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UNIFORM CoVENANTS Dorrower aod Lender covenanl and agree as follows, 88-1 0 5 516 I. Pay..... of PriDc:lpal and Intom1; Prepayment and Late aal1les. Dorrower shall promplly pay when due the pnncipaJ orand interest on the debt evidenced by the Note and an)' prepayment and laic chl1rges due under the Note. 1. Fallda for T.... Uld IRI1I...... Subjecl to applicable law or to a wrillen waIver by Lender, Borrower shall pay to Leoder on the day monthly payments are due under the NOle, untillhe Note is paid in full, a sum ("Funds") equal 110 one-twelfth of: el) yearly taxes and assessments which may auain priority oYer Ihis Security Instrument; (b) year \ I....hold payments or ground rents on lhe Propcny. if any; (e) yearly hazard insurance premiums; and (d) year monptte insurance premiums. if any. These items arc called "escrow items." Lender may estimate the Funds due on I basis of current data and reasonable estimates ofrUIUre escrow items. u... The Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a federal ~ g state agency (including Lender if Lender is such an institution), Lender shall apply lhe Funds to pay lhe escrow ilem@ - Lender may not charge for holding and applying th. Funds, analyzing the accounl or verifying the escrow items, unles~ .3 "' Lend.r PO)'5 Borrower inlerest 00 the Funds and applicable law pcnnits Lender to make such a charge, Borrower ancii= co ... Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable la~ ~ -:'i~ requires inlerest to be paid. Lender shall not be required 10 pay Borrower any interest or earnings on the Funds. Lendei'=.l <:..... ~ shall give to Borrower, without charge, an annual accounting orthc Funds showing credits and debits to the Funds and the purpose for which each debit to lhe Funds was madl:. The Funds are pledged as additional SC1:urity for lhe sums SC1:ured by this Security instrument. If the amount oflhe Funds held by Lender, logether wi,h the future monthly payments of Funds payable prior to the due date. of the escr~w j[ef!ls. shall exceed the amount required to pay the escrow items when due. the excess shall be, III Borrower's option. either promptly repaid 10 Borrower or credited 10 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 paymen' in full of all sums SC1:ured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Propcny issold or acquired by Lender, Lendershallapply, no la'er than immediately prior to 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. AppUcaUoa of Pal'1llfDhi. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied, fint, to late charges due under lhe Note; second, to prepayment charges due under ,he Note; third. to amounts payable under paragraph 2; founh, to interest duc; and last, to principal due. 4. CharpI; Ueaa. Borrower shl'll1 pay all lUes, assessments. charges. 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 not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender aU notices of amounts 10 be paid under lhis paragraph. If Borrower makes these payments directly, Borrower shall promplly furnish 10 Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security lnstrument unless Borrower: (a) agrees In writing to the payment of the 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. legal proceedings which in the Lender's opinion operate to preven' the enforcement of the lien or forfeiture of any pan of the propcny; or (e) secures from ,he holder of the lien an agrecmen. satisfactory 'a Lender subordinaling the lien to this Security Instrumen'. If Lender detennines that any pan of the Propeuy is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the Hen. Borrower shall satisfy the lien or take one or more orthe Iielions ~t forth Rhove within lO days of the giving of noUcc. 5. Huard luunDCe. Borrower shan keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards mcluded within the term .'ex.tended 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 subject to Lender's approval which shall not be unrcasaoably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include B standard mortgage clause. Lender shall have th. righl to hold the policies and renewals, If Lender requires, Borrower shall promptly give to Lender all receipu or paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lend.r may make proof of loss ifnol made promptly by Borrower. Un&eu. Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damqed, if the restoration or repair is cconomica.l1y 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 Propcny. or docs not answer within 30 days a notice from Lender that the insurance carrier has oII'ered to setlle a claim. then Lender may collect the insunance proceeds. Lender may use the proceeds to repair or restore lbe Propc:ny or to pay sums secured by this Security Instrument. whether or not then due. The 3o-day period will begin ,..hen the nOlice il given. Unleu Lender and Borrower otherwise agree in writing, any application ofprocceds to prindpal shall not extend or postpone th. duedatr of the monthly payments referred to in paragraphs I and 2 or chaoge lhe amount oflhe payments, If under paragraph 19 ,he Propeny is acquired by Lender, Borrower's nght to any insurance policies and proceeds resulting from dam.,e 10 the Pcopeny prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6, PraenatiOD aDd Maialeaaace ofProperJri LeaeIIolda. Borrower shall nol deslToy. damage or subStaOlially chanze the Property. allow (he Propcny to deteriorate or commit waste. If this Security Instrument is on a leasehold. Borrower Ihall comply with the provisions of the lease. and if Borrower acquires fee title to the Property. Ihe leasehold and fee title Ihall not rnc:rae unless l...cnder agrc:e5to the merger in writinl. 7. ProIecIioB of J...eItIkr'. RJptl in the Propert)'i Mortpae Inlurance. If Borrower falls to perform the covenants and aareemcntJ contained in this Security Instrument. or there IS a legal proceeding thai may significantly affect Lender's nlbtl in the Property (such u a proceeding in bankruptcy. probate, for condemnation or to enforce laws or rqulatioDl). then Lender may do and pay for whatever is n~"ry to protcctlhe value of the Propeny and Lender's rights in tbe Property. Lender's actions may include paying any sums secured by . hen which hn priont}' over this Secunl)' Instrument, Ippearin. in coun. paying reasonable auameys' fees and cnlenng on the Propeny 10 mak~ repairs. Although l..ender may take acUon under this paragraph " Lender does nol hne to do so Any .mounts disbursed by Lender under this paragraph 7 shall become additional debl of Borrower sccured by Ihls Secunty Instrument. Un1cu Borrower and Under agree to other terms o(paymcnl. these amounl~ shall bear toteresl from tbe dale of dubuncment al the Note rille and !lhall be payable. with mleresl. upon nOllel: from ~nder to Borrower n:q1JC:'llnl JlIymcnt