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UNIFORM COVENANTS. Borrower and Lcndercovenant nnd agree as follows: 88-106517 I. Paymenl of Principal and Inlereslj Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and inierest on the debt evidenced by the Nole and any prepayment and hlle charges due under the Note. 2. Funds (or Taxes and Insurance. Subject to app1icable law or to a wrilten waiver by Lender, Borrower shall pay 10 Lender on the: day monthly payments are due under the Note, unlilthe Note is paid in full, a sum ("Funds") equlllto one-twelfth of: (a) yearly tax.es and assessments which may Illtain 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 arc called "escrow ilcms." Lender may estimate lhe Funds due on the basis of curren I data and reasonable estimates of future escrow items, The Funds shaH be: held in an institution the deposits or accounts of which are insured or guaranteed by a federal or srate agency (including Lender if Lender is such nn institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying Ihe Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower inlerest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writin6 that interest shall be paid on Ihe Funds. UnJess :m agreement is made or applicabh: 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 annuaJ accounting of the Funds showing credits and debits to the Funds and the pUTJ10se 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!he amount of the Funds held by Lender, together with the future monthly payments 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 Borr"lwer'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 nol 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 pa)o'ments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptJy refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender. Lender shall apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held by Lender at the time of application 3S a credit 3gainst the sums secured by this Seeurity Instrument. 3. Application of Payments.. Unless applicable law provides otherwise. aU 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 payable under paragraph 2; fourth. to interest du~ and last, to principal due. 4. Charges; Uens. Borrower shall pay all taxes, assessments. charges. fines and impositions auributable 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 manner provided in paragraph 2. or if nol paid in that manner. Borrower shall pay them on lime directly to the person owed payment. 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 o\ler this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured b)o' the lien in a manner acceptable to Lender; (b) contests in good failh the lien by. or defends against enforcement of the lien in, lega) 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 agree:menlsotisfoctory to Lender subordinating the lien to this Security Instrument. lfLc:nder determines that any pan of the Prope"y is subjecl to a lien which may attain priority over this Security lnstrument. Lender may give Borrower a notice identifying the lien. Borrower shall salisfy the lien or lake one or more of the actions sel forth above within 10 days of the giving of notice. 5, Hazard Insurance. Borrower shall keep the imprO\'ements no\\! existing or hereafter erected on the Proper1y insured against Joss by fire, hazards included within lhe term "e~tended c:o\'ernge" and any other haZllrds for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires.. The: insurance carrier providing Ihe insurance shall be chosen by Borrower subject to Lender'!. approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard man gage clause. Lender shall have the right to hold the policies and renewals. If Lender requiro.. Borrower shall promptly give to Lender aU receipts of paid premiums and renewal notices, In Ihe evenl ofJoss, Borrower shall give prompt noti~ 10 thrinsurnn~ carrier and Lender. Lender may make proof of loss if not made prompt Iy by Borrower. Unless Lender and Borrower otherwise ngree in writing, insurance proceed!. !thaU be applied to resloration or repair of the Proper1y damaged, if the restoration or repnir is economically feasible and Lender's security is notlt:Ssenc:d, If Ihe 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 Security Instrument, whether or nol then due, with any ex.cess paicllo Borrower. If Borrower abandons the Propeny. or does nOI answer within 30 days a notice from Lender thatlhe insurance carrier hac> offered to settle D claim, then Lender may collcctlhe insurance proceeds. Lender may use the proceeds to repair or n:store the Propcny or to pay sums secured by this Security Instrumenl. 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 application of proceeds to principal shall nol elltend or postpone the due date of the monthly payments referred to in paragraph!> I and 2 or change the nmounl ofthe payments. If under paragraph 19 the Property is acquired by Lender. Borrower's right to any Insurance policies and proceeds resulling from damage to the Property prior to the acquisition shall p3SS 10 Lender to the extentuf the !.um!. secured by thi!o Seeurit). Instrument immediately prior to the acquisition. 6. Presenation and Mainlenance or ProperJif; Leaseholds. Borrower "hull not deslro)'. damage or !.ubstanlially change the Propeny, allow the Propeny (0 deteriorate or commit waste. If thl!. Sccunty Instrument is on a leasehold. Borrower shall comply with the provisions of the lease, and if Borrower acquire!. fee title 10 the Property. the leasehold and fee: title shall not merge unless Lender agrec:s to the merger in writing. 7. Protection or LenHr's Rights in Ihe PropertYi Mortgage Insurance. If Borrower fails to perform the coycnantsand agreements contained in this Security Instrument, or there i!. a legal proceedmg thOl may significantly affect Lender's rights in the Property (stich as II proceeding in bankruptcy, probate. fur cundemnnunn or to enforce law!. or regulations), then Lender may dODnd pay for whatever is necessary to protect Ihe \talue ufthe Property and Lender's nght!. in the Proper1). Lender's actions may include paying any sums secured by a lien which hn!. pnoril}' o\'er thi!l SeeUril)' Inslrument, appearing in coan. paying reasonable attorneys' fees nnd entering on the Propeny In make repair!.. Although Lender may take aclion under Ihis paragraph 7. Lender does nol ha\'e to do suo Any amounts disbursed by Lender under this paragraph 7 shall hecome nddltlonnl debl (lfBorrower !.e(.'urcd b)' thl!. Security Instrument Unless Borrower nod Lender agree to other lerm!. of payment. Ihc!.e amount!. !.hull benr mlere!ool from the date of disbursemc:nl at the Note ratl:' Ilnd !.hall be pnyable. .....1111 mlere!.!. upon nOlll'C' from Lender to Borrower requestins paymc:nl.