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_ _ ,� F �f ;5 UNIFORM COVENA". . Borrower and Lender covenant and agree as fol lows: � 89---10'2326 I. Payment of Principal turd Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal ofand interest on thedebt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds forlaxes and Insurance. 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 premiumsj,if any_ These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and. reasonable estimates of future escrow items. The Funds shall be held iin an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including "LW&r`if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender in' Ay, not,charge li i`)iKl&tsgand applying the Funds, analyzing the account or verifying the escrow items, unless S's"BorrosvcF'j, :. i the Funds and applicable law permits Lender to make such a charge. Borrower and tandir utay egret; (it;viita3g that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires `interest°:ti:*l` jsaiii,'Lender shall net be required to pay Borrower any interest or earnings on the Funds_ Lender stall:P�iq `its:0nriiatir� .,Mthout charge, an annual accounting of the Funds sltnwing etedits and debits to the Funds and the Jtu se rrjpKi h dab debit To the Funds was made. The funds, am pWged as additional security for thesums secured by I da&ry Instrument. amo. uit of the Funds held by Lender, together with the future monthly tl?e due dates of the °scrow items, shall exceed the amount r aired to escrow y Payments of Funds payable prior to . 1. • at•�rrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. Hite amount of the Funds held by Lender is not sufficient to pay the escrow items Wien due, Borrower shall pay to Lend °ran amount necessary to make up thz deficiency in one or more payments as required by Lender. Y Upon payment in fail of all sums sm-ared 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 stsall 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.th4 swvaity 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 ur_der ib. 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 attain pa+iMty.over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2. or if rtut 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. If Borrower makes these payments directly, Borrower shall promptly furnish to Ler4er receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless !Elorrowm (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal prmedings which in the Lender's opinion operate te, 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 this Security Irstrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of thi actions set forth above within 10 days of the giving of notice. S. Haaard Insurance. Borrower shall keep the improvemea:s now existing or hereafter erected on the Property insured against loss y fire, hazards included within the term "exteridnA coverage" and any other hazards for which Lerider requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. 'lire insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall nor be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clami. -. Lender shall have 604 right to hold the policies and renewals. if Lender requires, Borrower shall promptly give to Lender all receipts of paid prer3urns and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender r:sayr make proof of loss if not made promptly by Borrower: Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property dam +aged, 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 Instrumem whether or not then due, with any excess paid to Ilorrower. It Borrower abandons the Property, or does not arl "F:er vm ",Iin 30 days a notice from Lender that the insura::1_ ca ier has offered to settle a claim, then Lender may collar! : x insurance proceeds. Lender may use the proceeds to sepa: f or rrs., :i e the Pre:*ty or to pay sums secured by this `>.�tsrity Instrument, whether or not then due. The 30 -day ;Period w;;L r�,o . when the notice is:xen. Unless Le: 4t:r and Borrower otherw,tw agree in writing, any app! +:cation of proceeds to principal shuil not extend or postpone the due line of the m-nmthly payments referred to in paragraphs 1 and 2 or change the amount of rile payments. If under ptnsgraph i'l 1he Proper 3y is acquired by Lender, Borrower's right to any insurance policies and prix eeds resulting from daruage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Secur'•ry instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Properly; Leaseholds. Borrower shall not destroy, damage err substantiaii� change the Property. allow the Property to deteriorate uff commit waste. If this Security Instrument is on a leasehold. Borrower shall 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 Lenderagrees to the meiger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform rlre covenantsand agreements contained in this Security Instrument. or there is a legal proceeding that may significantly alfect Lenders rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulation), then Lender may do and pay for whatever is rcev_c-ary to protect the value of the Property and Lender's rights in the Property. Lenders actions may include paying any sums secured by a lien which has priority over this security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Propertp to make repairs. Although Lender may take action under this paragraph 7. Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additunral debt of ilormwer secured by this Security Instrument. Unless Borrower and lender agree to other terms of payment. these anurunis shall bear atterest from the date of disbursement at the Note rate and shall he payable, with interest. upon notice from Lender to Borrower requesting payment.