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RE,RECORDED 88-106853 UNIFORM COVENANTS. Borrower ond LendercQvennnl nnd agree U5 follows: 88- 10341 S 1. Payment or Principal and InleTelt; Prepayment .and Latc CharReJ. Borrower sllllll promptly pay wife" (1uc the principal of and interest on Ihedcbt evidenced by the Note ond nny prcpllymcnl nnd IOlc charges due under the Note. 1:. Funds ror TaxeS8nd Insur.nee. Subject to applicable low or 10 lJ written wUlver by Lender, Borrower shllll pay to Lender op the doy monthly payments on: due under the NOle. unlil the Note is pnld in full. n sum (I'Funds") equal (0 one-twclnb' of: (0) yenrly taxes and ollsessmcnts which may ntlnin priority over Ihl!) Security Instrument: (b) yeorly leasehold payments or ground rents on the Property, if ony; (c) yenrly hazard insurance premiumsj llnd Cd) }'carly mortgage insurance premiums, irany. These items arc called "escruw items." Lender may eslimate the Funds due on Ihe basis ofcurrenl data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which arc insurc:d or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pny the escrow ilems. Lender may nol charge for holding and applying the Funds. analyzing the account or verifying the escrow items. unless Lender pays E;,)rrower interest on the Funds and app1ic2.ble 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 interest to be paid, Lender shall not be required to pny Borrower 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 10 Ihe Funds wns made. The Funds are pledged as additional security for the sums secured by this Security Instrument. /ftbe amount of the Funds held by Lender, together with tbe future monthly payments of Funds payable prior 10 Ihe 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 esCfI.)W 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 all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shalJ 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 BS a credit againsl 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; fourth. to interest due; and last, to principal due. 4. Chargesj Liens. Borrower shall pay all taxes, assessment "i. charges, fines and impositions attributable to the Property which may attain priority. over this Securi[y Instrument, and leasehold payments or ground rents, if any. Borrower shaU 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 Lt:nder all notices of amounts to be paid under this paragraph. If Borrower 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: (41) agrees in writing to the payment or the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good failh the 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 Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over lhis Security Instrument. Lender may give Borrower a ~.,'. notice identifying the Ikn. Borrower shaJI satisfy the lien or take one or more of the actions sel fonh above within 10 days of the giving of notice. S. 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 hazards for which Lender requires insurance. This insurance shall be maintained in the amount."i and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shaU not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall 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 receipls 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 orloss irnot 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 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 clays a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may colleclthe 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 30-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 to in paragraphs I and 2 or change the amount oflhe payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender 10 the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation Bnd Maintenance or ProperjWi Leaseholds. Borrower shall not destroy, damage or substantially change the Propeny, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shaH comply with the 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 rights 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 secured by [l lien which has priority over this Security Instrument. appearing in court. paying reasonable attorneys' fees Bnd entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender docs not have to do 50. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security instrument. Unless Borrower and Lender agree to olher terms of payment. these amounts shall bear interl-st from the date of disbursement at the Nole rate and shall be payable. with interesl. upon notice from Lender to Borrower requesting payment,