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'1' 88-105264 USIFORM CO\'ENASTS norrower ond Lendc:rco\'cnonl ond agree u!, follow!.: t. Payment of Principal and Interest; Prep.l'ment and Late Charges. Borrower !Iholl promptly poy when due the principal of and ir.leTCit on the debt evidenced by the Note ond any prepayment and latc charge!> due under the Note. 2. Funds for Taxes and Insurance. Subject 10 applicable low or 10 n written waiver by Lender, Borrower shall pay to Lender on the dBY monthly payments ore due under the Note. until the Note is paid in full. II sum ("Funds") equal 10 one-twelfth of: (n) yearly taxes ond assessments which may auain priority o\'er this Security Instrument; (b) yearly leasehold payments or ground rents on tl1e Property. if ony; (e) yearly hazard insurance premiums; and Cd) yearly mortgage insurance. premiums. if any. These items are called "escrow hems." lender may estimate the Funds due on the basis ofeurrcnt data and reasonable estimates offuture escrow items. The Funds shall be held in an institution the deposits or accounts of which ure insured or guaranteed by n federal or state agency (including Lender if Lender is sucl1 an institution). Lender shoji apply the Funds to pay tl1e escrow items. Lender may not charge for holding and applying the Funds. analyzing the account or verifying the escrow items, unless Lender pays Borrower intercsI on tl1e Funds and applicable law permits Lender to make 5UCl1 a cl1arge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is rn.'.1de or applicable law requires interest to be paid. Lender shan not be required to pay Borrower any interest or earnings or. the Funds. Lender shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits 10 lhe Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. lithe amount or the Funds h-:ld by Lendt r. together with the future monthly payments of Funds payable prior to the due dales or 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 credited to Borrower on monthly paymenls 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 10 make up the deficiency in one or more payments as required by Lender. Upon payment in fuJ! of all sums secured by this Security Instrument. Lender shaJl promptly refund to Borrower any Funds held by Lender. !funder paragraph 19 the ProperlY is sold or acquired by Lender, Lender 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 or Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs I and 2 shall be applied: first. to late charges due under the Note; second. to prepayment charges due under the NOle; third. to amounts payable under paragraph 2; fourth. to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges. fines and impositions attributable to tl1e 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 lhis paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish 10 Lender receipts evidencing the payments. Borrower shan promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing 10 the payment of the obligalion secured by the lien in a manner acceptable 10 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 enforcemenl of the Hen or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory 10 Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property i!" subject to a lien which may auain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satlsfy the lien or take on~ or more of the actions set forth above within 10 days of the giving ofnotice. 5. Hazard Insuranc:e~ Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the lerm "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. 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 10 Lender and shall include a standard mortgage clause. Lender shaH 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 carrier and Lender. Lender may make proof of loss ifnot made promptly 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 be lessened, the insurance proceeds shall be app~ied to the sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim. then Lender may coHect the insurance proceeds. lender may use the proceeds to repair or restore the Propert)' or to pay sums secured by this SecurilY Inslrument. 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 extend or postpone the due date of the monthly payments referred 10 in paragraphs I and 2 Of change the amount of the payments. If under paragraph 19 the Property is acquired bv Lender, Borrower's right 10 any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shan pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not des1foy. damage or substantially change the Property. allow the Property 10 deteriorate or commit waste. If this Security In!.trument is on a leasehold. Borrower shall comply with tlte provisions of the lease. and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7~ Protection or Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lender~s righls in the Property (such as a proceeding in bankruptcy, probate. for condemnation or 10 enforce Ii.!w!. or regulations), then Lender may do and pay for whatever is necessary to protect the value oflhe Property and lender's rights in the:: Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument. appearing in court. paying reasonable attorneys' fees and entering on Ihe Property to make repaIrs. Although Lender may take action under this paragruph 7, Lender does nm have to do so. Any amounts disbursed hy Lender under this paragraph 7 shall hecome additional debt of l:I(lrnH\Cf sccured b)o' Ihi!'> Security Instrument. llnles:-. Borrower and Lender agree to olher lerm!. nfpaymenl. Ihe<;e amount!'> !'>hall hear 1l1terc!.t ffllm the: dale of disbuocmcnt al the Note rule and ~hall he: payable. with lt11~re"l. upon notu:c from Le:ldef III Borrower requesting paymenl.