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88- 106576 UNIFORM COVENANTS. Borrower u'1d Lender covenant and agree us follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower sh:.J11 promptly pay when due the: principal orand interest on the debt evidenced by the Note I.lnd any prcpnyment and lulc t.:hargcs due under the Note. 2. Funds for Taxes and Insurance. Subject 10 applicable law or to u written waiver by Lender, Borrower shall pay to Lender on the day monthly payments UTe due under the Note, until the Note is paid in full. a sum ("Funds") equal to one-twelfth of: (n) :yenrl)' laxes nod assessments which may I1ltain priority over this Security Instrument; (b) ~Ienrly leasehold pa,ymcnls or ground rents on the Property, if any; (e) yearly hazard insurance premiums; nnd (d) yearly mortgage 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 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 (induding 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 shall be paid on the Funds. Unless an agreement is made or applicable law requires interest 10 be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lendei shall give 10 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 Instrument. . If the amount of the Funds hdd by Lender. together with the future monthly payments of Funds payable prior to the due dates of the escrow items. shall exceed Ihe amounl 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 monthl}' payments of Funds. If the amounl oftt~ 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 lnstrument, 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 laler than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender 1.It 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 paymenls received by Lender under paragraphs 1 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 due; and last. to principal due. 4. Charges; Liens. Borrower shall pay all taxes. assessments. charges. fines and impositions anributahle 10 the Property which may attain priority over this Security Instrument. and leasehold paymenls or ground rents. if any Borrower shall pay these obligations in the manner provided in paragraph 2. or ifnot paid in that manner. Borrower ~hall pay them on lime direclly 10 the person owed paymenl. Borrower shall promptly furnish to Lender all notices of amount~ to be paid under this paragraph. If Borrower makes these PR) ments directly. Borrower shall promptly fumi!!.h to Lender receipts evidencing the payments. Borrower shall promptly di!iCharge any lien which has priority O\'er this Security Instrument unles~ Borrower: (3) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: (b) contes(~ In (!ood faith the lien by. or dcfc:nds agains1 enforcement of the lien in. legal proceedings which in the Lender's opinion operate 10 prevent the enforcemenl of Ihe lien or forfeiture of any part of the Propeny; or (c) secures from the holder of Ihe hen an agreement salisfactory 10 lender ~ubordinating the lien to Ihis Security Instrument. If Lender delennines that an)' pan of the Propeny is liubjecl 10 a lien which may attain priority over this Securily Instrument. lender may gi\'e Borrower a notice idenlifying the lien. Borrower shall satisfy the lien or take one or more of the actions sel fonh above within 10 da),"'!l. of the giving of notice. S. Hazard Insurance, Borrower shall kec:p the improvements now existing or hereafter erecled on the Propen~' insured againslloss by fire. hazards incJuded within the term "extended 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 pro\'iding the insurance sl1all be chosen by Borrower subject to Lender'!> approval which shall nOl be unreasonably withheld. AU insurance policies and renewals shall be acceplable 10 Lender and shall include a :c.tandard mongage dau!.C. Lender shall have the righl to hold the policies and renewals. If Lender requires. Borrower shall promptly give to Lender all receipt!> of paid premiums and renewal notices. In Ihe event of loss. Borrower shall gi\'e prompt nOlice 10 the insurance: carrier and Lender. Lender muy make proofofloss ifnol made promptly by Borrower. Unlos Lender and Borrower olherwise agra: in writing. Insurance proceeds shall be applied 10 rot oration or repair of the ProperlY damaged. if lhe restoration or repair i!!. economically feasible and lender'!, securilY is not lesstned. If the re!Jtoralion or repair is no1 economicall}' feasible or Lender'!. security would be l~scncd. the insurance proceem. shall be applied to the sums secured by this Security ln~trument. whether or not then due. wilh any excess paid to Borrower. If Borrower abandons the Property. or does not answcr within 30 days u notice from Lender Ihal the insurance currier hmt offered 10 settle a claim. Ihen lender may cotlecl the insurance proceeds. Lender may u!!.e Ihe proceeds to repair or restore Ihe Properly or to pay sums secured by thi.. Security Imlrumenl. whelher ur nollhen due. The 3O-day period will begin when Ihe notice is gi'..en. Unless Lender and Borrower olherwise agree in wriling. any applicalion ofprocecds In principal shall nol eAlcnd or postpone the due dale of the monthly payment!!. referred 10 in par,lgraphs I and 2 or change the amounl of the palmenl!!.. If under paragraph 19 the Properl)' is acquired by Lender. Borrower's righl to any insurunce policies and proceeds re-ulling from damage 10 the Propeny prior 10 the acquisition shall pa.'i.S to Lender 10 the extent of the ..urn!. secured by this Securil}' Instrument immediately prior to the acquisition. 6. Presenltion and Maintenance of Property; Leaseholds. Borrower shall nol d~troy. damage or substantmlll change the Propcny, allow the ProperlY to deteriorate or commil waste. If thi~ Security Inslrument is on a lea!!.ehold. Borrower shall comply with Ihe provisions oflhe lease. and if Borrower acquires fee title to Ihe Properly. the: leasehold and Fcc tulc shall nol merge unless Lender agrees to the merger in writing. 7. Protection or Lender's Rights in the Property; !\lorlg8Ke Insurance. If Borrowcr fails to flerform the C'o\'ennnls and agreements contained in this Securily Instrumenl. or there I!'. a legal proccedmg lhal mu)o' sigmficantly affect Lender's rights in the ProperlY (such as a proceeding in bankruplq. prohate. for condemnation or 10 cnforce law!>. or regulutions), then Lender may do and pay for whale\'er is necessary to protecllhe \alue ofrhe Prupcrt)o' and Lender's right!> in the: Property. Lender.s actions may include paying any sums secured b~.. a lien \\lhich ha!> pnonty mer Ihl!'. Security In!!otrumcnt. appearing in court. pa)'ing rea!lllnable allorne)'s' ft<:s tlnd enlcTlng on the Pn1perl)' 10 make repair... Although Lender may take action under this paragraph 7, Lender docs nol ha\.c 10 do !<oil Any amounls disbursed by Lender under Ihis paragraph 7 shalll1ccnmc additIOnal dc111 ufBllrrnWL'r ..eL"urcd hy IhlS Securily Instrumcnt. Unless Borrower und 1.cnder agree to olher terms (lfpayment, IhL'!>l' amount!> !ohall hear \lllc:rC!o1 from the dale or dil;hursl'mcnt [II the Null' nllL' and lohull be payahle. \\llh II1ll'rL"1. UPllll IlIl11cL' fftlm Lender It, Anrro\\'cr requesting payment