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r L UNIFORM COVENANTS : 88- 100597 Borrower and Lendl.'r U)Ven,"11 and .\gl"t'e ,I., 1"II"w, I, Payment of Principal and Imerest; Prepayment and Late Chargl's, !\"rr"wer ,h.dl prlllllp"y pay wlwn due Ihe prmupal of and intl.'rcsI on the debl evidul(l.'d by the Note and any prl.'p.lYll1l'nl .1I11llale durgn due under the N"te 2, Funds for Taxes and Insurance. SubjeCl [() 'Ipplit.lble law or 1".1 wlItll'n w.lIver by I.ender. B"rr"wer shall pay to Lender or. [he day monlhly payments are due under [he NOle, until 1Ill' Note IS p.nd In lull. J sum ('Funds'") equ,d [0 one.twelfth of: (a) yearly [axes and assessments which m.lY ,II t.1l n pllllrily Il\'l'r this SecurilY lnstrulllenr; (bl yearly leasehold payments or ground rents on [he Property, if any; (e) yearly hU.lld insurancl' premiums, .Ind (d I yearly mortgage insurance premiums, if any. These items are called '"escrow Ilems.'" Lender may estimatl.' [he Funds due on Ihe basis of curren! da[a and reasonable estimares of future escrow items. The Funds shall be held in an ins[itution the deposits or aCWUllls 01 which are insured or guar,ln[eed by a federal or state agency (including Lender if Lender is smh an Il1s[itu[ion) Lender shall apply [he Funds Ie pay [he escrow items. Lender may not charge for holding and applying the Funds, ,tnalYl.ing the ac(()un! ()(" verifying the escrow items, unless Lender pays Borrower 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 [he Funds. Unless an agrcemenr is made or applicable law requires interest 10 be paid, Lender shall nm be required 10 pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, withou[ charge, an annual accounting of the Funds showing credi[s and debi[s (() (he Funds and the purpose for which each debit 10 the Funds was made. The Funds are pledged as addi[ional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthiy payments of Funds payable prior 10 the due dates of the escrow items, shall eXll'c:d the <Im0l1111 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 10 pay [he escrow items when due. Borrower shall pay to Lender any amount necessary 10 make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by [his Security Inst~ument, Lender shall promptly refund 10 Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to [he sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of appiication as a credit against the sums secured by this Security Ins[rumenl. 3, Applicati0n of Payments, Unless applicable law provides otherwise, all paymellls received by Lender under paragraphs I and 2 shall be applied: first, 10 late charges due under the NOlI.'; second, to prepayment charges due under the NOlI.'; third, 10 amounts payable under paragraph 2; fourth, to interest due; and last, (() principal due. 4. Charges; Liens. Borrower shall pay all laxes, assessments, charges, fines and impositions <Ittributable 10 the Property which nny attain priori[y over this Security Instrumem. .lnd leasehuld payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragr<lph 2, or if not paid in thaI manner, Borrower shall pay them on time directly to the person owed paymem. Borrower shall promptly furnish [0 Lender all notices of amounts to be paid under this paragraph. If Borrower makes these paymenrs directly, Borrower shali promptly furnish 10 Lender receipts evidencing the paymems. Borrower shall promptly discharge any lien which has priority over [his Security Instrument unless Borrower: (a) agrees in writing to the paymemof [he obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcemem of the lien Ill, legal proceedings which in the Lender's opinion operate to prevelllthe enforcemem of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreemem satisfactory to Lender subordinating the lien to this Security Insrrumem.1f Lender determines that any part of the Property is subject 10 a lien which may a[tain priority over this Security Instrumem, Lender may give Borrower a nOlice identifying the lien. Borrower shall satisfy the lien or take one or more of the aerions set forth above within 10 days of the giving of notice. S. Hazard Insurance, Borrower shall keep [he impruvemenrs n(!w existing or hereafter ereCled on the Property insured against loss by fire, 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 thaI 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 10 Lender and shall include a s[andard mortgage clause. Lender shall have the right 10 hold the policies and renewals. If Lender requires, Borrower shall promptly give 10 Lender all receipts of paid premiums and renewal notices. In the evem of loss, Borrower shall give prompt notice 10 the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied 10 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 l.ender"s sl'curity would be lessened, the insurance proceeds shall be applied 10 the sums secured by this Security Instrument, whetlll'r OJ not Ihen due, with any excess paid 10 Borrower. If Borrower abandons the Property, or does nor answer within \() daj's ~ notice from l.ender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. l.ender may use the proceeds [() repair or res lOre the Property or 10 pay sums secured by' this Security Instrument, whether or not then due. The\O.day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall nOl extend or postpDne the duc: date of the l110mhly paymems referred to in paragraphs 1 and 2 or change the amoulll of the payments. If under paragraph J <) the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior 10 the acquisition shall pass to Lender to the ex[ent of the sums secured by this Security [nstrumem immediately prior to the acquisition 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Securiry Insrrument is on a lez.sehold, Borrower shall mmply with the provisions of the lease, and if Borrower acquires fee title to [he Property, Ihe leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails 10 perform the covenants and agreements comained in this Security Instrument. or there is a legal proceeding rhar may significantly affect l.ender's rights in [he 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 vaiue of the Property and l.ender's rights in the Properly. Lender's actions may include paying any sums secured by a lien which 11.15 priorilY (lvnlhls Security Instrlllllent, appearing in court, paying reasonable a((orneys' fees and entering on the Property to make repairs Although Lender may lake aClion under this paragraph 7, Lender does not have 10 do so. Any amounts disbursed by Lender under thiS paragraph 7 shall become addi(Jon.l1 debl (If Borrower secured by this Security Instrument. Unless Borrower and Lender a).:ree to (lther (erms (ll paymenr, these .1I1'1l)UnrS ,hall bl'.llIlHereSI from the date of disbursement at t he Note rat~ and shall Ix: payable, with Il1tereSI, upon nO(JCl' from I.l'nder tl) I\orlllwer request ing payment.