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88- 10261'7 UNtFORM COVENANTS, Borrower and Lender covenant and agree as follows: 1. PaYlIlClIt of PrIntlpal ud Interat; Prepayment ud Late Charaes, Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepaymenl and lale charges due under the Note. Z. FlIIIdI for Tua ud IlISlIlUIce. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the 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 taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold paymer.ts or Iround rents on the propeny, if any; (c) yearly hazard insurance premiums; and (d) yearly monsa,e insurance premiums, if any. 7hese items are called "escrow items." Lender may estimale the Funds due on the buis of current data and reasonable estimates offuture escrow items. The Funds shall be held in an institution the deposits or accounts ofwhioh are insured or guaranteed by a federal or state qency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charle for holding and applying the Funds, analyzing the account or verifyinl the escrow items, unless Lender pays Borrower intCRSt on the Funds and applicable law pennits Lender to make such a charge, Borrower and Lender mllY aJfCC 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 interest 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 the pu~ for which each debit to the Funds W85 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 lIue dates of the escrow items. shall ClIceed the amount 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 ofthe Funds held by Lmder is not sufficient to pay the 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 to Borrower any Funds held by Lendct'. 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 propeny or its acquisition by Lender. any Funds h~ld by Lender at the time of application 115 a cmiit apinst the sums secured by this Security Instrument. 3. Applicatioa of Paymeatl. Unless applicable law provides otherwise. all payments received by Lender under paragraphs I and 2 shall be applied: IiBt, to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; founh. to interest due; and 185t, to principal due. 4. CIIaqea;,..leu. Borrower shall pay all talLes, 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 obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to tbe person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly. Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien whicb has priority over this Security In3trument unless Borrower: (a) !lgrees in writing to the payment of the obligation secured by the lien in a manner acuptable to Lmder; (b) contests in good faith the lien by, or defends apinst 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 Propeny; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Huard I-. Borrower shall keep the improvements now ellisting or hereafter erected on the Property insured apinst loss by lire. 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 that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreuonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mongage clause. Lender sha1l have the right to bold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all ra:eipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lmder may make proof of loss if not owIe 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 restoration or repair is CICOIlomically feasible and Lender's security 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 excess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender that the insutance carrier has oI'ered to settle Il claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Prop:rty or to pay sums secured by this Security Instrument, whether or nol then due. The 3Q-day period will begin when the notice is given. Unless Lender ud Borrower otherwise agree in writing, any application of proceeds to principal shall not extend 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 parapaph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lmder to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. ~atillll_ Ma1Dt_ of ProperJr; ~ Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or oommit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions ofthe lease. and if Borrower acquires fee title to the Property, the leasehold and fee title shaI1 not IDerJC unless Lender asrees to the merger in writing. 1. PnItecdoll of Lmder'a RiPtI In the Property; MtII'tp&e lnaurance. If Borrower fails to perform the covenants and qrccments contained in this Security Instrument. or there is a legal proceeding thaI may significantly affect Lender's nJllts in the Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce laws or n:;uJations), then Lender may do ~ pay for whatever is necessary to protecl the value of the Propeny and Lender's righls in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Securily IlIJUUDlCDt, appearing in court, paying reasonable attorneys' fees and entering on Ihe Propeny to make repairs. Although Lender may take action under Ihis parafT'Bph 7, Lender does not have to do so, Any amounts disbursed by Latder under Ihis paragraph 7 shall become addilional debt of Borrower secured b)' Ihis Security Instrument. Unless Borrower and Lender agree to other terms of payment, Ihese amounts shall bear mterest from the date of disbursement at the Note rate and shall be payable. wilh interest. upon nollce from Lender to Borrower requestlnll payment.