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UNIFORM COVENANTS. Borrower and Lender'covenant and agree us follows: 88- 10646 4 1. Plymenl or PrincIpal and Interat; Prepayment and Late ChIlfKe5. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds Cor Tueaand Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shaH pay to Lender on the day monthly payments arc due under the Note, until the Note is paid in full. a sum ("Funds") equal to one-twelfth of: (a.) yearly taKCS 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 mongage insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates offuturc: escrow items. The Fun1s shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a federal or state aJellcy (including Lender if Lender is such an institution). Lender shall apply Ihe 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 intCl'CSt on the Funds and applicablo law permits Lender 10 make such a charge. Borrower and Lender may a~ in writmg that intereSt shall be paid on the Funds. Unless an agreement is made or applicsble 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 me Funds showing credits and debits to the Funds and the purpose for which each debit to me Funds was made. Thf' Funds are pledged as additional security for tbe sums secured by this Security Instrument. If the amount of the Funds held by Lender. together with the futur: monthly pe.yments of Funds payable prior to the due dates of the escrow items. shall exceed the amounl required to pay the escrow items when duc. the excess shall be,. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monlhly payments of Funds. If the &maUl.t 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 me sale of the Propeny 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. AllJIIIeatlon of Paymenb. Unless applicable law provides otherwise. all payments received by Lender under paragraphs] and 2 shall be applied: first, to late charges due under the Note; second. to prepayment cha'lles due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; aod last, to principal due. 4. Charaea; U..... Borrower shaD pay all taxes, assessments. charges, lines and impositions aUributable to the Propeny wbich may attain priority. over tbis Security Instmment. and leasehold payments or ground rents, if any. Borrower sball pay these obligations in me manner provided in paragraph 2. or if not paid in thai manner, Borrower shall pay them on time directly to tbe penon owed payment. Borrower shall promptly furnish 10 Lender all notices or amounts '0 be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promplly furnish 10 Lender receipts evidencing the payments. Borrower shall promptly discharge any lien whicb has priority over tbis Security Instrument unless Borrowu: (s.) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: (b) contests in good faith the lien by, or defends against enforcement of the lien int legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or fotfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to ,bis Security Instrument. If Lender determines that any part of the Property 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 fonb above within 10 days oftbe giving of notice. 5. Huard 11lIUI"aDCe. Borrower shall keep [he improvements now existing or hereafter erected on tbe Propeny inlured againslloss by fire. hazards included within the term ..e~tended coverage" and any other hazards 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 shall be chosen by Borrower subject to Lender's approval which shall no[ be unreasonably withbeld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mongage clause. Lender shall have the right to bold the policies and renewa1J. If Lender requires, Borrower shall promptly give '0 Lender all receipts of paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender m.y make proof of loss if not made promptly by Borrower. Unlcu Lender and Borrower otberwise agree in writing, insurance proceeds shall be applied to n:storation 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 securilY would be lessened, the insurance proceeds shall be applied to the sums secured by this Securily Instrument, whether or nol then due, with any e.eess paid to Borrower. If Borrower abandons the Propeny, or does not answer witbin 30 days a nOlice 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 10 pay sums secured by lhis Security Instrument. whetber or not then due. The 31k1ay period will begin when tbe nOlicc is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not 6[end 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 insurancc policies and proceeds resulting from damale to tbe Propeny prior to the acquisition shall pass to Lender to the extenl of the sums secured by this Security Inltrument immediately prior to the acquisition. 6. Praenat10n aDd MalnttDlllce or ProperJr; Leuebolda. Borrower shall not destroy. damage or substan[ially chanle the Propeny, allow the Property to deteriorate or commil waste. If this SecurilY Instrument is on a leasehold, Borrower shan comply witb the provisions of the lease, and If Borrower acquires fee title 10 lbe Property,U..:IOsehold and ree title shall not merle unless Lender Igrees to the merger in writing. . '. ~ i . 7, ProtectIon of Lender'. R1Pta In lb. Property; Mort.... Insurance. If Borrower fails to petform the covcnantlllltd ap'eements contained in this SecurilY Instrument. or there is a legal Proceedinl thai may significantly affect Lender's riplJ in the Propeny (such as a proeeedins in bankruptc)'. probate, for condemn.tion or 10 enforce laws or rqulatiODl), then Lender may do and pay for wh.tever is necessary to prolect the value of the Property Ind Lender's righls in the Propeny. Lender's actions RUly include paying any sums secured by a lien which has priorilY over this SecurilY Instrument, Ippcarinl in coun, paying reasonable attorneysl rees and entering on the Property 10 make rcpain. Although Lender may take action under this paragraph 7. Lender does not have to do so. Any .mountl dlsburscd by Lender under this paragraph 7 sh.ll become additional debt of Borrower secured by this Security Instrumenl. Unless Borrower and Lender IlRrcc 10 other lerms or payment, these amounts shall bear inleresl from tbe da[C of disbuncmenl al the Nole rale Bnd shall be payable, with inlerest. upon nolice from Lender to Borrower requestin. payment.