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88- '102494 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Prlnc:lpal 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 prepayment and late charges due under the Note. Z. Funds for Taxes and Insurance. Subjecl to applicable law or 10 a written waiver by Lender. Borrower shall pay to Lender on Ihe day monthly payments are due under the Note, until the Note is paid in full. a sum ("Funds") equal to one-twelfth of: (a) yearly tOiles and assessments which may attain priority over Ihis Security Instrument; (b) yearly leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgale insurance premiums. if any, These items are called "escrow items." Lender may eslimate the Funds due on the basis of currenl 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 alency (Including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charae for holding and applying the Funds, analyzing the account or verifying the escrow it-'Ds. unless Lender pays Borrower interest on the Funds and applicable law pennits Lender to make ".ell !l .:barge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreemecl: ,<; 11..u1e or applicable law requires interesl to be paid. Lender shall nol be required to pay Borrower any interest or earnings on the Funds. Lender shall Jive to Borrower. wilhout 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 this Security Instrument, If the amount of the Funds held by Lender. together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shaH exceed the amount required to pay Ihe 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 15 not sufficient to pay the escrow ilems 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 by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or ils acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. AppUcatlon 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 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. Cbaraes; UeDl. Borrower shall pay alllaxes, assessments, charges, 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 obligalions 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 direclly, Borrower shall promptly fumisb to Lender receipts evidencing the payments, Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) qrees in writing to the payment of the obligation ~ured by the lien in a manner acceptable to Lender; (b) contests 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) secures from the holder of the lien an agreement satisfactory to Lender subordinating Ihe lien to this Security Instrument. If Lender detennines that any pan of the Property is subject to a lien which may altain priority over this Seeurily Instrument, Lender may give Borrower a nOlice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions sel fonh above within 10 days of the Jiving ofnotice. 5. Huanlluurance. Borrower shall keep Ihe improvements now exisling or hereafler erected on the Propeny insured against loss by fire. hazards included within Ihe tenn "elltended 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 to Lender and shall include a ~tandard mortptC clause. Lender shall have the risht to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender all receipls of paid premiums and renewal nOlices. [n Ihe event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss ifnol 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 resloralion or repair is economically feasible and Lender's securily 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 ellcess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has olI'ered to sellle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds 10 repair or restore the Property :lr to pay sums secured by this Security Instrument, whether or not then due. The 3o.day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not ClItend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender. Borrower'~ right to any insurance policies and proceeds resulting from dlmage to the Property prior to the acquisilion shall pass to Lender to the elllent of Ihe sums secured by this Securily Instrument immediately prior to the acquisition, 6. Prae"atlon and Maintenance of Propel'JJ; Leaseholds. Borrower ~hnll not destroy, damage or subslantially change the Propeny. allow the Property to deteriorate or commit wasle. If Ihis Security Instrument is on a leasehold. Borrower shall comply wilh the provisions ofthe lease, and if Borrower acquires fee litle to Ihe Property. the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of LeJlcler'a Rlpt. In the Property; Mor'pae IDlurance. If Borrower fails to perform the covenants and agreemenls contained in this Security Inslrument, or Ihere is a legal proceeding lhat may significanlly aWect Lender's rights in Ihe Propeny (such as a pro..o:eding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to prolectlhe value oflhe Property and Lender's righls in the Property. Lender's actions may include paying any sums secured by a lien which has priorily over this Security Instrument, appearing in court, paying reasonable allomeys' fees and entering on the Property to make repairs, Allhough Lender may take aClion under this paragraph 7. Lender docs not have 10 do so, Any amounlS disbursed by Lender under this paragraph 7 shllll become additional debl of Borrower secured by this Security Instrument. Unless Borrower and Lender agree 10 other terms of payment, these amounts shall bear interest from the date of disbursemenl at .he Note rale and shall be payable. wuh Inlerest. upon notice from Lender to Borrower requesting payment.