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UNIFORM COVENANTS Borrow~ ~dLcndfr 9o~n1n~.J: agree as follow" 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal orand interest on the debt evidenced by the Note and any prepayment and latc charges due under the: Note. 2. Funds ror Taxes and Insurance. 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 10 one-twelfth of: (n) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly lenschold payments or ground rents on the Property, if any; (c) yearly hazard insurance premioms; and (d) yearly mortgage insurance premiums. ifany. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates offuture escrow items. The Funds shan 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 the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow 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 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 If} pay Borrower any interest or earnings on the Funds. Lender shaJl 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 thc Funds was made. Thc 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. shall exceed the amount required to pay the escrow items when due. the excess ~hall 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. Upon payment in full of all sums secured by this Security Instrument. Lender shall promptly refund tn Borrower any Funds held by Lcnder. 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 Properly or its acquisition by Lender, any Funds hdd hy Lender al the time of application as a credit against the sums secured by this Security Instrument. 3. Application or Payments. Unless applicable law providcs otherwise. all payments received by Lender undcr paragraphs I and 2 shall be applied: first. to laic chargcs due under Ihe Note; second. III prepayment charges due under the Notc; third. to amounts payable undcr paragraph 2; fourth. to intercst due; and last. to principal due. 4. Charges~ Liens. Borrower shall pay all taxes, assessments. charges, fines and Imposltion~ anributable to thc Property which may altain priority. over this Securily Instrument, and leaschold paymenl~ or ground renlS. if any. Borrower shall pay these obligations in Ihe manner provided in paragraph ~,or if not paid III that manner. Borrower shall pay them on lime directly to the person owed payment. 8orrower shall promptly furOl~h to Lender all noUct."S of am0unt~ to be paid under Ihis paragraph. If Borrower makes these paymcnts dlrcctly. Borrower shall promptly furnish to Lcnder receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over IhlS Security In!o.lrument unless Rorrower: (a) agrces in writing to ,he paymen1 orthc obligation st:cured by the lien in a mtmner acceptable to lender; (b) contests in good faith the lien by. or defends agnins( enforcement of the lien in. legal proceedings whICh In the Lender's opinitm operate 1O prevent the enforcement of the Iicn or fDrfeiture of any pan of Ihe Propt:ny; or (c) M:Cun.~ from Ihe;' holder of Ihe hen an IIgreement slIlisfaetory to Lender subordinating the lien to this Security In!'ttrument. If lender dcrcnmnr:s that an)" part of the Property ;s subject to a hen which may attain priority over thiS Sc-cunt)' In!oltrumenl. lender may give BOrrOViL"r a notice Identifying the lien. Borrower shall satisfy the lien or take one or more or the ;I(.~tinn!'t \01 forth above wllhm 10 day'" of the giving of notice. 5. Hazard Insurance. Borrower shall keep 1he improvement~ now CXISIIII~ or hereafter erected on the Propert)- insured againsllo!ts by fire. hazaros included wi1hin the term "exlended ctl\'eragc" and any other hazards for which lender requires insurance. This insurance shall be maintained In the amoun1~ and for lhe pt:nnd!'> that Lender n:qUJrt.-s. The;' insurance eurner providing the insurance shall be chosen by Borrower ,ubJce:t tn Lender", appnl\"ul which shall not be unreasonably withheld. All insurance policies and renewals shull be acceptable 10 lender and !tthullll1clude a ...tundard mongage dau~c Lender shall have the right to hold lhe pOliCIL~ and renewals. If lender require... Borrower ~hall promptly gl\'( to It:ndcr all receipts of paid premiums and renewal notices. In the event of IllS~, Bnrruwe;'r ...haJI gl\e prump1 nollet: to lhe In~uranl."t: carrier and lender. Lender may make proof of1os~ if nOI made rrompl I) hy Borrower Unless Lender and Borrower otherwise agree In wntlng, lI1!o1urancc procccd~ ...hall be applied tn re.torallon Ilr repan of the Property damuged, if the restoration or repair I" economically fea~lble and Lender'... \L"CUrit)' I~ not lo!\.cned- If Ihl' restorn1ion or repair is nol economically feasible or lender's secunt)' would he I~!o.ened, the msurance rrnceed!' ,hall bc applied to Ihe sums secured hy this Securily Instrumenl. ~hetht:r or not Ihen due. with any excess paid 10 Bornlwer, If Borrower abandon~ the Property. or does not answer withm 30 da)'~ a nollce from Lender thallhe in!'turance carner ha, oftered to settle a claim, then lender may eoUcelthe 1I1\urance proceeds. lender may use Ihe proceeds to repair or restore the Property or to pay !'um~ secured by this Security Instrument, whether or not then due. The JO-day period will beglO when the notice is given. Unless Lender and BOrnl\\'er otherwise agree 111 Wr1ttng. any apphcatlon ofproc<<d~ to pnnclpal shallllot extend or postpone the due date of the monthly payment~ referred to 111 paragraph~ 1 and:! or change the amnunlllfthe paymenl~. If under paragraph I Q the Property IS acquired by Lender. BorTl1wer"s nght 10 any Insurance pohclcs and proceeds re~ulring from damage to the Property pnor 10 the acquislllon shall pass to Lender to the extenl nfthe "urn" ~ecured hy rhl'" Secunty Instrument immediately prinr to the acquislIion. 6. Preservation and Mainlenance of Propet1a; Leaseholds. Borrower ..hall not de!\.lro~. damage or !\.ub~lantlall)" change the Property, allow the Property to deteriorate or commit waslc. If lhl!o. Security In..lrument l!o. nn a leasehold. Borrower shaH comply with the provisions of the lease, and if Borrower acqUJrL"!'t fec 111 Ie lo the Property. the lea~ehnld and fee title shall nol merge unless Lender agrees to Ihe merger in writmg. 7, Protection or Lender's Rights in the Property; :\torlgBge Insurance. If Bnrro\\'er fail\ to perform the;' covenants and agreements contained in this Security In\trumenl. or there l!o. a legal prncl'edmg that may 'olgntficantl) Jtfect Lender's rights in the Propeny (such 3S a proceeding in bankruPlcy, probate. ror condemnatIOn or 10 enforcc law.. Of regulations), then lender may do and pay for whatC\'cr IS necessary [0 protect thL" \-'alue nfthc Properl~ and Lcnd~r".. nghl!o in the Propeny. Lender's actions may include paymg any ~ums secured h~ a hen which ha\ pnnrlly lHcr 11m. Sccunty Instrument. appearing in court, paying rea~llnable attorneys' fees and entenng on the Prnrcrt~ In mak.: n:p.l1r~ Although Lender may take action under this paragraph 7. Lender does not have 10 do ~n Any amounts disbursed by lender under I hi!\. paragraph 7 "hall hecnml' additional dehl \1f Borro,,"cr '':l."ureJ h) t)lI!'t Seeunty Instrument. Unless Borrowt~r and Ll'ndcr agrl'e 10 other term... of pa~ menl, lhe..c aOlllunl... ..hall hCrlr 1111cre",1 ffllm the date of disbursement at the Note rale and "hall hc pa~ahle, "lIh IlIlerc"t, upnn Tlnlh:l' frllTll It.'oder In Bllrrll\\l"r requeslmg payment.