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<br />88_106458
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<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree us follows:
<br />1. Paymenl or Principal Bnd Inrerestj Prepayment and Late Charges. Borrower shall promptly po)' when due
<br />the principal orand interest on the debt evidenced by the Note nod any prepayment and lute charges due under the Nole.
<br />Z. Funds for Taxes Bod Insurance. Subject to npplicable law or 10 a written waiver by Lender. Borrower shall pay
<br />to Lender on the day monthJy payments are due under the Note, until the Nole is paid in full, n sum ("Funds") equal to
<br />one~twetnh of: (a) yearly taxes and nssessm~nls which may attain priority over this Security Instrument: (b) yearly
<br />Jeasehold payments or ground rents on the Property, if anYi (e) yenrly hazard insurance premiums; and (d) yearly
<br />mortgage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are"insured or guaranteed by a federal or
<br />state agency (including Lender if Lender is such an institution). Lender shnllapply the Funds to pay the escrow items.
<br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying (he escrow items, unless
<br />Lender pays Borrower interest on the Funds and applicable law penn its Lender to make such a charge. Borrower and
<br />Lender may agree in writing'that interest shall be paid on the Funds. Unless an agreement is made or applicroble law
<br />requires interest to be paid, Lender shaH not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />pllrpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by
<br />this Security Instrument.
<br />[fthe amount of the Funds held by Lender, togelher with the future monthly p~yments of Funds payable prior to
<br />the due dates of the escrow items, shall exceed the amounl required to pay the escrow items when due, the e,"cess shaH be,
<br />at Borrower's option, either promptly repaid to Borrower 0; credited to Borrower on monthly payments of Funds. If the
<br />amoul1t of the Funds held by Lender i!> not sufficient to pay the escrow items when due, Borrower shall pay 10 Lender any
<br />amount necessary to make up the deficiency in one or more payments as required by Lender.
<br />Upon payment in full of all sum!> secured by Ihis Security Instrument. Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph I q 1he Property is sold or acquired by Lender, Lender shall apply, no later
<br />than immediately prior to the sale of Ihe Property or its acquisition by Lender. any Funds held by Lender at the time of
<br />application as a credit against the sums secured by Ihis Security Instrument.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received b}' Lender under
<br />paragraphs I and 2 shall be applied: first, to lale charges due under the Note; second, to prepayment charges due under the
<br />Notei Ihird. to amounts payable under paragraph 2: fourth. to interest due: and last. to principal due.
<br />4. Charges; Liens. Borrower shall pay alltallCcs. assessments, charges, fines and impositions altributable to the
<br />Property which may attain priority over thi~ Security Instrument, and leasehold payments or ground rents, if an)'.
<br />Borrower shan pay these obligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower shall
<br />pay them on time directly to the person owed payment. Borrower shaH promptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. If Borrower makes these payments directly, Borrower shan promptly furnish to Lender
<br />receipts evidencing the paymems.
<br />Borrower shall promptly discharge any lien which has priority over this Securily Instrument unlrss Borrower: tal
<br />agrees in writing to the payment ofthe obligation secured by the lien in a manner acceptable to Lender, (b) contests in good
<br />failh the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to
<br />prevent the enforcement of Ihe lien or forfeiture of any pan of the ProperlY; or (.:) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Inslrument. (fLender delermines that any part of
<br />Ihe Property is subject to a lien which may auain priority over 1his Security Instrument, Lender may gi...e Borrower a
<br />notice identifying the lien. Borrower shall satisfy lhe lien or take one or more oflhe aClions set forth above within 10 days
<br />of the givingofnotice.
<br />5. Hazard Insurance, Borrower shall keep the improvements no", existing ..Jr hereafter erected on the Property
<br />insured against loss by fire, hazards induded within the term "extended coverage" and any other haZ3rds for which lender
<br />requires insurance. This insurance shall be maintained in the amounts and for 1he periods that Lender requires. The
<br />insurance carrier providing the insurance shall be chosen by Borrower subject 10 Lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policio and renewals shall be acceptable 10 Lender and shall indud~ a standard mortgage dau!oc.
