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VI'OlrORM C(WENANTS Borrower and lendcr covenanl nnd agree n!t fnll(lw~ 1. PI1)'ml'nt or Prlnc:lpa! Ilnd Interestj Prepllyment Bnd l.ate CharRes. Borrower ..hull prnmptly pay whcn duc Ihe principal of and inlerest on Ihe debl evidenccd by the Note and Bny prcpnymentund laic chargc" due under Ihe Note, 2. Funds for Taxes and Insurance. Subject to npplicnblc law or to a wnl1en waiver by Lender. norrower "hall PIlY 10 lender on Ihe day monthly payments ar~ due under the Note, until the Note is paid in full. II sum ("Funds") cqllUi 10 one-twelfth of: (u) yearly taxes and assessmcnts whieh may altain priority ovcr this Securily ImtrUf1lcll1; (b) yearly lensehold payments or ground rents on thc propeny, if any; ecl yearly hazard insurunce premiums: and (d) yearly mortgagc in!.urance premiums. if uny, These items are called "cscrow items." lender muy estimate Ihe Funds due on Ihe basis of currenl data and reasonable estimates offuturc escrow itcms, The Funds shall be held in an insti1Ution the deposits or accounts of which arc insured or guaranteed by a federal or state agency (including Lender if Lender is such ail institution), lender shall apply the Funds lo 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 Bnd applicable law pcrmit:i lender to make such n charge, Borrower and Lender may agree in writing that inlerest Shllll be paid on the Funds, Unless an agreement is made or applicable law requif\'".S interesl 10 be paid, Lender shall not be required 10 pay Borrower any interest or earnings on the Funds, Lender shall give to Borrower. without dmrge. an annual accounting of the Funds showing credits mid debits to the Funds and the purpose for which each debit to Ihe Funds was made. The Funds are pledg~d as additional "ecurity for the sums secured by Ihis Security Instrument. If the amount (If the Fund" held by Lender, together with the future monthly paymenls of Funds payable prior to the due dates of the e!\crow ilem~. shall exceed the amount required to pay the escrow items whcn due, the excess shall he. at Borrower's option, eithcr promptly repaid to Borrower or credited 10 Borrower on monlhly payments of Funds, If the amounl'.Jfthe Funds held by Lender IS not sufficient to pay the ,:scrow items when due, Borrower shnll puy 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 Inslrument, lender shull promplly refund 10 norrower any Funds held by lender. If under paragraph 19 the Property is sold or acquired by lender. lender shallllpply, no lnter than immediately prior In the ~ale of the l)ropeny or its acquisition by Lender. uny Funds held by Lender at Ihe time of application a..'i u credit againsl the sums secured by this Security Inslrument. 3. Application of Payments. Unless applicable luw provides otherwise, aU payments received by Lender under paragraphs I and 2 shan be applied: fint. to lale charges due under the NOll..'; second. to prepayment charges due under the Note; third, 10 nmounts payable under paragrdph 2: fourth. to inlerest due; and last. to principal due. 4. Chsl'Rcs; Liens. Borrower ,hall pay all tues. assessments. charges, fines and impositions attributable 10 the Property which may attain priorHy over Ihis Security Instrument, and leasehold paymenls or ground renls. if any. Borrower shall pay th~e obligllllons m the manner provided in paragraph 2. or if not paid in that manner, Borrower shall pay lhem on lime din:clly to the rer-.on nwt-d payment. Borrower shall promptly furnish 10 Lender all notices of amounts 10 be paid under Ihi" paragraph. If Borrower makes these paymenls directly, Borrower shalt promptly furnish to lender receipts evidencing (he paymenls. Borrower !.hall promptly dl"charge any lien which hilS priority over this Security Instrument unless Borrower: (a) agreo In writing to Ihe paymenl of the obligalion secured by the lien in a manner acceptable to Lender; (b) conteas in good faith the lien by, tlf defend!i against enforcement of the lien in. legal proceedings which in the lender's opinion operate to prevl.'nlthe enforcemenl of the lien ur forfeiture of any part of the Property; or (cl secures from the holder of the lien an agreement sal1!'ifactnry 10 Lender !iubordinaling the lien 10 Ihis Security Jnstrument. If Lender determines Ihal