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F <br />L <br />87- 102 9,9 0 <br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: <br />1. Payment of Principal and Interest, Prepayment and late Charges. Borrower shall promptly pay when dot: the <br />principal of and interest tin the debt evidenced by the Note and any prepayment and late charges due under rile Now. <br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by tender, Borrower shall pay ro <br />Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal nl <br />otte•tweifth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument, (b) yearly leaschold <br />payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance <br />premiums, if any. These items are called "escrow items." lender may estimate the Funds due on [he basis of current data and <br />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. lender <br />may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays <br />Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Leader may agree in <br />writing that interest shall be paid on the Funds. Umess an agreemenr is made or applicable law requires interest to be paid, <br />Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without <br />charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the <br />Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. <br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior it) the <br />due dates of the escrow items, shall exceed the amount required to pay the escrow items when due, <br />the rec <br />Borrower's option, either promptly repaid no Borrower or credited to Borrower on monthly paymess shall be, at <br />ents c lends. If the <br />amount of the Funds held by Lender is not sufficient cc) pay the escrow items when due, Borrower sh <br />amount necessary to make up the deficiency in one or more payments as required by lender. all pay a, Lender any <br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any <br />Funds held by Lender. If under paragraph 19 the Property is sold or atquired by Lender, Lender shall apply, no later than <br />immediately prior to the saleof the Property or its acquisition by Lender, any Funds field by Lender at the timeof application <br />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, no late charges due under the Note. second, ui prepayment charges due under the <br />Nore; third, to amounts payable under paragraph 2; fourth, w interest due; and last, to principal due. <br />1. Charges; liens. Burrower shall pay all taxes, assessments• charges, fines and impositions attributable to the <br />Property which may attain priority over thus Security Instrument, and Ieaschuld payments or ground rents, if any. Borrower <br />shall pay these obligat ions in the manner provided in paragraph 2, or if not paid in that manner, Burrower shall pay them on <br />time directly to the person owed payment Burrower shall promptly furnish in Lender all not ices of amounts nr be paid under <br />this paragraph If Burrower ,Hakes these payments directly, Berrowe•r shall promptly furnish to Lender receipts evidencing <br />the payments. <br />Borrower shall promptly discharge any hen which has priority over this Security Instrument unless Borrower: (a) <br />agrees in writing to the payment of theubligation secured by the lien in a manner acceptable to lender; (b) emtesrs in good <br />faith the lien by, ur de•fends against enforcerricnt of (tie lien in, legal pmccedings which ul the Lender's opinion operate ti <br />prevent the enforcement of the lien or forfeiture of any part of the Property; or tc) secures from the holder of the lien in <br />agreement satisfactory it) Lender subordinating the lien m this Seturiry instrument If Lender determines that any part of the <br />Property is subject it) a lien w•hith may aslant priority over this Security Instrument, Lender naay give Borrower a notice <br />identifying the lien Burrower shall satisfy the ben or take one or more of the actions set forth above within 10 days of tilt <br />giving tit nonce <br />S. Hazard Insurance. Boorrower shall keep the imprrivements now existing or hereafter eructed on rile Property <br />insured against loss by fire, hazards intluded within the• se•rnt rxrended coverage and any u[hrr hazards for which Lender <br />requires insurance. This insurance shall to maintained in the amounts and for the py )off that Lender requires. der <br />insurance carrier providing the insurance shat) be chosen by Burrower subje'c't to Lender's approval which shall not be <br />unreasonably withheld. <br />All insurance policies and renewals shall be acceptable to lender anti shall include it standard mortgage clause. Lender <br />shall have the right to hold the poht:ies and renewals. If Lender requires, Burrower shall promptly give no Lender all receipts <br />of paid premiums and renewal notices. In the event of loss, Burrower shall give prompt not to the insurance• e'Arrier and <br />Lender Ixnder may make pnxof of loss if not made promptly by Burrower <br />[Jolts% lender and Bornow'er otherwise agree• In writing, insurance prtxeeds shall Ix applied to restoration or repair <br />of the Property damaged, if the restoration or repair is economr.alty feasible and Lender's security is not lessened. If the <br />restoration or repair is not rtononaically feasible or Lenders security would Ix lessened, the insurance proceeds shall be <br />Applied m the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower It <br />Burrower abandons the Property, or does not answer within i0 daYs a notice from Lender that rile insurance carrier has <br />offered to settle a claim. then Lender trial tullect the nnsurat,ce pmKerds Lender may use the proceeds to repair or rester• the <br />Property ur ro pay %urns secured by rhns Setunry Instrument, whether or not then due The io.day period will begin when the <br />nonce is given <br />Unless lender and Borrower otherwise agree in writing, any application of pnxeeds to principal shall nut extend or <br />p »tpmr the due date of the ntcnuhly' payments referred to in paragraphs I and 2 or change the• anrcnint of the payments. It <br />under paragraph 11) the property is atqurrd by Lender, llurrower's right tit any insurance policies and proceeds resulting <br />from damage to the Property prior nr the acquisition shall pass ro Lender ru the extent of the• sums secured by this Security <br />Instrument immediately prior to the Acquisition. <br />6. Preservation and Maintenance of Property; Leaseholds. Burrower shall nut destroy, damage or substantially <br />change the Property. Allow the Property it) detenurmr or commit ware If rills Security Instrument is tin a leasehold, <br />lIntrower shall comply with the provisions of the lease, and if Borrower acquires fee tale• ro the• Property. file leasehold and <br />fee tide shall runt tnetge unless Lender agrees it) the merger in writing. <br />7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to p erfonn tire tmenaots <br />and agreements contained in this Security Instrument, or there is a legal pro cceding that may so <br />gnifntantlY a(Frct Lender's <br />rights in the property 1 such as a prareedrng in bankruptcy, probate, fire umdemnaoiio or n >e•nforce Lows ur regulations theo <br />Lender may do And pas for whatever is notes %ary to prutett the value of tile Property mid Lender s rights in tilt• property <br />Lenders actions may include paying arty sums secured by a hen which has prlorny ose•r this sv urlly Instrument, appearing ill <br />court, paying reasonable attorneys tees and entering on tire Property to snake repairs A)though Lender may take acnoo <br />under this paragraph ?. Ixnder dues nor, have ni du so <br />Any ern oums disbursed by Lcndvr under tilt% paragraph ? shall become adthnonal deht rat Burrtowcr secured by this <br />Srv;utity Instrument, Unless Borrower And Lender agree touthe•r terms rat these :umourlts shall bVJr interest from <br />the datenl disbursement at the Note rate and shall Ile payable, wrath inrerrst, upon n,,titc tram I ernicr ti, R it i „wet re..lucsnng <br />paYrisem <br />W <br />