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88- 105879 wNIFC'RM COVENA~TS Borrower Hod lender covenant and agree us [ollm...'..: I. Pa)'mcnt or Principal and Interest; Prcps)'mcnt ond Latc Charges. Borrower shall promptly pay when due Ihe principal orand interest onlhc debt evidenced by the Nole and any prepayment and hlle charge!! due under the Nute. 2. Funds for Taxes and Insurance. Subject to applicable law or to a writlen wui\'cr by Lender, Borrower shull pay 10 Lender on the dny monthly puyments urc due under the Note. until the Note is paid in full, It sum ("Funds") equal to one-twelfth of: (u) yearly taxes nnd aSsessments which may attain priorilY over this See-uril)' Inslfumenl: (b) yearly leasehold payments or ground rcnls on the ProperlY, if any; (c) yearly hazard insurance premiums: and (d) yearly mortgage insurance premiums, ifany. These items arc called ..escro..... items," Lender may estimate the Fund!> due on the basis of current data Ilnd reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a federal or slate agency (including Lender if Lender is such nn institution). Lender shall apply the Funds to pay the escrow items. Lender may not chnrge 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 Dn the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to puy Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits und debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as udditionul ~ecurity for the sums secured by this Security Instrument. If the amount of the Funds held by Lender. together with the future monthly payments of Fund!'. payable prior to the due dates of the 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 10 Borrower or credited to Borrower on monthly paymenls 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. Ifunder 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 Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all pllyments received by Lender under paragraphs I and 2 shall 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. Charges; Liens, Borrower shall pay all taxes. assessments. charges, fines and impositions attributable to the Propeny which may attain priority. over this Security ]nstrument, and leasehold payments or ground rents, if any. Borrower shall pay Ihese obligations in the manner provided in pnragruph 2, or if not paid in thul manner, Borrower shall pay them on time directly to the person owed payment. Borrower !>hall promptly furnish l~l lender ull notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge nny lien which has priority over this Security Instrument unless Borrower: (al agrees in writing to the payment afthe obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of Ihe lien in, legal proceedings which in the lender's opinion opemte to prevent the enforcement of the lien or forfeiture of any part of the ProperlY; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may altain priority over this Security ]nstrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the action!> set forth above within to days of the 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 term "cxtended coverage" and any other hazards for which Lender requires insurance. This insurnnce shall be maintained in the umounts and for the periods thut Lender requires. The insunmce carrier providing the insurunce shall be chosen by Borrower subject 10 Lender's apprO\lal which shall not be unreao;onably withheld. All insurance policies and renewal!i shull be acceptable to lender and !'.hall include a fjtandard mortgage clau!'.e. Lender shan have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to lender all receipts of paid premiums and renewal notices. In the cvent of loss, Borrower shun give prompt notice to the insurance carrier and Lender. Lender mny make proof ofloss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration or repnir of the Property damaged. if the restoration or repair is economically feasible and Lender's security is nol Ie.'isencd. Jf the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds !oohall hI.' applied to the sums secured by this Security Inslrument, whether or not then due, with an~ e"lces~ paid to Borrower. If Borrower abandons the Properly, or does not answer within 30 day~ a notice from Lender that the insurance currier ha~ offered to settle a claim, then Lender may collect the insunmce proceeds. Lender may use the proceeds to repair or rcstnre the Property or to pay sums secured by this Security Instrument. whether or not thcn due. The 3D-da)' period will begin when the notice is given. Unless Lender and Borrower o1herwise agree in writing, any application of proeeeJs to principal shall not extend or postpone Ihe due dale of the monthly payment!'. referred 10 in paragraphs I and 2 or change the amount of the payment!'t. If under paragraph t g the Property is acquired by Lender, Borrower's right 10 any insurance policies and proceeds rc!'tulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immedintely prior 10 the acquisition. 6. Preservation and Mplntenance or Propertyj Leaseholds. Borrower shall not deMmy, damage or substantiully change the Propeny, nllow the Propen)' to deteriorute or commit waSle. If this Securinr In!\trument is on a Icu.sehold. Borrower shall comply with the pfflvisions ufthe lease, and if Borrower acquires fee litle 10 Ihe Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; l\Iortgn~e Insurance. If Borrower fails to pcrf(lrm Ihe covenants and agreements containc..-d. in this Security Instrument. or there i... a legal proceeding that may signlficanlly affect Lender'", rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or 10 enforce law!'t or regulations), then Lender may do and pay for \",.hatever is necessary to pTlltecl the value of the Property amJ Lender's rights in the Property. lender's uction!'t may include paying allY sums ..ccurcd ny :l lien which has priont)' over ttm Security Instrument, appearing in courl, paymg reasllnable attorneys' fees and enlcring onlhe Property III make repair" ,'\Ithllugh Lender may tuke action under Ihis paragraph 7, Lender docs not have to do!-oo Any amounls disbur!'.cd hy Lender undcr this pamgraph 7 shall heCtlt1le :uJdiliUlUlI dehl (If Bornmcr ..ecUTl.J hy ttw, Secunty Instrument. llnlc..-s... Borrower and Lender agree to other lerm.. {lfpa)mcnl. lhe!oe anHIUIII... !'thall hear Illlere..1 fnHll the dote of dishur!-ocmcnl al ltu: Nutc rate and ..hall ht: payuble. \\llh 1I11t.'rc..1. llJ11111 nollce from l.t.'IH.kr III Bnrn\\\'cr r~que"tlng payment.