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88- 104703 UNIFORM COVENANn, Borrower and Lendercoven.nl and agree as follows, 1. PIIyJl1tnl of Principal and lnleral; Prepayment and !.ale Ch.r8C1, Borrower shall promptly pay when due the principal orand interest on the debt evidenced by the Note and any prepayment and lale charges due under the Note. Z. Funds rorTues and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments arc due under the Note, unli11he: Note is paid in full, a sum ("Funds") equal to onc-lwetnh of: (a) yearly tues and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on lhe Property, if any: (c) yearly hazard insurance premiums; and (d) yearly mons.se 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 offUlure escrow items. The: Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a federal Of slate agency (includins Lender if Lender is such an institution), Lender shall apply the Funds 10 pay the escrow items. Lender may nol charse for holding and applying the Funds, analyzing lhe account or verifying the escrow items, unless Lender pays Borrower inlerest on the Funds and applicable law pertnits Lender 10 make such a charse. Bnrrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made Of applicable law requires interc5.t 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 arlhe Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by lhis Security Instrument, Ifth. amounl oflhe Funds held by Lender, together with the future monthly paymenls of Funds payable prior to the due dates orlhe 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. Upon payment in full of all sums secured by this Security Instrumenl. Lender shall promptly refund to Borrower any Funds held by Lender. If under parasraph 19 the Property is sold or acquired by Lender. Lender shall apply. no later than immediately prior to the saIe of the Property or its 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. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 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~ founh, to interest due; and last. to principal due. 4. CIIaraes; U.... Borrower shall pay all taxes. assessments. charges. fines and impositions auributable to the propeny 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 nol 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 directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharse any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment orthe obligation secured 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. legaJ proceedinss 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 asreement satisfactory to Lender subordinalins the lien to this Securi.y Instrument. If Lender delertnines 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 shan satisfy the lien or take om: or more of the actions set fonh above within 10 days ofthe givies of notice. 5. Huard InsuraDC:e. Borrower shaH keep the improvements now ex.isting or hereafter erccted on the Property insured against loss by fire, hazards included within the tenn "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in Ihe 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 shan include a standard mortgage clause. Lender shall have the riShllo hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proofofl0S5 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 damased. ifthe restoration or repair is economically feasible and Lender's security is notlcssened, If the restoration or repair is not economically feasible or Lender's security would be Jessened. the insurance proceeds shall be applied to the sums secured by this Security Instrument,. whether or not then due. with nny excess paid to Borrower. If Borrower abandons the Propeny. or docs not an.swcr within 30 days a notice from L=nder that the insurance carrier has otf~ to settle 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 this Security Instrument, whether or not then due. The 3O-day period will begin when the notice 15 given. Unless Lender and Borrower otherwise agree an writing. any application of proceeds 10 principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 1. or change the amount of the payments. If under paragraph J9 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to the Propcny prior to the acquisition shall pass to Lender 10 Ihe extent of the sums secured by this Security Instrumenl immediately prior to the acquisition. 6. P'reRn'ation aDd MalatelWlce of Proper1J; Leaseholds. Borrower shall not destroy. damage or substantially change the Propeny, sUow the Property to deteriorate or commit waste. If this Securily Instrument 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 ihall not merge unless Lender agrees to the merger in writing. 7. Protectioa of Leader'. Ripb in the Property; Mortpae IlIIurance. If Borrower fails 10 perform the covenants and agrecmen15 contained in this Security Instrument. or there IS a legal proceeding that may significantly affect I..cnder's rights in the Propc:rty (such u a proceeding in bankruptc)'. probate. for condemnauon or to enforce laws or rqulations). then Lender may do and pay for whatevCf is necessary to protect the ....alue of the Propeny and Lender's nghts m the Property. Lender's actions may include paying any sums secured by a lien which ha~ pnoOl)' over thl~ Sc:cunty Instrument. appcannl in coun, paymg renonable attorneys' fees and enteong on 1he Proveny to make repaiB. Although Lender may take acuon under thiS parar;uph 7. Lender docs nol have (0 do ~o A.ny amounudlsbuned by Lender under Ihi!. paragraph 7 shall become addtllonal debl of Borrower ~ured b)' 1hl!. Secunty InstrumCnl UnlC'Mo BorTo"",.cr and Lender agree 10 other lenm. of payment. these amount!> !'ohllll bear IDlerc:!t1 from the dale of dlsbunc:menl a' the Nolc ralc and ,han be' payable. ""llh mlercs.l. upon nOllcl: from lcnder III Borrower requcs.unl payment , j \