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88-105113 UNIFORM COVENANTS. Darrower nnd Lender covennnt and agree u!t follow~: I. Peyment or Principal and Intcrcst; Prepeymenl and Lale CherRcs. Borrower ,holl promptly pOl' when due lhe principal orand interest on the debt c\'idenced by the Note and any prepayment and IlIte chl1rge~ due under Ihe Note. 2. Funds ror Taxes and Insurance. Subject to applicable law or to a wrilte" waiver by Lender I Dorrower shllll pny to Lender on the: day monthl)' pn)'mcnts are due under the Note, umil the ~OIC is plli~ in full. n sum ("Funds") cquullo omHwc:lfih of: (n) yearly taxcs and nssessments which may I.luain prion1)' over tIns Security Instrument: (b) ycurly leasehold payments or ground fenls on the Property, if any; (c) yearly hazard insurance premiums: nnd (d) yearly mortgage insurance premiums, irany. These items are callcd "cscrow items." Lcnder may estimate the Funds due on the basis orcurrent data and rensonabl~ estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guarnnteed 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 nol 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 10 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 appJicable law requires inleresllo be paid. Lender shall not be required to pay Borrower any interest or carnings 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 purposc for which each debit to the Funds was made. The Funds are pledged as additional securily for the sums !;ecured 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 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 tltis Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 191he Property is sold or acquired by Lender. Lender shall apply. no later than immediately prior 10 the sale 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 I and 2 shall be applied: first. to late charges due under the Note; second. 10 prepayment charges due under the Note; third, 10 amounts payable under paragraph 2; fourth. to interest due; and last, 10 principal due. 4. Charges; Liens, Borrower shall pay all taxes, assessments, charge.... fines and impositions attributable to the Property 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 lO the person owed payment. Borrower shall promplly furnish 10 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 discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the Hen in a manner 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 any part orthe Property: or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may anain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions ...et forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvemenls now exislmg ur hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coveragc" and any olhcr hazards for which Lender requires insurance. This insurance shull be mainlained in the amounts and for Ihe pcriods thal Lender requires. The insurance carrier providing the insurance shall be choscn by Borrower subject 10 Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender rc:qulres, Borrower shull 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 proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance procceds shall be applied 10 reswration or repair of the Property damaged, if Ihe restoration 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, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not Ihen due, with any excess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender that Ihe insurance carrier has offc:red to sculc a claim. then Lender may collect the insurance proceeds. Lender may use the proceed!" to n:pair or restore the Property or to pay sums secured by this Security Instrument, whether or nOl then due. The ]O-day period will begin when the notice is given. Unless Lender and Borrower otbeC\\o'ise agree in writing, any apph~ation uf 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 amount orlhe payments. If under paragraph 19 the Property is acquired by Lender, Borrower's righlto any insurance poliCies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lencier to the extent of the sum... ...ecured lJy this Security Instrument immediately prior 10 the acquisition. 0, Preservation Bnd J\.faintenance of Prope.rty; Leaseholds. Borrower shall not destroy, damage or !1ubstantially change the Property, allow the Property to deteriorate or commit waste. If this Securily Inslrument is on a leasehold, BorrowershaU comply with the provisions of the lease. and if Borrower acquires fee title 10 lhe Property, the leasehold and fee title shall nol merge unless Lender agrees to the merger in writing. 1. Protection or Lender's Rights in the Property; Mortgage in!lurance. If Borrower fails to perform Ihe covenants and agreements contained in this SecurilY Instrument. or Ihere is a legal proceeding that may significanlly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce IoIW!. or regulations), then Lender may do and pay for whatever is necessary to protect Ihe value of the Property and Lenders righl!'> in the Propeny. Lender's actions may include paying an}' sums secured by a lien which ha..; priority O\'cr this Security Instrument, appearing in court, paying reasonable auorneys' fees and entering on the Property tll make rerans. Although Lender may take action under this paragraph i. Lender does nul have to do so. Any amounl!. disbursed b). Lender under this paragraph 7 !'>hall become additional dcht llf Borrower ..el:ured b} thl" Security Instrument. Unh:s.~ Rorrower and lender agree 10 other Icrm!'. ufpaymenl.lhc!1c amllul1l~ ..hlll1 hear IOlcrt:'!'>t from the dale of disbursement at the Note mle and shaH be pa}.uble. with inler~l. uplm IwllCC from LemJcr w Bnrrowl'r rcquestmg payment.