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88- 104706 t.:NIHlRM COVENANTS Borrower and lender covenant nnd agree as folln\Y~: t. Payment or Principal and Interest; Prepayment and Late Charges. Borrower shull prurnplly J1IlY when due the prmcipnl of and inler~t on lhedc:bt evidenced by the Note and Bny prepnymenl tJnd lute chnrgcs duc under Ihe Note. 2. .~unds for Taxcs and Insurance. Subject to applicable Inw or to n wrinen waiver by Lender. Borrower shall puy to Lender on the dBY monthly payments are duc under the Nore. untillhe Note is. paid in fult. n sum ("Funds") cqulIllo one-twe1Ah of: (a) yearly tnxes nnd assessments which mo)' attllin priority over this SccurilY Instrumenl: (b) yenrl)' leasehold payments or ground renls on the Property, if anYi (el )'~rl)' hazard insurance premiums; Ilud (d) >'cnrly mortgage insurance premiums, if any. These items are culled "escrow items." Lender m,IY estimate lhe Fund!t due on the basis of current data and rcasonllblcestimntes of future escrow item,;. The Funds shall be held in an institution the deposits Of accounls of which are insured or gunrul1teed h>' U federul or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow item~. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items. unless Lender pays Borrower interest un the Funds and applicable law permits Lender to make such n charge. Dorrower Ilnd Lender may agree in wriling that interest shall be paid on the Funds. Unless an agreement is mude Of applicable luw requires inh:rL"St to be paid. Lender shall not be required to pay Borrower any interest or earnings un the Funds. Lender shall gi\'c to Borrower, without charge. an annual accounting aflhe Funds showing credits and debit~ to the Funds and the purpose for which each debit to the Funds WIlS mad~. The Funds are pledged as additional security for the sums !tccured by this Security Instrument. If the amount of the funds held by Lender. together with the future monthly payments of Funds payable prior to the duc dales of the escrow items. ~hllll c,;ct.>cd the amounl requiTed to pay the escrow items when due. the excess shall be. lIt Borrower's option. either promptly repaid 10 Borrower or crediled to Borrower on monrhly payments or Funds. If the amount of the Funds held by Lender is nol sufficient to pay the escrow ttem!> when due. Borrower shall pay to Lender any amount neces....af). to make up the deficicncy in 001: nr mnre paymenls as required by Lender. Upon paymenl in full of all sums secured by this Security In!'otrument, Lender !'.hall promptly refund to Borrower any Funds held by Lender. If under p3ragraph 19 the Property is sold ur acquired by Lender. lender shall upply. no later lhan immediately prior 10 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 Instrumenl. J. Application of Paymenls. Unless applicable law provides olherwi!>e. aU payments received by Lender under paragraphs J and 2 shall be tlpplied: first. to late charges due under the NOle; second. to prepayment charges due under the Note; third. to amounts payable under paragraph 2; fourth. to interest due; and IlL';t. Lo principal du.:. 4. Charges; LienJ. Borrower shall pay aU taxes. ~sessmenls. charges. fines and impositions at1r1bUlable to the Property which may attain pnority O\ler thilt Security Instrument. and leasehold payments or ground rents. if any. Borrower shall pay these obligatloO!> tit the nmnner prO'o'lded in paragraph 2. '\r if not paid in that munner. Borrower shall pay them on time directly to the pcl'\on owcd payment. Borrower !ihaJl promptly furni!:oh to lender all notices uf amounts to be paid under this paragraph. If Borrower makL-'!t these payments din.octly. Borrower shall promptly furnish to lender receipts evidencing the payment!'., Borrower shall promptly dl~dliJrge any hen which has pnorll)' over thi!:o SeeUnl) Instrument unless Borrower: (a) agrees tit writing to the payment uflhe obhgallnn ~ccurcd by thc hcn In a mllnncr acceptable to lender; (b) contests in good faith the lien by. or defends agamsl enforcemcnt of lhe licn in. legal proceedings which in the Lender'~ opinion operate to preventlhe enforcemC:nI uf lhe hen or forfellurc of any pari of the ProperlY; or (c) secures from the: holder or the lien an agreement satisfacrory to Lender !iubordinating Ihe lien 10 thi!t Security Instrument. If Lender determincs Ihm any purt of the Property is subJecl to a lien which may altain priority over tlus SI..'Curity Instrumenl. Lender may gi',Ie Borrower a nolice identifying the lien. DorrO\\..er shall ~atl!o.fy the hen or takc one or more of the ac(ion~ sel forth above within 10 days of the givingofnotice. S. Hazard Insurance. Borrower !