Lender. Lender may makc proof ofloss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. msurance proceeds shall be apphed to restoration or rc:p;.1f of the Propeny damaged. if the restorallon or re~alr is economically feasible and Lender's security IS not I"",ened. If the restoration or repair is not economically feastble or lender's secunty would be losenoo. the in~urance proceeds shall be: applied to the sums secured by this Security Instrument. whether or not then due. with an)' eJtces.Ci paid to BOrrO\\.cT. If Borrower abandons the Propert)'. or does not answer within 30 days a notice from lender that the insurance carrier has. offered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds 10 repair or restore thc Property or 10 pay sums secured by this Secumy Instrument. whether or not then due. Thc 30-da)' penod WIll begm when the notice is given. Unless Lender and Borrower otherwise agree in writing. any application of proceeds to pnnclpal shall not e~tend or postpone thc due date of the monthly payments referrcd to in paragraphs I and 2 or change the amount of the payments. If under paragraph 19 the ProperlY is acquired by lender, Borrower's nght to any insurance pohcic:s and proceed." r~ull1ng from damage to the Propeny prior to the acquisition shaH pass to lender to the eMent of the ~ums s.ecured by lhl'i Secunty Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not dotroy. damage or !'.ubslantlally change the Property, allow the Propert)' to deteriorate or commit waste. If thi~ Security Instrument is on J. leasehold. Borrower shall comply with the provisions of the l~. and if Borrower acquires fee title to the Property. the Ic:asehold and fee title shall not merge unless lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fail~ [0 perform the covenants and agreements contained in this Security Instrument, aT there is a legal proceedmg Ihat may sigmficantly affect Lender's rights in the Property (such as a procceding in bankruptcy. probatc, for condemnallon or to enforce laws or regulations). then Lcnder may do and pay for whatevcr is necessary to prOlect the value of the Propeny and lender's rights in the Property. Lender's actions ma} include paying an}' sums secured by a lien which ha~ prionr~ over IhlS Securlly InMrument, appearing in court, paying reasonable attorneys' fees and entering on (he Property to make repalr!t. Although Lender may take action under Ihis paragraph 7, lender does not have to do so. An)' amounts disbursed by Lender under this paragraph 7 shall become additIOnal debt of Borrower "l.'('ur~ h~ tht~ Security Instrument. Unless Borrower and Lender agree (0 other terms of payment, these amount!'. ~hall hear m(crl.~1 from the date of disbursement al the Note rate and ~han he payable, with imeres!. upon notll.-C from Lender III Bnrnl\\cr requesting payment.