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L 88_105774 UNIFORM COVENANTS. Borrower and Lcndcrcovenant and agree B!i follows: 1. Payment of Principal and Interest; Prepayment and Late l.'1targes. Borrower shall promptly pay when due the principal orand interest on the debt evidenced by the Note and any prcpaymcnlllnd late charges due under the Note. 2. Funds for Taxes and Ir.surance. Subject to applicable law or 10 a written waiver by Lender. Borrower shall pay to Lender on the day monthly payments arc due under the Note, unli) the Note is paid in full. a sum ("Funds") equal to one-twcmh of: (8) YC1'rJy taxes and assessments which may altain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property. if any; (e) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums. if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and rcasanabl~ estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or slate agency (induding Lender if Lender is such an institution). Lender shali apply the Funds to 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 the 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 Instrument. 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 ell<',-,,"" 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 payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. [funder paragraph 19 the Property is sold or acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Propeny 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. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shan be applied: 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. 10 principal due. 4. Cbargesj Liens. Borrower shall pay nil taxes. 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 Ihe person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these paymenrs directly. Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this S~curity 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 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 pan of the propc"ny; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender detennines that any pan of the: Property is subject to a lien which may at lain priorit)' over this St..'Curity Instrument, Lender may give Borrower a notice identifying the lien. Borrower ~hall ~Ilthfy the: lie:n or lake one or more oflhl: actions set rorth abo....e within 10 d3Y~ oftbe giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the lerm "cxtcnded coveragc" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amount!. and for the periods that Lender requires. The insurance carricr providing the insurancc shall be chosen b~' Born,wer subject to Lender.s approval which shall not be unreasonably withheld. All insurance policies and renewols shall be acceptable (0 Lender and ~hall include a standard mongage clause. Lender shall hn\'e the right to hold the policies and renewals. If Lender requlre~. Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of lo~~, norrower ~hall give prompt notice to the insurance carrier and Lender. Lender may make proofofloss ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repr.ir of the Property damaged. if the restoration or lepair 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 shall be applied to the sums secured by this Security Instrument. whether or nol 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 senle a claim. then Lender may collecl the insurance proceeds. Lender may use the proclXds to !'epair or reslore the Property or 10 pay sums secured by this Security Instrument. whether or not lhen due. The: 30-day period will begin when the noticc is given. Unless Lender and Borrower 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 I and 2 or change the amount of the payments. If under paragraph 19the Proper1y is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass 10 Lender 10 the extent of the sums secured by Lhis Security Instrument immcdiately prior to Ihe acquisition. 6. Preservation and Mainlenance of Property; Leaseholds. Borrower shall nOl destroy. damage or substantiall)' change: the Property, allow the Property (0 deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with Ihe provisions orlhe lease, and if Borrower acquiro fee title to the Propeny. the leasehold and fee: tide shall not merge unless Lender agrees to the merger in writing. 7. Proleclion of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements conwined in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in Ihe Property (such as a proceeding in bankruptcy. probate. for condemnation or to cnrorce laws or regulations). then Lender may do and pay ror whatever is necessary to protect the value of the Property and Lender's rights in the Propcny. Lcnder.s actions may include paying any sums secured by a lien which has priority o\'er this Security Instrument, appearing in court. paying reasonable attorneys' rees and entering on (he Properl)' to make repair!., Althou~h Lender may take action under this paragraph 7, Lender does not have to do so. . Any amounts disbursed by Lender under this paragraph 1 shall become addlllonal deht of Borrower "ecured hy I hi" Seeunty Instrument. Unless Borrower and Lender agree to other terms of payment. Ihe!oe amounts shall bear i"ter~t from lhe date or disburscmenl at lhe Note rale and shall be payable. with interest. upon "(ltKe fmm Lender (('l Dorw\\"er requesting payment