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I I UNifORM COVENANTS. Burrower and Lender wvenant and agree as follows: 81-107154 1. Payment of Principal and Interest; Prepayment and Late Charges, Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepa}'ment and late charges due under the Note. 2, Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day munthly payments are due under the Note, until the Nute is paid in full, a sum ('Funds") equal to one-twelfth uf: (a) yearly taxes and assessments which may attain priurity over this Security Instrument; (b) yearly leasehuld payments or ground rents un the Property, if ,my; (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 ufcurrent data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or a(wunts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an inst icution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account ur verifying the escrow items, unless Lender pays Burrower interest un the Funds and applicable law permits Lender to make such a charge. Borrower and Lender mily agree in writing that interest shall be paid un the Funds. Unless an agreement is made or applicable law requires interesno be paid, Lender shall nut be required to pay Burrower any interest ur earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds shuwing credits and debits to the Funds and the purpose fur which each debit to the Funds was made. The Funds are pledged as additiunal security for the sums secured by this Security Instrument. If the amount of rhe 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 Borrower's option, either promptly repaid to Borrower ur credited to Borrower on munthly pa}'ments of Funds. If the amuunt of the Funds held by Lender is nut sufficient to pay the escrow items when due. Borrower shall pay to Lender any amount necessary 10 make up the deficient)' in one or more pa}'ments 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 ac.quired by Lender, Lender shall apply, no later than immediatel}' prior to the sale uf the Property or its acquisition hy Lender. .IllY 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 b}' Lender under paragraphs I and 2 shall be applied: first. to late charges due under the Note; second, to prepayment charges due under the Note; third, to amuunts payable under paragraph 2; fourth. to Intc'rest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, dlJrges, fines and impositions attributable to the Property which may attain priority over this Security Instrument. and leasehold payments or ground rents, if any. Borrower shall pay these ubligations in the manner provided in paragraph 2. or if not paid in that manner. Borrower shall pa}' them on time directly to the person owed payment. Borrowc'r sllJlI promptl}. furnish to Lender all notices of amounts tll be paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptl}. discharge an}' 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 tll LeOller; \b) contests in good faith the lien by. or defends against enforcement of the lien in, legal proceedings which in thl' Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (e) secures from the holder of the lien an agreement satisfaClory to Lender subordinating the lien to this Security Instrument. If Lender dell'rmllles that .1IIY p.trt of the Property is subject to a lien which may attain priority ovcr this Sewrit)' Instrument. Lender nu)' give Borrower a notice identifying the lien. Borrower shall satisf}' the lien or take one or more of the aClions set forth above within 10 days of the giving of notice. 5. Hazard Insut'ance. Borrower shall keep the improvements now existing or herl'after erected on the Property insured against loss by fire, hazards included within the term .'extended cm'erage" and an)' other h.lZards for which Lender requires insurance, This insurance shall be maintained in the amounts and for the periods that l.ender requires. The insurance carriet providing the insurance shall be chosen by Borrower subject to Lender's approv,t1 which shall nlll be unreasonably withheld. All insurance policies and renewals shall be acc'eptable to l.ender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall prumptl)' 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. l.ender may make proof of loss if not made promptl}' b)' Borrower Unless l.ender and Burrower otherwise agree in writing. IIIsurance proceeds shall be .Ipplied to restoration or repair of the Property damaged, if the restoration or repair is economically fC'.tsible and Lender's sl'Curity is not lessened. If the restoration or repair is not economicall}' feasible or Lender's security would be lessem:d. the insurance proceeds shall be applied to the sums secured b}' this Security Instrument, whethc'r or not IIll'lI due. with any excess paid to Borrower. If Borrower abandons the Property. or does not answer wllhin ,0 d.l)'S a notice from Lender that the insurance carrier has offered 10 settle a claim, then Lender may collect the insurance proceeds Lender ma)' use the proceeds to repair or restore IIll' Property or to pay sums secured by this Security Instrument. wlwthl"! or not then due. The' 'O-day period will bt'gin when till' notice is given. Unless Lender and Borrower otherwise awee III wfllIng. .111)' applic.nion of proceeds to pflnopal shall not extc'lhlor postpone the due date of the monthly payments rcferrc-u to In paragraphs I ,Illd 2 or change the am,Hlnt of the payml'nts If under paragraph 19 the Property is acqUIred by Lender, Borrowc'r's fig III III an)' insurance policies .1IId proceeds resultlllg from damage to the Propert}' prior to the acquisition shall pass III Lender to the extent of the sums securc'd by this Secufll}' Instrument immediatel}' prior to the acqUlsllion. 6. Preservation and Maintenance of Property; Leaseholds, Borrower shall not destroy. damage' or subst.lIIl1ally change the Property, allow the Property to deteriorate or commit waste. If thIS Securit}' Instrument is on .1 lelsdlllld. Borrower shall comply with the provisions of the lease, and if Borrower acquires fel' mle to thl' Property, tll(' It'asdlllld ,lIId fee title shall not merge unless Lender agrees to the merger in wflling. 7. Protection of Lender's Rights in the Property; Mortgage Insurance, If Borrowl'l Luis III perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may siglllflC.llllly affect Lender's rights in the Propert}' (such as a proceeding in bankruptcy, probate, for ollldemnation or III enforce I,IWS or regulations I, then Lender mal' do and pay for whatever is necessary to protect the value of the Property and Lender's fights III the Property. Lender's .lCtions mal' include paying any sums securc.d by a lien which ha, prioflty m'c'r thIS SecufllY Instrument. appearing in COUrt, paying reasonable attorneys' Ices and ellleting on the Property to make repairs, Although Lender may take action under this paragraph 7. Lender does not have III do so, Any amounts ,lIsbursed by Lender under tillS paragraph 7 shall becomc .lddlllllll.ll debt of Ilormwl'f ,ecure'd h)' 11m Sccurity Insllumem. Unless Borrower and Lender agree lOOlht'r II'rm' 01 payment, thne .Imllllm, ,h.dl hC',ll .mere,t from the date ol,lisburscment at the NOle rate and shall be payablc, wll h 1I11I'rest, upon not IlC' froml.c'uder to 111',,0\\ C'f 1t"luc"t mg pa)'lnem. L j., , I o;j l'" ~ , ~ h.