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... UNII'OR" COVENANTS norrowor nnd londor c8~nllfn2B JrQI.R" 1. Payment or Principal and Interest; Prepayment Rnd Late Charges. Borrower ~hlll1 prnmpll)' puy whell due the rnnc1pulufnnd interest on the debt evidenced by the Note Dnd nny prcpnym..:nt and lute charg..:", due und~r the NOh:. 2. funds for T81Il:es and Insurance. Subject to applicable Inw or lO 11 written WQI\'cr by Lender. Ilormwer !ohllll PO)' 10 Lender on the doy monthly pnyments orc due under the Note. until the Note is paid in rull. n "urn ("Funds") equal to one-twcJnh of: {a} yearly IUAes nnd assessments which moy uttoin priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property. if any: (e) yearly huzurd in!".uruncc premiums; nod (d) yenrly mortgage insurance premiums, ifony. These items are called "escrow items." Lender may estimate the Funds due on the basis of current dotu ond reasonl1ble estimates of future .:scrow items. The Funds shall be held in an institution the deposits or accounts of which are insured nr guurunteed by n federal or slalo agoncy (including londer if lendor is such nn inslllulion). Lender shnll npply Ihe Funds to pay the escrow ilems. Lender may not charge for holding and applying the Funds, I1nalyzing the nccount or verifying the escrow items, unless Lender pays Borrower interesl on Ihe Funds and applicable law permits lender to mukc such a charge. Borrower and Lender may agree in writing thut interesl sholl be paid on the Funds. Unless an agreement is mnde or applicable law requires inlerest to be paid, Lender shull nol be required 10 pay Borrower any interest or earnings on the Funds. Lender sholl give to Borrower, without chnrge, an annual accounling of the Funds showing credits and debils to the Funds and Ihe purpose for which each debit to Ihe Funds was mnde. The Funds are pledged as addilional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, logelher with the future monthly payments of Funds payable prior to the: due dates of the escrow items. sholl exceed the amount required to pay the escrow items when due. the excess shall be, at Borrower's option, eilher promptly repaid 10 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 10 make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by lhis Securily Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph I Q 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 held by Lender althe time of application as a credil against the sums secured hy this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs I and 2 shall be applied: first. to laic charges due under the NOll'; second. to prepayment charges due under the Note; third, to amounts payable under paragraph 2; rourth. to interest due; and lost. to principal due. 4. Charges; Liens, Borrower shall pay all taxes. assessments. charges, fines and impositions uttributnble to Ihe Property which may attain priority over this Security Instrument. and leasehold payments or ground rents, if any. Borrower shall pay these obligations in Ihe manner provided in paragraph 2, or ifnol paid in that manner. Borrower shall pay them on lime 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 the.<<;e payments directly, Borrower sholl promptly furnish to lender receipt'i evidencing the payments. Borrower shall promptly discharge any lien which has priority ovcr this Security Ins1rument unless Borrower: (a) agrees in writing to the payment of the obligalion secured by the lien in 11 manner acceptable to Lender; (b) contests in good faith Ihe lien by, or defends against enforcemenl of1he lien in. legal proccedings which in the Lender's opinion operate to prevent the enforcement of Ihe Iicll or forfeilure of any port of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to Ihis Securily Instrument. If l.ender determines that any part of the Property is subject to a Hen which may attain priority over this Security In!ttrument. Lender may give Borrower 0 notice idenlifying 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. S. Hazard Insurance. Borrower shall kcep the improvemcnts now existing or hereafter erected on lhe Property insured against loss by fire, hazards included within the term "extended co\'erage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounls and for the periods that Lender requires. The insurance carrier providing the insurance shull be chosen by Borrower subject 10 Lender's approval which shall n01 be unreasonably withheld. All insurance policies and renewals sholl be acceplahle to Lender and shall include a standard mortgage clause. Lender sholl have the righl to hold the policic...s and renewals. If Lender requires. Borrower shan promptly give to Lender all receipts of paid premiums and renewal nOlices. In the evenl of loss. Borrower shall give prompt nolice 10 Ihe insurance carrier and Lender. Lender may make proof ofloss ifnot made promptly by Borrower. Unless Lender and Borrower olherwise agree in writing. insurance proceeds shall be applied 10 restoration or repair of the Property damaged. if the restoration or repair is c..'eonomically feasible and Lemler's security is 110t lessencd. If the resloration or rcpilir IS not economically feasible or Lender's securily would be lessened. lhe insurance proceeds sholl be applied to 1he sums sc.:cured by this Securily Instrument. whether or nol then due. with any c:xcess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insunml:e currier has offered to settle a claim. then Lender may collect the insuran<:e proceeds. Lender may use the proceeds to rcpllir or restore the Property or to pay sums secured by this Security Instrument. wherher or not Lhen due. The 30-dllY period will begin when the notice is given. Unless Lender and Borro\\.cr otherwise agree in writing. any application of proceeds to prinl:ipal shall 1101 extend or poslpone the due date oflhe monthly payments referred to in paragraphs 1 and 2 or change the lImount nflhe payments. If under paragraph IQ the propeny is acquired by Lender, Borrower's right to any insurance POhCIL"S and proceed!>> resulling from damage to the Property prior to the acquisilion shall pass to Lender to the e~tent of the.: ~ums ..ccureu hy !Ill'! Security Inslrument immediately prior 10 the acquisition. 6. Preservation Bnd Maintenance of Propertyi Leaseholds. Borrower 5hallll01 de..1 nl)'. dumage or 'iubstantiully change the Propeny, allow the Property 10 deteriorate or commit wasle. If thl" Sccunty In..lrumcnt i.. on Ii leasehold, Borrower shall comply wilh lhe provisions oflhe lease. and if Borrower acquires fee title to the Property. the leasehold llnd fee lide shall not merge unless lender agrees 10 rhe merger in writing. 7. Protection of Lender's Rights in Ihe ProperlY; 1\lortgBR,e In5urance. If BorHlVoer fail~ h.1 perform Ihe co\'enanlS and agreements contained in Ihis Sccuri1y Instrument, or there isulcgal prm..ecdlll~ thai muy \lgOlficuntly affect Lender's rights in 1he Propeny (such as a proceeding in bankruplc)'. probate. f~lr ....mu.lcntnalllln or III cnfllr....e la\",. or regulations), then Lender may do ilnd pay for whalever is necessory to protect the \uluc oflhe Properl)' and Lender', nlllw, in the Property. Lender's actions may include paying any sums secured by II hen \\llIch hJ.L'io pnorlt)' mer 1111' "ie....unt) Instrument, appearing in coun, paying reasonable attorneys' fees and entenng on Ihe Property In make n:pulr, ..\ hhll\l~h Lender may take action under this paragraph 7, Lender does not have to d(l so Any af110unlS disbursed by Lender under Ihis paragraph 7 ~hall be....<mlt: .u.tdHlllllill ~khlllf III'rll1\\l" "l'\.'lltl'd h~ Ihl'. Secunly Instrumcn1 Unle!>s Borrower and lender agree to other tenn.. nfpa~ Inl'nl. Ihl"l'IU1\\lUlI!' ,hall Ill'''' IIllett"1 frlllTl the dale of dlsburo"enu:nl ill the Nute fOlie und 'ihall he pu)uhk. \\.llh mll.a....!. "r~'1I 111111((' 1IL'!;1 Il.,llh't t.. U""Il\H:1 requcsting palmenl