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A L ' r UNrIFORI&COVENAx S. Borrowerand Lendercovenant and.agreeas follows: L. Payment: of Prittcfpal and Interest; Prepayment and We. Charges.. Borrower shall promptly pay when due the principal:of and intxrmi:an' the debt evidenced by the Notennd any prepayment and late charges due under the Note_ 2. %undsfolrTam amt hmrance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the.day:monthly payments are. due under the Note, until the Note is paid in full, a sum ( "Funds ") equal to one - twelfth of: (a) yearly %taxes. and. assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground-- rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance.premiurns, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis ofcurrent data And reasonable estimates of future escrow items. The Funds shall be Meld in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may aat charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Leader pays Harrower interest on the Funds and applicable 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 pay Borrower any interest or earnings an the Funds. Lender shall giNkto•Qork% tr; without charge. an annual accounting of the Funds showing credits and debits to the' unds and the purpose far which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items. shall exceed the amount required to pay the escrow items when due. the excess shall be, at Borrowers 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 escrow 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 Leader, 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 application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the race; second, to prepayment charges due under the Note; third, to amoutnes payable under paragraph 2; fourth, to interest duel, and last, to principal due. 4 Cliarges; &.fens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property whic`i may attain priority over this Security Instrument, and leasehold payments or ground rents, if any_ Borrower sk pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shsa2 pay them on time directly to the person owed payment. Borrower shalt promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing'rbe payments. Borrower shag promptly discharge any lien which has priority. over thi% Security Instrument unlc,.s Borrower: (a) agrees in writing to the payment of the obligation secured by the lice v- a manner actable to Lender; (b) contests in good faith the lien by. or Fends against enforcement of the lien in, legal l'r :ozadings wrnich in the Lender's opinion operate to prevent the enforcen'era of the lien or forfeiture of any part of the Fra�ty; 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 subj t tb a lien which may attain priority over this Security Instrument, Lender may give Bzrrowcr a notice ide .:ifying the lim. Borrower shall satisfy t're lien :,.Retake one or more of the actions set forth above wiCi�:n 110 days of the givirg of notiza.. 5. Haz>ari6 Emarance. Borrower sha'_L' i,,aaY ±one - =yrovemcatk r.•:ow existing or hereafter erected on t ?-re insured against Ioss �� fire, hazards included w it; tin cc verage" and any other hazards for WEZh Lecut r requires insurance. This insurance shall be maintained ter the amount,. and for the periods that Lender requires. The insurance carrier pry riding the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withh..e..�,.. All insurance policies and renewals slta:l be acceptable to U -abd.r and shall include a s!andard mortgage claus+t. Lender shall have t!t,e right to hold the policies and renewals. If Lender requires, Borrower shali promptly give to Lender all receipts of pair; premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and leader. Lender may make proof of loss if not made promptly by Borrower. Unless Le: -.gip- and Borrower otherwise agree in writing, insurance proceeds shall be applied to restorilIC:a �x =P-51117 of the Property darn :.ged, if the restoration or repair is eeonomiez'riy: tc;.sible and Lender's security is not lessTncj. If 6 e restoration or repair is not economically feasible or Lender's secv:nL -: �Aculd be lessened, the insurance proc-/;�aYs shall be applied to the sums secured by this Security instrument. whether or rya: then ci,ae. with any excess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may c:olle.t the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this *.unity 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 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any instirance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially ch, ^:rigs the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, 134.rrower shall comply with the provisions of the lease. and if Borrower acquires fee title to the Property. the leasehold and ('e: title shall not merge unless Lender agrees to the merger to writing. 7. Protection of Lender's Rights in the Property; Mortgar Insurance. If Borrower fails to perform covenants and agreements contained in this Security Instrument.n- t�- re is a legal proceeding (fiat may sigw1,-,an!ly ;ia t Ltndec's tights in the Property (such as a proceeding rig i�a ,F:ruf r, probate, for condemnation or to er `; r. ; :a •� s .-r regulations), then Lender may do and pay for whatever is s�3rt r� protect the value of the Property and i:c�rider's nzl2ri in the Property. Lender's actions may include paying any sums sauuic:l by a lien which has priority over this SccL-ht,: Instrument. appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs Although Lender may ;akc action under this paragraph 7, Lender does not have to du so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Dormer secured by this Security Instrument. Unless Burrower and Lender agree to other ternis of payinent. these amr,untt ,full bear interest from the date of disbursement at the Note rate and shall be payable. with interest, upon notice from Lender to liorroaer requesting payment. ..l •_ h L i f` ti- I 3.