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UNlfllRM CO\'ENM'~ TS. lIorrowcr and Lender covenant and IIgreL' 1I!o roll(l\\,~ I. Payment of Prlm:lpal and Interest; Prepayment and l..ore Charges. Borrowcr !\hull promptly pll}' when due the pnncipnl of and interesl on the debl evidenced by Ihe Note and un)' prcpuY01enl and laic charge~ duc under Ihe Nole. 2. Funds ror Taxes and Insurance. Subjecllo npphcuble law or 10 a writlen waiver by Lender. Borrower shull pay to Lender on the: da}' monthly payments ore due under Ihe NOIC, unlil the Nntt' i5 paid in rull. II !Oum ('.Funds") equnllll one-Iwelfth or: (a) ~'early taxes nnd asse.'i.'imcnts which mllY allain priority o....er Ihi!\ Securily Instrumenl: (h) ycarly lea.~hold puymenu or ground rents on the Properly, if uny; (c) yenrly huzurd insurIlnce premiums: and (d) yearly morlgage insurnnce premiums, irany. These items ure called "escrow items." Lender may estimate Ihe Funds due on the basis of currenl datu and reasonable estimntes offuture escrow item!!, The Funds shnll be held in an institution the deposits or accounts of which arc insured or guarDntecd by n federal or slate agency (including Lender ir Lender is such an institution). Lender !lhllll apply Ihe Funds 10 pay Ihe escrow items. Lender mo)' not charge for holding and applying the Funds. analyzing the account or verifying the escrow ilems, unless Lender pays Borrower interesl on the Funds and applicable law permits lender 10 make such a chnrgc. Borrower and Lender may agree in writing tha1 interest shall be paid on the Funds. Unless an agreement is made or applicable 10\\' requires inlerest to be paid. lender shall nol be required 10 pay Borrower uny interest or earnings un the Funds. Lender shall give to Borrower, without charge. an annual accounting ufthe Funds showing credil!\ and dehil!t lolhe Fund!lllnd the purpose for which each debit 10 the Funds was madc. The Funds arc pledged as addilinnal security for the sum~ !-oc:cured by this Security InstrumenL If the amount of the Funds held by Lender. togelher with the fmure monthly payments of Funds paynhle prior to the due dotes of the escrow items, shall exceed lhe amounl required 10 pa}' the cscrow items when due. thc excess shall be. al Borrower's option, either promplly repaid to Borrower or crediled to Borrower on monthly pa~'ments of Fund!>. If the amounl of the Funds held by Lender is not sufficient 10 pay the escrow ilems when due. Borrower shall pay to lender any amount necessary 10 make up the deficiency in one or more payments as required hy Lender. Upon payment in full of all sums secured hy this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph IQ the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior 10 the sale of the Property or its acquisilion by Lender. any Funds held by Lender al lhe time of application as a credit againsl the sums secured by this Securily Instrument. 3. Application or Payments. Unles!O applicable law provides otherwi!\c. all paymcnt!\ received by Lender under paragraphs I and 2 shall be applied: first. to late charges due under the NOle; sccond, to prepayment charges due undcr the Note; third, to amounts payable under paragraph 2; fourth. 10 intcrc-....I due: and la'il, to principal due. 4. Char15cs; Liens. Borrower shall pay allta;.;es, assessmenls, charges, fi'1es and imposilions attributable to the Property which mny altain priority o....er this Security Instrument, and Icasehold payments or ground rents. if any. Borrower shall pay these obligations in the manner provided in parugraph 2, or if not paid in I hat manner. Borrower shall pay them on time directly to~person owed payment. Borrower shnll promptly furnish to lender all notices of amounts to be paid under this paragraph. If Borrower mahos these payments direclly, Burrower ~lmll promptly furnish 10 Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over Ihis SecurilY Instrumenl unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable 10 Lender: (h) contests in good faith the lien by. (If defends against enforcement of Ihe lien ill, legal proceeding!\ whit'h in the lender's opinion operate to pre....entthe enforcement of the lien or forfeiture of any part or the Prop-:rty; (lr (c) sca;un..