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- 88- 105947 UNIFORM COVENA NT" &rrower and Lender covenant and agree as follows: I. P.y...... of Prloelpalaud lo..rat; Pnpaym.o.aud La'" Charges. Borrow.r shall promptly pay wh.n due the principal orand interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. .1. FlUIds for Tues and Insurance. Subjecllo applicable law or to 8 written waiver by Lender, Borrower shall pay to Lender 'Dn the day monthly payments arc due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-Iwelfth of: (a) yearly llI'es and assessm..lS which m.y attain priority ov.r this Security Instrum.nt; (b) yearly leasehold paym..ts or ground rents on Ih. Property, if any; (c) y.arly hazard insuranc. premiums; and (d) yearly mortPie insurance premiums, if any, These items arc called "escrow hems." Lender may estimate: the Funds due on the basis of CUJTellt data and reasonable estimates of fulure escrow hems, The Funds shall be held in an institution the deposits or accounts. of which arc insured or guaranteed by a federal or state agency (including Lender if Lend.r is such an institution). Lend.r shall apply Ih. Funds to pay the escrow it.ms. 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 ag= in writing thaI inlerest shall be paid on the Funds. Unless an agreem..t is mad. or applicabl. Jaw requires inlereslto 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 arc pledged as additionaJ security for the sums secured by this Se<:urity InstrumenL Ifth. amount of the Funds held hy Lend.r, tog.lher wilh the future monthly paym.nts of Funds payabl. prinrto 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 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 thc 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 10 Borrowcr any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lend.r. Lender shall apply. no lat.r 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. AppIicalioo of P.ymenll. Unless applicabl. law provides oth.rwise, all paym..ts received by Lender und.r paragraphs I and 2 shall be applied: fir.;I, to late charges due und.r the Note; second, to prepayment charges due under ,h. Note; third, to amounts payable under paragraph 2; fourth. 10 interest due; and 1ast, to principal due. 4. Cbarps; U..... Borrow.r shall pay all wes, assessments. charges, fines and impositions attributabl. 10 the Property which may attain priority. over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obUgations in the manner provided in paragraph 2. or if not paid in that manner, Borrower shall pay them on time directly to the person owed paym"L Borrower shall promptly furnish 10 Lender all nOli.,.. of amounts to be paid under this paragraph. If Borrow.r makes these paym.nts direclly. Borrow.r shall promptly furnish 10 Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority oyer this Security Instrument unless Borrower: (8) agrees in writinS to the paymmt of the obliption secured by the lien in 8 manner acceptable to Lender; (b) contests in good faith th.lien by. or def..ds against enfon:ement ofth.lien in. l.gal proceedinRS which in the Lender's opinion operal. to prevent the enfon:emenl of Ih.lien or fotfeilUre of any pan of the Property; or (c) secures from the holder of th.li.n an agreement satisfactory 10 Lender subordinatiog th.li.. 10 this Security Instrum"L If Lender determines that any part of the Property is subject to a lien which may attain priority oyer this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more orthe actions set forth above within 10 days ofth. giving ofnotice. 5. HaanlIaaanDce. Borrower sha1I keep the improvem..ts now ..isting or hereafter .....Ied on the Property insured apinslloss by lire, hazards included within the term "extended coverag." and any other hazanls for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shalI be chosen by Borrower subject to Lender's approval which shall not be un.......bly withheld. All insutance: policies and ren.wali sha1I be acceptable to Lender and shall includ. . itandard mortgage clause. Lender sha1I hav. the right 10 hold the policies and renewals. If Lender requires. Borrower mall promptly giv. to Lender all receipts of paid premiums and renewal notices. In the e'YCllt of loss, Borrower shall give prompt notice 10 the insurance carrier and Lender. Lender may make proof ofloss if nol mad. promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damqed. if the resloration or repair is economically feasible and Lender's securilY is nOllrssened. If the reslOtation or repair is nOl economically f....bl. or Lender's security would be Irssened. 'h. insurance: proceeds shall be applied 10 the sums secured by this Security Instrument, whether or not th.. due, with any...... paid 10 Borrower. If Borrower abandons the Property. or docs nOl answ.r within 30 days a notice: from Lender that the insurance: carrier has 011'_ to settI. . claim. then Lender may collect the insurance: proceeds. Lender may use the proceeds 10 repair or restor. the Property or to pay sums secured by this Security Instrum..t, whether or not th.. due. Th. 3Q.day period will begin ..hen the notice is given. UoI... Lender and Borrower otherwise agree: in writiog, any application of proceeds 10 principal shall nOI..t..d or JllIiI1>OD<: the due date ofth. monlhly paym.... refetTed 10 in paragraphs I and 2 or chang. the amount ofth. paymenlS. If under parIII'Iph 19 the Property is acquired by Lender, Borrower.s righllo any insurance: policies and procc:eds resulling from dama&e to the Property prior to the acquisition shall pass to Lender to the e~[ent oflhe sums secured by this Security instrument immediately prior to the acquisition. fi. :Preenatioa JUUt MaiDteDaIu:e of Properjl'; I.eueholdL Borrower shall nol destroy. damage or substantially chaDae: the Property. allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, BonowcrshallQ)D1ply with the provisions of the lease. and irBorrower acquircs fee title to the Property. the leasehold and fee titlcshall DOt mergc unless Lender agrees to themerger in writing. 7. Protectioa Dr I..eader". Ripts iD the Property; Mortpge Insurance. If Borrower fails to perfonn the COYCIWlts and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affcct Lender's rights in the Property (such as a proc::ccding in bankruptcy. probate. for condemnation or to enforce laws or rqulations), then Lender may do and pay for whatever is ncccss.a.ry to prolect the value of the Propeny and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security lnstrumenl, appearing in coun. paying reasonable attorneys' fees and-entcring on the Property to make repairs. Although J....cndcrmaytake actioo UDder this paragraph 7. Lcnderdocs Dol have to do so. Any &mounts disbursed by Lender under this yaragraph '~haU become additional debt of Borrower secured by this Security Instrument. UnlCS5 Borrower and Lender agree to othcr (enns Dr payment. these amounts shall bear inlerest from the dale of disbursement al the Note rate and ~hall be payable. lIo"lth interest. upon nouce from Lender to Borrower requesting paymenl.