<br />Lender shall ha...e Ihe right to hold the policies and renewals. [f Lender requires, Borrower shall promptly give to Lender
<br />all rl.."Ccipts of paid premiums and renewal notices. In the even I of loss, Borrower shall give prompt nolice 10 the insurance
<br />carrier and Lender. Lender may make proofofloss ifnot made promptly by borroWer.
<br />Unlo!. Lender and Borrower otherwise agree: in writing, insurance proceeds shall b~ applied to resloralion or repair
<br />of the Property damaged, if the restoration or repair is economically feasible and Lc-nder\. securilY is n01 lessened. [f the
<br />restoration or repair is not economically feasible or Lender~s security would be I~~ened, the insurance proceeds shall be
<br />applied to Ihe sums secured by this Securily Instrument, whether or not then duc, ",'ith any ellcess paid to Borrower. If
<br />Borrower abandons the Property, or dot."S nOl answer wilhin 30 days a nolice from Lender that the insurance carrier h~
<br />oft'ercd to settle a claim, then Lender ma)' collect the insurance proceeds. Lcnder may use the proceeds 10 repair ur rl..~lore
<br />Ihe Property or to pay sums secured b)' thil'.o Security Instrumem, whether or nol Ihen due. The 30.day period will begin
<br />when the notice is given.
<br />Unless lender and Borrower otherwise agree in writing, any application of pnlCl.."l..'(b to prinCipal shall nol ell.lcnd or
<br />postpone the due date of the monthly paymenls referred to in paragraphs I nnd .2 or r:hnngc Ihe amclUl1t uflhe payments. If
<br />under paragraph 19 the Property is acquired by Lender, Borrower's right to nn)' insumnce policies and pTOct'l..'ds r~uhing
<br />from damage to Ihe Property prior 10 Ihe acquisition shall pass to lender to Ihe ell1enl ofthe suml'.o ...l."Cured hy Ihis Securit}
<br />Instrument immediately prior to Ihe acquisition.
<br />6. Presenation and Maintenance of Property; Leaseholds. Borrower shall nol destroy, daml1ge or ...ub\lunrially
<br />change the Propeny, allow 'he Prope:ny to deteriorate or commit waste. If thi!. Sel.'urit). IlI!lotru01enl t~ UIl a Icu!loe:hold.
<br />Borrower shall comply with the provisions of the lease, and if Borrower acquiro fee till!: In lhe PruperlY. lhe Ics!loehnld and
<br />fee title shall not merge unless lender agrees to Ihe merger in writing.
<br />7. Protection of Lender's Rights in the Property: Mortgage Insurance. If nUTTuwer fail... 10 pcrf,'rm Ih...
<br />covenants and agreemenl!' conlained in this Security Instrument. or there is n legal proceeding thai may ..ip,nifkanlly alTCL:1
<br />Lender"s rights in the Property (such as a proceeding in bankruptcy, probale, for cundemnlllllln or In enfun.'c law... or
<br />regulations), then Lender OlD)' do and pay for whate..'cr is necessal)' to protecl the value nfthl.' Properly allll Lcmler... nghh
<br />in lhe propeny. Lender's actinns may include paying any sums secured b)' a lien ""hidl Ita" rnofll~ l1\'t'r IhlS St.'l.:'UflIY
<br />Instrument. appearing in court, paying reasunable Dttorneys' fces and entering on the Provert) II' muke: rcrour.... Allhough
<br />Lender may take Delion under Ihis paragraph 7, Lender does nol have 10 do 110.
<br />Any amounts disbursed by Lender under IhlS paragraph 7 shnll become uddilinnul del'llllf Btlrnl\\t."r "cL:url.'d by Ihi...
<br />Security Instrumenl Unless Borrower and Lender agree to othc:r lerms ofpa)'ment, lill.....e umnunl.. ..}mll bt.'ur lnlcrc~l fWIll
<br />the dale of disbursement III 1he Note rate and shull be payuhle. with inlcrl"'l. uplln 1Il111L'e ffllm LCIII.,kr 111 Bllrrtl"l."r
<br />requeMtng payment.
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