<thall keep thc impw\'cmellb now t:xt!'.ting IIr hereafter ere,,:ted on the Property lO!:oun:d against lms by fire. hUl.urd,- included within lhe term "cJltendcd covl.'rngc" ami any olher hazards for which Lender requires insurance. ThIS insurllllce shall be mallltainro in the amounts and for the periods thai Lender requires. The msurance carrier pro\'idmg [he insurance !ihalI he chosen by Uorrnwcr ..uhjcct to Lender.... appnl\'ul which shall nol be unreasonably withheld Allln!t.urance ~llll:lC'!I and n:m::wals !<ohall he ill.:l'cPlable to lender and shall mclude a !'.tundard morlgage dau~e, Lender !lohall ha"e (he nght to hold the pohcu::s and n::ncwab. If Lender reqUires. Borrower !'ahall promptly gj,,'e to Lender all receipts of paid premium!'. and rencwal nOlICc.."S, I n the e...ent of los~. Borrower ...hall gi\c prompt Imlice 10 tht: insurance carrier and LendC'r. Lender ma)' makc proof nf lo!'.... if nOl made promptly by Borrower, Unlc..-ss lender and Durrower otherwl!\c agrt:t: 111 "Tuing. Il1surance procceds !:ohall he applied to rcswrallOI1 nr repair of the Property damaged. If the fl::~t(lfllllon or repair IS C::Clmllmically feaMhle and Lender"... !.Ccurily I~ not k...\ened. If the rotoration or repair i" notl"Conomically feaSible l\r Lender's !'.ecuflt) would he It.."!oIscned. Ihe lII~urance procec::d!o "hall be applied to the sum!o !'.ecurcd h)' this Secunty In!'.lrumenl. whether or nnl then dUe. with an}' exce!o!o. paid to Borrower. (f Borrower ahand\lI1s the Property. or dOL~ nol ,mS\I,'er ""ithin 30 days a nottce from lendcr that Ihe insuram:c carrier ha!'a offered to ~etlle a claim, then Lender may collect Ihe: msurance proceeds. lcndcr may U!'.t: thc pmcc:eds to repair or rt:stnre the Propert). or to pa)' !'tum~ !'.ecurl-d by thl!o St."l'urH)' Instrument. whether or nol Ihcn due. The JO.day period will begin when the notice is gl\:en Unless lender and Borrower otherwbe agrt::'C In writmg. an} application (If procced~ 10 prinCipal shall mlt c~tcltd l\r postpone the due date oflhe monthl)' payment!o refcrrc::d 10 111 paragraph!'. I OIlld 2 or I.'hangc the am{lunt ofthr.: p:t)menl*\ If under parngraph lQ the Property IS acquired by Lender. Borrower'.. nght tll allY insurance polictc!\ and prncc;:d~ re'tul1ing from damagC' to Ihe Property prior to the acquisition shall pas.!'. tll lender 111 the eJltent Ilfthe sum!. ..ccured h) thi.. Sccunl} In...trument immediately prim to the acquisilion. 6. Presenation and Maintenance or Propert)': Leasehulds. Borro\\er ..hnllltllt dc!'.troy. damage nr ..uh"13nually change the Propeny, allow the Property 10 deteriorate or cmnnut waste. If 1111\ SCI.'Urll)' In...trumcttt i!\ on a lea...dltlIJ. Borrower shall comply with the pnwtsions of the lC'd!\c. and ifBnrftl"cr acquire.. fce 11tle Itlthe Pf{)perty. the le3!'.ehllld and fee title shall nol merge unless Lender agrexs to thc mergt::r III Writing 7. Protection oll..ender's RiKhts in the IJropCrl)': :\tartlt.lt... Insurunce. If Bnrf{l\\er ratl.. 10 perftlnn fhe co\'enants and agreement.. clmtained in thiS Sl"C'unt)' In,trumenl. 01 I hen' '" a leg.;11 prtll.:'eeumg t1ml ma) "'lgnificilltlly alh~,.:l Lender's right!. in lhe Propc:r1y (such 3!. 3 prncCt.-dIn~ 111 himk.rupll,:}. pwhulC. fm cllOdcl1lnUllllll m Itl enforce hlW!\ nr regulalions). then Lender may do ;md pa)- for whulc"'cr I'" lle1.'C"\...ar~ 1\1 prllle....l lite \ .llllC tlrlhl..' Pnlpert~ ilnd Ll..'lldcr', nghl~ In the Propcn~'. Lcnder'!o acllon!. ma~' Include: pllytn[: ;lIt) 'UI11~ ...CI.'ureJ h~ .l licit "llIdt h;h pnonl~ \\H'r tht... SCI.'UflI}' InSlrumenl. appearing in ct\urt. paY1l1g rea!lunublc Iltlt1f11C)" fCl...lIlld L'ntcnn!!llIIlhc I'wPCI'l) h' mal..e fl.'palr' Alltwug.h Lender ma)-' tale Dellon under thiS paragraph 7. Lender dllC' IHII hu\c 10 Lhl '1\ Any amounts. di!obuJ"M.-d h)' Lender undcl Iht\ paragraph" ,h;tll hccI'ml.." addllllmul Llcll! i,f BI\rn'....l.' 'Clllrcd h~ ,hI.. Sccunl) In"'1rumcnt- Unlo'\ Bornn"'er and Lender ",~rcc llllllhC'r It."rm... llf paymenl. Ihe..C' ,ltllt1unl'l ,hall he,ll 1111\ 11'..1 fr,'II1 the date IIf dl'..bun.cmcnl al the Nnlc ratl' and ,h.11I }l(' 1\i1\ahlC", ~\I,h 1Il1crC"t, uron ""II~'C Inllll I l.'lhkl ,., H,'llll\\I..'1 requ~tlO~ Pll) ",en I