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I 88- 101511 UNIFORM COVENANTS. Borrower and Lendercovenanl and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Char~es, norrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepaymenl and late charges due under the Note. 2. Funds for Taxes and Insurance, Subject to applicable law or 10 a wrinen waiver by Lender. Borrower shall pay to Lender on the day monthly payments are due under Ihe Note, untillhe Note is paid in full, a sum ("Funds") equal 10 one-twelfth of: (a) yearly taxes and assessments which may altain priority over this Securily !nslrument; (b) yearly leasehold payments or ground rents on the Properly, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any, These items are called "escrow ite:ms," 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 acccunts of which arc insured or guaranteed by a federal or stale agency (including Lender if Lender is such an institution). Lender shall apply Ihe Funds 10 pay the escrow ilems. Lender may not charge for holding and applying the Funds. analyzing Ihe account or 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 the Funds, Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interesl or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits 10 the Funds and Ihe purpose for which each debit to Ihe Funds was made. The Funds are pledged as additional security for the sums securcd by this Security Instrument. If the amount of the Funds held by Lender. together with the future momhly payments of Funds payable prior 10 the due dates of the escrow item!;, shall exceed Ihe amount required to pay the escrow items when due, the excess shall be, al Borrower's Dplion, either promptly repaid 10 Borrower or credited to BDrrower on monthly payments of Funds. If the amount of Ihe Funds held by lender is not sufficient to pay Ihe 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 10 Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by lender, lendcr shall apply, no laler than immediately prior to the sale of Ihe Property or ils acquisition by Lender, any Funds held by lender at the lime of applicalion as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides Dtherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first, 10 late charges due under the Note; second, to prepayment charges due under Ihe NOll'; 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 impDsilions 3ttribulable 10 Ihe Property which may auain priorily over this Security Instrument, and leasehold paymenlS or ground rents. if allY. Borrower shall pay Ihese obligations in the manner provided in paragraph 2, or if not paid in Ihat manner. Borrower ...hall pay Ihem on time directly 10 Ihe person owed payment. Horrower shall promptly furnish to Lender allllOl1ces of amounls 10 be paid under this paragraph. If BDrrDwer makes these payments directly, Borrower shall promptly furnish to Lender receipls evidencing the paymenls. Borrower shall promptly dIscharge any lien which has priorilY over this Securily InSlrument unless Borrower: (a) agrees in writing to Ihe payment of the obligation secured by Ihe lien in a manner acccptable tD Lender; (b) conlests in good faith the lien by, or defends against enforcement of the lien in. legal proceedings which in the Lender's opinion operate 10 prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from Ihe holder or Ihe lien an agreement satisfactory to Lender subordinating the lien to thIS Security Instrument. If Lender determines thaI any parI of the ProperlY is subject 10 a lien which may auain priority over Ihi... Security lnslrument, Lender may give Borrower a noticc idcntifying thc lien. Borrower shall satisfy the lien or lake one or more ofthc actions set forth above within 10 da)'s of the giving of nOliee. 5. Hazard Insurance, Borrower shall keep the improvclIlenls now exisling or hereafter erected on the Properly insured against loss by fire, hazards included within the lerm "cxtended coverage" :lnd any other hazards for which lcnder requires insurance, This insurance shall be maintained in Ihe mnounls and for Ihe periods thaI Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject 10 Lender's apprDval which shall not he unreasonably withheld. All insurance policies and renewals shall be acceptable 10 Lender and shall include a slandard 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 prompl notice to the insurance carrier and Lender. Lender may make proof of loss ifnot made promptly by Borrowcr. Unless lender and Borrower OIherwise agree in writing, insurance proceeds shall be applied to restoratiDn or rep..ir of the ProperlY damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If Ihe restoration or repair is nol economically feasible or Lender's secunly 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 10 Borrower. If Borrower abandons Ihe Property, or does nOI answer within 30 days a notice from lender that Ihe insurance carrier has offered to scull' a claim, Ihen Lender may colleelthe insurance proceeds. Lender may use the proceeds to repair or reslore the Properly or to pay sums secured by this Security Instrument, whelher or not then due. The 30.day period will begin when the notice is given, Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shaH not exlend or postpone Ihe due dale of the monlhly paymenls referred 10 in paragraphs I and 2 or change the amount of Ihe paymenls. If under paragraph 19 the Properly is acquired by Lender, Borrower's righllo any insurance policies and proceeds resuhing from damage to the Property prior tD Ihe acquisition shall pass to Lender to the exlenl of the sums secl.red by this Seeun:y Inslrument immedialely prior 10 Ihe acquisilion, 6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not deslroy, damage or substantially change the Property, allow the Property to deleriorate or commit waste. If this Securily Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee lille to the Property, the leasehold and fee title shall nol merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails \0 perform Ihe covenants 11110 agreemenls contained in this Security Inslrument, or there is a legal proceeding Ihat may significantly affecl Lcnder', righl'\ in the Ilropcrty (such as a proceeding in bankruptcy, probate, for condemnalion or to enforce laws or regulaliolts), Ihclll.cndcr may do and pay for whatever is necessary to protect the value oflhe Property and Lender's rights ill Ihe I'roperly, I.ender's actions may include paying any sums secured by a lien which ha... prioril) over this SecurilY IIlSlrulllelll, Ilppcaring in court, paying reasonable attorneys' fees and enlering on Ihe Property 10 make repairs, Although I.ender ma)' lake al'lloll under this paragraph 7, Lender does not have to do so. Any 11I1I0UI1I" disbursed by lender under Ihis paraRraph 7 shall bt.'CDtt1C addilional debt of Borrower o;c1.:ured by I his Sc<:urlly Instrulllcnl. UnlcS\ Horrower and Lendcr agree to other terms of pay men I. these amounts shall bear Inlcre...1 from the dale of dlsbursemenl al Ihc NOie ratc and shall be payable. with inlerest, upon nOl1n~ from L,'l1llcr 10 Borrowcr reque...till~ paymcnt.