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88- 106572 UNIFORM COVENANTS Borrower and Lender covenant nnd agree as follow!.: I. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal orand interest on the debt evidenced by the Note and any prepnymcnlllnd late charges due under the Nole. 2. Funds for Tuxes and Insurance. Subject to applicable law or 10 a wrilten waiver by Lender. Borrower shall pay 10 Lender on the day monthly payments are due under the Notc, unlil the Note is paid in full. a sum ("Funds") equal 10 olle-twelfth of: (n) yearly taxes and assessments which may attain priorit)' over this Security Instrumenl: (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 ma)' 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 are insured or guaranteed by a federal or state agency (inclUding lender if Lender is such an institution). Lender shall apply the 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 interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shalJ be paid on the Funds. Unless an agreem~nt 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 debits to the 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 l'1strument. If the amount of the Funds held by Lender, together with the future mop.i.hly 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 Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. [fthe amounl of the Funds held by Lender is not sufficient to pay the escrow items when due. Borrower shall pay to Lender any amount necessary 10 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. (funder 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 againsl the sums secured b}' this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shull 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 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 atlain 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 not paid in that manner. Borrower shall pay them on time direclly 10 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 directl}'. 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: (3) 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 enforcemenl of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any pan of the Property; or (c) secures from the holder of the lien an agreement satisfaclory 10 lender subordinating the lien to this Securily Instrument. If Lender detennines that any pan of the Property is subject 10 a lien which may attain priority over this Security Inslrument. Lender may give Borrower a notice identifying the lien. Borrower !.halJ satisfy the lien or take one or more of the aClion!. set forth abO\'e within 10 da)o's of the giving of nOlice. 5. Hazard Insurance. Borrower shall keep the improvements no\\' existing or hereafter erected on the Property insured againslloss by fire, ha7..3rds mcluded within the tcnn "exlended coverage" and any other hazards for which Lender requires insurance, Thi!. 11l!turnm.:e ~hall be maintained in the amounts and for Ihe periods thai Lender reqUIres. The insurance carrier providing Ihe msurance !.hnll be chosen b)' Borrower subject 10 Lendcr'!<f approval which shall not be unreasonably withheld, All insurance policle!. and rClle-wal!o. ~hall be acceptable to Lender and shall include a standard mortgage clause. Lender shall hove the nght to hold the pohci~ and renewals, If Lender requires, Borrower shall promptly give 10 lender aU receipts of paid premiums and renewal notices. In the event of I~, Borrower shall gi\'e prompt notice to the insurance carrier and Lender. Lender ma)' make proof nflo!ls ifn01 made prompll,y by Borrower. Unless lender and Borrower olhel'wi!>e agree in wn1ing, insurance proceeds shall be applio:lto rc:storotion or repair of the PropcnJo' damaged. if the resloration or repair is economicaJly feasible and Lender's security is not lessened. If 1he restoralion or repair is not economically feasible or Lender's sccurit}' would be lessened. the insurance proceeds shall be applied to the sums sr-cured b)' Ihls Securily Instrument. whether or not Ihen due. \\;Ih any excess paid to Borrower. If Borrower abandons the Propeny, or docs not answer within 30 days a notice from lender thai the insurance carrier has offered to seltle a claim. then lender may collect the insurance proceeds. lender may use the proceeds to repair or restore the PropeRY or 10 pay sums secured by this Security Inslrument. whether or nnt lhen due. The 3D-day period will begin when the notice i!l given. Unless Lender and Borrower 01herwise agree in writing, an)' apphcntillR of proceeds to principal shall not e:r;lend or postpone the due date of the monthly payments referred to in paragraph!! I and 2 or change the amount oflhe payments. If under paragraph (glhe Property is acquired by lender. Borrower's right 10 any insurance policies and proceeds resulting from damage to the Property prior to lhe acquisilion shall pass to lender 10 Ihe exlent of the sums !iccured b}' this Sccunt)' Instrument immediately prior 10 (he acquisition. 6, Prnen.tion .nd l\l8intenanc:e of Propert)1 Leaseholds. Borrower shall not destroy. damage or ~ubstantially change the Property, allow the Property to deteriorate or commit waSie. If thiS Security Instrument is on a leasehold. Borrower shall comp'>' v.;th the provisions of the lea."ic. Bnd if Borrower acquire!> fee title tn the Pmpeny. the leasehold and fee title shall nol merge unless Lender agrees to the merger in wriling. 7. Proleclion or Lender's Rights in the Property: Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Securily Instrument. or there IS a legal proct.."Cding that may significantl}' affcct Lender's rights in the PropeRY (such as a proceeding in bankruplc)'. probate, for condcmnation or to enforce laws or regulations). then Lender may do and pay for whale\'er is necessary to protect the \"Dlue of the Properly and lender'.. righb in thl: Propeny. Lender's actions may include paying any sums secured b}' a lien which ha!o. priorit)' o\'cr this SecurilY Instrument. appearing in court, paying reasonable attorneys' fces and entenng on Ihe PropCrl}' 10 make rcpain.. Although Lender ma~' lake uL'tion under this paragraph 7. Lender does not ha\'c 10 do so Any amounts disbun.cd by lender under lilts paragraph i ,hall become additIOnal delll of Borro\\'cr ..ecured by thIS Security Instrumenl. Vnlcs,," Borrower and lender agree 10 other term" (lffla~menl, the!te am(lunt!t "hall hear inlere-st from the date of dl!.hur!tcment al the Note ntc and shall he payable, wllh 1I1tL'rL"1, urnn nolieI.' frum lender tll Bnrruwer requestlOg payment