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UNIFORM Ct1vEhANI S. Borrower and Lender covenant and agree as follows: 87-101870 <br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shalt promptly pay when due <br />the principal nf and interest on the debt evidenced by the Note and any prepayment and late charges due under the Dote. <br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay <br />to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds ") equal to <br />one - twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument: (b) yearly <br />leasehold payments or ground rents on the Property, if any: (c) yearly 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 shall apply the Funds to pay the escrow items. <br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless <br />Lender pays Borrower interest on the Funds and applicable law permits 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 applicable law <br />requires interest to be paid. Lender shall not he 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 />purpose 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 />if the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to <br />the due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be. <br />at Borrower'. option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. if the <br />amount of the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to 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 sums secured by this Security Instrument. Lender shall promptly refund to Borrower <br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply. no later <br />than immediately prior to the sale of the 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 this Security Instrument. <br />3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under <br />paragraphs i and 2 shall be applied: first, to late charges due under the Note: second, to prepayment charges due under the <br />:vote; third, to amounts payable under paragraph 2: fourth, to interest due. and last_ to principal due_ <br />4. Charger, Liens. Borrower shall pay all taxes, assessments. charges„ fines and impositions attributable to the <br />Property which may attain priority over this Security Instrument, and leasehold payments or ground rents_ if any. <br />Borrower shall 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 shall promptly furnish to Lender all notices ofamounts <br />to be paid under this paragraph. If Borrower makes these payments directly. Borrower shalt promptly furnish to Lender <br />receipts evidencing the payments. <br />Borrower shall promptly discharge any lien which has prionty over this Security Instrument unless Borrower (a) <br />agrees in writing to the payment of the obligation secured be the lien in a manner acceptable to Lender, (b) contests in good <br />faith 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 the lien or forfeiture of any part of the Property: or (c) secures from the holder of the lien an <br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any pan of <br />the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a <br />notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days <br />of the giving of notice. <br />5. Hazard Insurance, Borrower shall keep the improvements now existing or hereafter erected an the Property <br />insured against loss by fire, hazards included within the term "extended coverage' and any other hazards for which Lender <br />requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires The <br />insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be €` <br />unreasonably withheld. <br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause_ <br />Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender <br />all receipts of paid premiums and renewal notices. In the event of loss. Borrower shalt give prompt notice to the insurance <br />carrier aed Lender. Lender may make proof of loss if not made promptly by Borrower. <br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair <br />of the Properly damaged, if the restoration or repair is economically feasible and Lender's security is not lessened- If the <br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be <br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If <br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has <br />offered to settle a claim, then Lender may collect the insurance proceeds_ Lender may use the proceeds to repair or restore <br />the Property or to pay sums secured by this Security Instrument, whether or trot then due_ The ±D-day period will begin <br />when the notice is given. <br />Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or <br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If <br />under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting <br />from damage to the Property prior to the acquisition shall pass to Lender to the eittent of the sums secured by this Security <br />Instrument immediately prior to the acquisition. <br />6. Preservation and Maintenance of Property: Leaseholds. Borrower shall not destroy_ damage or substaniislic <br />change the Property, allow the Property to deteriorate or commit waste. If this Secunty Instrument is on a leasehold. <br />Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and — -- <br />fee title shall not merge unless Lender agrees to the merger in writing. <br />7. Protection of Lender's Rights in the Property; 'Mortgage Insurance. If Borrower fails to.perfprm the <br />covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may_eitfi�itiffect <br />Lender's tights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or <br />regulations). then Lender may do and pay for whatever is necessary to protect the value of the Propem and Lendet's right, <br />in the Property. Lender's actions may include paying any sums secured by a Iien which has priority over this Security <br />Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs- Although <br />Lender may take action under this paragraph 7. Lender does not have to do so. <br />Any amounts disbursed by Lender under this paragraph 7 shall become additional s4eht of Borrower secured by this <br />Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from <br />the date of disbursement at the Note rate and shall be payable, with interest. un,n notice fr,�m i ruder to Borrower <br />requesting payment. <br />