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88-104627 UNIFORM COVENANTS. Borrower and Lender covenant alld agree as follllWS' 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when dlle the principal of and illterest lln the debt evidenced by the Note and allY prepaymellt ami laic charges due ullder the NOle. 2. Funds for Taxes and Insurance. Subjeel to applicable law or to a written waiver by Lellder. Borrower shall pay to Lender Oil the day monthly payments are due ullder the Note. ulltillhe Note is paid ill full. a sum ("Funds") equal to olle-twelfth of: (a) yearly taxes and assessmellts which may attain priority over this Security Instrumellt; (b) yearly leasehold paymellts or groulld rellts Oil the Properly. if any; (c) yearly hazard insurance premiums; alld (d) yearly mongage insurance premiums. if any. These items are called "escrow items." Lellder may estimate the FUllds due Oil the basis of current datn and reasonable estimates of future escrow items. The Funds shall be held in an institutiollthe deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lollder if Lender is such all illStitutioll). Lellder shall apply the Funds to pay the escrow items. Lollder may not charge for holding and applying the Funds. allalyzing the account or verifyillg the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lellder to make such a charge. Borrower and Lellder may agree ill writing that illterest shall be paid on the FUllds. Ullless 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 Funds. Lender shall give to Borrower. without charge, all anllual accollnting oFthe FUllds showillg credits alld debits 10 the Funds alld the purpose for which each debit to the Funds was made. The FUllds are pledged as additiollal security for the slims secured by this Security Instrument. If the amount of the Funds held by Lellder. together wilh the future mOllthly paymellts of FUllds payable prior to the due dales of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credi1ed to Borrower on monthly payments of Funds. If the amount of the FUllds held by Lellder is not sufficient to pay the escrow items when due. Borrower shall pay to Lender allY amount necessary to make up the deficiency in onc or more payments as required by Lender. UpOll payment ill full of all sums secured by lhis Securit). Instrumelll, Lender shall promptly refund to Borrower allY Funds held hy Lellder. If ullder paragraph 19 the Property is sold or acquired by Lender, Lender shall apply. no later than immediately prior 10 lhe sale of the Property or its aequisitioll 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 pamgraphs I and 2 shall be applied: first. to late charges due ullder lhe Note; secolld, to prepaymellt charges due under the Note; third, to amounts payable under pamgraph 2; fourth, to illterest due; and last, to prillcipal due. 4. Chargesj Liens. Borrower shall pay aU taxes. assessments. charges, fines and impositions attributable to the Propeny 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 10 be paid ullder this paragraph. If Borrower makes lhese payments directly, Borrower shall promptly Furnish tll Lellder receipts evidencing the payments. Borrower shall promptly discharge any lien which ha't pnority over this Security Instrument unless Borrower: (a) agrees to writing to the payment of the obligation secured by the lien in a manner acceptuble 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 enforcc:mc:nt of lhe lien or forfeiture of any part of the Propeny; or (c) secures from the holder of the lien an agreement satisfnctory to Lender subordinating the lien to Ihis Security Instrument. If Lender determines thnt any pnrl of the Property is subject to a lien which may attuin priority over this Security Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the hen or take one or more o[the actions set forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the lmprovcmenl~ no\\' existing or hereaflcr erecled on the Ilropert)" insured against loss by fire. hazards included within the term "extended co\'erage" and any other ha7..ards for which Lender requires. insurance. This in~urance shall be maintuined in the amounl~ und for the periods thai Lender requIre... The insurance carrier providing the insurance shall be chosen by Borrower suhjecl 10 Lender's approval winch !othaJl nol be unreasollably withheld. AlIlnsurancc pohcies and renewals shall be acccplable to Lender and shall include a standard mortguge dUU!'oe Lender shall ha,,'e the right to hold the pohcles IInd renewuls. If Lender r~quire!o.. Borrower shall promptly gIve to Lender all receipts of paid premiums and renewal nohees, In Ihe event of lo~~. Borrower !'ohall gi....e prompl nollce to the lO!'turam:c carrier and Lender. Lender may make proof of loss if not made prompt Iy by Horrower. Unless Lender and Borrower otherwlse agree in wflllng, tn~urancc proceeds ,hall he applied to restoration (Ir repair of the Propcny damaged. jf the restoration or repair is economIcally feaSIble and Lender's security i!t not Jessened. If the restoration or repair is not economically feasible or Lender'~ !.ccuflty would be lessened, the insurance procecd~ shall be applied to the sum~ secured by this Security Instrument. whether or Olll then due. with any c,,"cess paid to Borrower. If Borrower abandons lhe Property. or does not answer withlO 30 day!ot a notice from Lender that the Insurance carrier has offered 10 settle a claIm. then Lender may collect the insurance proceed~. lender may use the proceeds to repair or restore the Property or to pay ~ums secured by this Sc.."'Cunt)' Instrument, whether or not lhen due. The 3D-day period will begm when the notice is given. Unless Lender and Borrower olherv.'ise agree m wnllng, any appl1i.~atlOn of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to In paragraph!t 1 and 2 or change the amount of the payments. If under paragraph 19 1he Property is. acquired by Lender, Borr(l\\'c(s right to any Insurance pOliC1CS and proceeds resulting from damage to the Property prior to the acquisition shall pass to lend.:r tothe e:w;tent of the ,urns secured by this Security Instrument immediately pnor to the acquisition. 6. Preservation and l\laintenance or Propert)', Leasehold$. Borrower ,hall nnt deslroy. damage or !tubstantially change the Property. allow the Propeny to deteriorate or commlt waste. If Ihls Seeunty Instrument IS on a leasehold. Dorrm\'er shall comply with the provtslOns o[the lease. and if Borrower acqUlr~ fee mil' \0 the ProperlY, the lea~ehold and fee tule shall n01 merge unless Lender agrees 10 lhe merger In Wrll1ng. 7, Prottttion of Lender.s Rights in the Proper.)"; ~tortgage Insurance. If Borrn\\'cr fUlI!'l III perform Ihe covenants and agreements con1alned in this Seeuril)' Instrument, or there IS a legal proceeding that may ~lgJ1lficanlly alfl.'"C1 Lc:nder'~ rights in the Property (such as a proceeding 10 bankruptcy, pronate. for condemnulH1n or tn enforce law.. or regulations). then Lender may do and pay for whalever IS necessary to protect Ihe ...ulue of the Prnpefl) and Ll.'ndcr', fights in the: Propeny. Lender'Ii action~ may mclude paying any sum~ secured by 11 hen which ha~ rrlorll)' ll\'Cr till'> Sl'Cunl) Inslrumenl, appeunng in coun, paymg rcas(1nOlble attomq'~' f~ and cntcnng on the PWpCrI)' 10 make n:.plllr' Al1hough Lender may take aclIon under lhis. paragraph i, Lender does not ha'o.C hl do '0 An)' af11(\unts dlshuT'\ed h~' LcndcT under thlS paragraph 7 ..hall hecome addllltlnal dellt pI" Hprnl\'o.el "l'Lured hy Itw, Secunty Instrument Unl~~ Borrower and Lender agrcl: 10 lllhcr lertll' \If pn)'melll. lhc..e atnllllnt.. ..hall r.t'ar Inlerc,t fnlOl the da.te of dl!tbur\Cmenl al the ~(lIC ralC" and ,hall Oe pa:-ahl~. \\llh wlcn"'t, Ufl(m nnlh:C frllm 1 cmkr hI BnrrpweT requt:5tlng paymenl