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88- 105130 UNIFORM COVENANTS Borrower Bnd Lender CQv.cnant 'and Dgree as follow~: I. Payment of Principal and IntErtsl; Prepaymenl and Lale Charges, Borrower ,hall 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 for Tnts and Insuranee. Subject to applicable I.w or to a written waiver by Lender, Borrower shall pay '0 Lender on the doy monthly payments ore due under the No.e, until the Note is paid In full, a sum ("Funds") equal 10 on<-Iwemh on (a) yearly 10'es and ossessments which may allain priority over this SecurilY Instrument; (b) ycarly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; nnd (d) yearly mortgage insurance premiums. if any. These items are called "escrow hems." Lender may estimate the Funds due on the basis of current data ElIld reasonable estimates offuture escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by 0 federal or state agency (including Lender if Lender is such an institution), Lender shall apply the Funds 10 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 pennits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on tho Funds, Unless an agreement 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 showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrumenr. 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 paymenl in full of all sums secured by this Security Instrumenl, Lender shaU promptly refund to Borrower any Funds held by Lender. Ifunder paragraph 19 the Property issold or acquired by Lender, LendershaU apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the timo of application as a credit againsl the sums secured by this SecurilY Instrument. 3. Application or Payments. Unless applicable law provides o~herwisc, all payments received by Lender under paragraphs I and 2 shall be applied: first, to late charges due under the Not ,; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; founh, to interest due; 811d last, to principal due. 4. Charges; UeIiS. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Propcny which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in [he manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish 10 Lender all notices of amounts 10 be paid under this paragraph, If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shalJ promptly discharge any lien which has priori[y oYer this Security Instrument unless Borrower: (a) agrees in writing 10 the payment of the obligation secured by the lien in a manner acceplable 10 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 of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien 10 this Security Inslrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Securily Instrument. Lender may give Borrower a notice identifying tho lien, Borrowor shall satisfy the lien or take one or more of Ihe aClions sel forth above within 10 days of Ihe giving of notice. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected 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 the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subjecl 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 requires, Borrower shall promptly givo 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 ofloss ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the 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 shaD be applied to the sums ~ured by this Security Instrument, whelher or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to sellle a claim, then Lender may collect the insurance proceeds, Lendor may Use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or nol then due, The 3D-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shan not ClItend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount ofthe 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 Lender to the exlent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. PreservatioD and MaintelUUlt:e of Propertyi Leaseholds. Borrower shall nol destroy, damage or substantially change the Propcny, allow the Property 10 deteriorate or commit waste. If this Security Instrumenl is on a leasehold, Borrower shaD comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and feetitlesball not merge unh. -" I enderagrees to the merger in writing. 7. Proteetion of LoDdor'o Rights In Ibe Property; MortllRllC Insurance. If Borrower fails to perfonn the covenants and agreements contained in thi> Sec"lity Instrumenl, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bonkruptcy, probate, for condemnation or to enforce laws or rcgJllations), then Lender may do and pay for whatever is necessary to proleclthe value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien whieh has priority over this SecurilY Inmmnent, appearing in court, paying rcasonoble allorneys' fees and enlering on the Property to make repairs, Although Leudcr may take action under this paragraph 7, Lender does nol have to do so, Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured b,y this Seeurity InstrumenL Unless Borrower and Lender agree (0 other lenns of payment, these amounts shall bear interesl from the date of disbursement at the Note rate and shall be payable, With uUerest, upon notice from Lender to Borrower requesting payment.