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UNIFORM COVENANTS Borrower and Lender covennnt and agree U~ follnw~: 88- 106000 t. Payment of Principal and Interest; Prepayment and Latc ChnrRes. Borrower shull promplly puy when due the principal of and interest on lhedcbt ~vidl:nccd by the Note and any prepayment and lute charge!. due under the NDte. 1. Funds ror Taxes and Insurance. Subject to applicable law or to a writlen waiver by Lender. Borrower shall pay to Lender on the day monthly payments arc due under the Note. until the Note is paid in full. II sum ("Funds") equal to one~twemh of: (a) yearly taxes and assessments which may atlain priority Q\'cr this Security (nstrument; (b) yearly leasehold payments or ground rents on the Property. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, ifany. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates offuture escrow items. The Funds shall he held in an institution the deposits or accounts of which arc insured or guaranteed by a federul or state agency {including Lender if Lender is such an institution}. Lender shall apply the Funds to pay the escrow ilems. 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 llnd 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 debilS to lhe 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 paymenls 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 excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monlhly 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. 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 Sc..'Curity Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments 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 payahle 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 Property which may attain priority. over this Security Instrumen1. and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in pamgraph 2, or if not paid in that manner, Borrower shall pay them on time directly 10 the person owed paymenl. Borrower shall promptly furnish to Lender all 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 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 acceplable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in. legal proceeding~ which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of Ihe Property; 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 Propeny is subject to a lien which may auain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien, Borrower shall satisfy the lien or take one or more.: of the.: aclion~ ~('t forth above within 10 days oflhe giving of nolice. S. Hazard Insurance. Borrower shall keep the improvements nllw existing or hereafter erected on the Prapeny insured against loss by fire. hazards included within the term "ex.lended cO\!eragc" and any othcr hazurds for which Lender requires insurance. This insurance shan he maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject 10 Lender's approval which shull not be unreasonably withheld. All insurance policie." and renewals shall be acceptable to lender and shull include u slundard man gage clause. lender shall have the right to hold the policies and renewals. If lender requlfe!>, Borrower shull promptl~. give to Lender all receipts of paid premiums and renewal notices. In the event of loss, BorroYo'er shall give prompt notice to the insurance carrier and Lender. Lender may make proof ofloss if not made promptly by Burrower. Unless Lender and Borrower otherwise agree in writmg, insurance procL"Cds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would he lessened, the insurance proceeds shall he applied to Ihe sums secured by this Security Instrument, whether or not then due. with any excess. paid to Borrower. If Borrower nbDndon~ the ProperlY. or does not 3n~wer within 30 days II notice from lender that the insurance carrier has offered to seule n claim. then Lender may collect the insurance proceeds. lender may use the proceeds to repair or reslore the Propeny or to pay sums secured by this Security Instrument, whether or nOl then due. The JO-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in wriling, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or ctange the amoun1 of the payments. If under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition sheill pass to Lender to the extent of rhe sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation and Maintenance of Propl".J'ty; Leaseholds. Borrower shall not destroy. damage or substantially change the Propeny, allow the Propeny to deteriorate or commit waste. If this SeCurity Instrument is on a leasehuld, Borrower shall comply wilh the provisions oflhe lease. and if Borrower acquirl..'S fee tiile to the Property. the leasehold and fee title !lohall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property: Mortgage Insurance. If Borrower fails to perfonn the covenants and agrcemenls contained in this Security Instrument, or there is a legal proceeding Ihal may significanlly affecr Lender's rights in the Property (such as a proceeding in bankruptcy. probate. for condemnation or 10 enforce laws or regulations). then Lender may do and pay for whate,,'cr is necessary to protect the value of the Properry and Lender's righl!. in the Property. Lender's actions may include paying an)' sum!'; secured by a lien which hac; priority over this Security Instrument. appearing in court. paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does nol ha\'e to do so. Any amounts disbursed by lender u:ader this parugraph 7 ..hall become addilional debl of Borrower sL"l:ured by this Security InstrumeOl. Unless Horrower and Lender agree 10 other ternt~ l'fpayment. theoe amounts shall bear mlerest from the date of disbu~menl at the Note Tille and ..hall be payahll'. Willi IIlterL"'1. upon nOllce fmOl Lt'ndcr 10 BnrnmC'r requestmg payment.