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UNIFORM C()V[N,\~TS Borrower and Lender covenan't and IIgree 11'- rollow...~8- 10578 tl 1. Payment of Prhlclpal and Interest; Prepayment ond LaIc Charges. Borrower lihlllJ promptly pay when due the pnncipal of and interest on the debt evidenced by the Note and ony prepayment Ilnd IlIte charges due under lhe Nole. 2, Funds for Taxes and Insurance, Subject to applicable law or tn II written wlliver by lender, Borrower shall Po}' 10 Lender on the day monthly payments are due under the Note. unlill~le iotJole is paid in full, a sum ("Funds") equal to onc.twelfth of: (n) yearly taxes nnd assessments which may uttain priority over thts Security Instrument: (b) yearly leasehold payments or ground rents on the Property, if any; fc) yearly hazard insurance premiums: and (d) yearly mortgage insurance premiums, if any. These items ore cl1l1ed "escrow ilems:' Lender may eSlimate the Funds due on the basis of current data and reasonable estimates offuture escrow items. The Funds shl1l1 be held in an institution the depo!tits 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. 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 permits 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, Ltnder shall not be required to pay Borrower any intcresl 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 oflhe Funds held by Lender, together with the future monlhly payments of Funds poyable prior to the due dates orthe escrow items, shall exceed 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 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 h~ 'his Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by lender, Lender shall apply. no later 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 J05trument. 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs 1 and 2 shall be applied: first. to late charges due under (he Note; second. 10 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 to the Propeny which may attain priority, over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in lhe manner provided in paragmph 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 all notices of amounts to be paid under this paragraph. If Borrower makes these payments directl)', Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has prionly (wer Ihis Security Instrument unless Borrower: (a) agrees in writing to the pa)ment of the obligation secured h)' the lien 10 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 pari of Ihe Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating Ihe lien to lhi,- Security Instrument. If Lender determines that any pari of the Property is subjecl to a lien which may altum pnoril)' over till!'! Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take uuc or murc of lhe actions sct forth above within 10 days of the givingofnotice. S. Hazard Insurance. Borrower shall keep the improvement!. n(1\\' existing or hereafter erected on the Property insured against loss by fire, hazards included withinlhe term "cxtendl.-d em'cruge" and Bny olher hazards for which Lender requires insurance. This insurance shall be maintained in Ihe amllUnts and for the periods that Lender requires. The insurance carrier providing the Insurance shall be chosen by Dnrmwer !oubjecl to Lender's approval which shall nol be unreasonably withheld. All insurance policies and renewals shall be acceptable tn Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewah.. If Lender require!'>. Borrower shall promptly give to Lender all receipts afpaid premiums and renewal noticc!t. In the event of loss, Borrower shaH give prompt notice to the insurance carrier and Lender. Lender may make proofofloss ifnOl made prompt I)" by Borrower. Unless lender and Borrower otherwise agree in writing, in!lurunce: proceeds shall be upplied to restoration or repair of the: Property damaged, if the restoration or repair is economically feasible and lender's security is notlessenc:d. If the restoration or repair is not economically feasible or Lender's securit)' would be lcs!tened. lhe: insurance proceeds shall be applied 10 the sums secured by this Security Instrument, \\'hether or 110t Ihen due, wilh any excess paid to Borrower. If Borrower nbnndons the Property. or does nol answer within 30 days a notice from lender that the insurance carrier has offered. to settle a claim, then Lender may collect the insurance proceed!'!. Lender may use the proceeds to repair or restore the Property or to pay sum~ secured by this Security Instrument. whether (If n\il Ihen due. The 30-day period will be~in when the notice is given. Unless Lender and Borrower otherwise agree in wrillng, any apphcntion of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in par.Jgraphs I and 1 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender, BorrClwer's right 10 any insurance policies and proceeds resulting from damage to lhe Propeny prior to the acquisition shall pass to l~nder 10 the exlent of the sums secured by Ihis Security Inslrument immediately prior to the acquisition. 6. Preservation and 1\fainlenance or Property; Leaseholds. Borrower shall noL destroy. damage or substantially change the Property, allow the Properly to deteriorate or commit wastc. If Ihl~ SecuriW Instrument is on a leasehold, Borrower shaH compl~' wilh the provisions of the lease. and if Borrower acqUIre!'. rec title to lhe: Propeny, the leasehold and fee litle sholl not merge unless Lender agrees to the merger in writing. 7. Protection of Lender'! Rights in the Property: Mortgage Insurance. Jf Borrower fails 10 perfonn lhe covenants and agreements contained in this Security Instrument. or there: i!t a legal proceeding that may significantly affect Lender's rights in the Propeny (such as a proceeding in bankruptcy, probate. rOT condcmnnl1on or to enforce law!' or regulations). then Lender moy do and pay for whatever 1S necessary to proh:cllhe value of (he Property and Lender'!'. rights 111 the Property. Lender's actillOS may include paying any sums secured by a hen winch ha!l priority over thi!. Security Instrument, appearing in court, paying reasonable attorneys' fees and entenng on the Properly to make repam.. Although Lender may lake nellon under thi..e;. paragraph 7. Lender does not have to do so Any amounts disbursed by Lender under this paragraph 7 shall become additional debt (lr Borrower !\ecured by (hi!'. Security Instrument. Unle!>s Borrower and Lender agree to other terms nfpayment. Ihe'!oe amounts shall bear interest from the date of disbu~ment at Ihe Note rale and !.hall he payahlc. wllh mterl."'ot. upon notice rrom Lt'nder 10 Rnrrower requC!olmg paymenl