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88- 105702 UNIFORM COVENANTS Borrower and Lender covenant and agree llS follow!.: 1. paymeat.r Priaelpaland laler..l; Prepa)'lllenl and Lale Charau. Borrower ,hall promptly puy when due the principal orand interest on the debt evidenced by the NOle Dnd any prcpnymenl ond late charges due under the Note. Z. Funds ror Tues aDd Insurllnce. Subject to applicable law or to a writtl:n waiver by lender. Borrower shall pay to Lender on the day monthly payments arc duc under the Note, until the Note is paid in full, a sum ("Funds") equal to one.lwclOh of: (n) yearly taKes ond assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property. if any; (e) yearly hOZ3rd insurance premium5; and Cd) yearly mongagc insurance premiums. if any. These items are culled "cscrow items." Lender may estimate the Funds due on the basis ofcurrcnl data and reasonable estimates offuture escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items. Lc:nder may nol charge for holding and applying the Funds. analyzing the account or verifying Ihe escrow items, unless Lender pays Borrower interest on the Funds and applicable law pennilS Lende.... to make such a charge. Borrower and LeDder may agree in writing thai interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid. Lender shall nol be required to pay Borrower any interest or eumings 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 Instrument. Iftbe 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 CAceed 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 10 Borrower on monlhiy 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 this Security Instrument, lender shall promptly refund to Borrower nny Funds held by Lender. If under paragraph 19 Ihe Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the salt: 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 Ihis Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs I and 2 shall beapplied: first. to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last. to principal due. 4. Charges; Liens. Borrower shall pay all taxes. assessments, charges. fines and impositions attributable 10 the Property which may attain priority over Ihis Security Inslrument. and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or ifnot 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 pay men Is 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 lien in a manner acceptable to Lender; (b) contests in guod faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion opcfIlte to prevent (he enforcement uf {he lien or forfeiture of any part of the Property; or (c) secures from the holder of Ihe lien an agreemenl satisfactory to lender subordinating the lien to this Security Instrument. If Lender determines that any part of (he Property i~ !loubJect to a lien which may attain priority over this Security Instrument, Lender may give Borrower u notice idenlifying the lien. Borrower shall satisfy the lien or take one or more of the actions sel forth above within 10 days of the giving ofnotiee. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafler erected on the Property insured aguin!ttlos~ b)' fire. hazards included within Ihe term "extended covernge" and any other hazards for which Lender requires insurance. Thi!t insufance shall be mainlained in Ihe amounts and for the period~ Ihal Lender requires. The insurance carrier pmviding the insurance shall be chosen by Borrower subjecl to Lcndcr'~ approval which !;hnl1 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 ~haU 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 ofloss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or rep"ir of Ihe Property damaged, if the restoration or repair is economically feasible and lender's security is not lessened. If Ihe 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 then due, with any excess paid to Borrower. If Borrower abandons the Prope....ly. or does not answer within 30 days a notice from Lender that the insurance carrier has offered 10 seule a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or Tt..'Store the Propcn)' or to pay sums secured by this Security Instrument, whether or not then due. The 3D-day pericd will begin when the notice is given. Unless Lender and Borroy..er otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due dale of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the paymenls. If under paragraph 19 the Property is acquired by lender, Borrower's right to any insurance policies and proceeds rcsuhing from damage 10 the Property prior to the acquisition shall pass 10 lcnde: to the extent of the sums secured by this Securily Instrument immediately prior to the acquisition. 6. Presenation and Maintenance or Propertyj Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property 10 deleriorate or commil waste. If Ihis Security Instrument is on 11 leasehold. Borrower shall comply with Ihe provisions of the lea!:lc, and if Borrower acquires fee lide to the Property. Ihe leasehold and fee title shall not merge unless Lender agrees to the merger in wriling. 7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform Ihe covenants and agreements contained in this Sccunty (nslrumenl, or there i!. a leglll proceeding that may significantly alfel.t Lender's nghts in the Property (such as a proceeding m bankruptcy, probate. for condemnnlion or lO enforce luws or regulations), then lender may do nnd pny for wholever is necessary to prolect the \'ulue of the IITOren)' and Lender's rights In Ihe Property. Lender's actions may IOclude paying any sums secured h)' a Ii~n which has pru1nty over this Secumy Instrument. appearing in court, paying rea!lounable aIlOme}',;' f~ and entcTlTlg on the Property 10 make rcplllr!'l Allhou~h Lender may take actum under IhlS paroRroph 7. lender don not ha\'e to do ~o Any amounts disbursed by lender under Ihls pl1rugruph 7 shall hecome addlllUnal dehlllf B{lrnl\\er 'l."L"ured h~ Ihl.. Secunl)' (n~1rumt"fll Unles!!. BorrowiCr and Lemler a~rtt In lither term~ of paymenl. these amounl.. ,hall hL'ar lItll'fl...1 from (he dale or dl'sbul'Cmenl at the Narc ra(c and ,twit ~ pa)uhle. \\llh lItll.rt....1. npllll Ill)II~.e fmm I ..'ndef 1t1 HtlrfLl\\l'r requeslmg pa)'mcnl