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UNIFORM COV~N^N1S, Dorrowerand Lcndcrcovenanland agree as follows: 88- 106 n 3 II I. Paymcnl of Principal and Interest; Prepayment and Late Charges, Dorrowcr shall promptly pay w'l1en ciIte the principal of and interest on the debt evidenced by the Note and any prepayment and laic charges due under the NoIC. 2. Funds for Taxes and Insurance. Subject to applicable law or to a wrillen waiver by Lcndcr. Dorrower shall pay to Lender on the day monthly payments arc due under the Note, until the NOlc is paid in full, a sum ("Funds") equal 10 one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; <c) yearly hazard insurance premiums: and (d) yearly mortgage insurance premiums, irony. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and 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 "ate agency (including Lender if Lender is such an instilulion), Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds. analyzing the accoum nr verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable low permits Lender to make such [l charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless un ugreenu:nt is made or applicable law requires interest to be paid. Lender shaH 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. Thc Funds are pledged as additional sccurity for the sums secured by this Security Instrument. ' IF the amount of the Funds held by Lender, togcther with the future monthly payments of Funds payable prior to the due dates of the escrow items, shaH 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 by this Security Instrument, Lender shall promptly refund to Dorrower 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 payments received by Lender under paragraphs I and 2 shall be applied: first, to late charges due under the Note: sccond. to 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 aU 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 munner provided in paragraph 2. or if nol 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 10 be paid under this paragraph. If Borrower makes these payments direclly. Dorrower shall promptly furnish to Lcndcr 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 Hen 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 part of the: 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 (hat any pan of the Propeny is subject to a lien which may attain 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 actions set forlh above within 10 days oflhe giving of notice. S. Hazard Insurance, Borrower shall keep the improvements now existing or hereafter erected on the Property insured againslloss hy fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shaH be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals, If Lender requires, Dorrowcr shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt nolice to the insurance carrier and lender. Lender may make proofofloss if not made promplly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propeny damaged. if lhe restoration or repair is economically reasible 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 not then due. with any excess paid to Horrower. If Borrower abandons the Property. or does not answer within 30 days a notice from lender that the insurance carrier has offered to settle a claim. then Lender may collect the insurance proceeds. lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30.day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any appiication of proceeds tn prindpal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount 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 shaH pass to Lender to the extent of Ihe sums secured by this Security Instrument immediately prior to the acquisition. 6. Presenation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property. allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shalt comply with the provisions crthe lease. and if Borrower acquires fee title to the 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; Mortgage Insurance. If Borrower fails 10 perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnation or to enforce laws or regulations), then lender may doand pay for whatever is necessary to protect the value of the Property 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 Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property 10 make repairs. Although Lender may take action under this paragraph 7, lender does not have to do so. Any amounts disbursed by lender under this parngmph 7 shall become l1ddltmnul debt of Borrower ~ecured by Ihis Security Instrumen1. Unless Borrower and lender agree to other terms OrpaYT11t.'I1t. these amounts shall bear lIltere~t from the date of disburscmcrll at the Note rate and shall be payahle. with Interest. upon "l'lIce fmlll Lender 10 Borrower rcqur"ting payment.