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88- 103920 UNIFORM COVENANTS, Borrower and lender covenan't and agree as follows: 1. Payment or Principal and Interest: Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and inlerest on the debl evidenced by the Note and any prepayment and late charges due under the Note. Z. Funds ror Taxes and Insurance. Subject to applicable law or to a wrillen waiver by lender, Borrower shall pay to lender on the day monthly payments are due under the Note. until the Notc 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 payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance prcmiums, if any. These items are called "escrow items." lender may estimate lhe Funds due on the basis of currenl data and reasonable estimates offuture 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 agency (including lender if Lender is such an institution). lender shall apply the Funds to pay lhe escrow ilems. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on lhe 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 agrecment is made or applicable law requircs inlcrest to be paid, lender shall not be required 10 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 to the Funds and the purpose for which each debit to the Funds was made, The Funds are pledged as additional securilY for the sums secured by this SecurilY Instrument. If the amount of the Funds held by lender, together with the futurc monlhly payments of Funds payable prior to the due dales of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, cither promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by lcnder 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, lendcr shall promptly refund to Borrower any Funds held by lender. If under paragraph ]Q the Property is sold or acquired by lender, lender shall apply, no later than immediately prior to the sale of the Propcrty or its acquisition by lendcr, any Funds held by lender at the time of application as a credit against the sums secured by this Security Instrument. 3, Applieation of Paymenl.. Unless applicable law provides otherwise. all payments rcceived by lender under paragraphs I and 2 shall be applied: first, to late charges due under the Note; second. to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to intcrcst due; and la.t. to principal due. 4. Chal'\ll!Si Liens. Borrower shall pay all taxes. assessmcnts. charges, fines and impositions amibutable 10 the Property which may allain priority over this Security Instrument. and leasehold payments or ground rents. if any. Borrower shall pay these obligations mthe manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time direnly to the person owed payment. Borrower shall promptly furnish to lcnder all notices of amounts to be paid undcr this paragraph, If Borrower mllkes these payments directly, Borrower shall promptly furnish to lender receipts evidencing the payments, Borrower shall promptly discharge any hcn which has priority over this Security Instrument unless Borrower: (II) agrees in writing to the payment of the obhgallon secured hy thc lien in a mllnner 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 .my part of the Property; or (cl secures from the holder of the Iicn an agreement satisfllclOry to lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject 10 a lien whIch may atlain priortly over this Security Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall salisfy the hen or take one or morc ofthc IIctions set forth above within JO days of the giving of notice. 5. HBZlIrd Insurance. Borrower shall keep the improven..,..ts now existing or hereafter erected on the Property insured against loss by fire. hazards included within the tcrm "extended "'lVeruge" and any other hazards for which lender requires insurance, This insurancc shall be maintamed in the Ilmount' and for the periods that lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's IIpproval which shall not be unreasonably withheld. All insurance policies and renewals shall be acecptable to Ler,Jcr IInd shall include a standard mortgagc clause. Lender shall have thc right to hold the poliCIes and renewals, If lencl,er requires. Borrower shall promptly give to lender all receipts of paid premiums and renewal notices. In the event of10',s. Borrower shall give prompt notice to the insurance carrier and Lender. lender may make proof oflrn.s if not made promptly by Borrower, Unless lender and Borrowerothcrwise agree in writing, msurance proceeds shall be applied to restoration or rcpair of the Property damaged, if the resloralion or repair is economically feasible and lender's security is not lessened. If the restoration or repair is not economically feasible or lender's security would be lessened, thc insurancc 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 the Property, or does not answer within 30 days a notice from lender that the insurancc carrier has olfered to setllc 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 lhis Security Instrument, whether or not then due, The JO,day period will begm when the notice is given. Unless lender and Borrowcr 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 alllount oflhe payments. If under paragraph 19 the Property is acquired by lender. Borrower's right to any insurance policies aod proceeds resulting from damage to the Property prior 10 the acquisition shall pass to lender 10 the extent of the SUIIIS secured by this Security Instrument immediately prior to the acquisition. 6. Preservation aod Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrumcnt is on a leasehold. Borrower shall comply with the provisions of the lease. and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unles.. lender agrees to the mcrger in writing. 7. Protection of Lender's Ri(lhts in the Property; MortllBge In"uranee. If Borrower fails to perform the covenants and agreements containL-d in this Security Instrument, or Ihere IS a legal proceeding IhatlllllY slgnificllntly IIlTect Lender's rights in the Property (such liS a proceeding io bankruptcy. probate. for condemnation or to enforce laws or regulations). then lender may do and pay for whatever is necessary to protect the value of Ihe Property and lender's riglm in the Property. lender's actions may include paying any SUIIIS secured by a lien which has pnonty (I\er thIS SecUrtll Instrument. appearing in court. paying rea'lmable IIt1orney" fees and entering on Ihe Propcrty 10 mukc ropm.- Althl1\1gh lender may take action under IhlS paragraph 7. Lender doc.,; 1101 haw to do so, Any amounts disbursed by lender under thlS paragraph 7 .hail become addllional dchll1f' Bommcr ,c,'ur,'d hI It", Security Instrument. Unless. Borrower and Lender agree to other tcrm'S nf paymcnl. Ihe'c an1tlUnl" ,hall hear tnlrfl>,t fnlrn the date of disbuf!rCmC'nl ol the Note rate LU1d '\hl.lll be pu)ahlc. with IJIlcrest. uplm 11011L.'C frllm L',~nJt.'r 111 Bnrnml"r requesting payment.