any pari of the Pro~ny is subjecl to a hen which may altain priority over Ihis Security Instrument. Lender may give Borrower a notice identifying the lien, Borrower shall salisfy the lien or take one or more of the actions set forth above within 10 days of the giving (lfnotice, 5. Hazard Insurance. Borrower shall keep the: improve:ments now existing or hcreafter erected on the Property insured againslloss by fire, hazards mcludL-d within the lerm "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be: maintained in the amounls and for the periods thai Lender requires. The insurance carrier providing Ihe 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 10 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 give 10 Lender all receipts of paid premiums and renewal notices. In the event ofloss. Borrower shall give prompl notice to the insurance carrier and Lender. lender may make proof of loss if not made promplly by Borrower. Unless lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to rest oral ion or repair of the Property damaged. if Ihe restoration or repair is economically feasible and Lender's security is not lessened. If Ihe restoration or repair is not economically feasible or L.:nder's security would be lessened. Ihe insurance proceeds shalt be applied to the sums secured by this Security Instrument. whethl.'r or nol then due. with any excess paid to Borrower. If Borrower abandons the Property. or does not answer wilhin 30 days a notice from Lender that the insurance carrier has offerw to scUll.' a claim. Ihen Lendcr may collect (he: insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Jnstrument, whether or nol Ihen due. The 30.day period will begin when the notice i" given. Unless lender and Borrowe:r otherwise agree in writing. any application of proceeds 10 principal shall nol extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 1 Q the Propeny is acquired by Lender. Borrower's right 10 any insuronce 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. Preservation and Mainlenance of Property; Leaseholds. Borrower !'ihall not destroy. damage or !Oubs(antiatly change the Property. allow the Property to deteriorate or commit waste. If this SecurilY In..trument i!'o on u leusehold. Borrower shall comply with the pro\'isions of the lease, and if Borrower acquires fee title to the Property. the leasehold and fee title shall not merge unless Lender agrees to the mcrger in writing. 7. Protection or Lender's Rights in the Proper1Jo'j Mortgage Insurance. If Borrower fails w perform Ihe co\'enants and agreements contalncd in this Security Instrument. or there is a legal proceeding (ha1 may !\ignificanlly affect Lender's rights in the Property (such as a proceeding in bankrup1cy. probatc. for condl.'mnulinn or 10 enforce lllwlt or rc:guhulons). then Lender may do and psy for whatever is necessary to protect the value of the Propcny and Lender's rights in the Propcr1)'. Lendcr'!; aetion... may include paYlOg any sums secured by a Iicn which hu!\ pnorilY i.wt:'r lhi!> Securily Instrument. appearing in court. paying reasonable attorneys' fees and entering on the ProperlY III make: repalr'., Althtlugh Lender may take action under thi!. paragraph ,. Lender does not have to do so. An)' amounts disbursed by Lender under thi!\ paragraph 7 shall hecome addll\lmal dehlllr Btlrnl....'cr ",cl.ured hy thi!\ SccunlY Instrume:nl. llnl~ Borrower and Lender agree 10 other lerm" of payment. thC'l' i1mtlunt.. ..hall ht'llr Itlll'rl...1 ffllm Ihe dale of di!ibu~mcnl 111 lhe Nole rate and ,hall be payable. ""'Ith mh..r......l. U[lill1 tWllU." fnml Il'l1lkr lil BI1ITIlWl'r requesung paymenl If Lender reqUired mortgage In!turance a~ a condition of makln[!. the lnan ..n"lIfl-J tn Ihl" Sl.....Ullt~ 11l'otrul1lcnl. Borrml,cr ..halll'a~ the premIUm!. reqUired In ma1l1lUlI1 Ihe In!iurnm'c In dTe"..' untll...udl 11I1ll' .1'" thl' I':4uut'I111."nl hll the m"uraJH:e lermInalo III aCl.:nrdllllCe "-'lIh Uurrnwc:r'" and l.cnder'.. \'onllen a~rrr:ml'nl .11 aprh"":lblr I.lu 8. Inl~tl(Jn. I.l'nder nr liS Bgcnt ma) make ren..unahle l'ntnc..... UPOll and 1I1"pc..\:tI1ln.. "I tlll" l'I\'l'l.11\ Il'lh.!.:1 ,hall [!.I\oC UOrTl\"t'1 nl\IIl':C' III the lime "for (lnllr In 1m l11!1po:lUII1 "f'C'..ir\In!l r('"..nn"hlr ,:lu"'l'I,ll Ihe llhl'l'dh'll 88-105388