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88- 106601 UNIFORM Covm'oI^STS Borrower and Lcndcrco\'cnnnt and agree a~ rollow~. 1. IJ1ymcnl of Ilrlm:lpnl and Intere'it; Prepayment and Lute ChnrRcs. Borrower !'ihlll1 prnmplly pit)' .....h~11 due the pnncipal orand interest on lhe debt evidenced by the Note and nny prepaymellt and lule chnrgc~ due under lhe Nole. 2. Funds rorTaxcs and Insurnncc. Subjccllo npplicnblc Inw or to lJ written wl1i\'cr by Lender. Borrnwcr shull pay to Lender on the doy rnOlHhly poymcnls urc due under the NOle, unti1lhc Note is paid in full, II sum ("Funds") equal to one. twelfth of: (D) yenrly lues and assessments which mny atlain priority over this Security Instrument; (h) }'cnrly leasehold pnymcnlS or ground rents on the Property, if any; (c) )'cllrly hUIlTd insurance premiums: and (d) yenrly mortgoge insurance premiums. if any. Thc!'iC items arc called "escrow ilem!'o." Lender may estimate the Funds due on thc basis of current datu ond rCllsonllhlc estimatc:i offuiJrC escrow items. The Fund~ ~h:1l1 be held in on in'ititution the deposits or accounts of which arc insured or guaranteed by a fcdcral or state ogeney (including L~ndcr if Lender is such nn institution), Lender shllllllppl)' the Fuild.5 to PllY the escrow items. lender may not charge for holding and applying the Funds. analyzing the IIccotmt or verifying the l~scroW items, unless lender pays Borrower inter~t on the Funds and applicable luw permits Lender to make s.uch a charge. Borrower and lender may agree in writing that interest shall be paid on the Funds. Unless an ngrcement is made or applicable law requires interest to be paid, Lender shall not be required to PllY Borrower an~' interest or earnings 011 the Funds. Lender shall give to Borrower, withoUI charge, an annunlaccounting of the Funds showing crcdits and debits 10 the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums sccurcd by this Secudty Instrument. Ir the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to the due dates or the escrow items, shaH exceed the amount required to pay the escrow items when due, the excess shall bc, 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 thc escrow items when duc, Borrower shan 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 all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by lender. If under paragraph 19the Property 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 llpplication as n credit against the sums secured by this Security Instrument. 3. Application 01 Payments. Unless applicable law provides othen\'ise. 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; fourth, to interest due: and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes. assessments, charges, fines and impositions attributable to the: Property which may auain priority.over this Security lnstrument, and leasehold payments or ground rents, if any. Borrower shall puy these obligations in the manner provided in paragraph 2, or ir 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 this paragraph. 1fBorrowcr makes 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 orthe obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or dc=fends against enrorcement of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of Ilny part of the Property; or (c) secures from the holder of the lien an agreement salisfactory 10 Lender subordinating the lien to this Securit)' lnstrument. If Lender determines that any part of the Property is subject to a lien which may anain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more or the actions set forth above within to days or the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hawrds for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance currier providing the insurance shall he chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insumnce pOliC1C:S and renewals shall be acceptable to Lender and shaH include a standard mortgage 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 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 pro.:eeds 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. Jf the restoration or repair is not economically feasible or lender's security would be lessened. the insurance proceeds shall be applied 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 3 notice rrom lender that the insurance carrier has offered to settle u claim. then Lender ma)' collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The :m-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing. Ilny application of proceeds to principal shall not extend or postpone the due date of the monthly paymenl!> referred to in paragraphs I and 1 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, BOITowt'r'!'> right to an~' insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extenl ofthc sums secured by this Security Instrument immediately prior to 1he acquisition, 6. PresenrBtion and 1\1ainlcnance of Property, LCll5Cholds. Borrower ~hllll nol destroy, damage or substantially change the Property. allow the Property 10 dcleriorate or commit wa....te. If this Security Instrumenl is on a leasehold. Borrower shall comply wilh the provis.ions orthc lca!'oc, Ilnd if Borrower acquires fee title to the Property, the leasenold and fee title shall not merge unlcs.o; Lender agrees to the merger to writing. 7. Protection or Lender's Ri~hts in the Property; l\Iort~~e Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument. nr then:: is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding m bankruptc)'. probate. for condemnation or to enforce laws or regulations). then Lender milY do and pay for whatever b necessary 10 proleL'lthe value of the Property and lender's rights in the Property, Lender's actions may include paying any ~ums secured hy a lien which has priority (wer this Security Instrument. appearing in court, paying rensonable attorneys' fee!". Ilnd enlering on the Property 10 make: repairs. AlIhough Lender may take action under thiS paragraph 7. Lender does 1101 hll\C to do so. Any amounts disbursed hy lender under this paragraph i shall become additional debt of Borrn.....er secured b~' I hi~ ScCUnl)' Instrumenl. Unless Borruwer and Lender agree to other terms (If payment, tlu:se Ilmounl!'o !'oh,tll hear IOtC'r~t fTllm the date of di!Obur~mellt al IhC' Note: rale and ..hall he paYllblc. \\l1h IOlerLosl. up{,n nnllce from l.ender In RMTll\H'f n:quottng pa)'ment