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88-1057192 UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: 1. Pa}'tI1cnt of Principal Bnd Interest; Prepayment Bnd Lute Charges. Borrower shall promptly puy when due lhc principal of and interest on the debt evidenced by the Note and nny prepayment and lnle charges due under the Note. 2. Funds ror Taxes and Insurance. Subject to applicable law or to 11 written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note. until the Note: is paid in full, n sum ("Funds") equnllo ,me-twelfth of: (a) yearly UUtes and assessments which may attain priority over this Security Instrument; {b} yearly JensehoJd payments or ground rents on the Propeny, if anYi (c) yearly hazard insurance premiums; Bnd (d) yearly mortgage insurance premiums, if WlY. These items Brc called "cscrow items. ,. Lender may estimate the Funds due on the basis of current dala and reasonable estimates offuture escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that,interest shall be paid on the Funds. Unless an agreement is made or applicable law requires intere$t to be paid, Lender shall not be required to pay Borrowcr any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the 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. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates 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 credited to Borrower on monthly payments 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 to make up the deficiency in one or more payments as required by Lender. - Upon payment in full of aU sums secured by this Security Instrument, Lender shan promptly refund to Borrower any Funds held by Lender. Ifunder paragraph 19 the Propeny is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Propeny 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 of 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 Note; third. to amounts payable under paragraph 2; founh, 10 interesl due; and las~ to priocipal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the 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 underthis paragraph. If Borrower maJces these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith thc lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Propeny; or (c) secures from the holder of tbe lien an agreement satisfaclOry to Lender subordinating the lien to this Security Instrument. If Lender detennines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within JO days of the giving of notice. S. Hazard 11ISUI'IIDce. Borrower shall keep the improvements now existing or hereafter erecled on the Property insured a.gainst loss by fire, hazards in..ludcd within the tc:rm "extended coverage" and any olher hazards for which Lender requires insurance. This insurance shall be: maintained in the amounts and for the periods that Lender requires. The insuran!;C carrier providing the insuran!;C shall be: chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals sball be acceptable to Lender and shall include a standard mongage clause. Lender shall 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 Joss. Borrower sball give prompt notice to the insurance carrier and Lender. Lender may malee proof ofIoss if not made promptly by Borrower. Unl:ss Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Prnpeny damaged. if the restoratioo or repair is ecooomically feasible and Lender's security is nol lessen"". If the restoration or repair is not economically fe.asible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrummt, whether or nOI 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 collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security lostrument, whether or nOI then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to ~rincipal shall not extend or po5lpooe the due date of the monthly payments referred to io paragraphs I and 2 or change the amount of the payments. If uoder paragraph 19 the Propeny is acquired by Lender, Borrower's right 10 any insurance polities and proceeds resulling from damage to the Propeny prior to tbe acquisition shall pass to Lender 10 the extent of the sums secured by Ihis Security Instrument immediatdy prior to the acquisition. 6. Preservation and Maiateaance of Property; Leaseholds. Borrower shall not destro}'. damage or substantially change the Propeny, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lc:asc.. and if'Borrower acquires fee title to the Propcny, the leasehold and fee ~itle shall not merge unless Lender agrees to the merger in writing. 7, Protectioo of Lender'. RiplS in the Property; Mortgage Insurance. If Borrower fails to perform Ihe covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly deet Lender's righlS in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums securoo by a lien which has priorit}. Q\'er this Security Instrument, appearing in coun, paying reasonable attorneys' fees and entering on the Propeny (0 make repairs. Although Lender may take action under this paragraph 7, ~der does not have to do so. Any amounts diibursed by Lender Imder this paragraph 7 shall become additional debt of Borrower secured by [his Securi1)' Instrument. Unless Borrower and Lender agree 10 other terms of payment. these amounts shall bear imeresl from the date of disbunemen1 at the Note rate and shall be payable, with interest. upon notice from Lender to Borrou:er requesting payment.