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., 88- 104471 UNJFORM COVENANTS. Borrower and Lender covenant and agree as rollows: 1, Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the dcbt evidenced by the Note and any prepayment and latc chargcs due under thc Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower sball pay to Lender on the day monthly payments are due undcr the Note, until thc Note is paid in full. a sum ("Funds") equal to onc-twelfth of: (a) yearly ta.es and assessments which may attain priority over this Security Instrument; (b) ycarly leasebold payments or ground rents on the Property, if any; (c) ycarly hazard insurance premiums; and (d) yearly mortgage insurance premiums. if any. These items are called "escrow items:' 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 institUlion the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lendcr is such an institution). Lender shall apply the Funds to pay the escrow items. Lender may not chargc for holding and applying the Funds, analyzing the account or verifying the cscrow 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 intercst shall be paid on the Funds. Vnlcss an agreemcnt 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 ~howing credits and debits 10 the Funds and the purposc for which each debit to thc Funds was madc. Thc Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of thc Funds held by Lcnder, together with the future monthly payments of Funds payable prior to the due dates of the escrow items. shall exceed 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 of the Funds held by Lender 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. Vpon payment in full of all sums secured by this Security Instrument. Lcnder shall promptly rcfund to Borrower any Funds hcld hy Lendcr. If under paragraph 19 thc Propcrty 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 ac; a credit againstlhe sums secured by this Security Jmilrument. 3. Application of Pay men Is. Vnless applicable law p.ovides othcrwise, all payments recei,cd by Lender under paragraphs I and 2 shall be applied: first. to late charges due under the Note; second. to prepayment charges duc under the Note; third, to amounts payable under paragraph 2; fourth. to intcrest due; and last. to principal due. 4. Charges; Liens. Borrower shall pay all taxes. assessments. charges. fines and impositions attributable to the Property which may attain priority over Ihis Security (nslrument. and leasehold paymenls or ground rents. if any. Borrower shall pay these obligations in the mannl:r provided in paragraph 2. or ifnut paid in thai manner. Borrower shall pay them on timc directly to thc person owcd payment. Borrower shall promptly furnish to Lendcr all nOllces of amounls 10 be paid under this paragraph. If Borrower mak", these payments direct I)", Borrower shall promptly furnish '0 Lender receipts evidencing the payments. Borrower shall promplly discharge any lien which has pnonty O1,.cr thi~ SeeunlY Instrument unle!'os Borrower: (3) agrees in writing 10 the payment of the obligation !o.ecurcd by the hen 111 a manner acceptable to lender: (b) contests in good faith the lien by. or defends against ellfnrcemcnt of the hen 111. legal proceedings which In the lender'~ opinion operate to prcvcnt the enforccment of thc Iico or forfctlurc uf any part of the Propert)": or (c) secures from the holder of thc lien an ugreement satisfactory to lcndL'f !\ubnrdmallng the lien to thi~ Security Instrument. (flcnderdt'lermines Ihat any part of the Property is subjecl to a lien whtch mal. altam pnonty owr Ihts Security Instrument, Lendcr may gl\e Borrower a notice identifying the lien, Borrower ..hall satisfy the lien or take one or marc of the actions sel forth abo\'e wilhin 10 days oflhe giving ofnoticc. S~ Hazard Insurance. Borrower shall keep Ihe impro\'emems now c,;isting or hereafter ereclcd on the Propcny insured against loss by firc, hazards included within the term "e..ended co,erage" and an)" other hazards for which Lcnder requires insurance. This insurance s.hall be mainlained in the amounts and for the periods Ihat lender requires. The insurance carrier providing the insurance ,hall be chosen hy Borrower SUbjCL"t 10 lender'" approval which shall nol be unrcasonabIy withheld. All insurance poliCies and renewals shall be acceptable 10 lender and shall mclude a slandard mortgage clause lender shall haye the right 10 hold the poticie. IInd rcnewab, Jf lender n:qum:s. Borrower shall promplly give to lender all receipts of paid premIUms and renewal notlceo.-,. In the even I of los~. Borrower ~hall give prompt notice to Ihe insur,J.I1ce carrier and Lendcr. Lender may make proof of loss if not madc promptly by Borrower. Unless Lender and Borrower otherwise agree in \\'nllng. in,urance proceeds shall be applied to resloraljon or repair of the Property damaged. If the resluration or repair is economlcull)i' feasible and Lender's securil)' is nol lo~n~. If the restoralion or repair is not econollucally feasible or lender's security would be lessened. the insurance proceeds ,hall be applied to the ~um:-. sc:cured b) this St;Cunty Instrument, whether or nol then due. with an)' excess paid to Borrower If Borrower abandons Ihe rroperty, or does nOl answer within 30 day!t n nOlice from Lender Ihat the in!turancc cameT ha:-. offered to seule a claim. then lender may collect the insurance proceeds. lender may use the proceeds (0 rep:ur or rotare the Property or to pay sums secured by tilis Secunty Instrument. whether or nOlthen due The 3D-day p"flod w,1I begm when the notice i!'i given. Unless lender and Borrower otherwise agree In wriling. any appJication of proceeds to pnnclpal !\haJl nol eXlend or postpone Ihe due date of the monthly payment~ reft.~rred to in par3graphs 1 and 2 or change 1he amounl of the payment!'>. If under paragraph 19 Ihe Properly is acquired b)' Lender, Borr(lwer's nght 10 an)' in~urance pohcles and proceed~ rt:!'oultmg from damage to Ihe Propeny prior to the acquisition shall pass to Lender to the e,lllent of rht: ..urn:'> "iecun..-d b~ IIIIS Set;unlY Instrument immediately prior to the acqUlStl10n. 6. Preservation and i\laintenancc of Property; Leaseholds. Borrower shall not de!'llnJY. damage or ~ub~lantlall) change the Property. allow the Property to deteriorate or commit was.te. If IhlS Security In"itrument is on a leasehold. Borrower shall comply with the provisions oflhe lease. and if Borrower acquirL"S fee litle to Ihe Propeny. the lea~ehold and fee title shall not merge unless lender agrees 10 Ihe merger in wrillng. 7, ProCeclion of Lender's Rights in the Propert).; ;\'lort~age Jnsurance" Jf Borrower fall:,> h"'l perform the covenants and agreements contained in this Security Instrument. or I here IS illegal proceeding Ihat ma) 'tlgnificantly alfect Lender's rights in the Property (such as a proceeding in bankruptcy. probate. fLlr ('ondcmnallllll or to l.'nforce law, or regulations). then Lender may do and pay for whate\'er i!t necessary to prolecllhe \alue of the Property and Lender.... righl!'t in the Property. Lender's action!> may include paymg any !o.um!\ !o.ecured hy a hen whl1.:h ha\ prlOrll) l1\t:r Ihl~ SecurIl) Inslrument. appearing in courl, paying reason;:lble allorne)'s' fees and enlerIng (ll1lhc Prtlpl.:rt~ Itl makL' n:palT'.. Although Lender may take action under Ihis paragraph 7, lender does not ha\-c to do so Any umounts disbursed by lender unde:r Ihls paragraph 7 shall become addlllonal deht of HorTtl\\ cr ,ccureJ h~ thl' Security [nstrumcnt. Unle-.s Borrower and Lender agree: to other lerms of puynJt:l1t. I h"-....c anwuTll' ..h:l1! ",,-".Ir mll.'It'.., ffllm Ihe date of disbursement at the Note rate and ..hall he payahlc. with IIIteresl. up<ln Tllllll.:'C frtlm I enJer 1(1 florrtmer requesting payment,