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88- 102303 UNIFORM COVENANTS, Borrower and Lender covenant and agree as follow" I. Paymenl of PriDclpal and Inlerest; Prepa}1lIenland Late Charlle5. Borrower shall promptly pay when due the pnncipal of and interest on the debt evidenced by the Note and any prepaymenl and lale charges due under t he Note. Z. Flilnds for Toes and Insuruce. Subject to applicable law or 10 a wriuen wai\'er by Lender. Borrower shall pay to Lender on Ihe day monthly payments are due under the Note. unlilthe Note is paid in full. a sum ("Funds") equal to one-Iwelfth of: (a) yearly taxes and assessments which may' allain priority' over this Security Instrument; (b) yearly leasehold paymenls or ground rents on the Properly, jf any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, if any. These items are called "escrow ilerr.s." Lender may estimate the Funds due on the basis of currenl dala and reasonable estimates offuture escrow items. The Funds shall be held in an institution the deposits or accounls of which are insured or guaranleed by a federal or stllte agency (including Lender if Lender is such an instilution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analV7ing t~.e aCCOUnl )r verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law ;'C7ffi," Lender to make such a charge. Borrower and Lender may agree in wriling that interest shall be paid on the r ;;T"~,,;. Unless an agreement is made or applicable law requires inleresl to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge. an annuai accounting of the Funds showing credits and debits 10 the Funds and the purpose for which each debit 10 the Funds was made, The Funds are pledged as additional security for the sums secured by Ihis Security Instrument. ' If the amounl of the Funds held by Lender, togelher with the future monthly payments of Funds payable prior to the due dale-; of Ihe escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower', option. either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amounl of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amounl 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 19the Property is sold or acquired by Lender, Lender shall apply. no later Ihan immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by Ihis Security Inslrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first. to late charges due under the Note: second. [0 prepayment charges due under the Note; Ihird. 10 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 impositions allributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents. if any. Borrower shall pay these obligations in the manner provided in paragmph 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 Ihis paragraph. If Borrower makes these payments directly, Borrower 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 !he obligation secured by the lien in a manner acceptable to Lender; (b) contests in good failh 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 (cl secures from the holder of the lien an agreement salisfactory 10 Lender subordinating the lien to this Security Instrument. If Lender determines that any parI of !he Property is subject to a lien which may altain priorily over this Security Instrument. Lender may give Borrower a notice idenlifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above wilhin JO days of the giving of notice. 5. Huard IlUIuruce. Borrower shall keep t he improvements now existing or hereafter erected on Ihe Property insured againsl loss by fire, hazards included wi!hin 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 10 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 proof ofloss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied 10 restoration 01 repair of the Property damaged, if the resloration or repair is economically feasible and Lender's security is not lessened. If Ihe restoration or repair is not economically feasible or Lender's security would be lessened, t he insurance proceeds shall be '" applied to the sums secured by this Security Instrument. whether or not then due. wi!h any excess paid to Borrower, If Borrower abandons the Property, or docs not answer wilhin 30 days a notice from Lender that the insurance carrier has offered 10 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 Ihen due. The 3D-day period will begin when the notice is given. Unless Lender and Borrower olherwise agree in writing. any application of proceeds to principal shall not extend or postpone the due date ofthe mon!hly payments referred to in paragraphs I and 2 or change t he amount of the payments. If under paragraph 19 !he Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior 10 Iheacquisition shall pass to Lender to the extenl of the sums secured by this Securily Instrument immediately prior 10 the acquisition. 6. Presenation and Maintellance of Property; Leaseholds, Borrower shall not destroy. damage or substanlially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower shall comply wilh 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. Protection of Leader's Rights in the Property: Mortgage Insurance. If Borrower fails 10 perform the covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy. probale. for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protcclthe value oflhe Property and Lender's rights in the Property. Lender' actions may include paying any sums secured by a lien which has pnorilY over this Sccurity lnslrumenl. appearinll; court. plI};nll reasonable attorneys' fees and entering on Ihe Property 10 make repair<. Although Lender may take setic n nder this paragraph 7, Lender does nOI have 10 do so. A.ny amounts" ;)\Irsed by Lender under thIS paragraph 7 shall become additional debt of Borrower 'ecured by Ih" Security Instrument. '- nless Borrower and Lender aji;ree 10 olher terms of pay men I. these amounts ,hall bear mleresl from the dale of disbursement al the NOle rnle and ,hall be pay'able. "'lIh inter",t. upon nollce from Lender In Borre", cr n:quatmJ pa}-ment.