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90- 106913 UNIPOi M COVENANn Borrower and Lender covenant and agree as follows: 1. Payatnint of priaeilial anti Inwes" Prarytwettt sad Late Cherpc 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. 7, Fads for Taxes aced Issamm. 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 fall. a sum ( "Funds ") equal to one - twelfth of: (a} yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly lasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums: and (d) yearly mortgage insurance premiums, 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 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 scot charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Leader pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Leader may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law roquira interest to be paid. Lender shall not be required to pay Borrower any imerast or earnings on the Funds. Lender shag give to Borrower. without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by tbisSecurity Instrument. if the amount of the Funds held by Lender. toWber with the future monthly payments of Funds payable prior to The due data of the escrow items, shall exceed the amount required to pay the escrow items when due. the excess shall be, at Borrower's 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 bw Lender. Lender shall apply, no later than immediately prior to nihe sale of the Property or its acquisition by Lender, an Funds heft by Lender at the time of application as a credit against the sums secured by this Security instrument. 3. Application of Payasenta. Unless applicable law pro ,-isles otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first, to late charges due undler'ihe 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. Charts Liens. Borrower shall pay all taxes, assessments. charges, fines and impositions attributable to the Property which may attain priority. over this Security Instrument, and leasehold payments or gruuad rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2. or if not 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. Borri wer shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to lender; (b) L ontests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) sec -res 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 Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. S. Hazard Insurance, Borrower shall keep the improvements now esisting or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coveragt" 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 Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and lender. Lender may make proofof 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 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 lessened, the insurance proceeds shall be applied to the sums secured 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 offered to settle a claim, then 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 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing. am• application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraph, I and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender. Botrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition sisal" Bass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Propery; Leaseholds. Borrower shall not destroi., damage or substantially change the Property, allow the Property to deteriorate or commas waste. If this Security Iasi rumens is on a leasehold. ind if ttnfr Sir acquire,- lee title to the Pvi�ert v, the leasehold and _.. .. _. fee name s7ull not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's [tights In the Property; Mortgage insurance. If Borrower fails to perform the avenants and agreements contained in thisSecunty Instrument, or there is a legal proceeding that may significantly affect Lender'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 in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security instrument. appearing in court, paying reasonable attorney,-' fees and entering on the Property 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 %hall become additional debt of Borrower secured by this Security instrument. Unless Borrower and Lender agree to other terms of payment, thew amounts %hall bear interest from the date of disbursement at the Note rate and %hall be payable. with interest, upon notice from Lender to Borrower requesting payment. IFF- JY� f• � f