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r L� F 39"'g' 103941 VNIFOIIM COVENANTS Borrower and lender covenant and Agree as follows: 1. Paywaat pf Priacipstl Bead Irttarest; Peetraynseat and Late ('haryes, Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. A iFook for Taxes aM Isawtrset. 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 Hall, a sum ( "Funds ") equal to one- twelfth or, (a) yearly taxes and assessments which may attain priority otitr this Security instrument; (b) yearly leasehold iraymnents or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage ittaurance premium if any. These items are called "escrow items." Lender may es Halite the Fun& due on the basis of eurreat data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or awe agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Letada may not charge for holding and applying the Funds. attalyting the account or verifying the escrow item unless l.ader pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lander 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 dull not be required to pay Borrower any interest or earnings on the Funds. Lender shsB give to Borrower. without charge. an annual accounting of the Funds showing credits and debits to the Funds and the pwpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Iratramimt. If the amount of the FWrtds held by Lender. ti+gether with the future monthly payments of Funds payable prior to the due data of the escrow itetrrs rshalt eiuxxd the amount required to pay the escrow items when due. the excess shall be. at Borrowers option, either pm mptdy regratd: to Borrower or credited to Bawer an monthly payments of Funds. If the amasrnt of the Funds twid by lender is not spllickat to pay the escrow items when due. Borrower shag pay to Lender any amoomt necessary to make txpT the deficiency in one or vwe payments as required by Lender. Vpon payrmmt in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower any Fu ddt be1d: by header. If under paragraph 19 the Property is sold or acquired by Lendef, Lender shall apply, no later theta irndtediap2{�.pa+cac+r to tg sale of the p'nVmy or its acquisition by Lender. any Funds held by Lender at the time of application as si �r c t ag imk the suns secured by this Security Instrument. 3. Aptp1k IN, ot'Pa#taata. Unless applicafale law provides otherwise„ all payments received by Lender under paragraphs 1 arid 2-- shall hall 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. C CWM Liw. Borrower shall pay all taxes. assessments, charges, fine& and impositions attributable to the Property which may attain priority.ova this Security Instrument, and leasehold payments or ground rents, -.if any. Damisiet shall pay these obligations in the mmner provided in paragraph 2. or if not paid in that manner,,. Borrower shall prix teleran oft base directly to the person owed payment, Borrower shall promptly furnish to Lander W vxfces of am6ubts to be paid utift this paragraph. If Borrowee malte>wthese psytttmis directly. Borrower shag promptly, furnish to Cam' reodpts evidencing the payments. Borrower shall promptly discharge antr stru ..bm whieb his priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obli id} sec by the lien in a nanner acceptable to Lender; (b) coatests in good faith the lien by. or defends againu eaforoema►t afrtlu ties in. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lies or forkiture of any part of the Pecfesly; or fe) taecUna frorn the ht+ldtr of ti,e .lin+. sR agreement satisfactory to Leader subor g the Lien to this Security Instrument. If Lender determine& that any part of the Property is subject to a lien which miry attain priority over this Security Instrument, Lender may give Borrower a nOtice identifying the lien. Borrower shall satisfy the pi m or take one or more of the actions set forth above within 10 days of tbeeving of notice. S. Hazard lastrsaee. Borrower shall keeps the improvements now existing or hereafter erected on the Property insured against loss by tire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall 'be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lander and shall include a standard mortgage clause. Lander shall have the right to hold the psolicm and renewals. If Lender requires. Borrower shall promptly give to Lender all reedpts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lersder. Lender may make proof of loss if rent made promptly by Borrower. Untesa Fender 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 lesuned, the insurance proceeds shall be applied to the sutras sauced 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 days a notice from Lender that the insurance carrier has ollen d to settle a claim. that Lender may collect the 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 30day period will begin wheat the notice is given. Unless Lander and Borrower otherwise agree m writing, any application of proceeds to principal shall not extend or patponethe doe 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 Leader, Borrower's right to any insurance policies and proceeds resulting f tandamage to the Property prior to the acquisitions shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. i. Pttasenatioa Beal Maiateaaat a of Propery; Leasel wMe. Borrower shall not destroy. damage of substantially change the Property, allow the Property to deteriorate or 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 Lender agrees to the merger in writing. 7. Prasaetim of Leader's Mob is Use Property; Mortppage Insurance. if Borrower fails to perform the OwAments and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Leader'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 is the Property. Lender's actions may include paying any sums secured by a lien which his priority over this Security Instrument. appanng in court. paying reasonable attomeys' fees and entering on the Property to make repaus. Although Lender may take action under this paragraph 7. Lender does not have to do so Any ancourim disbursed by tender under this paragraph 7 shall become additional debt of Borrower secured by this Secunty Instrument Unless Borrower and Lender agree to other terms of payment. these amounts shall tear interest from illle tote of dit-b moment at the Note ra!e and shall tx payable, with tmer:st, up= notice from lender to lforruv=er requesting payment �s. w t• i