~ from the holder of the lien an agreement salisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines Ihat any part of the Property is subject to a lien which may attain priority over this Securil)' In!\trumenl. Lender may gi....e Borrower a Holice identifying the lien. Borrower shall satisfy the lien or take one or morc or the actions set forth above within 10 days of the giving of notice. S. Hazard Insurance. Borrower shall keep the improvements now exisling or hcreafter ercl.:ted on Ihc Property insured against loss by fire, hazards included within the lerm "extended coverage" and lJny olher hazards for which Lender requires insurance, This insurnnce shall be maintained in the amounts and for Ihe periods that Lender requires, The insurance carrier providing the insurance shnll be chosen by Borrower subjecl to Lender's approval which shall not be unreasonably withheld. All insuruncc policies and renewals shall he acceptable 10 Lender and !lhall include a standard mortgage clause. Lender shall have the right 10 hold the policies and renewals. If Lender require~, Borrower ,hall promptly give to Lender all receipts of paid premiums and renewal nolices, In the event ofloss. Borrower !lhall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss ir not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall he applicd 10 reslornlion or repair of the Property damaged. if the restoration or repair i!l economically feasible and lc:nder's securily is nol lessened. If the restoration or repair is not economically feasible or Lender'!! security would be les!\c:ned. Ihe insurance proceeds shall be applied to lhe sums secured by this Security Inslrument, whether or nol thc:n due, with any CXCl."SS paid 10 Borrower. If Borrower abandons the Property. or does not an~wer within 30 days u notice from Lender thai the im.urance carrier has offered to sellle a c1aim. then Lender may collect the insurance proceeds. lender may use the proceeds 10 repair or restore the Propeny or 10 pay sums secured by thb Security Inslrumcnt. whelher or not then due. The 30-day period will begin when the notice is givcn. Unless Lender and Borrower olherwise agree in writing. any applicalion of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in pnrngmphs I and 2 or change the amount of the pllyments. If under paragraph 19 the Property is acquired by Len4er, Borrower's righl to any insurance policics and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the cxtent of Ihe sums sccured by Ihi~ SCCUril) Instrument immediately prior to the acquisition. 6. Presenallon and Maintenance of Property; Leaseholds. Borrower shall not destroy. dumage or suhslantially change the Property. allow the Property to deteriorate or commit wastc. If Ihis SecurilY Instrumcnt is on a leasehold, Borrower shall comply with the provisions of the lease. and if Borrower acquires fee tille to the Property, the leasehold .and fee title shall not merge unless lender ogrees to the merger in writing. 7. Protection of Lender's Rights In the Property: !\tortgage Insurance. If Borrower fails to perform Ihe covenants and agreements contained in this Securily Instrumenl. or Ihere is a legal proceeding lhal may significantly n(fccl Lender's righls. in rhe Propcl1y (such IlS a procerding in hankruptcy, probale, for condemnnlinn or to enforce laws or regulations), lben Lender ma)' do and pay for whatever is necessary to protcclthe value nflhe pf(lr~r1Y alH.ll.~nder'!\ right.. In Ihe Property. Lcnder'!j, actions may include paying any 'iums sL"Curcd by a hc:n \.\Illich ha~ pnnnt~ tl\cr till!'! Ser..'urIlY Instrument, appeanng in court. paying reasonable auornc:ys' feL"S and enlcrmg on the Properl~ lill11at..c replllf'. Allhough Lender may lake aellon under Ihis paragraph 1. lender does not hu,,'e In du so. Any UffillUnl!i. disbursed by Lender under 1his paragraph 7 shall become uddlllOlUlI debt or Bornmcr 'L'l'uretl by thl!\ SecUnI)' In\lrumenl, Unless. Borrower and Lender agree 10 olher lenn.. llfpu}mcnl. thL",C anhlunl.. "ih:lll hcar Inll.ft.....1 ffllm the dale of dlsbun.emenl al 1he Nolc rate Ilnd ..hall be payahle. With Inlerl,",!. upon nnlJl:l' frllln Ll'ndcr tn B.11I.l\\l'f rc:quC!illn[t p.ayment 88-105547